CAIA Level I — Free Online Mock Test
CAIA Level I — alternative investments: hedge funds, private equity, real assets, commodities, structured products, risk management and professional standards. 200 MCQ / two 2-hour sessions. · Official language: English.
CAIA Level I exam at a glance
CAIA Level I full-length mock tests
Attempt 50 full-length CAIA Level I mock tests, each a distinct question set built on the real 200-question, 240-minute pattern — with instant scoring and section-wise analysis. The first 3 are free.
CAIA Level I key facts & eligibility
| Conducting body | The CAIA Association (Chartered Alternative Investment Analyst Association). |
|---|---|
| Official website | caia.org ↗ |
| Mode | A computer-based exam of 200 multiple-choice questions in two 2-hour sections (100 each) with a break between — about 4 hours total. |
| Frequency | Two windows a year — March and September. |
| Scoring & marking | 200 multiple-choice questions across eight areas — professional standards and ethics, an introduction to alternative investments, real assets, hedge funds, private equity/private markets, structured products, and risk and portfolio management. The CAIA Association does not publish an official passing score. |
| Score validity | A pass is permanent; you progress to Level II. |
| Language | English. |
Who is eligible for CAIA Level I?
You enrol in the CAIA program to sit Level I; a bachelor’s degree (or equivalent) plus professional experience is required to ultimately earn the charter.
Last verified July 2026 against CAIA — Level I exam. Always confirm current details on the official website before you register.
CAIA Level I section breakdown
The CAIA Level I mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. No inter-section breaks — the timer runs continuously.
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Session 1 (100 Q)
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Session 2 (100 Q)
CAIA Level I scoring & marking scheme
Strategy: CAIA Level I has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.
Scale: CAIA Level I (pass/fail).
How CAIA Level I is conducted
- Mode
- Test format
- Backtracking
- Mark for review
Tools available during the CAIA Level I exam
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Calculator
Wrexa Edge renders these tools inside the mock test exactly as they appear on the real CAIA Level I exam — same shortcuts, same behaviour.
CAIA Level I time strategy
With 200 questions in 240 minutes, you have about 72 seconds per question on average. Successful candidates aim for the following pacing on each section:
- Session 1 (100 Q)
- Session 2 (100 Q)
Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.
CAIA Level I topics covered
Across the 50 Wrexa Edge variants of CAIA Level I, the following topics appear most often (sample distribution from one variant):
Session 1 (100 Q)
- Ethics — Standards · 17
- Quant — Statistics · 5
- Econ — Microeconomics · 4
- Quant — TVM · 3
- Econ — Macro · 3
- Econ — International · 3
- FSA — Inventory · 3
- Quant — Returns · 2
Session 2 (100 Q)
- FAR — Investments · 5
- ISC — Cybersecurity · 4
- ISC — IT General Controls · 4
- EA Ind — Income · 4
- EA Ind — Deductions · 4
- EA Biz — Payroll Tax · 4
- AUD — Risk · 4
- AUD — Reporting · 4
CAIA Level I difficulty calibration
Advanced tier. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep.
CAIA Level I — alternative investments: hedge funds, private equity, real assets, commodities, structured products, risk management and professional standards. 200 MCQ / two 2-hour sessions. · Official language: English.
Verified content — Wrexa Edge's CAIA Level I bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).
How Wrexa Edge prepares you for CAIA Level I
- Real test-day interface
- 50 distinct variants
- Detailed analytics
- Spaced repetition (Notebook)
- Optional proctoring
- Free to start
Expert take: what CAIA Level I really tests
CAIA Level I is a specialist finance exam focused entirely on alternative investments — hedge funds, private equity, real assets and structured products — so even candidates strong in traditional finance meet a new vocabulary and set of models. It is 200 questions across two sessions, and the CAIA Association does not publish a passing score (treat it as roughly 70%). Professional standards and ethics thread through the exam and reward attention right to the end.
Preparation tips
- Learn the alternatives vocabulary early — it differs from mainstream corporate finance.
- Give real assets, hedge funds and private markets focused study; they carry the weight.
- Revisit professional standards and ethics late — it can decide a borderline result.
Common mistakes to avoid
- Assuming traditional-finance knowledge covers it and under-studying the alternatives specifics.
- Neglecting the quantitative items, which need timed practice to answer quickly.
CAIA Level I study plan
A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.
- Start with professional standards and ethics, and the introduction to alternative investments
- Work the CAIA curriculum topic by topic with end-of-reading questions
- Build the vocabulary of alternatives — it differs from traditional finance
- Cover real assets, hedge funds, private equity/markets and structured products
- Study risk management and portfolio construction with alternatives
- Keep an error log and revisit weak asset classes
- Take full-length practice exams under the two-section timing
- Re-drill low-scoring topics and revisit ethics late
- Practise the quantitative items until the calculations are quick
Where CAIA Level I can take you
A strong CAIA Level I result opens up these careers and higher-study paths:
- Alternatives analyst
- Portfolio / fund management
- Institutional investing
- Due diligence & risk
Best books & official prep for CAIA Level I
- CAIA Level I curriculum — CAIA Association
- Kaplan Schweser / UpperMark CAIA — Various
- CAIA official practice questions — CAIA Association
- Ethics review — CAIA Association
Official practice: The CAIA Association provides the curriculum and sample questions; alternatives-specific concepts (hedge funds, private markets, real assets) reward focused study.
Previous-year papers: The CAIA Association does not release past exams; the curriculum and official sample questions are the best practice.
Frequently asked questions
- What is the CAIA Level I exam pattern?
- CAIA Level I contains 200 questions across 2 sections: Session 1 (100 Q), Session 2 (100 Q). Total duration is 240 minutes (about 72 seconds per question).
- Does CAIA Level I have negative marking?
- No — CAIA Level I has no negative marking. Each correct answer is worth 1 mark, so attempt every question.
- How is CAIA Level I scored?
- Scaled score range: 0 to 100. CAIA Level I (pass/fail).
- How can I practise CAIA Level I online for free?
- Wrexa Edge gives you 3 free full-length CAIA Level I mock tests — with instant scoring, detailed explanations and analytics — plus 47 more with Pro. Start practising in under a minute, no card required.
- What is the difficulty level of CAIA Level I?
- CAIA Level I is rated Advanced difficulty on Wrexa Edge. Advanced-level: high-stakes exam with rigorous content depth. Expect 4-8 months of structured prep. CAIA Level I — alternative investments: hedge funds, private equity, real assets, commodities, structured products, risk management and professional standards. 200 MCQ / two 2-hour sessions. · Official language: English.
- How long is the CAIA Level I exam?
- CAIA Level I runs for 240 minutes total across 2 sections. On Wrexa Edge the timer is enforced exactly as on the real exam — including no inter-section breaks.
- What topics are covered in CAIA Level I?
- CAIA Level I is split into: Session 1 (100 Q), Session 2 (100 Q). Each section is timed and weighted separately. CAIA Level I — alternative investments: hedge funds, private equity, real assets, commodities, structured products, risk management and professional standards. 200 MCQ / two 2-hour sessions. · Official language: English.
- What tools or aids are allowed during CAIA Level I?
- On-screen scientific calculator (matches the real exam interface).
- Is the CAIA Level I test adaptive?
- No — CAIA Level I is a fixed-form (linear) test. Every candidate sees the same number of questions per section.
- How many CAIA Level I mock tests does Wrexa Edge offer?
- Wrexa Edge generates 50 distinct CAIA Level I variants — each with different question content, not just shuffled options — the first 3 free for everyone and 47 more with Pro. That's 10000 unique practice questions in the real test-day interface.
- Is there a free CAIA Level I test series 2026?
- Yes. The Wrexa Edge CAIA Level I test series for 2026 gives you 3 free full-length mock tests (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.
- Are CAIA Level I previous year question–style papers included?
- Every CAIA Level I mock is modelled on the official exam pattern and the style of previous years' papers — the same 200-question structure, sections and marking — so your practice mirrors the real paper you'll sit.
- Which is the best free CAIA Level I mock test online?
- Wrexa Edge's CAIA Level I mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.
- Can I take the CAIA Level I mock test on mobile?
- Yes. CAIA Level I mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.
- What is the CAIA Level I syllabus?
- The CAIA Level I syllabus maps to its 2 sections: Session 1 (100 Q), Session 2 (100 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.
- What is the eligibility for CAIA Level I?
- You enrol in the CAIA program to sit Level I; a bachelor’s degree (or equivalent) plus professional experience is required to ultimately earn the charter. Wrexa Edge focuses on realistic CAIA Level I practice: 3 free full-length mocks in the exact exam pattern, ready whenever you are.
- When is the CAIA Level I exam and how should I prepare?
- Official CAIA Level I exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you 3 free CAIA Level I mocks with instant scoring so you can track your readiness week by week.
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