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CAIA practice

CAIA Level I practice

Content-area weights, sample questions, and a session checklist for Level I. Use published ranges to prioritise - then run a timed loop.

Format

Multiple choice

Duration

260 min

Questions

200

Content areas

8

Why Level I practice stalls

Candidates often add volume without fixing the known failure mode: Studying hedge-fund strategy names without practising the risk, liquidity, and fee mechanics that change the answer. Start every week by naming that pattern, then build two drills that force it into the open.

Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions. Keep the awarding-body outline open so your hours follow published ranges rather than equal chapter time.

How to use this page

Skim the weight table, try the sample items, then run the session cycle below. Create your MiloPrep account to continue practicing in the app.

This week, prioritise Introduction to Alternative Investments and Real Assets unless your miss log says otherwise.

CAIA Level I 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%
Official content-area explorer

Explore the Level I content areas

Select an area to see its published score-weight range. No generated skill percentages or predicted question mix are shown.

Score-weight range

CAIA Ethical Principles

8–12%

This is the published range for this content area. It is not a promise about the exact questions on an individual exam form.

Blueprint limitationSession 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.
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Try CAIA sample questions

Illustrative items for CAIA. Sign up for MiloPrep to practice Level I in the app.

Level I - Hedge Funds

A hedge fund that is long undervalued securities and short overvalued securities within the same industry is best described as:

MCQ-only studyMixed practice loop
Only untimed multiple-choice dumpsMatch Multiple choice with timed slices near sitting length
Equal time on every topicHours follow published weight bands
No error log - same miss repeatsLog the rule; retest within 72 hours
Ignore non-MCQ formats until exam weekStill run timed MCQ blocks that match pacing

One practice session

  1. Step 1

    Pick two weight bands

    Choose the highest-priority Level I areas before you open a bank.

  2. Step 2

    Diagnose cold

    Run a short mixed set without notes; tag every miss by trap type.

  3. Step 3

    Drill the pattern

    Attack the failure mode: Studying hedge-fund strategy names without practising the risk, liquidity, and fee mechanics that change the answer.

  4. Step 4

    Time a slice

    Finish with 87–260 minutes of continuous practice.

  5. Step 5

    Log rules

    Write one-sentence rules for misses - letters alone do not count.

  6. Step 6

    Retest tomorrow

    Retry yesterday’s misses before expanding into new outline areas.

Who should use this Level I practice plan

Fits you if

  • You are booking CAIA Level I within the next few months
  • You will keep an error log and retest misses within 72 hours
  • You can protect at least one timed block near 260 minutes weekly

Skip if

  • You have not confirmed eligibility or windows with the awarding body
  • You only want passive reading with no retrieval practice
  • You are practising a different CAIA sitting and landed here by mistake

Mid-plan check - practice CAIA

If your miss log is growing, adaptive Level I practice is the next lever. Create your account to get started.

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Practice session checklist

  • Pick the top two weight bands before you open a question bank
  • Run one mixed set that includes Level I neighbours
  • Log every miss with the correct rule in one sentence
  • Finish with a timed slice near 87–260 minutes
  • Retest yesterday’s misses before new content
Pro tip

If level i strategy flashcards are not lifting scores, Rewrite each strategy card with one risk, one liquidity feature, and one fee feature.

Practice access

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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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Related resources

Level I hub

Format stats, topic weights, and study focus for Level I.

Open part hub

CAIA exam hub

Full CAIA overview across every sitting.

Open exam hub

Error log builder

Capture stem mistakes and next drills locally.

Open tool

Weak area picker

Order focus by published part weights.

Open tool

Level I practice FAQs

What is the most common CAIA Level I practice failure?
Studying hedge-fund strategy names without practising the risk, liquidity, and fee mechanics that change the answer. Build two drills this week that force that pattern into the open, then retest misses within 72 hours. Do not only add more random volume.
How should I weight Introduction to Alternative Investments when practising Level I?
Introduction to Alternative Investments carries a published 20–28% band. Give it calendar priority even when it feels familiar, and pair it with a second high band such as Real Assets so you do not create a single-topic blind spot.
Should Level I practice be MCQ-only?
Only if the sitting is truly MCQ-only. If Level I includes simulations, item sets, written cases, or constructed response, schedule separate format blocks - MCQ accuracy alone under-prepares those skills.
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.
Practice access

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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
  • Targeted Level I sessions when practice opens
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