CAIA study tips
High-leverage CAIA study tactics: weight budgeting, error logs, format drills, and weekly pacing. 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.
Start studying
Start your CAIA practice
MiloPrep will cover every CAIA sitting under one subscription.
Sittings
2
Retest window
72 hours
Weekly timed block
1+
Focus
Weights first
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.
Tip stack
Step 1
Budget hours to published weights
Open each CAIA part hub and assign weekly hours by content-area ranges before you open a course chapter. Familiar topics still need maintenance sets.
Step 2
Keep a stem-level error log
Log the stem language, the rule you missed, and the next drill. Retest within 72 hours so the miss does not become permanent.
Step 3
Separate format skill from content skill
If a sitting uses Multiple choice, schedule a dedicated format block. Content accuracy without pacing still fails timed sittings.
Step 4
Mix neighbouring topics early
Isolated chapter drills inflate scores. Mixed sets that cross neighbouring weight bands match how stems actually appear.
Step 5
Protect sleep and taper before exam week
Cut new topic trees in the final 48 hours. Light review of high-weight domains beats late-night coverage anxiety.
Step 6
Confirm rules on awarding-body pages
Screenshot the CAIA Association page you relied on for windows, ID rules, and calculator policies before you book.
CAIA weekly tip checklist
- Hours assigned by published weight, not chapter order
- Error log updated after every drill block
- At least one timed block near sitting length
- One mixed set across neighbouring topics
- Official CAIA Association logistics re-checked this month
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 |
Part-level tip anchors
| Part | Focus | Watch-out |
|---|---|---|
| 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 |
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.
Get the CAIA practice library
Sign up for MiloPrep for adaptive CAIA drills in the app.
- Mapped practice across every CAIA sitting
- Weak-area targeting instead of random question dumps
- One expanding study system across professional exams
Create your account to start practicing.
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.