This is the first of two exams offered by the CAIA Association. This exam (in addition to other requirements) must be passed for an individual to become a CAIA designee. The CAIA program is the only globally-recognized credential specifically in alternative investments (hedge funds, private equity, commodities, managed futures, real assets, and professional standards and ethics). Level I places an emphasis on foundations.
Level I Exam Sessions: 8 - 21 March, 2012
17 – 28 September , 2012
The CAIA exams are administered in computerized format at proctored test centers around the world.Click here  for more information on locations.
Time Limit: 4 hours plus break
Number of Questions: 200
Passing Score: Determined each year by CAIA Association
Passing Rates: In March 2011, 71% passed Level I
Format: Multiple Choice
Corequisites: One year of work experience is required to become a full CAIA member.
Exam Date(s): March and September
Exam Results: Within two weeks of last exam date
Official Exam Website: CAIA.org 
How do I earn the CAIA designation? The right to use the CAIA designation is earned by (1) successfully completing the CAIA program (i.e., passing both the Level I and Level II exams) and (2) becoming a member of the CAIA Association. To qualify for membership in the Association, you must fulfill all the following requirements.
1. Pass the Level I and Level II exams.
2. Hold a U.S. bachelor's degree or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of professional experience.*
3. Submit payment for the annual CAIA Association membership fee.
4. Agree on an annual basis to abide by the Member Agreement.
Membership is the final requirement for individuals who wish to use the CAIA designation. *Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial, or related field.
What do I get for becoming a CAIA designee, i.e. what are the benefits?
The CAIA Association is a dynamic organization that reflects its membership's interests and provides them with a vibrant global network. We are committed to developing industry skills and educational standards, and provide the industry's first and only designation for alternative investment specialists.
How much does the program cost?
To enroll in the CAIA program you must pay the one-time, non-refundable enrollment fee of $400 and the $1250 Level I test registration fee.