CAIA September 2025 Results: When Released and What Scores Mean

CAIA September 2025 Results: When Released and What Scores Mean

Complete Guide to Understanding Your Chartered Alternative Investment Analyst Exam Results

The anticipation surrounding CAIA September 2025 exam results is reaching its peak as candidates worldwide await notification from the CAIA Association. This comprehensive guide provides everything you need to know about release dates, score interpretation, and next steps.

When Will CAIA September 2025 Results Be Released?

Level I Results: Mid to Late October 2025

CAIA Level I exam results are usually available within 5 weeks of the last day of the exam window. For the September 2025 exam window (September 1-12), Level I candidates can expect results around October 10-17, 2025.

CAIA Association commits to delivering Level I results within five weeks of the exam window's close, but historic patterns are tighter: most candidates see the email 21-28 days after their last possible testing date.

Level II Results: Mid to Late November 2025

Because Level II includes essay questions, results for that level take longer—generally within 8 weeks of the last day of the exam window. The September 2025 Level II exam concluded on September 26, placing expected results around November 14-21, 2025.

How You'll Receive Results

On results day, candidates will receive an email to log in to CAIA.org. The email itself does not include your outcome; instead, it prompts you to log in to your CAIA account. Add @caia.org to your safe-sender list to avoid missing the notification.

Understanding Your CAIA Scores

Pass/Fail System

CAIA exams are graded using a pass/fail system. The exams are not curved so the grade you get is not impacted by other candidates' performance. The CAIA Association does not release candidates' actual scores to anyone, including the candidates themselves.

The CAIA Examination staff uses 70% of the total points as the initial benchmark, but since they compare candidate's score against the average exam score, the curve effectively moves the passing score below 70%.

Candidate Performance Report (CPR)

Your Candidate Performance Report compares your performance in each topic area to a reference group—candidates whose total test scores were within the bottom quartile of those who passed the exam during your testing window.

Performance Categories:

• Strongest: Significantly above reference group

• Higher: Above reference group average

• Borderline: At reference group average

• Lower: Below reference group average

• Weakest: Significantly below reference group

Current Pass Rate Context

Understanding 2025 pass rate trends provides valuable context for your results:

• Level I: Latest pass rate is 48% (March 2025), one of the lowest since 2010

• Level II: Latest pass rate is 62% (March 2025), showing an upward trend

With a 7 year average of 51%, CAIA Level 1 pass rates have been on a downward trajectory since 2006, while Level II rates have remained more stable around the 63% average.

What Your Results Mean

If You Pass Level I

Congratulations! You can now register for Level II in March 2026. Book the next exam strategically—March 2026 allows a longer preparation runway.

If You Pass Level II

You've achieved a significant milestone! You're now eligible to join the CAIA Association as a Member and receive the CAIA Charter, joining more than 13,000 professionals worldwide.

If You Don't Pass

Use your Candidate Performance Report to focus your study on weaker areas. You can register for the next exam cycle (March or September), and developing a structured study plan can improve your chances on the next attempt.

Score Review Process

Candidates can request a score review for US$100 within 30 days of receiving their Candidate Performance Report. This involves manual verification of points earned but does not re-grade questions. Submit requests to candidate@caia.org.

Next Steps

Successful Candidates

• Level I: Begin Level II preparation immediately

• Level II: Start CAIA Association membership application process

Retake Candidates

1. Analyze areas marked as "Weakest" or "Lower" in your performance report

2. Allocate at least 250 hours for exam preparation

3. Focus 40-50% of study time on practicing questions and mock exams

Key Reminders

• Results emails arrive after 8 AM CDT

• No exact scores are provided, only pass/fail status

• Performance reports help identify study focus areas

• The alternative investment industry continues growing, making CAIA increasingly valuable

Your September 2025 results should arrive within the timeframes outlined above, providing either celebration or a clear roadmap for improvement. Regardless of outcome, you're developing valuable expertise in the dynamic alternative investment landscape.