Credential type: professional designation earned by examination · verified on the issuer's site September 25, 2026 issuer page
The CAIA Level I exam, administered by the CAIA Association, tests knowledge across seven weighted domains: professional standards and ethics, introduction to alternative investments, real assets, hedge funds, private equity, structured products, and risk management and portfolio management. The computer‑based, linear format consists of 200 multiple‑choice questions completed in 265 minutes. Successful candidates join a global community of alternative investment professionals.
Investment analysts, portfolio managers, financial advisors, and consultants who work with hedge funds, private equity, real assets or structured products, and who have at least a year of experience in alternative‑investment markets, should consider CAIA Level I to validate their expertise.
Create a study schedule that allocates time proportionally to each domain’s weight, beginning with the highest‑weight sections such as Introduction to Alternative Investments (24%). Use the official CAIA curriculum, practice multiple‑choice questions, and review ethics guidelines. Simulate the linear computer‑based format with timed practice exams to build stamina for the 265‑minute session.
Professional Standards and Ethics focuses on the ethical framework, fiduciary duties, and regulatory expectations that guide alternative investment professionals, emphasizing integrity and compliance in client interactions throughout the investment lifecycle.
Introduction to Alternative Investments provides a broad overview of non‑traditional asset classes, their characteristics, and the role they play in diversified portfolios, laying the foundation for deeper study.
Real Assets covers tangible investments such as real estate, infrastructure, and commodities, examining valuation methods, income generation, and risk factors specific to physical assets for institutional and private investors.
Hedge Funds explores strategies, structures, and performance measurement of hedge funds, highlighting active management techniques and the regulatory environment governing these vehicles across global markets and investor types.
Private Equity delves into the lifecycle of private equity investments, from deal sourcing and due diligence to value creation, exit strategies, and fund governance for both buyout and growth capital contexts.
Structured Products examines engineered financial instruments, their payoff structures, underlying assets, and the analytical tools needed to assess risk and return across multiple market cycles and regulatory regimes for sophisticated investors.
Risk Management and Portfolio Management introduces core concepts of risk measurement, portfolio construction, and performance evaluation within the alternative investment context, including stress testing, asset allocation, and benchmarking for diversified strategies.
Arrive early, verify your ID, and ensure a stable internet connection for the computer‑based exam. Manage time by pacing roughly one question per minute, reserving the last segment for review. Stay calm and read each question carefully.
The CAIA Level I exam consists of 200 multiple‑choice questions that you must answer within the allotted time, and you have 265 minutes to complete them in a linear, computer‑based format.
The specific passing score is not disclosed in the provided information; candidates should check directly with the CAIA Association for the current requirement, and may vary year to year based on statistical analysis.
The exam duration is 265 minutes, allowing candidates to work through the 200 questions in a linear, computer‑based format while managing time carefully to ensure each question receives adequate consideration.
The total cost for a new candidate is $1395, which includes a $400 enrollment fee and approximately $995 for exam registration. Retake fees are $595.
Verified 2026-09-02
Content was compiled from the official CAIA Level I exam guide and cross‑checked against the verified fact set, ensuring domain weights, format, price and duration match the source. No external speculation was added.