CAIA® Level I study materials
Study notes, question practice and worked examples for alternative-investment concepts. Compare the material with the current official curriculum for your exam cycle.
Everything in the Level I package
Source-cited study notes
Review explanations and selected worked examples of alternative-investment fees, returns and risk.
Question practice
Practise selected alternative-investment concepts and review the explanations for your answers.
Timed mock practice
Rehearse question solving in a timed block and review where reading, calculation or answer selection takes time.
Practice timing
Spaced-repetition flashcards
Revisit selected definitions, formulas and strategy concepts in short recall sessions.
Performance analytics
Review your recorded practice performance by topic to choose the next learning task.
Topic review
Worked examples
Follow selected calculations and compare the assumptions behind different results.
Official exam scope
Use the published ranges to check your intended cycle and the actual scope of your preparation materials.
Check curriculum edition and cycle| Topic | Exam range |
|---|---|
| CAIA Ethical Principles | 7–13% |
| Introduction to Alternative Investments | 21–27% |
| Real Assets | 16–22% |
| Private Equity | 8–14% |
| Private Debt | 10–16% |
| Hedge Funds | 15–21% |
| Digital Assets | 3–9% |
A worked study example
Carried interest, hurdle rates, and crystallisation
An incentive fee of 20% is charged on gains above a hurdle. With a hard hurdle of 8%, the manager earns carry only on the return in excess of 8%; with a soft hurdle, once 8% is cleared the fee applies to the entire gain.1
A high-water mark means no incentive fee is paid until prior losses are recovered — the fee crystallises only on new highs.2 On a $100m fund returning 14%, a soft-hurdle, 20% carry pays $2.8m; a hard hurdle pays $1.2m.3
- 1
The fee base
The hard or soft hurdle determines which gains enter the fee calculation under the stated contract.
- 2
Crystallisation, stated precisely
The high-water mark and the crystallisation event are defined together, so you can answer the timing question, not just the definition.
- 3
The full numerical working
We run the actual dollar figure both ways — the edge case that separates a confident answer from a guess.
Choose your Level I plan
Same source-cited content in every tier — pick how far you want the support to go. Move up anytime and pay only the difference.
Level I questions, answered
About the CAIA® charterDo I need finance experience to start CAIA Level I?
A CFA Level I-equivalent background helps but is not required. The notes include prerequisite readings for non-finance entrants, and the reading order lets professionals skip what they already use daily.
How is CAIA Level I structured?
The 2027 CAIA handbook lists 200 multiple-choice questions in two 130-minute content sections. Use the confirmed current structure when planning a full-format rehearsal.
What does the question bank actually cover?
Use the available topic and question previews to inspect the actual content. Compare those materials with the official curriculum edition and required readings for your intended cycle.
Can I upgrade later?
Yes. Move from Practice to Complete or Forever at any time and pay only the price difference — your progress carries over untouched.
How long will I need to study?
CAIA currently recommends at least 200 hours of preparation per level. Your allocation depends on prior knowledge, the intended curriculum and the gaps identified in practice.
Try a topic before you decide.
One full Level I topic is free — notes, questions, and the tools — so you can judge the material against how you actually study before paying anything.
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