CAIA Level I with Musa Shaikh

CAIA Level I is the first examination in the Chartered Alternative Investment Analyst programme and develops foundational expertise in alternative investments.

The 2026 syllabus covers:

• Alternative investment foundations 
• Real assets 
• Private equity 
• Private debt 
• Hedge funds 
• Digital assets 
• Funds of funds 
• Ethical principles 

The examination contains 200 multiple-choice questions.

Candidates receive four hours of examination time, divided into two 120-minute sections.

CAIA does not publish a fixed numerical passing score.

CAIA recommends approximately 200+ study hours per level.

Level I combines conceptual knowledge with quantitative finance, investment analysis and eight alternative-investment areas. Structured preparation and substantial MCQ practice are important.

No hard academic or professional prerequisites currently apply to Level I registration, although finance and statistics knowledge is beneficial.

Yes. Private Equity represents approximately 8%–12% of the 2026 examination.

Yes. Private Debt represents approximately 12%–16% and includes private credit and related lending strategies.

Yes. Hedge Funds account for approximately 15%–19%, making them one of the largest Level I areas.

Yes. Real estate forms part of the Real Assets section, which represents approximately 14%–20% of the examination.

Yes. Level I includes a dedicated Digital Assets section covering distributed ledger technology and cryptocurrency allocation.

Yes. CAIA provides specialist knowledge of private equity as well as the wider alternative investment ecosystem in which private equity operates.

Yes. Private Debt is now a significant standalone Level I area.

Yes. CAIA can complement broader CFA investment knowledge with deeper specialist exposure to alternative assets and private markets.

CAIA examinations are generally offered twice annually in March and September.

CAIA examinations are delivered through Prometric test centres worldwide. Standard online proctoring is available only by approved exception/accommodation. 

Candidates can progress to CAIA Level II, where the curriculum shifts toward institutional portfolio construction, asset allocation, risk management, due diligence and manager selection.

No. Candidates must complete the applicable Level II and membership requirements before using the CAIA designation.

The Berkeley programme is taught by Musa Shaikh, specialising in finance, investment and professional examination preparation.

Yes. Candidates in Dubai, Abu Dhabi and throughout the United Arab Emirates can access the programme.

Yes. Candidates in Riyadh, Jeddah and throughout Saudi Arabia can join the programme.

Yes. The live online format allows candidates across the United States of America to participate.

Yes. Candidates across the United Kingdom and Europe can access the programme through live online preparation.

10 lectures, 2 practice sessions and 3 mock examinations.

CAIA Level I contains 200 multiple-choice questions, divided into two examination sections.

Yes. Both are major areas within the CAIA Level I curriculum.

Yes. Hedge fund structures and strategies form an important part of Level I.

Yes. Candidates study blockchain, cryptocurrencies and digital-asset investment considerations.

No. Berkeley provides examination preparation and a course completion certificate.