The Chartered Alternative Investment Analyst exams.
The Chartered Alternative Investment Analyst (CAIA) program consists of two exam levels. The CAIA (pronounced “KAI-ah”) association recommends that candidates study at least 200 hours for each level of the exam.
Level I
The Level I exam consists of 200 multiple choice questions on the following topic areas:
- Ethics
- Alternative Investments
- Real Assets
- Hedge Funds
- Private Equity
- Structured Products
- Risk Management
- Portfolio Management
Level II
The Level II exam consists of 100 multiples choice questions and 3 essay questions covering the following topic areas:
- Ethics
- Asset Allocation
- Private Equity
- Real Assets
- Commodities
- Hedge Funds
- Managed Futures
- Structured Products
Historical Pass Rates
| Level I | Level II | |
|---|---|---|
| Feb-06 | 52% | 64% |
| Sep-06 | 54% | 69% |
| Feb-07 | 54% | 62% |
| Sep-07 | 64% | 58% |
| Feb-08 | 60% | 57% |
| Sep-08 | 63% | 59% |
| Feb-09 | 61% | 66% |
| Sep-09 | 59% | 70% |
| Feb-10 | 66% | 67% |
| Sep-10 | 66% | 68% |
| Feb-11 | 67% | 66% |
| Sep-11 | 67% | 63% |
| Feb-12 | 68% | 62% |
| Sep-12 | 68% | 65% |
| Feb-13 | 64% | 62% |
| Sep-13 | 68% | 58% |
| Feb-14 | 74% | 59% |
| Sep-14 | 71% | 58% |
| Feb-15 | 71% | 56% |
| Sep-15 | 72% | 56% |
| Feb-16 | 68% | 58% |
| Sep-16 | 73% | 62% |
| Feb-17 | 72% | 70% |
| Sep-17 | 72% | 69% |
| Feb-18 | 72% | 65% |
| Sep-18 | 76% | 67% |
| Feb-19 | 79% | 63% |
| Sep-19 | 75% | 65% |