Chartered Alternative Investment Analyst (CAIA®) Program - Level I Exam

The CAIA® Level I exam provides an introduction to Alternative Investments, the risk and return parameters and its performance measurement. It also provides basic knowledge of the types of Alternative Investments such as:

  1. Private Equity
  2. Real Assets
  3. Hedge Funds
  4. Commodities
  5. Structured Products.
  6. Risk Management and Portfolio Management

The curriculum also provides in-depth knowledge on the CFA® Institute Standards of Professional Conduct

CAIA® Level I Exam Format:

  1. The CAIA® Level I exam is composed of 200 multiple-choice questions. The 200 questions are to be completed within 4 houRs.
  2. There are 2 sections in the exam of 2 hours each. Each section has 100 multiple-choice questions.
  3. The candidate has the option of taking a 30-minute break between the 2 sections.

CAIA® Level I Exam Topics and Weights


Topic Weight
Professional Standards and Ethical 15%-20%
Introduction to Alternative Investments 15%-20%
Real Assets 5%-10%
Hedge Funds 15%-20%
Commodities 5%-10%
Private Equity 5%-10%
Structured Products 5%-10%
Risk Management and Portfolio Management 15%-20%
Total 100%

CAIA® Level I Exam Fees and Deadlines


March, 2016 Exam

Particulars First Attempt Reattempt
Early Registration (Deadline: Nov 12, 2015) Standard Registration (Deadline: Feb 04, 2016)
Program Enrolment $400 $400 NIL
Exam Registration $1150 $1250 $450
Total $1550 $1650 $450

September, 2016 Exam

Particulars First Attempt Reattempt
Early Registration (Deadline: May 12, 2015) Standard Registration (Deadline: August 04, 2016)
Program Enrolment $400 $400 NIL
Exam Registration $1150 $1250 $450
Total $1550 $1650 $450

Additional Benefits


  1. There is an early registration discount of $100 on the first-time Exam Registration Fees.
  2. There are separate discounts for employees of AIMA and CISDM member companies on first-time exam registration fees. The candidate must confirm the membership with AIMA and CISDM.