CAIA Level I Exam Prep
Prepare for the CAIA® Level I Exam
Studying for the Level I Exam Is Crucial, and It Takes a Substantial Effort.
There are no shortcuts. The one thing standing between you and success on the CAIA Level I exam is hard work. CAIA Association recommends you aim to spend at least 200 hours preparing for the Level II exam. Schweser’s Prepare, Practice, Perform methodology gives you the structure you need to get the most out of your study time.
Previous Knowledge
Prior to enrolling in the CAIA program, you are required to have a bachelor’s degree, or be in the final year of a bachelor’s degree program. That degree does not need to be in a particular area of study, but you will be in a much stronger position if your education is finance-based. The CAIA program is designed to be a supplement to a finance-related education and investment experience already completed by an investment professional. In short, you don’t need to have a finance degree, but you will face greater challenges than those who do have a finance-based education.
Level I Curriculum
Professional Standards and Ethics
Introduction to Alternative Investments
Real Assets
Private Equity
Private Debt
Hedge Funds
Digital Assets
Funds of Funds
CAIA Level I Exam Details
Body of Knowledge
With the Level I topics, you will learn the tools to analyze alternative investments. The 2025 Level I curriculum includes the following:
Professional Standards and Ethics
Introduction to Alternative Investments
Real Assets
Private Equity
Private Debt
Hedge Funds
Digital Assets
Funds of Funds
Level I Exam Format
The CAIA Level I exam is divided into two sections.
4 hours to complete the 200 multiple-choice questions (optional 30-minute break between each section).
Sections 1 and 2 each consist of 100 multiple-choice questions
Based on candidate surveys performed by CAIA Association, 250–300 hours of study are recommended to prepare.
Level I Topic Weights
The topics are weighted as follows:
Professional Standards and Ethics: 15–25%
Introduction to Alternative Investments: 20–28%
Real Assets: 11–17%
Private Equity: 6–10%
Private Debt: 10–15%
Hedge Funds: 11–17%
Digital Assets: 4–8%
Funds of Funds: 2-6%
These topic weights were used to develop a Level I study plan you can follow to ensure complete coverage of the material.
CAIA Level I Registration and Exam Dates
September 2025
Registration Opens
April 14, 2025
Early Registration Deadline
June 9, 2025
Registration Closes
August 4, 2025
Level I Exam Window
September 1-12, 2025
CAIA Level I Requirements to Earn the Charter
To be eligible to earn the CAIA charter, you must accomplish the following:
Pass Level I and Level II of the CAIA exam.
Exams must be taken in separate exam cycles
Exam cycles occur in March and September
Meet one of the two requirements below:
Obtain a bachelor’s degree, or equivalent, with a minimum of one year of professional experience
Have a minimum of four years of professional experience
Note: Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields
Agree to abide by the terms and conditions of the CAIA Association Member Agreement.
Agreement renewal is required on an annual basis
Provide two professional references
Establish and maintain membership in the CAIA Association
Membership fees apply; renewed on an annual or bi-annual basis
One-year membership fee is $350; two-year membership fee is $650
Give yourself the best chance to pass your CAIA Exam with Level I Study Packages.
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