CAIA exam home

Practice the alternative-investment decisions CAIA actually tests.

Study private capital, hedge funds, real assets, and portfolio construction through a home designed around the distinct demands of Level I and Level II.

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Private capital: subscription creditQuestion-bank sample

Unlike a net asset value facility, a subscription line of credit is secured by:

Choose an answer to see the calculation or professional judgment behind it.

From the MiloPrep question bank. Independently authored practice, not official exam items.

Two level homesAlternative assets throughoutMCQ and constructed responseOfficial sources linked

Know the exam

The CAIA charter exams

Two levels with distinct topic weights, response formats, and portfolio-level decisions.

Components

2

Average component time

260 min

Question delivery

2 distinct formats

Level I

Level I

260 minutes · Multiple choice

  • CAIA Ethical Principles (8–12%)
  • Introduction to Alternative Investments (20–28%)
  • Real Assets (14–20%)
  • Private Equity (8–12%)
  • Private Debt (12–16%)
Explore Level IPractice
Level II

Level II

260 minutes · 100 MCQ + 3 constructed-response sets

  • CAIA Ethical Principles (MCQ 0%; constructed response 10%)
  • Institutional Asset Owners (MCQ 8–12%; constructed response 0–10%)
  • Asset Allocation (MCQ 8–12%; constructed response 0–10%)
  • Risk and Risk Management (MCQ 8–12%; constructed response 0–10%)
  • Methods and Models (MCQ 12–15%; constructed response 0–10%)
Explore Level IIPractice

Structure and topic allocations are checked against the official sources linked below.

The CAIA study loop

Move from structure recognition to investor-level judgment

CAIA questions turn legal terms, fee mechanics, liquidity, and risk into allocation decisions. Practice should make those relationships visible instead of memorizing lists.

Fee and liquidity mechanics

Many Level I misses come from waterfall, lock-up, or redemption details rather than strategy labels.

Institutional constraint questions (Level II)

Practise how asset-owner constraints change the acceptable alternative allocation.

Due diligence checklists in writing

For constructed response, list the diligence steps the question asks for - no more, no fewer.

After one miss

Private capital: subscription credit

A subscription line of credit (SLOC) is a short-term borrowing facility secured by the fund's right to call capital from its limited partners (LPs). In contrast, a net asset value (NAV) facility is secured by the fund's existing portfolio assets and their generated cash flows. The distinct collateral base—uncalled LP capital versus portfolio asset value—is the primary defining structural difference between these two fund-level debt facilities.

Published area
Reasoning step
Distractor pattern
Time pressure

Your next focused block

Review the broken step, then test it in a new context.

  1. 1

    Fee and liquidity mechanics

    Many Level I misses come from waterfall, lock-up, or redemption details rather than strategy labels.

  2. 2

    Institutional constraint questions (Level II)

    Practise how asset-owner constraints change the acceptable alternative allocation.

  3. 3

    Due diligence checklists in writing

    For constructed response, list the diligence steps the question asks for - no more, no fewer.

One connected loop: answer, diagnose, review, and retest.

A realistic study path

Build the work in the order this exam requires

  1. 01

    Treat Ethics and Introduction as Level I anchors

    Those topics carry the widest Level I bands. Do not starve them to chase niche strategy names.

  2. 02

    Learn each asset class through risk and liquidity

    For hedge funds, private equity, private debt, and real assets, practise fee, liquidity, and risk questions - not only definitions.

  3. 03

    Add digital assets and funds of funds deliberately

    They are smaller weights but easy marks if you know the handbook framing.

  4. 04

    Build Level II constructed-response templates

    Universal Investment Considerations and Emerging Topics are written. Practise short, structured answers.

  5. 05

    Sit two-section mocks at handbook timing

    130 minutes per section. Review by topic weight so the next week targets the weakest band.

CAIA topic weights

Published weight ranges or scored-question allocations from the awarding body. Use them to budget study time - larger areas deserve calendar priority.

Level I

TopicWeight
CAIA Ethical Principles8–12%
Introduction to Alternative Investments20–28%
Real Assets14–20%
Private Equity8–12%
Private Debt12–16%
Hedge Funds15–19%
Digital Assets4–8%
Funds of Funds1–5%

Level II

TopicWeight
CAIA Ethical PrinciplesMCQ 0%; constructed response 10%
Institutional Asset OwnersMCQ 8–12%; constructed response 0–10%
Asset AllocationMCQ 8–12%; constructed response 0–10%
Risk and Risk ManagementMCQ 8–12%; constructed response 0–10%
Methods and ModelsMCQ 12–15%; constructed response 0–10%
Accessing Alternative InvestmentsMCQ 8–12%; constructed response 0–10%
Due Diligence and Selecting ManagersMCQ 8–12%; constructed response 0–10%
Volatility and Complex StrategiesMCQ 8–12%; constructed response 0–10%
Universal Investment ConsiderationsMCQ 6–11%; constructed response 0–10%
Emerging TopicsMCQ 0%; constructed response 10%

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  • Full premium practice with unseen-first question selection
  • Exam-format simulations and constructed-response practice where applicable
  • Video lectures and study materials across every exam library
  • Detailed answer and choice-level explanations on supported practice
  • Progress, readiness, and weakness analysis
  • AI study assistance when that roadmap capability launches
  • Cancel before the next billing cycle
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CAIA FAQ

How many levels is CAIA?
Two: Level I and Level II.
What is the Level I format?
200 multiple-choice questions across two sections of 130 minutes each, per the CAIA Exam Candidate Handbook.
Does Level II include constructed responses?
Yes. Level II includes 100 multiple-choice questions plus three constructed-response sets. Some topics are constructed-response only.
Is CAIA a substitute for the CFA charter?
No. CAIA is specialised in alternatives. Some candidates hold both; choose based on whether alternatives are central to your work.
Where do these CAIA facts come from?
From the CAIA Exam Candidate Handbook and curriculum pages linked in the source callout on this page.

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