CAIA: pattern, syllabus and eligibility
The global charter for alternative investments: private equity, hedge funds, real assets and private credit.
The CAIA charter, awarded by the CAIA Association, covers alternative investments: hedge funds, private equity, real assets, private credit and structured products. It is two exam levels plus a work requirement, and suits professionals in AIFs, PMS, wealth management and fund research.
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Eligibility Criteria
schoolEducation
No prerequisites to register for the exams. To join the CAIA Association and receive the charter after passing Level II, you need relevant professional experience; check caia.org for the current requirement.
cakeAge Limit
No age limit.
flagNationality
Open worldwide, with Prometric centres in India.
Exam Pattern
Level I is 200 multiple-choice questions in 4 hours on alternative asset classes, tools and ethics. Level II is 4 hours of multiple-choice item sets plus constructed-response (written) questions on portfolio management of alternatives. Exams are held in March and September.
Level I
Computer-based MCQ240 min| Section | Questions | Marks |
|---|---|---|
| Alternative assets, quantitative tools and ethics | 200 | 200 |
Level II
Computer-based MCQ + constructed response240 min| Section | Questions | Marks |
|---|---|---|
| Portfolio management of alternatives | - | - |
Key Topics & Syllabus
Level I
- check_circleProfessional standards and ethics
- check_circleReal assets and private equity
- check_circleHedge funds and structured products
- check_circleQuantitative foundations
Level II
- check_circlePortfolio construction with alternatives
- check_circleDue diligence and manager selection
- check_circleRisk management and liquidity
- check_circleCurrent topics
Career Roles & Salary
AIF / PE Analyst
₹10-25 LPA
Researches and monitors private equity, credit and hedge fund investments.
Wealth / Fund Research Manager
₹15-35 LPA
Selects and reviews alternative products for HNI and institutional clients.
How to Prepare
Enrol with the CAIA Association
Pay the one-time programme enrolment fee on caia.org.
Register for Level I
Choose the March or September window and book a Prometric slot.
Pass Level I and Level II
Level II can only be taken after passing Level I.
Become a CAIA charterholder
Meet the experience requirement and join the association.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam windows | March and September each year |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for CAIA the smarter way
CAIA practice is coming soon. Use the pattern and syllabus on this page to plan your study.
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CAIA FAQ
Is CAIA useful in India?
Yes, especially in AIFs, PMS, family offices and wealth management, where alternatives are a growing share of portfolios.
Should I do CFA or CAIA?
CFA covers investments broadly. CAIA goes deep on alternatives. Many professionals take CAIA after or alongside CFA.
Does PrepClever have CAIA mock tests?
Not yet. CAIA practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.
Ready to crack CAIA?
CAIA practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.