CAIA Level I: exam dates, fees, pass rate and study plan
CAIA Level I is the first of the two exams for the Chartered Alternative Investment Analyst charter. The next windows are March 1–12, 2027 and August 30 – September 10, 2027, taken at Prometric test centers. A first-time candidate pays a US$400 enrollment fee plus US$995 (early) or US$1,395 (standard) for the exam, digital curriculum included. CAIA sets the passing score after each window and does not release it, and its exam pages do not publish a current pass rate.
- Provider
- CAIA Association — Level I of the Chartered Alternative Investment Analyst charterCAIA Association curriculum page, checked 10 October 2026
- Next exam windows
- March 1–12, 2027 and August 30 – September 10, 2027CAIA Association registration and fees page, checked 10 October 2026
- Fees (first time)
- US$400 enrollment plus US$995 early or US$1,395 standard registration; digital curriculum includedCAIA Association registration and fees page, checked 10 October 2026
- Retake fee
- US$795CAIA Association registration and fees page, checked 10 October 2026
- Questions and duration
- Not verified for this page — set out in the 2027 CAIA Exam HandbookCAIA Association curriculum page, checked 10 October 2026
- Passing score
- Not released by CAIA — set after each exam window closesCAIA Exam Performance Report guide, checked 10 October 2026
- Pass rate
- Not published on CAIA’s exam pagesCAIA Association registration, FAQ and curriculum pages, checked 10 October 2026
- Delivery
- Prometric test centers; online proctoring only as an accommodationCAIA Association FAQ, checked 10 October 2026
- Eligibility
- No hard requirements to registerCAIA Association Become a Candidate page, checked 10 October 2026
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CAIA Level 1 exam dates for 2027
CAIA offers Level I twice a year, in March and September. The CAIA Level 1 exam dates for 2027 are a testing window rather than a single day: you pick a date and time inside the window when you schedule with Prometric.
Registration for March 2027 opened on October 12, 2026. The early deadline — the one that saves you US$400 on the exam fee — is December 7, 2026, and registration closes on February 1, 2027. For September 2027, registration runs from April 12 to August 2, 2027, with the early deadline on June 7, 2027.
- March 2027 window: March 1 – March 12, 2027 (register October 12, 2026 – February 1, 2027; early deadline December 7, 2026)
- September 2027 window: August 30 – September 10, 2027 (register April 12 – August 2, 2027; early deadline June 7, 2027)
Source: CAIA Association — Exam Registration Dates and Fees. Checked 10 October 2026.
What is the CAIA Level 1 pass rate?
CAIA’s current exam pages — registration and fees, the FAQ, the curriculum and candidate pages — do not publish a CAIA Level 1 pass rate. Any percentage quoted elsewhere does not come from those pages, so this guide does not repeat one.
On the passing score, CAIA is explicit. Its guide to the exam performance report states that the CAIA Association determines the passing score after the exam window has closed and does not release information regarding the passing score. There is no fixed percentage to aim for.
What you do get is a performance report with your result. Use it, if you need a retake, to see which topic areas pulled you down, and plan your second attempt around those.
Source: CAIA Association — A Guide to Interpreting Your CAIA Exam Performance Report (March 2025). Checked 10 October 2026.
How much does the CAIA Level I exam cost?
A first-time Level I candidate pays two things: a one-time enrollment fee of US$400 and the exam registration. Registration costs US$995 if you meet the early deadline and US$1,395 at the standard rate. The digital curriculum is included at no extra charge with new registrations.
A retake costs US$795, at both the early and standard deadline. Canadian and Indian GST apply to all fees. CAIA also points to association partner discounts, and Singapore citizens and permanent residents may apply for reimbursement through IBF Singapore after passing.
- Enrollment fee (first time): US$400
- Level I registration: US$995 early, US$1,395 standard
- Retake: US$795
Source: CAIA Association — Exam Registration Dates and Fees. Checked 10 October 2026.
CAIA Level I exam format and test delivery
All CAIA exams are administered at Prometric test centers. An online proctored exam is available only if you request it as an accommodation. After registering, you book your appointment with Prometric using your CAIA ID number.
CAIA describes the number of questions, question types and timing in its 2027 Exam Handbook, which it calls the essential starting point. That handbook could not be retrieved for this page today, so we do not quote those figures; read it before you schedule. The Level I Sample Exam, which CAIA calls the best preview of exam day, shows the format and pacing.
Appointments are first come, first served. You can change the date, location or time within the same window — free at least 30 days before the window opens, US$50 between 5 and 29 days before, and not at all inside five days. You cannot move to a different window.
Source: CAIA Association — Schedule Your Exam Appointment. Checked 10 October 2026.
CAIA Level I syllabus: what is on the exam?
The Level I syllabus covers the core of alternative investments. CAIA groups the topics into ethics, an introduction to alternative investments (including quantitative and statistical foundations, derivatives and measures of risk and performance), real assets, private equity and private debt, hedge funds, and digital assets.
The curriculum changes every year — CAIA says by roughly 10–20% of exam content — and editions are valid only for the calendar year of the exam. For 2027, CAIA removes more than 5% of readings from both levels and expands infrastructure. CAIA advises against studying from prior editions.
- CAIA Ethical Principles — ethics, professionalism and fiduciary responsibilities
- Introduction to Alternative Investments — foundations, risk and performance measures
- Real Assets — commodities, natural resources and land, infrastructure, real estate
- Private Equity & Private Debt — buyout, venture capital, private credit, structuring
- Hedge Funds — equity, event-driven, macro and managed futures, relative value
- Digital Assets — cryptocurrencies and distributed ledger technology
Source: CAIA Association — Explore the Curriculum. Checked 10 October 2026.
Who can take CAIA Level I?
CAIA states that there are no hard requirements to register for the exam. You do not need a degree or work experience to sit Level I.
Experience matters later. To become a CAIA member after passing both levels, CAIA requires a bachelor’s degree (or equivalent) with one year of professional experience, or four years of professional experience in alternative investment analysis, or being a CFA charterholder in good standing. Affiliate membership is available if you do not meet these yet.
Your exam results do not expire: CAIA states there are no time restrictions on their validity.
Source: CAIA Association — Frequently Asked Questions. Checked 10 October 2026.
How to study for CAIA Level I
CAIA recommends a minimum of 200 hours of study for each level, and says the average candidate completes the whole program in 12 to 18 months. For Level I, that means planning several months, not weeks.
The official study tools are the digital curriculum included with registration, the Level I Curriculum Companion, which highlights key topics and essential terms, the Exam Handbook, and the Level I Sample Exam. Use the 2027 curriculum for both the March and September 2027 windows.
A simple plan: work through the curriculum topic by topic, test yourself after each topic, and take the sample exam under timed conditions a few weeks before your test date.
Source: CAIA Association — Curriculum and Study Tools. Checked 10 October 2026.
When are CAIA Level I results released?
CAIA says Level I results are usually released within five weeks of the last examination day of the window. For the March 2027 window, which ends on March 12, that points to April 2027.
If you do not pass, you re-register for a future window and pay the US$795 retake fee.
Source: CAIA Association — Frequently Asked Questions. Checked 10 October 2026.
CAIA Level I practice questions
Certsqill’s CAIA Level I practice questions are expert-developed: every question explains each answer option, and you see a readiness score per topic area — useful for an exam whose passing score is not published. Alongside them, CAIA’s own Level I Sample Exam is the official practice test.
CAIA Level I questions people ask
When are the CAIA Level 1 exam dates in 2027?
March 1–12, 2027 and August 30 – September 10, 2027. Source: CAIA Association, checked 10 October 2026.
What is the CAIA Level 1 pass rate?
CAIA’s exam pages do not publish one. CAIA sets the passing score after each window and does not release it. Checked 10 October 2026.
How much does CAIA Level I cost?
A US$400 enrollment fee plus US$995 (early) or US$1,395 (standard) registration, digital curriculum included. Retakes cost US$795. Source: CAIA, checked 10 October 2026.
When is the early registration deadline for March 2027?
December 7, 2026. Registration closes on February 1, 2027. Source: CAIA Association, checked 10 October 2026.
Where is the CAIA Level I exam taken?
At Prometric test centers. Online proctoring is available only as an accommodation. Source: CAIA FAQ, checked 10 October 2026.
Are there requirements to take CAIA Level I?
No. CAIA states there are no hard requirements to register. Membership after Level II has degree or experience requirements. Checked 10 October 2026.
How many hours should I study for CAIA Level I?
CAIA recommends a minimum of 200 hours of study for each exam level. Source: CAIA Association, checked 10 October 2026.
How many questions are on the CAIA Level I exam?
CAIA sets this out in its 2027 Exam Handbook; it could not be verified for this page, so we do not quote a number. Check the handbook before booking.
When do CAIA Level I results come out?
Usually within five weeks of the last examination day of the window. Source: CAIA FAQ, checked 10 October 2026.
