A realistic CAIA plan runs about a year and roughly 400 hours, taking Level I first and finishing each level with timed mocks. Plan around the March and September windows.
| Stage | Focus | Checkpoint |
|---|---|---|
| Level I, months 1-2 | Ethics + quantitative foundations | You are comfortable with the return and risk concepts |
| Level I, months 3-4 | The alternative asset classes | You can describe each asset class and its risks |
| Level I, final weeks | Full timed multiple-choice mocks | You score comfortably above target |
| Level II, months 5-7 | Asset classes in depth + risk + due diligence | You can reason about manager selection and risk |
| Level II, month 8 | Emerging topics + essay practice | You write concise constructed-response answers under time |
| Level II, final weeks | Full timed mocks (MCQ + essay) | You consistently pass timed papers |
Final-weeks tips
For Level II, include the constructed-response format in your mocks so the timing is familiar. Review every missed item back to the concept, and confirm windows, fees and the current curriculum with the CAIA Association.