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CAIA Exam Level 1 2 3 | Prep Questions

CAIA Exam Prep

CAIA Exam Level 1 2 3 | Prep Questions


The Chartered Alternative Investment Analyst (CAIA) designation signifies an individual that has a knowledgeable understanding of alternative investments. Although relatively new to the industry (2002), the CAIA has become the predominant designation for an alternative investments specialist to obtain to signify their pre-eminence in this arena. The CAIA exam process consists of two exams which are offered bi annually.

The level I CAIA exam is composed of two sections of 100 multiple choice questions each and you are allotted two hours for each section. The level I testing material is divided into two sections- quantitative methods and an introduction to alternative investments. The topics covered are quantitative analysis, regulatory framework, trading strategies, performance measurement, credit derivatives, and the ability to differentiate between various alternative investment trading strategies and performance measures. Candidates are expected to have an elementary understanding of finance before registering for the initial exam.

The level II Chartered Alternative Investment Analyst (CAIA) exam contains one section of 100 multiple choice questions as well as another sections containing several essay questions; you have 2 hours for the first section and 1.5 hours for the essay section. The two broad sections of the level II exam are alternative investments and current and integrated topics. The current and integrated topics section is constantly updated to reflect the most recent developments in the alternative investment universe. The level II examination will take a global perspective and cover topics such as asset allocation, portfolio management, style analysis, risk management, structured products, indexation and benchmarking, and current topics and case analysis.

A study guide is provided for both levels of the CAIA exams but additional reading material needs to be purchased to be successful on either examination. There are also classes available to CAIA exam candidates to further help facilitate their learning. A 70 percent score is required to pass each exam. Level I exam will test very similar to the series 7 exam; it’s memorization driven. The exam asks very few math/equation driven questions.

To become CAIA certified, a candidate must pass the level II CAIA exam within three years of passing the level I examination. He/she must also have either one year professional experience and a bachelor’s degree or four years professional experience. The potential candidates must also complete the membership agreement, provide two professional references, and submit their annual membership dues.

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