CAIA Exam 2019
Updated on Dec 4, 2018 - 2:23 p.m. IST by Shraya Singh
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CAIA Exam 2019 - The CAIA 2019 exam is conducted by the is offered by the CAIA Association which is a world leader in education in the domain of alternative investments. Candidates who want to obtain the Chartered Alternative Investment Analyst (CAIA) designation are required to clear both levels of CAIA exam 2019 in order become charterholders. The CAIA charter is one of the most desired professional designations for individuals who want to validate their expertise and advance their career and professional standing in the area of alternative investments. In order to obtain Chartered Alternative Investment Analyst status, candidates are required to pass the two levels of the CAIA exams. These are highly competitive examinations which require intensive study, understanding and knowledge and therefore ensure that the CAIA charterholders are the most skilled individuals in their domain of expertise. In this article candidates can know all about CAIA Exam 2019 such as eligibility criteria, requirements, registration process, exam dates, exam structure, fee, study material and much more.

CAIA Exam 2019: Overview

Item

Details

Name

Chartered Alternative Investment Analyst

Abbreviation

CAIA

Governing body

CAIA Association

Exam type

International charter

Test centre administration

Pearson VUE

Exam duration

5 hours (each)

Number of questions

CAIA level 1: 200 questions

CAIA level 2: 100 questions

Question type

Multiple-choice type, constructed response type

Charter validity

No expiration; annual membership renewal required

CAIA Exam 2019 Eligibility

There are no specific CAIA requirements for eligibility as candidates from any academic or professional background can appear for the Chartered Alternative Investment Analyst exams. Despite this, there are certain CAIA requirements which candidates are expected to have met prior to giving the exam. Candidates are expected to have completed at least an undergraduate qualification (in any field) but must have an ardent interest in alternative investments and must be associated with an organization in the CAIA Association database. As the Chartered Alternative Investment Analyst (CAIA) exams are highly competitive in nature and require candidates to have a deep understanding of the subject matter, professionals who have worked in the domain of alternative investments or are graduates in a similar domain are the most eligible for this charter. 

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CAIA Exam 2019 Requirements

In order to obtain the Chartered Alternative Investment Analyst credential, students need follow a number of steps for clearing the requisite exam and meet the CAIA requirements. These steps include:

  • The candidate must enroll to the CAIA program and register for any CAIA exam 2019. As the two exams are to be cleared in chronological order, the candidate must register for CAIA exam 2019: level 1 at the time of program enrollment. For CAIA 2019 exam: level 2 candidates, the enrollment fee is not necessary.

  • Upon registration for the exam, the candidate can select the preferred Pearson VUE testing centre as per his or her location. According to the availability at the selected test centre, candidates must select a test date within the requisite window for the specific CAIA 2019 exam. 

  • In case the candidate wants to reschedule his or her exam, it can only be rescheduled to a different date within the same test window. Rescheduling must be done at least 72 hours prior to the appointed test and a test cannot be rescheduled to a different window or test cycle.

  • Once the candidate clears the Chartered Alternative Investment Analyst level 1 exam, then he or she can clear CAIA level 2 at any point of time without adherence to any time constraints. 

  • Upon clearing both of the CAIA exams, the candidate will be sent a personal charter to the registered address after joining as a full member of the CAIA Association. In order to maintain the CAIA charter, candidates need to maintain their membership with the CAIA Association.


CAIA Registration 2019

The CAIA exams are conducted two times a year in different exam windows. In order to register for the CAIA exams, candidates must first meet the Chartered Alternative Investment Analyst requirements for eligibility. First time candidates need to enroll to the CAIA program and subsequently register for the CAIA exam 2019 for level 1. In order to register for either of the CAIA exams or enrol for the program, candidates will need to fill out a number of details in order to create a CAIA account which includes personal, academic, and professional information. The CAIA 2019 registration can be carried out online and the last date for registration is February 4, 2019.

Click here for CAIA registration 2019!


CAIA Exam Dates 2019

The CAIA 2019 exams will be administered at Pearson VUE testing centres in over 90 countries around the world. The CAIA exam 2019 will be offered two times in the year in two different testing windows:

  • Late February/March

  • September

As the charter exams for CAIA level 1 and CAIA level 2 are offered at Pearson VUE testing centres, candidates have the option of choosing their specific date of preference based on test centre availability within the offered testing windows. The windows for test dates offered for both of the CAIA 2019 exam levels are separate, with the window for CAIA level 1 preceding the window for Chartered Alternative Investment Analyst level 2.  


CAIA Exam Dates 2019 - February/March Session

Type of date

Start Date

End Date

Early registration

October 1, 2018

November 12, 2018

Standard registration

November 13, 2018

February 4, 2019

Level I exam window

February 25, 2019

March 8, 2019

Level II exam window

March 11, 2019

March 22, 2019

CAIA Exam Dates 2019 - September Session

Type of date

Start Date

End Date

Early registration

April 1, 2019

May 13, 2019

Standard registration

May 14, 2019

August 5, 2019

Level I exam window

September 2, 2019

September 13, 2019

Level II exam window

September 16, 2019

September 27, 2019


CAIA Fees

The payment and CAIA fees requirement in order to pursue the Chartered Alternative Investment Analyst designation, include the level 1 and level 2  CAIA exam 2019 fees and the program enrollment fees. For first time test takers (CAIA level 1), the payment is a combination of the exam fee and the program enrollment fee. For CAIA level 2 test takers, the program enrollment fee is not required and only the exam fee payment needs to be made. Candidates who do not clear either of the exams can retake the CAIA exam without having to go through program enrollment as well. The fee for retaking any CAIA exam 2019 is same for both the levels.


CAIA Fees

Type of CAIA fees

Early 

Standard 

Program enrollment

USD $400

USD $400

CAIA Level I exam registration

USD $1,150

USD $1,250

First-time level I fee (exam registration + enrollment)

USD $1,550

USD $1,650

CAIA Level II exam registration

USD $1,150

USD $1,250

CAIA Exam 2019 retake fee

USD $450

USD $450


CAIA 2019 Exam Pattern

As the CAIA exams are highly intensive in nature, individuals must ensure their knowledge and understanding of the various constituent topics in order to pass the CAIA level 1 and CAIA level 2 exams. On an estimate which has been based on Chartered Alternative Investment Analyst candidate feedback, the CAIA Association states that at least 200 hours of study are required for each level exam, varying according to the individual students requirements. Both the CAIA exams comprise approximately 30% questions which require candidates do perform calculations.

The CAIA exam 2019 for level 1 comprises 200 multiple choice questions which are divided amongst various subject areas as given below.


CAIA Exam 2019: Level 1 Structure

CAIA Level 1 Topic

Weightage

Professional standards and ethics

15% - 20%

Introduction to alternative investments

20% - 25%

Real assets

10% - 20%

Hedge funds

10% - 20%

Private equity

5% - 10%

Structured products

10% - 15%

Risk management and portfolio management

5% - 10%

The CAIA exam 2019 for level 2 comprises 100 questions, of which 70% are multiple choice questions and 30% are constructed response (essay-type) questions. 

CAIA Exam 2019: Level 2 Structure

CAIA Level 2 Topic

Weightage

Multiple-choice question

Constructed response question

Professional standards and ethics

0%

10%

Core and integrated topics

0%

10%

Asset allocation and institutional investors

8% - 12%

0% - 10%

Private equity

11% - 15%

0% - 10%

Real assets

13% - 17%

0% - 10%

Commodities 

5% - 7%

0% - 10%

Hedge funds and managed futures

18% - 22%

0% - 10%

Structured products

5% - 7%

0% - 10%

Total 

70%

30%

Both the CAIA 2019 exam levels are a total of 5 hours in duration with the actual test being a 4-hour ordeal. The remaining hour comprises various administrative activities and the optional break between the two 2-hour test windows. The testing schedule and time allocation as given by the Chartered Alternative Investment Analyst Association is:

CAIA Exam 2019 Test Schedule

Nondisclosure agreement 

5 minutes

Exam instructions

5 minutes

Section 1: In both CAIA level 1 and CAIA level 2 this has 100 multiple choice questions

120 minutes

Comment period (optional)

10 minutes

Break (optional)

30 minutes

Section 2: In CAIA level 1 this has 100 multiple choice questions; in CAIA level 2 this has 3 sets of constructed response questions

120 minutes

Comment period (optional)

10 minutes

Total CAIA exam session time

5 hours

CAIA Exam Syllabus

The syllabus of CAIA exam 2019 for prospective Chartered Alternative Investment Analysts is regularly revised by the CAIA association in order to accommodate current changes, academic research and industry development. This ensures that the CAIA charter remains relevant for charter holders. The syllabus differs for both of the CAIA exam 2019 levels, the combination of which ensures that the topics covered through the CAIA exam syllabus are comprehensive in the domain of investment banking. 


CAIA Exam Syllabus - CAIA Level 1 

Subject Area

Topics

Professional Standards and Ethics

  • Professionalism

  • Integrity of capital markets

  • Duties to clients

  • Duties to employers

  • Investment analysis, recommendations and actions

  • Conflicts of interest

Introduction to Alternative Investments

  • What is an alternative investment?

  • The environment of alternative investments

  • Quantitative foundations

  • Statistical foundations

  • Measures of risk and performance

  • Foundations of financial economics

  • Benchmarking and performance attribution

  • Alpha, beta and hypothesis testing

  • Regression, multivariate, and nonlinear methods

Real Assets

  • Natural resources and land

  • Commodity forward pricing

  • Commodities: applications and evidence

  • Operationally-intensive real assets

  • Liquid and fixed-income real estate

  • Real estate equity investment

Hedge Funds

  • Structure of the hedge fund industry

  • Macro and managed futures funds

  • Event-driven hedge funds

  • Relative value hedge funds

  • Equity hedge funds

  • Funds of hedge funds

Private Equity

  • Introduction to private equity

  • Equity types of private equity

  • Debt types of private equity

Structured Products

  • Introduction to structuring

  • Credit risk and credit derivatives

  • CDO structuring of credit risk

  • Equity-linked structured products

Risk Management and Portfolio Management

  • Cases in tail events

  • Investment process, operations and risk

  • Due diligence of fund managers

  • Portfolio management, alpha and beta

CAIA Exam Syllabus - CAIA Level 2

Subject Area

Topics

Asset Allocation and Institutional Investors

Asset allocation process and the mean-variance model

Tactical asset allocation, mean-variance extensions, risk budgeting, risk parity, and factor investing

The endowment model

Pension fund portfolio management

Sovereign wealth funds

The family office model

Private Equity

Private equity market structure

Private equity benchmarking

Fund manager selection and monitoring

Private equity operational due diligence

Private equity investment process and portfolio management

Measuring private equity risk

The management of liquidity

Real Assets

Real estate as an investment

Real estate indices and unsmoothing techniques

Investment styles, portfolio allocation and real estate derivatives

Listed versus unlisted real estate investments

International real estate investments

Infrastructure as an investment

Farmland and timber investments

Investing in intellectual property

Commodities

Key concepts in commodity markets

Allocation to commodities

Accessing commodity investment products

Hedge Funds and Managed Futures

Managed futures

Investing in CTAs

Relative value strategies

Hedge funds vs. directional strategies

Hedge funds vs. credit strategies

Volatility, correlation, and dispersion products and strategies

Hedge fund replication

Funds of hedge funds and multi strategy funds

Hedge fund operational due diligence

Structured Products

Regulation and compliance

Structured products I vs. fixed-income derivatives and asset-backed securities

Structured products II vs. insurance-linked products and hybrid securities

CAIA Books and Study Material

The CAIA Association offers a number of books and other study material for prospective Chartered Alternative Investment Analysts. This includes CAIA level 1 books, samples papers, study guides, CAIA level 2 books, standards of practice etc. Most of these resources are available for download freely upon registration for the CAIA exam 2019 whereas some are available for purchase.


CAIA Study Material

CAIA Level 1 Books and Study Material

CAIA Level 2 Books and Study Material 

CAIA Level 1 Core Book

CAIA Level 2 Core Book

Study Guide Level 1

Study Guide Level 2

Workbook Level 1

Workbook Level 2

Standards of Practice

Standards of Practice

Candidate Handbook

Candidate Handbook

Sample Exam CAIA Level 1

Sample Exam CAIA Level 2


Current and Integrated Topics


CAIA 2019 Exam Result

The CAIA exam results for CAIA level 1 are released approximately three weeks after the last date of the exam window. The results for Chartered Alternative Investment Analyst level 2 are generally released around six weeks after the last date of the exam window. Candidates will be notified regarding the CAIA exam result via their registered email and therefore are encouraged to ensure that their contact information is up-to-date. The result only contains a pass or fail status and no individual marks or competitive ranks are displayed. The CAIA Association has not specified any specific passing score for the Chartered Alternative Investment Analyst credential. The CAIA result also contains a performance report which delineates the candidate’s relative performance level in the broad subject areas. 


CAIA Association Membership

Upon passing both of the CAIA exams and receiving the Chartered Alternative Investment Analyst credential, candidates need to maintain their charter in order to use the CAIA professional designation as a suffix. Only charterholders who are in good standing can use the CAIA designation and therefore candidates must maintain membership to the CAIA Association in order to ensure that they are eligible to use the earned charter as a designation. If a candidate allows his or her membership to lapse, then the CAIA charter will be considered forfeit and in order to use it, the candidate will have to earn the Chartered Alternative Investment Analyst designation again. 


Chartered Alternative Investment Analyst Association Membership

Duration of membership

Price

One-year CAIA Association membership

USD $350

Two-year CAIA Association membership

USD $650


CAIA Salary

For successful CAIA exam-takers and subsequent charterholders, the CAIA salary is amongst the highest salaries for professionals in the domain of finance. Additionally, earning the Chartered Alternative Investment Analyst credential places charterholders amongst a group of around 9,000 elite and highly skilled professionals around the world, making them highly desirable in the eyes of prospective employers. In India, the average CAIA salary earned by charterholders ranges from 5 to 25 lacs per annum depending upon the experience of the individual as well as the organization of employment. The highest CAIA salary paying job roles include positions like senior financial analyst and VP finance. Another top-paying position is Executive Director which is known to pay a staggering 55 lacs per annum!

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