Administered by the CAIA® Association, the rigorous two-tier exams must be completed before achieving the Charter qualification. Based on candidate surveys, more than 200 hours of preparation is recommended for each level.
CAIA® Level I
The Level I curriculum builds a foundation by introducing candidates to various alternative asset classes, knowledge of the tools and techniques to evaluate their risk-return attributes, and the role of active management in asset allocation and portfolio construction. Divided into 2 sections of 100 multiple-choice questions each, candidates are given 4 hours with an optional 30-minute break.
CAIA® Level II
Level II provides advanced coverage of several Level I topics and introduces candidates to recent academic and industry research in alternative investments, asset allocation and risk management. Candidates will also learn to apply the knowledge and analytics from Level I within a portfolio management context.
Comprising of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions, candidates are given 2 hours for each individual section to complete them.