CAIA exam format
Level I builds ethics, quantitative tools, and the major alternative asset classes. Level II applies those tools to institutional portfolios, due diligence, and written constructed-response work. Curriculum updates by calendar year. 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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Total sittings
2
Structure
2 levels
Combined content time
520 min
Combined item count
300
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.
How to use the format numbers
Step 1
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. Tie this stage to the published CAIA weights before you expand reading. Watch for: Studying hedge-fund strategy names without practising the risk, liquidity, and fee mechanics that change the answer.
Step 2
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. Tie this stage to the published CAIA weights before you expand reading. Watch for: Passing Level I on recognition questions, then underpreparing constructed-response structure and institutional due-diligence frameworks.
Step 3
Add digital assets and funds of funds deliberately
They are smaller weights but easy marks if you know the handbook framing. Tie this stage to the published CAIA weights before you expand reading. Watch for: Studying hedge-fund strategy names without practising the risk, liquidity, and fee mechanics that change the answer.
Step 4
Build Level II constructed-response templates
Universal Investment Considerations and Emerging Topics are written. Practise short, structured answers. Tie this stage to the published CAIA weights before you expand reading. Watch for: Passing Level I on recognition questions, then underpreparing constructed-response structure and institutional due-diligence frameworks.
Step 5
Sit two-section mocks at handbook timing
130 minutes per section. Review by topic weight so the next week targets the weakest band. Tie this stage to the published CAIA weights before you expand reading. Watch for: Studying hedge-fund strategy names without practising the risk, liquidity, and fee mechanics that change the answer.
Step 6
Match practice blocks to sitting length
At least once a week, practise a continuous block close to published content time. Timing skill decays faster than concept recall.
Format readiness checklist
- Know question format and duration for the next sitting
- Have run one timed block within 20% of published length
- Have practised any non-MCQ format the sitting uses
- Have a pacing plan for the first and last 30 minutes
- Have confirmed break rules on the awarding-body page
- Have listed all 2 sittings on a calendar with recovery gaps
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.
Treat 2 sittings as separate format projects — do not assume one timed mock covers every CAIA part.
If mocks are accurate on content but late on the clock, cut new reading and raise timed format blocks for two weeks.
| Part | Focus reminder | Common failure |
|---|---|---|
| Level I | Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choic | Studying hedge-fund strategy names without practising the risk, liquidity, and fee mechani |
| Level II | Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: th | Passing Level I on recognition questions, then underpreparing constructed-response structu |
Sitting-by-sitting format
| Part | Format | Questions | Duration | Sessions |
|---|---|---|---|---|
| Level I | Multiple choice | 200 | 260 min | 2 |
| Level II | 100 MCQ + 3 constructed-response sets | 100 + 3 advanced items | 260 min | 2 |
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.
Stat highlight — sittings
CAIA is tracked here as 2 sittings (2 levels). Combined published content time across those sittings is about 520 minutes before breaks — use that to size weekly stamina work, then confirm live rules on CAIA Association.
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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.