How to Pass the CAIA Level 1 Exam in September 2025: A Complete Roadmap
- Kateryna Myrko
- Jun 11
- 6 min read
The CAIA Level 1 exam is fast approaching this September, and if you're just getting serious about your preparation, you're not alone. With approximately three months to go, you still have time to prepare effectively—provided you approach it strategically.
This guide is designed to give you a complete, actionable roadmap to maximize your chances of success on exam day. Whether you're starting from scratch or looking to refine your current strategy, this roadmap outlines exactly what to study, how to study, and how to structure your remaining time.
Understanding the CAIA Level 1 Exam
The CAIA (Chartered Alternative Investment Analyst) Level 1 exam assesses foundational knowledge in alternative investments, with an emphasis on both qualitative and quantitative concepts.
Key exam details:
Format: 200 multiple-choice questions
Duration: 4 hours, split into two 2-hour sessions
Delivery: Computer-based at Pearson VUE testing centers
Exam window: September 9–20, 2025
Pass rate: Historically around 60%
Recommended study time: 150–200 hours
Exam Topics and Weighting Pass the CAIA Level 1 Exam in September 2025
The exam is divided across several topics. Understanding the weight each topic carries helps you allocate your study time efficiently.
Topic | Weight Range |
Professional Standards & Ethics | 15–25% |
Introduction to Alternative Investments | 20–28% |
Real Assets | 11–17% |
Hedge Funds | 11–17% |
Private Equity | 11–17% |
Structured Products | 8–12% |
Risk and Portfolio Management | 8–12% |
Ethics and introductory concepts hold significant weight. Hedge funds, private equity, and real assets are also core areas that should not be neglected.
Your 3-Month Study Plan (June to September 2025)
You have roughly 12 weeks. That translates to about 12–15 hours of focused study per week. Here’s how to structure your plan. Pass the CAIA Level 1 Exam in September 2025
Month 1: Build Your Foundation
Focus on understanding the curriculum and reviewing the core concepts of each topic.
Goals:
Complete a first pass through all readings
Make summary notes or flashcards
Begin chapter-end practice questions
Weekly Breakdown:
Week 1: Ethics + Introduction to Alternatives
Week 2: Real Assets + Private Equity
Week 3: Hedge Funds + Structured Products
Week 4: Risk Management + Portfolio Construction
Don’t aim for perfection in this stage. The goal is to familiarize yourself with the breadth of the material.
Month 2: Reinforce and Apply
Shift focus to practice questions and deeper understanding.
Goals:
Begin full-topic review with practice sets
Take one full-length mock exam by the end of the month
Identify and focus on weak areas
Weekly Breakdown:
Week 5: Review Ethics + Real Assets in depth
Week 6: Mock Exam #1 and full review
Week 7: Focus on weak areas, especially quantitative sections
Week 8: Mixed topic quizzes, flashcards, and formula drills
This is where the majority of your learning happens. Practice, feedback, and review are essential.
Month 3: Polish and Simulate
Now it’s time to prepare under exam-like conditions.
Goals:
Take two additional full-length mock exams
Focus on accuracy, timing, and test-day strategy
Light review of summaries and flashcards
Weekly Breakdown:
During the last 10 days, avoid heavy studying. Focus on reinforcing what you already know and managing stress.
Study Tactics That Work
Success on the CAIA Level 1 exam requires more than just reading the material. The most effective candidates follow proven study strategies that emphasize active learning, strategic prioritization, and ongoing performance assessment. Here's how to maximize your remaining time:
1. Follow the Learning Objectives (LOs)
Every chapter in the CAIA curriculum begins with a list of Learning Objectives (LOs). These are not suggestions—they are exactly what you are tested on.
What to do:
Before reading a chapter, preview the LOs to understand the purpose of the content.
After reading, revisit each LO and test yourself: can you explain it clearly, from memory?
Use the LOs to guide your reviews and identify whether a topic is fully mastered or needs more work.
The CAIA Institute often structures questions to test whether you understand not only what a concept is, but also how it applies. Mastering the LOs directly aligns your preparation with the exam.
2. Prioritize High-Weight Topics
With limited time, you must study strategically. That means focusing most of your effort on areas that carry the most weight.
For example:
Ethics (15–25%) is not only highly weighted but can also act as a tie-breaker.
Introduction to Alternative Investments (20–28%) is foundational and must be thoroughly understood.
While structured products or risk management are important, they carry lower weight and should be studied after the higher-priority areas are covered.
Pro tip: Allocate study time proportionally to each topic’s weight—but spend extra time on topics you personally find challenging, even if they’re lower-weighted.
3. Incorporate Active Recall and Practice Testing
Passive reading is inefficient. You may feel like you're learning, but it often doesn’t stick. Instead, use active recall, which forces your brain to retrieve information—leading to longer-lasting retention.
Effective methods:
Practice questions: Answer them regularly, not just at the end. Don’t just focus on right answers—spend time reviewing why you were wrong.
Flashcards: Use them for formulas, definitions, and lists. Create your own or use a digital app with spaced repetition.
Summary reviews: Condense chapters into one-page summaries. Rewriting in your own words is a strong memory tool.
Formula sheets: CAIA Level 1 includes calculations, so build a cheat sheet of key formulas. Practice using them in context, not just memorizing.
Aim to work through at least 2,000 practice questions by exam day. Diversify by topic, difficulty, and structure.
4. Use Mock Exams as Diagnostic Tools
Mock exams are essential for realistic simulation and diagnosing weaknesses. Start taking full-length mocks at least six weeks before the exam.
What to aim for:
Take the mock in one sitting—4 hours, no interruptions.
Replicate test conditions: quiet environment, no notes, timed strictly.
Review results thoroughly. Don’t just check your score—analyze your performance per topic.
If your score is below 65%, review and reinforce weak areas. Once you’re scoring consistently above 70–75%, you’re approaching exam readiness.
Bonus tip: Track not only your total score but also your pacing. Spending too long on one section could hurt you later.
5. Don’t Underestimate Ethics
Many candidates treat Ethics as an afterthought. That’s a mistake. The Professional Standards and Ethics section often determines borderline pass/fail cases.
To master Ethics:
Read the CAIA Code of Ethics and Standards of Professional Conduct thoroughly.
Practice scenario-based questions—these test your ability to apply principles, not just recall definitions.
Learn how to identify ethical violations, conflicts of interest, and proper procedures.
Strong performance in Ethics not only helps your score—it reinforces the judgment-based thinking required in the finance profession.
Test Day Strategy
How you manage the day of the exam is just as important as how you studied. A strong test-day plan minimizes surprises and maximizes your focus when it matters most.
In the Days Before the Exam:
1. Confirm Exam Logistics
Double-check the date, time, and location of your test.
Know what ID is required—usually a government-issued photo ID.
Review CAIA exam policies and Pearson VUE testing procedures.
2. Do a Dry Run
If your test is in-person, consider a practice commute to the test center.
Plan your arrival to be at least 30 minutes early.
3. Lighten the Review
Avoid heavy study in the last 24–48 hours.
Focus instead on reviewing your formula sheet, flashcards, and summaries.
Get two nights of good sleep, as stress often delays rest the night before.
On the Morning of the Exam:
1. Bring the Essentials
Valid ID (check Pearson VUE requirements)
Confirmation of your exam appointment
A sweater/layer (testing rooms can vary in temperature)
2. Eat a Balanced Meal
Avoid heavy carbs or caffeine overload.
Bring water and a snack to have between sessions (if permitted).
During the Exam:
1. Manage Your Time
You have 240 minutes for 200 questions—about 1.2 minutes per question.
Don’t get stuck. If a question is taking more than 2 minutes, flag it and move on.
2. Use the Flag Function
Mark questions you’re unsure about and return to them with any remaining time.
Sometimes later questions provide clues or reminders.
3. Stay Calm Under Pressure
Expect a few questions you won’t know—this is normal.
Use process of elimination to improve your odds on tough questions.
Take brief pauses (10 seconds of deep breathing) if you feel overwhelmed.
4. Don’t Rush the End
Budget at least 10–15 minutes to review flagged questions.
Don’t change answers unless you’re sure. Your first instinct is often correct.
Final Thoughts
Can you pass the CAIA Level 1 exam in three months? Absolutely—if you prepare with intention and discipline.
Success on this exam isn’t just about hours logged; it’s about how smartly you use your time. Focus on high-impact topics, use active learning strategies, and simulate the test environment to build your confidence.
The CAIA designation can offer meaningful career benefits, but it starts with smart preparation. Use this roadmap to structure your study—and give yourself the best possible chance of success.
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