CAIA September 2025 Post-Exam: Should You Start Level 2 Prep Now?
- Dimitri Dangeros, CFA, CAIA
- Sep 11
- 5 min read
After completing the CAIA Level I exam in September 2025, many candidates face a critical decision: should they immediately begin Level II preparation, or wait for their results? This strategic timing decision can significantly impact your chances of success and overall program completion timeline. With registration for March 2026 exams opening on October 13, 2025, understanding the pros and cons of early preparation is essential.
The Critical Timeline: March 2026 vs September 2026
March 2026 Option: The Fast Track
Registration for the March 2026 exams opens on October 13, 2025, just weeks after September Level I candidates receive their results (expected mid-October). This creates a unique opportunity for confident candidates to complete the entire CAIA program within six months.
Key Dates for March 2026:
Registration opens: October 13, 2025
Final registration deadline: February 2, 2026
Exam window: March 2026 (specific dates TBA)
Advantages of March 2026:
Complete CAIA program in record time (6 months total)
Knowledge from Level I remains fresh
Momentum preservation from September preparation
Early registration savings (approximately $400 USD)
September 2026 Option: The Strategic Wait
Advantages of September 2026:
Full results confirmation before committing
Extended preparation time (10+ months)
Summer study period for better work-life balance
Reduced financial risk if Level I needs to be retaken
Case for Starting Level II Prep Immediately
Knowledge Retention Benefits
Your next move is to begin preparing for the Level II exam, which dives deeper into application and analysis of alternative investments. The foundation concepts from Level I—including risk management, portfolio construction, and alternative investment fundamentals—serve as building blocks for Level II's more complex applications. CAIA September 2025 Post-Exam
Starting immediately capitalizes on the knowledge retention curve. Concepts like performance attribution, due diligence frameworks, and regulatory considerations remain fresh and can be seamlessly extended into Level II's practical applications.
Registration Timing Advantage CAIA September 2025 Post-Exam
Registering early will save you about $400 USD. With March 2026 registration opening October 13, 2025, confident candidates can secure early registration pricing while their Level I knowledge is still current.
Competitive Edge in Challenging Markets
Recent pass rates provide context for the competitive landscape:
Level I pass rates have declined to 48% (March 2025)
Level II pass rates remain around 62% (March 2025)
The declining Level I pass rates suggest increased competition and exam difficulty, making efficient progression through the program more valuable.
Level II Preparation Requirements
According to CAIA Association, feedback from candidates suggests that, on average, candidates spend about 250-300 hours preparing for Level II of the CAIA exam. Starting early provides adequate time to meet this substantial requirement without cramming.
Level II Complexity Factors:
Multiple-choice questions (70% of score) plus constructed response essays (30%)
Enhanced application focus requiring deep understanding
Integration across all alternative investment categories
Professional judgment and practical implementation scenarios
Case Against Immediate Preparation
Financial Risk Management
The retake fee for CAIA exams is $795, whether or not you took the exam the first time. Starting Level II preparation before confirming Level I success creates financial exposure if results are disappointing.
Burnout Prevention
CAIA preparation is intensive, with A minimum of 200 hours of study time recommended for each exam level. Immediate transition from Level I to Level II without a break can lead to study fatigue and reduced effectiveness.
Curriculum Updates
2025 saw substantial revisions in Level II along with a number of updates to Level I. Level II was reorganized to improve the natural flow of the readings and better emphasize the essential top-down concepts permeating across the Level II curriculum. Waiting for results allows time to fully digest these changes.
Pass Rate Realities
With Level I pass rates at historically low levels (48% for March 2025), the probability of needing to retake Level I is significant. In 2023, the pass rate for each level did not exceed 60%, highlighting the challenging nature of both exams.
Strategic Recommendations by Candidate Profile
High-Confidence Candidates
Start Level II Prep If:
Strong performance on practice exams (consistently 70%+)
Comfortable with all Level I topics during exam
Professional experience in alternative investments
Aggressive timeline goals
Financial capacity to absorb potential retake costs
Recommended Approach:
Begin light review of Level II curriculum structure
Register for March 2026 when registration opens
Maintain moderate study pace until results arrive
Accelerate preparation upon passing confirmation
Moderate-Confidence Candidates
Wait for Results If:
Uncertain performance on several exam sections
Limited professional experience in alternatives
Preference for conservative financial planning
Work/life balance considerations
Recommended Approach:
Take a 2-3 week complete break from studying
Lightly review Level I concepts to maintain familiarity
Network with industry professionals and attend relevant events
Plan Level II strategy but don't commit to March 2026
Risk-Averse Candidates
Definitely Wait If:
Significant uncertainty about exam performance
First attempt at a professional certification
Limited study time availability
Financial constraints regarding retake fees
Optimal Preparation Strategy: The Hybrid Approach
For most candidates, a balanced approach offers the best risk-adjusted outcome:
Immediate Actions (October 2025)
Take a Strategic Break: Allow 2-3 weeks for mental recovery and result anticipation
Light Industry Engagement: Review core concepts lightly to keep knowledge fresh. Engage with industry news and webinars to stay current on alternative investment trends
Network Building: Connect with other candidates or professionals through platforms like LinkedIn or CAIA-sponsored events
Upon Results Release (Mid-October 2025)
If You Pass:
Immediately register for March 2026 to capture early pricing
Begin structured Level II preparation with 250-300 hour target
Focus on essay writing skills and practical applications
If You Don't Pass:
Analyze performance report to identify weak areas
Register for March 2026 Level I retake
Adjust study strategy based on diagnostic feedback
Level II Preparation Considerations
Enhanced Complexity
The Level II exam is widely regarded as more challenging than Level I, primarily because it requires candidates to synthesize knowledge and construct well-reasoned essay responses under time constraints. The constructed response questions on the CAIA level II exam have a purpose. They're designed to go beyond testing your ability to pick the right answer from a series of options.
Study Time Allocation
It's important that you do your studying over a period of several months, and that is why registration opens five months before the exam window opens. Cramming in the last few weeks for the exam won't work.
Recommended Study Distribution:
40% reading and concept mastery
35% practice questions and application
25% constructed response essay practice
Final Recommendation
The decision to start Level II preparation immediately depends on your confidence level, risk tolerance, and career timeline. However, given the competitive registration timeline for March 2026, most candidates should prepare for immediate action upon receiving positive Level I results.
Action Plan:
Week 1-2 Post-Exam: Complete rest and recovery
Week 3-4: Light review and industry engagement
Results Day: Make immediate registration decision based on outcome
Post-Results: Full commitment to chosen path
The CAIA program is designed to reward persistence and strategic thinking. Whether you choose the aggressive March 2026 timeline or the conservative September 2026 approach, success depends on consistent preparation and realistic assessment of your capabilities.
Remember: The Level I and Level II exams are offered twice each year, in September and March, giving candidates the opportunity to complete the CAIA program within a single year, should they choose to do so. Your timeline should reflect your personal circumstances, professional goals, and honest assessment of your September 2025 performance.
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