Success in today’s markets requires more than expertise in individual asset classes.
You need to understand how private markets, portfolio construction, and capital allocation work together. The CAIA Charter develops the knowledge and perspective to see those connections and use them to make better investment decisions.
Expand Your Investment Range
Build fluency across private equity, private debt, real assets, hedge funds, and other alternatives strategies.
See the Whole Portfolio
Learn to evaluate investments in context by connecting individual strategies to portfolio objectives, risk, and capital allocation.
Make More Informed Allocations
Apply a broader understanding of alternatives to evaluate opportunities, weigh tradeoffs, and determine where they fit in a portfolio.
Level I
- CAIA Ethical Principles
- Introduction to Alternative Investments
- Real Assets
- Private Equity
- Private Debt
- Hedge Funds
- Digital Assets
Level II
- CAIA Ethical Principles
- Institutional Asset Owners
- Asset Allocation
- Risk and Risk Management
- Methods and Models
- Accessing Alternative Investments
- Due Diligence and Selecting Managers
- Volatility and Complex Strategies
- Universal Investment Considerations
- Emerging Topics
The CAIA 2027 Curriculum:
Next in Practice
A curriculum built for what investment professionals are facing now.
The 2027 CAIA curriculum removes more than 5% of readings from both levels while introducing and expanding content where the profession is moving fastest. Next in Practice takes you inside the changes and the thinking behind them.
Infrastructure
Expanded for its growing role in modern portfolios.
Total Portfolio Approach
Moving from TPA principles to implementation.
Portfolio Construction
Adding the Black-Litterman model to the portfolio toolkit.
Private Markets Portfolio Management
Exploring commitment pacing, fund flows, and forecasting.
Tokenization
Examining an emerging path to private market access.
Join 14,000+ global experts leading the alternative investment industry.
Earning the CAIA Charter is a commitment—usually about 200 hours of study per level—but you won’t be doing it alone. You’re joining a global network of professionals who are all working toward the same goal: setting a higher standard for expertise in alternative investments.
Frequently Asked Questions
From timelines to topics—your CAIA questions, answered.
The CAIA curricula are written and prepared by the CAIA Association and are the only resource used to write exams. Program materials are reviewed and updated annually by industry experts and practitioners. For your convenience, the Level I and Level II curriculum is available in digital format and included with each new Candidate registration. You may also purchase a print version here.
The Level I CAIA Exam will be administered from March 1, 2027 – March 12, 2027; the Level II CAIA Exam window is from March 15, 2027 – March 26, 2027.
Registration for the March 2027 exams is available from October 12, 2026 – February 1, 2027. A US$400 discount applies for early registrations completed by December 7, 2026.
A minimum of 200 hours of study time is recommended for each exam level. The Level I and Level II exams are offered twice each year, in September and March, giving Candidates the opportunity to complete the CAIA program within a single year, should they choose to do so.
After passing the Level II exam you are eligible, with relevant professional experience, to join the CAIA Association as a Member and receive the CAIA Charter. You will be part of an elite group of more than 14,000 professionals worldwide. Only after joining the Association are you eligible to add the CAIA designation to your professional profiles.
For first-time Level I registrants, there is a one-time, non-refundable enrollment fee of US$400 plus a standard registration cost of US$1,395, that includes the digital curriculum. Learn more about our early registration and fee policies here.
The CAIA (Chartered Alternative Investment Analyst) Association is the leading professional body for alternative investment education and credentialing. The organization supports the global investment industry by offering the CAIA Charter and a portfolio of education, research, and thought-leadership initiatives.