This CAIA Level 1 cheat sheet compresses all eight topics of the Chartered Alternative Investment Analyst exam into a printable quick reference of the facts that show up most. It's a premium cheat sheet built by Capital Prep — the one premium prep we trust — and it's yours free. Round it out with the rest of your free CAIA toolkit: the practice test, study guide, and flashcards.
CAIA Level 1 exam at a glance
- Questions: 200 multiple-choice, in two sections of 100
- Time: 240 minutes (two 120-minute sections) plus an optional break
- Passing standard: Pass/fail — set by the CAIA Association each window (not published)
- Cost: One-time program enrollment fee plus a per-level exam registration fee; verify current amounts at CAIA
What’s on the CAIA Level 1 cheat sheet
- Introduction to Alternative Investments (20–28%) — the alternatives universe, alpha vs. beta, fund structures and fees, due diligence, and risk statistics — the largest topic.
- Hedge Funds (15–19%) — the four strategy families, leverage and liquidity terms, and '2 and 20' with hurdles and high-water marks.
- Real Assets (14–20%) — real estate and cap rates, REITs, commodities and roll yield, and infrastructure.
- Private Debt (12–16%) — direct lending, distressed and mezzanine debt, and capital-structure priority.
- CAIA Ethical Principles (8–12%) — the Member Agreement, fiduciary duty, and conflicts of interest.
- Private Equity (8–12%) — venture capital to buyouts, the J-curve, vintage year, and carried interest.
- Digital Assets (4–8%) — blockchain, smart contracts, token types, and valuation risks.
- Funds of Funds (1–5%) — multi-manager structures and the two-layer fee trade-off — the smallest topic.
How to use it in your final week
- Front-load the four heavyweight topics — Introduction to Alternative Investments, Hedge Funds, Real Assets, and Private Debt — which together run well over half the exam.
- Quiz yourself on the memory hooks: contango vs. backwardation roll yield, the J-curve shape, '2 and 20' with hurdle and high-water mark, and capital-structure priority in default.
- Read the full sheet the morning of the exam for one last pass, then walk in — 240 minutes across two 100-question sections means about 72 seconds per question, so pacing matters.
- Don't cram in isolation — after each review pass, drill a short timed set so the facts convert into answered questions rather than passive recognition.
The cheat sheet is your review layer — your CAIA Level 1 practice test drives the exam-readiness ring at the top of this page. Download it, review, then take a full practice exam (or drill with the study guide and flashcards) to see where you stand.
CAIA Level 1 cheat sheet FAQ
Yes — the CAIA Level 1 cheat sheet downloads as a PDF at no cost and with no sign-up. It sits alongside Career Employer's free CAIA toolkit: the practice test, study guide, and flashcards.
It boils the eight official Level I topics into a single quick reference — ethics, the alternatives universe, hedge-fund strategies and fees, private equity and the J-curve, private debt, real assets, digital assets, and funds of funds — each tagged with its exam weight so you know where to spend time.
It's built from the CAIA Association's published exam structure and topic-weight ranges and reflects the 200-question, two-section Level I format. We check it against the CAIA Association's current outline regularly.
There is no published percentage. The CAIA Association reports results as pass or fail and sets the passing standard for each window through a standard-setting process, releasing scores a few weeks after the window closes.
No — it's a review and final-week cram layer, not a full curriculum. Alternatives reward breadth, so pair the sheet with roughly 200 hours of study and timed practice questions to build real readiness.
References
- 1.CAIA Association. “CAIA Exam Overview & Curriculum Topics.” caia.org, 2026. ↑
- 2.CAIA Association. “What Are the Exam Structures and Topic Weightings?.” caia.org, 2026. ↑
- 3.CAIA Association. “Exam Registration, Dates & Fees.” caia.org, 2026. ↑
- 4.CAIA Association. “The CAIA Charter.” caia.org, 2026. ↑
Career Employer
Career Employer is the ultimate resource to help you get started working the job of your dreams. We cover topics from general career information, career searching, exam preparation with free study materials, career interviewing, and becoming successful in your career of choice.
All PostsCareer Employer’s Editorial Process
Here at Career Employer, we focus a lot on providing factually accurate information that is always up to date. We strive to provide correct information using strict editorial processes, article editing, and fact-checking for all of the information found on our website. We only utilize trustworthy and relevant resources. To find out more, make sure to read our full editorial process page here.