The CAIA Examinations

The CAIA program is divided into two levels. The exams are administered worldwide in March and September of each year.

The Level I and Level II exams must be taken in succession in different test periods. Candidates must pass the Level II exam within three years of the successful completion of Level I.

Level I Exam

The Level I tests candidates' understanding of the terms and tools used to describe and analyze alternative investment spaces, as well as standards of professional conduct. It is comprised of 200 multiple-choice questions. It is a 4-hour exam, administered in two 2-hour sessions, with an optional 30-minute break between Sections 1 and 2 of the exam.

Level II Exam

The Level II exam covers advanced topics in the field of alternative investments, as well as standards of professional conduct. Section 1 of the exam is comprised of 100 multiple-choice questions and Section 2 is comprised of a set of essay questions. Level II is a 3.5-hour exam, with an optional 30-minute break between Sections 1 and 2. Candidates are given 2 hours to complete Section 1 and 1.5 hours to complete Section 2. In Section 2, candidates are asked to read a question comprised of several parts and then type a brief response to each part.

Key Equations

Candidates should note that key equations will no longer be provided on the exam. The CAIA Study Guides state that "all equations in the readings are important to understand."

Calculators

The CAIA Association only permits the use of the Texas Instruments (TI) BA II Plus (and TI BA II Plus Professional) or the HP 12C (and the HP 12C Platinum). No other calculators are allowed in the testing centers. Exam proctors require that all calculator memory be cleared prior to the start of the exam.