General Information
What is the CAIA program?
Is this an internationally recognized charter program?
What areas are covered in the exams, and what is the exam structure?
How do I earn the CAIA designation?
Program Details
What do I gain by becoming a CAIA designee?
Where can I view a list of the current curriculum readings?
How do I register for the CAIA exams?
Are late registrations accepted?
How much does the program cost?
Are there any prerequisites to the program?
How and where do I take the exams?
When can I take an exam?
I am a CFA/CPA/CFP. Am I exempt from the Level I exam?
I am an MBA/MFA/PhD. Am I exempt from the Level I exam?
What is the timeline for completing the program? Can I take both exams in a year?
Once You Have Registered for an Exam
Where can I purchase the current curriculum readings?
Am I required to purchase all of the textbooks?
What if I cannot obtain all of the textbooks before the exam?
How long do I need to study for the exam?
Where can I take a CAIA preparation program?
Why didn't I receive an early registration (or other) discount?
When do I schedule my exam?
Who should I contact, and when, if I have a disability or require special accommodations?
What form of ID do I need to bring to the testing center?
What is the calculator policy?
Do I need to memorize all of the formulas?
What time do I need to arrive at the testing center?
How long is the exam?
What is the procedure for reporting exam results? When should I expect to get the results, and how will I receive them?
I am currently registered to sit for an exam, but something has come up
and/or my plans have changed. Can I postpone my exam to the next
testing period?
What is the refund policy?
General Information
What is the CAIA program?
The CAIA program is comprised of a two-tier exam process through which one may earn
the CAIA Charter, the designation for alternative investment
professionals offered by the CAIA Association. The CAIA Charter is
the global mark of distinction in alternative investments. top
Is this an internationally recognized charter program?
Yes. Since the CAIA Association offered the first exam in February
2003, thousands of individuals from over 80 countries have registered
for the program. Candidates from thousands of financial institutions
have taken the exams, including prime brokers and banks; advisory,
consulting, asset management, and accounting firms; public and private
pensions, foundations, family offices, insurance companies, professors and
industry regulators. Several organizations, including the SEC, PAAMCO,
Citigroup, and CSFB, now use the CAIA examinations as an essential part
of their professional alternatives training program. top
What areas are covered in the exams, and what is the exam structure?
The Level I exam is composed of two sections, each with 100 multiple choice questions. Both sections cover quantitative methods, professional standards and foundations of alternative investments and include such topics as alternative investment asset classes, trading strategies, sources of returns to these asset classes and
strategies, and background on legal aspects of alternative
investments.
The Level II exam concentrates on the application of portfolio
theory to alternative investments, the selection of assets, managers,
and strategies, the oversight and due diligence of investment
managers, and risk management. Standards of
professional conduct is included as a separate section. The format for the Level II exam is both
multiple-choice and essay. top
How do I earn the CAIA designation?
The right to use the CAIA designation is earned by (1) successfully
completing the CAIA program (passing both the Level I and Level II
exams) and (2) becoming a member of the CAIA Association. In order to
qualify for membership in the Association, you must fulfill each of the
following:
- Pass the Level II exam within three years of passing the Level I exam
- Hold a U.S. bachelor's degree or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of professional experience*
- Submit payment for the annual CAIA Association membership fee
- Agree on an annual basis to abide by the Member Agreement
Membership is the final requirement for individuals who wish to use the CAIA designation.
*Professional experience is defined as full-time employment in a professional capacity within the regulatory,
banking, financial or related fields. top
Program Details
What do I gain by becoming a CAIA designee?
By completing the program and becoming a member of the CAIA
Association, you earn the right to use the CAIA designation - The
Global Mark of Distinction in Alternative Investments. In addition, you
obtain networking access to others in this specialized field, as well
as ongoing educational opportunities and a variety of industry resource
discounts. top
Where can I view a list of the current CAIA curriculum readings?
The curriculum is regularly revised; it does not remain static from
exam cycle to exam cycle. Copies of the most recent Level I and II
Study Guides, Level I and II sample questions, and all recommended
curriculum readings are publicly available in the Curriculum Readings
section of the website. top
How do I register for the CAIA exams?
Once you have decided to pursue the CAIA designation, it is time to
register for an exam. Exam registration is a quick three-step
online process: completing an exam
registration form, signing the Candidate Agreement, and purchasing an exam. Visit the How the Process Works section of our website for more
information. top
Are late registrations accepted?
No, registration deadlines are firm. Once the cut-off point to register for a specific exam period passes, it is no longer possible to purchase an exam. Late registrations will NOT be considered under ANY circumstances. Please do not contact the CAIA Association seeking an exception. top
How much does the program cost?
For cost breakdowns, see Fee Information. For details on fee policies, please review the Fee FAQs. top
Are there any prerequisites to the program?
Candidates enrolling in the program are assumed to have an elementary understanding of the basic concepts of finance. If you are unsure about your preparedness, please review the CAIA Prerequisite Materials and take the Prerequisite Diagnostic Review. Completing/passing this voluntary evaluation is not compulsory, but merely a tool to help you determine your readiness to sit for the CAIA exams. top
How and where do I take the exams?
The CAIA exams are administered by computer at proctored test centers
around the world. After registering for an exam, candidates are
required to schedule an appointment with a testing center. For a
current list of domestic and international testing centers, see Exam
Locations. Prior to registering for an exam, candidates are expected to review
the current list of exam locations in order to determine whether or not
the CAIA exams are offered in a particular location. If a location does not appear on this list, the CAIA exams are not currently delivered there. top
When can I take an exam?
The Level I and Level II exams are held twice each year, in March and
September. Registration for the March exam period is open October
through January. Registration for the September exam period is open
March through July. It is important to note that registration is
exam-specific and cannot be postponed or transferred to future exam
sessions (e.g., individuals who are registered for the September
2008 exam cannot defer their examination until the March 2009 exam
period). The window for each testing period is 10 business days, during
which time candidates are responsible for sitting for the exam at one
of the proctored testing centers. The Level I and Level II exams cannot
be taken within the same exam period. top
I am a CFA/CPA/CFP. Am I exempt from the Level I exam?
There are no exemptions from any part of the CAIA program. All
candidates are required to pass the Level I exam. While there may be
some curriculum overlap in the first few topics, the Level I exam
covers material on alternative investments not covered by other charter
programs. top
I am an MBA/MFA/PhD. Am I exempt from the Level I exam?
There are no exemptions from any part of the CAIA program. All
candidates are required to pass the Level I exam. The two exams that
comprise the CAIA program cover material on alternative investments
that is not covered by standard academic programs. top
What is the timeline for completing the program?
The Level I and Level II exams are held twice each year, in March and
September, allowing individuals to complete the program within one
year. In order to be eligible for membership in the CAIA Association,
candidates must successfully complete the Level II exam within three
years of successfully completing Level I. The Level I and Level II
exams cannot be taken within the same exam period. top
Once You Have Registered for an Exam
Where can I purchase the current CAIA curriculum readings?
Once registered for an exam, candidates have access to the Candidate
Services section of the website. In this section, we provide direct
links to online book vendors, some of whom offer the readings at
discounted rates to CAIA candidates. For a list of current CAIA
curriculum readings, please visit here. top
Am I required to purchase all of the textbooks?
Questions on the exams are drawn from all of the CAIA curriculum
readings, and candidates are required to be familiar with the materials
they contain. The CAIA Association does not require candidates to buy
the readings used in the program, but we maintain that studying the
full curriculum is the best way to prepare for the exams, and this
includes reading all recommended texts. top
What if I cannot obtain all of the textbooks before the exam?
The CAIA Association does not sell or maintain an inventory of these
readings. Sometimes a vendor will run out of a particular title, and
the CAIA Association cannot guarantee textbook availability from any
given vendor. It is solely the candidate's responsibility to obtain all
textbooks prior to the examination period, within a time frame that
will allow sufficient study. The CAIA Association does not allow an
exam to be postponed due to late receipt of books. There are no
exceptions to this policy. top
How long do I need to study for the exam?
Regarding the amount of time necessary to devote to the program, we
understand that all candidates are different. Therefore, it is nearly
impossible to provide guidelines that would be appropriate
for everyone. Nevertheless, based on candidate feedback, we estimate that Level I requires a minimum of between 150-200 hours of study, while Level II requires 200 or more. Finally, because the Study Guides' number of
keywords, main points, and learning objectives differ across the topics
in both levels, the amount of time per topic will vary widely. top
Where can I take a CAIA preparation programs?
A list of companies offering preparation programs for the CAIA Level I
and Level II exams is available in the Preparatory Programs section of our
website. top
Why didn't I receive an early registration (or other) discount?
When registering for a CAIA exam, candidates automatically receive
the lowest standard applicable rate at that time. In order to qualify for the early registration discount, your exam purchase must be completed prior to the close of the early registration period (see Exam Dates). Failure to do so results in automatic forfeiture of this discount. Additionally, candidates must claim any other applicable discount(s) at the time of
registration or forfeit said discount(s). The Association does not grant retroactive discounts. top
When do I schedule my exam?
After registering for an exam, you will receive a confirmation of registration e-mail
that will explain when and how to schedule your exam appointment. The CAIA exams
are administered by computer at proctored testing centers around the
world. You will be asked to choose a testing center from a list of
available sites, as well as a specific date and time within the
two-week exam period for which you are registered. All candidates are
responsible for scheduling an appointment with the test provider to sit
for the CAIA exam. Deferments are not allowed and will not be granted
to candidates who are unable to sit for the exam due to failure to
schedule an appointment. top
Who should I contact, and when, if I have a disability or require special accommodations?
All requests for an exception to standard testing procedures must be submitted via email to the CAIA Association and directed to the attention of Candidate Services. The request should be made upon registering but before scheduling an exam appointment with the testing provider. Supporting documentation from the physician(s) treating the condition under which you are requesting special accommodations are required. Said documents should attest to a diagnosis and the condition's relevancy to the special testing conditions you are seeking. This documentation should be current and signed by the treating physician(s). Learning disability documentation needs to be current within the last three years. Once approved by the Association, the request will be forwarded to the testing provider who, in turn, will work directly with the individual to schedule the exam appointment. In order for the testing provider to make suitable arrangements, please submit this request no less than six weeks prior to the testing window. If less notice is given, every effort will be made to provide reasonable accommodations, but cannot be guaranteed. top
What form of ID do I need to bring to the testing center?
Please remember to bring
two (2) valid forms of identification to the testing center at the time of your
exam. Both forms of identification must have your signature, and one of the two
must have your photo. The CAIA Association's preferred primary form of identification
is a valid passport. You will not be allowed into the testing center without
the proper identification.
The name on your IDs
must exactly match the name with which you schedule your exam. If it does not,
you may not be permitted to enter. top
What is the calculator policy?
You will need a calculator for both CAIA exams. The calculations you are required to perform range from simple mathematical
operations to more complex methods of valuation. The CAIA Association allows candidates to bring into the examination the TI BA II Plus (as well as the Professional model) or the HP 12C (as well as the Platinum edition). No other calculators are allowed in the testing room. Exam proctors will require that all calculator memory be cleared prior to the start of the
exam. top
Do I need to memorize all of the formulas?
No. All formulas listed in the Study Guide, in the exact form as they appear in the Study Guide, will be available as an exhibit (i.e. a pop-up window) during the exam. top
What time do I need to arrive at the testing center?
Plan to arrive 30 minutes before the scheduled appointment to allow
time for check-in procedures. Candidates who are late in arriving will
not be allowed to test, forfeiting their exam registration fees. top
How long is the exam?
The Level I exam is 4 hours, with an optional 30-minute break between Sections 1
and 2. The Level II exam is 3.5 hours, with an optional 30-minute break between
Sections 1 and 2. For both exam levels, there are also two 15-minute
administration periods, one at the beginning of the exam and one at the
end, during which time the center will review the rules and related
testing issues. top
What is the procedure for reporting exam results? When should I expect to get the results, and how will I receive them?
Level I and Level II exam results are usually distributed
within 30 days of the close of the testing window. During this period,
you can log in to the CAIA website and receive notification of your
general exam results. An e-mail with further details (i.e.,
percentages) will be sent within one week of your online notification.
Candidates are encouraged to keep their contact information up-to-date to
ensure the timely receipt of exam results. top
I am currently registered to sit for an exam, but something has come
up and/or my plans have changed. Can I postpone my exam to the next
testing period?
No, registration is exam-specific and not open-ended. By registering
for a single exam, you are committing yourself to a date- and
time-specific exam, and you may not postpone from one testing period to
another; e.g., you cannot change your March Level I exam
registration to September. If you are unable to sit for the exam for which
you are currently registered, or if you do not pass, you automatically
become eligible to retake the same level exam during any future exam
session for a $350 retake fee. top
What is the refund policy?
The one-time program enrollment fee is non-refundable. The CAIA
Association will grant refunds of exam registration and exam retake
fees, but only if the registration is canceled within 30 days of the
date the CAIA program was purchased. For complete details, please refer
to Terms of Use Item 3 (Examination Registration Fees and Refunds).
Exam registrations cannot be transferred to other individuals. Membership dues are also non-refundable. top