Chartered Alternative Investment Analyst, Level I practice questions
Tests the foundations of alternative investments, covering ethics, quantitative tools, real assets, private equity, private debt, hedge funds and digital assets.
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Domains and official weights
822 questions in this bankSimulations are drawn to these official weights, so your score reflects the real exam's balance.
Sources for the exam format
- www.nxtbook.com2027 Exam Handbook: 7 Level I topics and their approximate weight ranges (7–13, 21–27, 16–22, 8–14, 10–16, 15–21, 3–9%), 200 multiple-choice questions, two 130-minute sections with an optional 30-minute break and no return to a section after its time expires, 3–4 options with BEST answer, some multiple-response items and item sets, no equation list, approved calculators, no penalty for guessing, a small share of unscored tryout items, and an unpublished passing score set after the window
- www.nxtbook.com2027 Level I Curriculum Companion: 209 numbered lessons (1.1.1–7.2.3), with lesson titles and learning objectives per topic
- caia.org2027 Level I chapter names per topic, the 2027 curriculum applying to the March and September 2027 exams, and a roughly 10–20% content change each year
- caia.orglinks to the 2027 handbook and companion, and the advice not to use prior editions
- caia.org2027 exam windows: Level I from 1 to 12 March 2027 and from 30 August to 10 September 2027
- caia.orgonline-proctored exam by accommodation only: two 2-hour sections and a 20-minute break
- www.nxtbook.com2026 handbook, used for comparison: the same two 130-minute sections and 30-minute break, which shows that the earlier 240-minute entry was wrong
The real exam
- Official pass mark
- CAIA Association sets the passing score after each exam window closes, once all results are in, and does not release it. Candidates are told only whether their score exceeded it, together with a Candidate Performance Report by topic.
- Outline
- 2027 CAIA Level I curriculum (2027 Exam Handbook and Level I Curriculum Companion, released October 2026), in force for the March 2027 (1–12 March) and September 2027 (30 August–10 September) Level I windows
- Navigation
- Sections lock once you finish them, with breaks between sections that do not use exam time.
We reproduce the test-centre format: two 100-question sections of 130 minutes each, an optional 30-minute break that does not use exam time, and no return to section 1 once its time is up. The online-proctored exam, offered only as an accommodation, uses two 2-hour sections with a 20-minute break, and we do not reproduce it. All our questions have four options and one correct answer. We do not reproduce three-option items, items that need more than one response, or linked item sets, and we do not group the questions by topic within a section.
Cost in credits
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Full exam simulationCAIA is a trademark of CAIA Association. CertDepth is not affiliated with or endorsed by CAIA Association. These are original practice questions, not real exam items.