The complete CAIA® Level I study package
LOS-mapped notes, an adaptive question bank, and full-length mocks for every Level I topic — built so finance professionals can pass on a working schedule. One full topic is free, no card required.
~200
Learning outcomes covered
1,500+
Practice questions
~200 hrs
Guided study plan
Everything in the Level I package
One source-cited body of material, drilled six ways — so you learn it, retain it, and walk in genuinely ready.
Source-cited study notes
Every reading mapped to its CAIA Association LOS, with the fee math — carried interest, hurdle rates, crystallisation — worked in full, not paraphrased.
Adaptive question bank
Exam-style questions that re-weight toward your weakest LOS, each with a full explanation of why the wrong answers are wrong — not just which one is right.
Full-length mock exams
Timed, CBT-style mocks that replicate the real 4-hour, 200-question Level I format and surface where your pace breaks down before exam day.
Spaced-repetition flashcards
The definitions, formulas, and strategy taxonomies that have to be automatic, scheduled by an algorithm keyed to your forgetting curve.
Performance analytics
See your readiness by topic and benchmark every score against the wider candidate pool — efficient studying starts with knowing where you actually stand.
Evidence Panel on every reading
Candidate-reported difficulty, the pitfalls that trip people up, and how often a topic is tested — surfaced on each reading so you spend time where it pays.
Mapped to the real Level I weights
The package follows the published CAIA topic-area weights, so your study time tracks where the marks actually are — not an even split across topics.
- Introduction to Alternatives24%
- Professional Standards & Ethics20%
- Hedge Funds14%
- Real Assets14%
- Private Debt11%
- Private Equity8%
- Funds of Funds5%
- Digital Assets4%
CAIA Association · 2025 Level I Exam Weights (handbook midpoints)
Level I curriculum
~200 LOS · ~200 hrs
- Introduction to Alternatives24%
- Professional Standards & Ethics20%
- Hedge Funds14%
- Real Assets14%
- Private Debt11%
- Private Equity8.0%
- Funds of Funds5.0%
- Digital Assets4.0%
Source: CAIA Association · 2025 Level I Exam Weights (handbook midpoints)
See the work, not a claim
Every competitor calls their notes rigorous. Here is one, with the moves that make it different named in the margin.
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 distinction the exam tests
Hard vs soft hurdle changes the fee base entirely. Most candidates lose this mark by applying carry to the wrong amount.
- 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
Still deciding? These are the things candidates ask before they start.
About the CAIA® charterA 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.
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.
Start free