The CAIA (Chartered Alternative Investment Analyst) charter is the leading credential for alternative investments: hedge funds, private equity, real assets, commodities and structured products. It complements the CFA and FRM.
Warm up on the free CAIA practice test.
Key takeaways
- Two levels. Level I has 200 multiple-choice questions in 4 hours.
- Scoring 70% or more on Level I assures a pass; the actual cut is set each window.
- A one-time $400 enrollment fee plus exam fees ($995 early / $1,395 standard for Level I).
- The Level I pass rate was about 45% in March 2026.
USA CAIA Exam: Quick Facts
- Offered by
- CAIA Association
- Levels
- Level I and Level II
- Level I
- 200 questions, 4 hours
- Enrollment fee
- $400 (one-time)
- Level I fee
- $995 early / $1,395 standard
CAIA Exam Requirements
To enroll you need a bachelor’s degree plus 1 year of professional experience, 4 years of experience, or a CFA charter. Membership after passing both levels requires relevant work experience.
More on CAIA Exam Requirements →Free practice test
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Go to the USA CAIA Exam practice test →USA CAIA Exam FAQs
How much does the CAIA exam cost?
A one-time $400 enrollment fee, plus $995 (early) or $1,395 (standard) for the Level I exam.
Full answer →CAIA vs. CFA: which is better?
The CFA is broader across investments; the CAIA specializes in alternatives. Many analysts hold both.
Full answer →Official sources
Disclaimer: This guide is for general information and is not financial, tax, insurance or investment advice. Exam details, fees, blueprints and product terms change. Confirm with the official organization or a licensed professional. Read our editorial policy.