Chartered Alternative Investment Analyst (CAIA)

Examination Requirements

• The Level I CAIA exam is divided into 2 sections. Candidates are given 4 hours to complete the 200 multiple-choice questions with an optional 30-minute break between each section.
  
• Level II lasts 3.5 hours, and consists of 100 multiple-choice and three sets of essay-type questions. Candidates are given 2 hours to complete the multiple-choice question section and 2 hours to complete the constructed-response section.
  
• Exam windows for each level are held in March and September of each year.
  
• Registration for the March Exam is open mid-October through the end of January. Registration for the September exam is open early April through early August. Early registration periods take place during the first six weeks of registration. During this time, candidates will receive $100 off their registration fees. Registration is exam-specific and cannot be transferred to future exam sessions.
  
• There is a registration section on the CAIA Association's webpage where you will register for the exam. You are required to create an account before you are allowed to register.
  
• After registering for a CAIA exam, you will receive a confirmation email from CAIAA that will explain how to schedule your exam appointment. You will be asked to choose a testing center from a list of available sites, as well as a specific date and time within the two-week exam period for which you are registered. For a current list of domestic and international testing centers, see Exam Locations.
  
• There is a one-time program enrollment fee of $400. Individual exams are $1250 and any retakes are $450.

Membership Requirements for CAIA Designation

• Completion of the CAIA Program - Candidates must pass the Level II exam within 3 years of passing the Level I exam to qualify for the CAIA designation.
  
  
• Professional Experience - Designees must have one of the following:
  
  
  • Over one year of professional experience (full-time employment in a professional capacity within the bank regulatory, banking, financial, or related fields) and a U.S. bachelor's degree (or equivalent)
    
  • Four years of professional experience (as described above).
  
  
• Execution of the Member Agreement - Qualifying candidates must complete the online Member Agreement, provide two (2) professional references, and submit their annual membership dues.
  

Additional Requirements

There are no prerequisites or continuing education required for earning the Chartered Alternative Investment Analyst designation.

Disclaimer: This information provided is based on state laws and regulations, and is subject to change. While we make every effort to asure this information is current and accurate, it is not engaged in rendering legal or professional advice, and shall not be held responsible for inaccuracies contained herein.