How to Pass CAIA Level 1 on Your First Attempt (2025 Guide)

Kateryna Myrko
Jul 1
4 min read

Achieving a first-time pass on the CAIA® Level 1 exam is a badge of honor in the alternative investments community. With pass rates hovering around the mid-40% range, diligent planning and execution are essential. This 2025 guide distills the latest exam structure, topic emphases, study strategies, and day-of-exam tips into a comprehensive roadmap designed to maximize your odds of success on the very first try.

1. Understand the Exam Structure & Schedule

Exam Windows (2025)

March 1–12, 2025 (computer-based testing)
September 1–12, 2025

Format & Timing

200 multiple-choice questions, divided into two sections
- Section 1: 100 questions, 130 minutes
- 30-minute optional break
- Section 2: 100 questions, 130 minutes
Total testing time: 4 hours, plus instruction and break

Pass Rates

March 2025: 48%
September 2024: 45%
7-year average: 51%

Key takeaway: Nearly half of all candidates don’t pass on their first try. A structured, topic-focused approach is non-negotiable.

2. Break Down Topic Weights How to Pass CAIA Level 1

CAIA Level 1’s curriculum zeroes in on alternative investments, with topic weights reflecting industry priorities. Below is the 2025 breakdown:

Topic	Weight
Professional Standards & Ethics	15% – 25%
Introduction to Alternative Investments	20% – 28%
Real Assets	11% – 17%
Private Equity	6% – 10%
Private Debt	9% – 14%
Hedge Funds	12% – 17%
Digital Assets	4% – 8%
Funds of Funds	2% – 6%

3. Craft a 6-Month Study Plan

3.1 Phase 1: Foundation Building (Weeks 1–8)

Goal: Gain a conceptual overview of all topics.
Approach:
- Week 1–2: Professional Standards & Ethics
- Week 3–4: Introduction to Alternative Investments
- Week 5: Real Assets
- Week 6: Private Equity & Private Debt
- Week 7: Hedge Funds
- Week 8: Digital Assets & Funds of Funds
Time Allocation: 8–10 hours/week dedicated to reading and summary notes.

3.2 Phase 2: Deep Dives & Concept Reinforcement (Weeks 9–20)

Goal: Master complex quantitative concepts and real-world applications.
Approach:
- Allocate 2–3 weeks per heavily weighted topic (Ethics, Alternative Investments, Hedge Funds).
- Integrate end-of-chapter questions from the official curriculum.
- Create one-page cheat sheets summarizing formulas, definitions, and key frameworks.

3.3 Phase 3: Intensive Practice & Review (Weeks 21–24)

Goal: Build speed and accuracy under timed conditions.
Approach:
- Complete 4–6 full-length mock exams from multiple providers (official CAIA mock, Kaplan Schweser, Wiley).
- Analyze performance reports to pinpoint weak areas.
- Drill 30-question timed sets on underperforming topics.

3.4 Buffer & Final Review (Weeks 25–26)

Goal: Solidify high-yield concepts and rest.
Approach:
- Light review of flashcards and cheat sheets.
- One full mock in Week 25; rest and confidence building in Week 26.
- Ensure logistical readiness (exam appointment, testing center route).

4. Select High-Quality Study Resources

Resource Type	Recommended Providers	Notes
Official Curriculum	CAIA Association (digital access included)	Only authoritative source for exam content
Review Courses	Kaplan Schweser, Wiley, Fitch Learning	Offer structured lessons, videos, and Q-banks
Question Banks	Schweser Practice Exams (1,000 Qs), Wiley Q-Bank	Emphasize breadth of question styles
Flashcards	AdaptPrep, Anki (custom decks)	Ideal for spaced repetition of key terms
Study Groups	Local/campus CAIA societies, 300Hours forums	Peer discussion fuels accountability

5. Employ Active Learning Techniques

Spaced Repetition
- Use Anki or Quizlet to schedule daily reviews of heavy-weight topics.
Mind Mapping
- Visually link related concepts (e.g., fee structures across hedge fund strategies).
Teaching Back
- Explain complex ideas—like the structure of real asset securitization—to a study partner.
Formula Mastery
- Write out all quantitative formulas weekly to reinforce recall under pressure.

Why it works: Active learning cements knowledge more effectively than passive reading, especially when under time constraints.

6. Master Ethics—A High-Yield Section

Ethics comprises up to 25% of the exam and can swing borderline scores.

Study the CFA Institute Standards of Practice (11th Edition)—accessible free after CAIA registration
Case Studies: Work through past ethical dilemma questions and draft responses in bullet form.
Key Focus Areas:
- Conflicts of interest
- Due diligence obligations
- Code of conduct for alternative investment professionals

Ethics strategy: Aim to answer 100% of ethics questions correctly—low-hanging fruit for boosting your score.

7. Simulate Exam Conditions

Timing: Complete mocks with strict 130-minute blocks for each 100-question section.
Environment: Use headphones or earplugs (if allowed) to mimic testing center ambient noise.
Break Management: Practice taking only the 30-minute break—no more, no less—to build stamina.

Analyze each mock exam report:

Identify topics where your accuracy falls below 70%.
Drill 20–30 additional questions on those areas immediately after each mock. How to Pass CAIA Level 1

8. Exam Day Best Practices

Logistics Check (1 week prior):
- Confirm appointment time, testing center address, and required ID.
- Verify computer hardware compatibility in advance if taking remotely.
Pre-Exam Routine (Day Before):
- Light review of flashcards; avoid heavy cramming.
- Go to bed early—aim for 7–8 hours of sleep.
Morning of Exam:
- Protein-rich breakfast (e.g., eggs, yogurt).
- Arrive 30 minutes early to the center; sign in calmly.
During the Exam:
- First pass: Answer all “easy” questions; flag the rest.
- Second pass: Return to flagged questions with any remaining time.
- Guess smartly: No penalty for guessing; eliminate wrong choices first.

9. Post-Exam Reflection & Next Steps

Celebrate: A first-attempt pass is a significant accomplishment.
If Unsuccessful:
- Review your score report to identify sub-50% topics.
- Adjust your study plan: allocate extra weeks to weak areas and consider a different prep provider if necessary.
Plan for Level II: Early exposure to Level II concepts (performance attribution, advanced derivatives) can create a smoother transition once Level I is behind you.

Passing CAIA Level 1 on your first attempt demands a discipline-driven, data-informed approach:

Know the format and lean into high-weight topics.
Develop a 6-month calendar with built-in buffers and mock exams.
Choose resources wisely—official curriculum plus at least two third-party Q-banks.
Practice under exam conditions and master ethics for quick score gains.
Follow a consistent routine in the weeks leading up to the exam and a structured plan on exam day.

By combining these proven strategies—rooted in the latest 2025 exam data and curriculum trends—you’ll stand the best chance of joining the ranks of successful CAIA charterholders on your first try. Good luck!