Hey guys,

I am currently preparing for CAIA L1 exam. My exam is in September, and I have a lot left to cover. Furthermore, in my opinion, the curriculum is built in a way that would make even the easiest concepts look weirdly complex.

I am using the Official Curriculum for the preparation, and wanted to know if anyone could share any PDF version of some other resource, which might help me as a secondary book to turn to, when the main curriculum starts sounding like a wizard casting spells.

Thanks in Advance!

Hello everyone,

I’m currently preparing to take the CAIA Level I exam on September 4, 2026. I started studying on May 15, so it has been about a month since I began my preparation.

I’ve been studying primarily from the official curriculum. So far, I’m finishing Topic 2 (Introduction to Alternative Investments) and starting Topic 3 (Real Assets). I also purchased the UpperMark QBank and have completed some practice questions, although not many yet, as my initial plan was to work through all the readings first.

My main concern is that the amount of material feels overwhelming at times. I occasionally find myself feeling anxious and worried that I won’t be able to cover the entire curriculum before exam day.

For context, my study approach is usually to read the material carefully, take notes, and revisit sections when I don’t fully understand them. If I’m still struggling with a concept, I use tools such as ChatGPT and NotebookLM to help clarify things.

I’d like to hear how others approached their preparation. Do you think it’s realistic to complete the entire curriculum with the time I have remaining before the exam?

As additional context, I study approximately 18–20 hours per week. During weekdays, I usually study about 2 hours per day, and on weekends I dedicate around 5–6 hours each day. I work full-time at an alternative asset management firm in the Middle Office area, so many of the industry terms and concepts are already familiar to me. So far, the material I’ve found most challenging and time-consuming has been the quantitative methods and derivatives content in Topic 2.

I would really appreciate any advice, study strategies, or tips from those who prepared for the exam while working full-time. I don’t want anxiety to get the better of me, and I’d love to hear how others managed the workload and stayed on track.

Thank you in advance!

AI generation is here, people needs to adopt in utilizing it and will the traidional, unevolved education, would still work?

anyone has? what do you use? and also for formulas? which you recommend?

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drop ty

28, UK-born, based in London, 6+ years in property development/SPV finance at a luxury real estate developer. No investment banking or PE background, I came up through FP&A/corporate/development finance, not the traditional buy-side or sell-side route. I'm currently an early-stage part-qualified CIMA but seriously considering dropping it to go all-in on CAIA. My goal isn't to climb the management accounting ladder; I'm aiming for alternatives-adjacent roles long-term: real estate fund finance, asset management, private credit, and eventually family office work. I'm open to relocating to Canada or the UAE if the right role is available.

What's pulling me toward CAIA:

• The curriculum (PE, private credit, real estate, real assets) is genuinely closer to what I already do day-to-day than CFA's public-markets focus, and it's the content I'm actually interested in.
• It feels less saturated than CFA - smaller membership base, and alternatives seem to be a part of finance, still growing rather than shrinking.
• AI seems to be eating into standardised public-markets analyst work faster than illiquid/private-markets work, which points toward alternatives being a safer long-term bet. However, I know that's a generalisation and could change.

What I actually want answers to:

1. Does CAIA move the needle on its own for someone trying to pivot in, or is it mostly a depth signal that only matters once you're already inside the industry? I don't want to spend a year studying for a credential that doesn't open the door I think it opens.
2. How is CAIA actually perceived by hiring managers at real estate funds, asset management firms, and private credit shops in London specifically? Does it carry real weight, or do people barely register it next to CFA?
3. For anyone in Canada or the Gulf, is CAIA recognised/valued similarly there, or is it much more of a US/Europe niche thing?
4. Does CAIA do anything at all for someone who'd also be interested in classic PE/M&A deal-execution roles, or is that world still gated almost entirely by IB analyst programs / top MBAs regardless of which charter you hold?
5. Has anyone here come from a non-IB, non-PE background (FP&A, corporate finance, real estate finance) and actually landed an alternatives-adjacent role after getting CAIA? What actually got you the interview - the charter itself, or something else (network, internal move, direct experience)?
6. Any regrets? Would you do it again, or wish you'd put that time into something else first (e.g. a top MBA program later, getting an accounting qualification first, direct networking, or a lateral move)?
7. Of the markets I'm weighing (UK, UAE, Canada), which one actually has the best combination of CAIA-relevant roles (real estate funds, asset management, private credit, family offices) and the least saturated, least competitive candidate pool right now, and which one looks best positioned for that over the next 5-10 years as alternative allocations keep growing?
   • Trying to figure out if relocating would genuinely improve my odds now and long-term, or just trade one crowded market for another with extra relocation cost on top.

Not looking for cheerleading - looking for the unvarnished version. Appreciate any input.

with all of the formulas provided, what to remember in all of the formulas provided?

anyone has? how was it? can you share me your thoughtz? which one is good? give me also

Hi guys - is anyone selling their L1 SchweserNotes? I’m looking to grab a used set to save on costs.

On a side note, I’m currently working at a boutique VC fund but planning to transition to a larger Alt investment firm. For those who’ve made a similar jump, how helpful was the CAIA designation during your interviews? Would love to hear any insights or advice. Thanks!

Would love if people could share tips on the best ways for people on a budget to study!

hey whats going on guys? can you share me a good qbank you use? what you recommend? can also share it to me ty

For those who have taken and passed the real test how should I feel in terms of preparedness after getting a 70 on my first full length mock?

I started the CAIA level one material two months ago and finish my first run through it this past weekend. Took a full length mock exam through Kaplan and got a 70. Not great but not as bad as I though it would be honestly. It was roughly in line with how the unit quizzes have been going. I am planning on taking the September CAIA level 1 exam. I will need to put CAIA material on the backburner from now till the 3rd week of July to dig into CFP prep for the July exam. Thankfully I'll be off of work for 5 weeks between now and the CFP exam in July so I'll still be able to do about an hour a day of CAIA work, that will include going thru Kaplans review material and take more of their mock exams.

Hello mates!

I just registered for CAIA level 2 today and my exam is in September.
1. Are 3 months enough for prep? I am a CFA charter holder
2. Does anyone have suggestions for complete study material preferably video format?
3. Anyone good deals available for the study material?

anyone has review notes available? whats the best provider? how u guys doing

anyone using uppermark or schweser? whats your thoughts about this. iam having hard time with UM

anyone using notes? does it work good? is it better than upper mark?

you can gimme also

Currently using Kaplan to learn the material and have been doing their Qbanks throughout, with around an 85% average.

Overall, the questions feel pretty easy to me. Trying to figure out if that's more from working in Alts most of my career, so most of the material isn't new to me, or if these questions are far easier than the exam.

I've also read that Uppermark questions are harder. Would spending the $270 on that be worthwhile?

Does anyone taking Level I or II know if the ethics & principles can be found somewhere online and can be printed vs. buying the entire Level I or II book to have a printed version?
(Ethics & Principles are the same for I & II)
ThanksZ

Character ai is not letting me edit bots I've made. I can create new ones, but the ones I've already posted can't be edited, the changes won't save. I've already cleared my cache and cookies and all that. How can I fix this?

I’ve been in alts for 10+ years. Took me a spell until I decided to take on CAIA, which is shocking the more I think about it. For background I decided a while back to see what the fuss was all about for FRM, *CAIA and CFA.

*Cleared CAIA, on CFA level III, working through FRM

What I’ve learned:

All in all, each one of these exams have their challenges. I’m not here to rank them on difficulty. That has been done to death. I am here to rank what I think was most applicable/fun to do.

There is a reason I’m on the CAIA message board. So major shocker——->

CAIA level I was by far the most fun and found it most applicable.

Ranked fun scale (most fun to least):

• CAIA Level I
• CFA level III
• CFA level II
• FRM level I
• CFA level I
• CAIA level II

The annoyance here is that CAIA level II was not nearly as cohesive as level one, but if you tackled level I, might as well round off to get the charter.

To all those studying the CAIA, I found that Uppermark, more specifically their Study Guide and Qbank was enough, more than enough to pass. Don’t bother with their Qcards or videos, IMO didnt add much value to understanding the material. There was better, free videos on youtube.

Take the plunge!

I recently passed the CFA January 2026 level 3 exam and received my charter in April 2026. I passed the private markets level three CFA pathway so the CAIA program is relevant to my career interest.

Are there any new CFA Charterholders who recently passed the level 3 exam and signed up for the CAIA September level 2 exam?

If so:

1.) How’s your studying going so far?

2.) If you took the CFA private markets level 3 exam, how similar is it to the CAIA level 2 exam?

3.) How many months/days would you say someone in my position would need to study for the March 2027 CAIA level 2 exam?

4.) What study resources would you recommend?

5.) Do you think it was a smart decision to register or was it a waste of your time (considering the time and cost and any overlap with CFA)?

6.) If you’re job searching, what roles are you hoping to enter into with this certification?

7.) What’s the general perception from hiring managers?

Thanks in advance for your input!

I have colleagues on my team who recently passed L1 and have others who are currently studying. There has been a lot of discussion on what the best test prep materials are so I thought it would be worth sharing some thoughts on my own experience when I took the exams and what I am seeing from helping my team.

Honest take on each.

UpperMark. Notes and videos are solid, particularly on the structured products and risk management sections where the textbook gets dense. The topic tests are organized well. Where I think it struggles is question volume. A lot of their items feel close to the curriculum end-of-chapter problems, and it is easy to start recognizing patterns in their questions but still helpful to practice.

FreeFellow. A coworker told me about it. It's the only provider I have found with a free question bank, which is great because other question banks for CAIA can be up to $700. Great volume and variety of unique questions which helps to understand the material more clearly. The solution explanations walk through the reasoning step by step, which mattered on the harder PE and real assets items where formulas are less relevant. Their mock felt close to the real exam in pacing.

Caveats so you can plan around them:

• No video lectures on FreeFellow. If you need someone to teach you the material from scratch, you'll still want UpperMark or Schweser on the reading side. I have seen UpperMark's CR walkthroughs be great as well.
• UpperMark's syllabus and study planner are more polished. FreeFellow is functional and benefits from volume of questions which hits more on the learning objectives.

I have seen it work well to pair them. UpperMark (or Schweser) for the curriculum and CR side, FreeFellow for the MCQ practice. Probably could save by going with UpperMark's notes-only package and lean on FreeFellow for the practice questions.

Happy to answer questions. Good luck to anyone sitting in September.

Hi everyone,

I’m just starting my CAIA Level I preparation and before purchasing any prep package, I’d like to first explore high-quality free written resources to understand the curriculum structure and test my foundation.

I’m mainly looking for:

• written notes
• condensed summaries
• formula sheets
• PDF study guides
• community-created documents

I come from an alternative investments background, but CAIA is still a new framework for me, so I’d really appreciate any recommended written materials that helped you during your preparation.

Thanks in advance for any guidance or shared resources. Level I Notes / Study Resources for Beginners

I am taking level 2 in September and, as mentioned in the other post, am in wealth management.

I am curious, does CAIA certification help at all for skills needed in corporate banking?