90-day CAIA study plan
A sample calendar skeleton — not an official timetable. Stretch or compress weeks using your hours-per-week and diagnostic scores. Level I builds ethics, quantitative tools, and the major alternative asset classes. Use MiloPrep tools to plan hours for CAIA alongside practice in the app.
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Start your CAIA practice
MiloPrep will cover every CAIA sitting under one subscription.
Horizon
90 days
Sittings in plan
2
Weekly hours
You choose
Core loop
Diagnose → drill → timed
Who this fits
Fits you if
- Professionals in private markets, hedge funds, or alternatives allocation who want a charter specialised in alternatives.
Skip if
- Candidates whose roles are pure public-markets equity research or household financial planning - CFA or CFP may fit better as the primary exam path.
Six phases
Step 1
Days 1–15 — Map and baseline
Skim every CAIA content outline and take a short diagnostic per sitting you will attempt first. Log weak areas by topic weight, not by chapter title. Confirm windows on CAIA Association.
Step 2
Days 16–45 — Heavy practice
For hedge funds, private equity, private debt, and real assets, practise fee, liquidity, and risk questions - not only definitions. Retest errors within 72 hours so the loop is closed before you move on.
Step 3
Days 46–60 — Second sitting prep or deepen
If you are sequencing multiple sittings, begin Level II weights while keeping a light maintenance set on Level I.
Step 4
Days 61–75 — Timed blocks
They are smaller weights but easy marks if you know the handbook framing. Protect sleep and review only missed patterns.
Step 5
Days 76–85 — Peak mocks
Run two continuous practices near the next sitting length. Compare misses to the published weight table and cut low-yield rabbit holes.
Step 6
Days 86–90 — Taper
Light review of high-weight domains and ethics/standards where relevant. Do not open brand-new topic trees in the final 48 hours.
CAIA study-week checklist
- Open the CAIA hub and mark which sittings you will book first.
- Spend at least one block on Level I high-weight topics.
- Run one mixed set, then log every stem you missed with the correct rule.
- Schedule one timed block near published sitting length this week.
- Revisit one troubleshooting symptom from the hub and apply the next step.
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.
If level i strategy flashcards are not lifting scores, Rewrite each strategy card with one risk, one liquidity feature, and one fee feature.
If level ii constructed responses feel unstructured, Practice command-word templates: recommend, justify, list three risks.
| Approach | Best for | Watch-out |
|---|---|---|
| Part-by-part sprint | Candidates sitting one CAIA part soon | Leaving neighbouring topics cold |
| Weight-first calendar | Working professionals with limited hours | Skipping format practice |
| Full mock weeks | Final 3–4 weeks before a sitting | Using mocks before a baseline exists |
Sitting checklist
| Part | Focus reminder |
|---|---|
| Level I | Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions. |
| Level II | Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handb |
Confirm numbers on official pages
Session structure, question formats, and approximate topic weights come from the 2026 CAIA Exam Handbook. Level I is two 130-minute multiple-choice sections with 200 questions in total. Level II has 100 multiple-choice questions in section 1 and three constructed-response sets in section 2, with each section lasting 130 minutes. Level II topic records preserve the separate multiple-choice and constructed-response columns. CAIA Ethical Principles and Emerging Topics are constructed-response-only. Other Level II topics can appear in either format. Curriculum and weights can change by calendar year.
How we review structure facts
MiloPrep cites awarding-body materials for CAIA. Fees and pass rates are excluded when they move too often to state as facts.
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- Mapped practice across every CAIA sitting
- Weak-area targeting instead of random question dumps
- One expanding study system across professional exams
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Next steps
CAIA FAQs
- 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.
- How many sittings does the CAIA exam include?
- CAIA is structured as 2 levels. On this site we track 2 sittings: Level I, Level II. Confirm current windows on CAIA Association pages.
- What question format should I expect on CAIA Level I?
- Level I uses Multiple choice across about 200 scored items, with roughly 260 minutes of content time. Always re-check CAIA Association before you book.