CAIA Level 1 Investment Analyst 2026 Exam

2026 Chartered Alternative Investment Analyst (CAIA)

Chartered Alternative Investment Analyst (CAIA) is a professional designation for investment professionals offered by the CAIA Association. Aspiring alternative investment professionals need to complete and pass 2 levels of examination.

The CAIA certification is a two-part examination, with each exam lasting 4 hours long:

• CAIA Level 1 consists of 200 multiple-choice questions, whereas

• CAIA Level 2 consists of 100 multiple-choice questions in Section 1 (70% exam weight), in addition to 3 sets of constructed-response (essay type) questions in Section 2 (30% of exam weight).

The CAIA Level 1 curriculum concentrates on the fundamentals of alternative investment markets, building up candidates’ understanding of different asset classes.

CAIA Level 2 focuses on more advanced topics in alternative investments by incorporating recent academic and industry research in alternative investments, asset allocation and risk management. Less than 30% of CAIA Level 1 and 2 questions would require calculations.

In terms of study hours, it is recommended that candidates devote at least 200 hours of study time for each level.

The CAIA Level 1 exam mainly focuses on the introduction to alternative investments by covering the various asset classes. The topics areas and exam weights are as below:

CAIA Level 1 Topics & Weighting

Professional Standards and Ethics 15%–25%​

Introduction to Alternative Investments​ 20%–28%​

Real Assets ​11%–17%

Private Equity 6%–10%

Private Debt 8%-12%

Hedge Funds ​11%–17%

Digital Assets 4%–8%

Additional Strategies 4%–8%