Next
is here.
Go deeper where investing is changing fastest. Build on your CFA Charter with specialized expertise in alternative investments.
Alternative investments demand more than asset-class knowledge.
The CAIA Charter builds on your investment foundation with specialized knowledge of private markets and alternative investments and a deeper understanding of how they affect portfolio construction, capital allocation, and investment decisions.
Expand Your Investment Range
Deepen your knowledge across private equity, private debt, real assets, hedge funds, and other alternative strategies.
Connect Alternatives Across the Portfolio
Examine how alternative strategies interact with portfolio objectives, risk, liquidity, and capital allocation.
Strengthen Your Allocation Decisions
Evaluate opportunities, weigh tradeoffs, and determine where alternative strategies can contribute within a portfolio.
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.
Candidates who register for the CFA Stackable Credential Program’s One Exam Advantage Option must:
- Be a CFA charterholder, in good standing
- Have a CFA digital badge, verifiable by CAIA Association
For more information, please review our complete CFA Stackable Credential Eligibility Policy (opens in a new window).
To take advantage of the CFA Stackable program exam registration, you may begin the process at our Exam Registration Dates & Fees page (opens in a new window):
- Select “Registration is Open” and create an account.
- Choose exam type: select “Register for the One Exam Advantage Option Exclusive for CFA Charterholders”
For verification purposes, you will be asked to enter your CFA Digital Badge, obtained through your LinkedIn profile. Information or questions regarding obtaining your digital badge link should be directed to the CFA Institute directly.
The Level II CAIA Exam will be administered 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.
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.
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 II curriculum is available in digital format and included with each new Candidate registration. You may also purchase a print version here (opens in a new window).
For first-time Level II 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 (opens in a new window).