CAIA® Level I Exam: the practice module
Exam body: CAIA Association. Verified for 2027 CAIA Exam Handbook and 2027 Level I Companion Guide (March and September 2027 exams) on October 31, 2026.
What it covers
Covers: single-answer and multiple-answer multiple-choice questions written to this exam’s outline, format and timing.
Does not cover: item set (a scenario or vignette followed by several related questions). DoMcq practices standalone multiple-choice questions, one at a time; the real exam’s other item types are out of scope.
Question format
- Each question has between 3 and 4 options.
- One or more correct answers per question (multiple-answer stems say how many to choose, and are scored all-or-nothing unless the module says otherwise).
- Not allowed as an option: “all of the above”, “none of the above”.
- Stems follow the exam’s conventions, such as “BEST”.
Exam mode
The real exam is 200 questions in 260 minutes. Exam mode keeps that pace for any number of questions. It is split into 2 sections.
Topics
The official topic list, as the exam body names it. Your questions must use these names; the coverage dashboard compares your set to each topic’s official weight.
| Topic | Weight | Subtopics |
|---|---|---|
| CAIA Ethical Principles | 7–13% | Ethics, Professionalism and Fiduciary Responsibilities |
| Introduction to Alternative Investments | 21–27% | Derivatives and Risk-Neutral Valuation · Financial Economics Foundations · Measures of Risk and Performance · Quantitative Foundations · Statistical Foundations · The Environment of Alternative Investments · What is An Alternative Investment? |
| Real Assets | 16–22% | Commodities · Natural Resources and Land · Infrastructure · Overview of Real Estate · Real Estate Assets · Real Estate Methods |
| Private Equity | 8–14% | Buyout · Private Equity Investing · Venture Capital & Growth Equity |
| Private Debt | 10–16% | Credit Risk and Credit Derivatives · Insurance Linked Strategies · Introduction to Structuring · Private Credit and Asset Based Strategies · Private Credit and Cash Based Strategies |
| Hedge Funds | 15–21% | Equity Hedge Funds · Event-Driven Hedge Funds · Macro and Managed Futures Funds · Relative Value Hedge Funds · The Hedge Fund Industry |
| Digital Assets | 3–9% | Allocating to Cryptocurrencies · Distributed Ledger Technology |
Trademarks
DoMcq is an independent practice tool. It is not affiliated with, endorsed by, sponsored by or approved by any exam body. Exam names are used only to say which exam a module is for. DoMcq holds no exam content: a module is the exam body's published topic names, the question format, the exam's timing, its published weights and a prompt, and every question in DoMcq is a student's own. The marks below belong to their owners. Trademarks
DoMcq is an independent practice tool and is not affiliated with, sponsored by or endorsed by the Chartered Alternative Investment Analyst Association® (CAIA Association®), and it is not a licensed CAIA prep provider; the names are used only to identify the exam. The CAIA Association® does not endorse, promote, review or warrant the accuracy of DoMcq or its services. CAIA® is a registered certification mark owned and administered by the Chartered Alternative Investment Analyst Association®.
Use it
Practice the questions you already have: a PDF or Word file of multiple-choice questions, from a class or a study group, becomes a timed practice test here, with your own AI doing the copying. Every step, with pictures: How to turn a PDF or Word file of multiple-choice questions into a timed practice test.
Convert questions I already haveGenerate new questions
Free to start. DoMcq never writes or fixes questions; it checks the file your AI produces and gives you the practice system.