CAIA syllabus, exam schedule and fees for 2027
CAIA has March and September 2027 exam sessions, both using the 2027 curriculum. Find each level’s testing window, registration deadlines, expected result timing and fees below, followed by the official syllabus and topic weights.
2027 exam schedule and deadlines*
March 2027
- Registration opens
- Early fee deadline
- Registration closes
Level I exam window
1-12 Mar 2027
Estimated results: typically within 5 weeks
After the window closes on 12 Mar 2027. For planning, that is by about 16 Apr 2027.
Level II exam window
15-26 Mar 2027
Estimated results: typically within 8 weeks
After the window closes on 26 Mar 2027. For planning, that is by about 21 May 2027.
September 2027
- Registration opens
- Early fee deadline
- Registration closes
Level I exam window
30 Aug - 10 Sept 2027
Estimated results: typically within 5 weeks
After the window closes on 10 Sept 2027. For planning, that is by about 15 Oct 2027.
Level II exam window
16-24 Sept 2027
Estimated results: typically within 8 weeks
After the window closes on 24 Sept 2027. For planning, that is by about 19 Nov 2027.
Exam fees in US dollars*
| Charge | Published fee |
|---|---|
| One-time enrollment for new candidates | US$400 |
| Each level: early / standard registration | US$995 / US$1,395 |
| Retake of a level | US$795 |
New Level I candidates pay US$1,395 early or US$1,795 standard, including enrollment. The same totals apply to new CFA Stackable entrants at Level II. Pay CAIA Association through its registration checkout; these are not study-service fees.
2027 syllabus and topic weights
2027 Level I topic weights
Approximate share of the exam. Every bar uses the same 0-30% scale.
- CAIA Ethical Principles7-13%
- Introduction to Alternative Investments21-27%
- Real Assets16-22%
- Private Equity8-14%
- Private Debt10-16%
- Hedge Funds15-21%
- Digital Assets3-9%
Colored segments show the published range, not a fixed allocation or a trend. Endpoints need not add to 100%.
2027 Level II: two response formats
| Topic | MCQ weight | Written weight |
|---|---|---|
| CAIA Ethical Principles | 0% | 10% |
| Institutional Asset Owners | 5-11% | 0-10% |
| Asset Allocation | 10-16% | 0-10% |
| Risk and Risk Management | 5-11% | 0-10% |
| Methods and Models | 7-13% | 0-10% |
| Accessing Alternative Investments | 3-9% | 0-10% |
| Due Diligence and Selecting Managers | 6-12% | 0-10% |
| Volatility and Complex Strategies | 5-11% | 0-10% |
| Universal Investment Considerations | 4-10% | 0-10% |
| Emerging Topics | 0% | 10% |
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Weights are percentages of the whole exam. Ethical Principles and Emerging Topics are written-only; the remaining topics can appear in either format.
When results and curriculum are published
CAIA has not announced exact 2027 result-release dates on the checked calendar and FAQ pages. The planning dates above add five weeks for Level I or eight weeks for Level II to that level’s final testing day; they are estimates, not guarantees.
| Publication | When to expect it | How to access it |
|---|---|---|
| Level I results | Usually within five weeks of the last examination day | CAIA emails you when results are in your candidate account. |
| Level II results | Generally within eight weeks of the last examination day | Follow the retrieval instructions in CAIA’s notification email. |
| Next year’s curriculum | Available for purchase each October; October 2026 for the 2027 edition | Use the 2027 edition for both 2027 sessions. The source does not specify an exact October day. |
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Booking, accommodations and appointment changes
Registration does not reserve a seat. After payment is confirmed, book through Prometric using your CAIA ID. Dates and places are subject to availability.
| Task | Timing or rule | Action |
|---|---|---|
| Reserve an appointment | Book early after registering | Choose an available test-center seat in your level’s window. |
| Request accommodations | At least six weeks before the testing window | Register first, submit the request, and wait for processing before booking. |
| Change an appointment | Only within the same testing window | CAIA lists free changes at least 30 days before the window, US$50 at 29-5 days, and no changes less than five days before it. Check the stated session deadlines before changing. |
| March 2027 no-fee change deadline | Level I: 30 Jan 2027; Level II: 12 Feb 2027 | These are the dates stated on CAIA’s scheduling page, not registration deadlines. |
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Refunds and moving to another session
A registration commits you to one session. Ordinary changes of plan do not move a March registration to September. A qualifying emergency is assessed under CAIA’s separate emergency deferral policy.
| Situation | Published policy |
|---|---|
| Refund request | Request within 14 days of purchase. The enrollment fee is non-refundable; wire-related deductions may apply. |
| Cannot sit or need another attempt | Register again for a later session at the US$795 retake fee, unless CAIA approves a qualifying emergency request. |
| Remote exam | Available only by approved accommodation, not as the default booking option. |
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How to read the weight chart
Each range describes approximate exam weight. Adding every maximum produces an invalid total; the range endpoints are not a single exam allocation. Level II’s MCQ and constructed-response columns belong to the whole exam, with totals of 70% and 30%.
Check the edition before reusing notes
The current Level I handbook lists seven groups and no separate Funds of Funds row. Do not carry the old eight-row grid forward as if it were current. An omitted standalone row does not prove that every related concept has disappeared from the readings.
| Before you study | Check | Why it matters |
|---|---|---|
| Choose your exam year | Cover of handbook and companion | The next year is published in October. |
| Reuse an old summary | Compare its outcomes with the new companion | Weights alone do not capture reading changes. |
| Prepare Emerging Topics | Open the required readings for your year | Old topical articles may no longer apply. |
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Use weight ranges to plan work without inventing an exam
A published topic range is not a fixed allocation for your particular sitting. Adding all maximums does not create a valid 100% exam, and multiplying one endpoint by your remaining hours does not measure how long you need to learn a topic. Use the ranges alongside coverage, difficulty and diagnostic evidence.
For example, suppose you have 20 hours of revision and repeated errors in a foundational calculation that appears across asset classes. You could reserve six hours for that repair, six for unfamiliar mixed work, four for reviewing the mixed work and four for remaining topic gaps. That allocation is an editorial example based on the learning problem, not a transformation of topic weights into official study-hour requirements.
For Level II, read the MCQ and written columns as shares of the whole exam. The same topic can demand calculation and explanation. Build both outputs into preparation where relevant instead of treating the two columns as separate curricula.
| Planning input | What it tells you | What it does not tell you |
|---|---|---|
| Topic range | Approximate importance within the exam | Exact questions on your sitting |
| Diagnostic error | A method or concept to investigate | A precise official score deficit |
| Remaining hours | The capacity you can allocate | A guarantee that the syllabus will fit |
| Response format | How you must express knowledge | An automatic percentage of study time |
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Turn the companion into a coverage checklist
Use the companion for your level and exam year to list assigned outcomes. Beside each, record whether you have read the material, reconstructed the method, attempted an unfamiliar task and revisited it after a delay. Those stages separate exposure to information from the ability to use it. Keep required additional readings on the same checklist.
When comparing editions, inspect changes to the underlying outcomes and readings. A topic name can remain while its contents change, and a removed standalone label does not establish that every related concept is gone. Record a specific verified change before describing material as new or removed. The current official documents control the scope; this page does not claim a complete line-by-line change inventory.
| Outcome record | Example evidence |
|---|---|
| Current source | Exam year, companion section and assigned reading |
| Method reconstructed | A short explanation or labeled formula without notes |
| Applied | A changed-input calculation or case-specific decision |
| Reviewed | A later attempt and the repair if it failed |
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Common questions
- Are these official CAIA blueprints?
- CAIA publishes an Exam Handbook and Curriculum Companions. This page organizes their syllabus and weights; it is not an official CAIA publication.
- Should I study only the largest weights?
- No. Use weights to allocate attention, then cover all assigned outcomes. A weak smaller topic can still matter.
Sources and editorial notes
By MiloPrep editorial team. References checked 10 October 2026. Exam scope: 2027. The notes below identify what each reference supports. Provider claims are not independent outcome comparisons. Worked examples, study schedules and fit judgments are editorial; official exam dates are attributed separately.
Exam and registration dates are published by CAIA. Result planning dates are calculated from its usual five- or eight-week turnaround and are not announced release dates.
- CAIA 2027 Exam Handbook
Printed pp. 3-4: topic weights and format split. Page 15: question counts and section times. Pages 11, 13 and 16: arrival, calculators and break procedures. Our pacing checkpoints are arithmetic, not official rules.
- CAIA curriculum and study tools
Annual curriculum applicability, included digital curriculum, official samples and required readings.
- 2027 Level I Curriculum Companion
Official Level I learning objectives and terms; linked from CAIA’s study-tools page.
- 2027 Level II Curriculum Companion
Official Level II learning objectives and terms; linked from CAIA’s study-tools page.
- CAIA registration dates and fees
Dated registration and retake charges. Confirm the selected window before paying.
- CAIA candidate and membership FAQs
Retakes, results timing, membership requirements and permitted use of the designation.
- CAIA candidate fee and refund policy
Enrollment plus exam fee totals, the early-registration discount, retakes and the 14-day refund policy.
- CAIA appointment scheduling and changes
Register before booking with Prometric. Seat availability, same-window appointment changes, rescheduling fees and the stated March 2027 no-fee deadlines.
- CAIA testing accommodations
Requests are due at least six weeks before the testing window. Wait for processing before booking. Remote testing is by approved accommodation only.
- CAIA emergency deferral policy
CAIA reviews qualifying emergency requests under this policy; a routine change of plans is not an automatic deferral.
- CAIA 2027 curriculum overview
Current level-specific subject coverage. Teaching examples on this site are independent.
MiloPrep is an independent study resource, not affiliated with or endorsed by CAIA Association or the named providers.
Notes
- * Exam schedule and result estimates: Published dates for both sessions, checked 10 October 2026. Register for one level, then book an available appointment with Prometric. Result dates are estimates, not announced release dates. Result timing runs from the last day of your level’s testing window, not your individual appointment. CAIA sends an email when results are available in your CAIA account. ↩ Return to content
- * Exam fees: Digital curriculum is included. Applicable taxes, optional print materials and membership are additional. Check eligibility for partner discounts before registering. ↩ Return to content