CAIA Exam Fee and Related Program Costs in 2025

The CAIA program can be a substantial investment! In fact, a typical candidate should expect to spend at least $3,000 to get the designation, and $350 every year to keep the membership active.

Here is the cost breakdown of the CAIA fees.

CAIA Exam Fee Breakdown

1. CAIA Enrollment Fee

To get started, you must pay a one-time non-refundable fee of $400. Furthermore, you must pay this fee before taking the Level 1 exam.

2. Level 1 Exam Registration Fee

• First timer: The early-bird CAIA Level 1 registration fee is $995, and the standard registration fee is $1,395
• Retake fee: $795
• Refund is available within 30 days of payment

3. CAIA Level 2 Exam Registration Fee

Same as Level 1:

• First timer: The early-bird CAIA Level 2 registration fee is $995, and the standard registration fee is $1,395
• Retake fee: $795
• Refund is available within 30 days of payment

4. Ongoing Membership Fee

• $350 every year after passing the exam.

Association Discounts

Employees of AIMA/CISDM member companies can enjoy 25% off first-time exam fee:

• AIMA
• CISDM

Member of the following professional associations can enjoy 10% off first-time exam fee:

• 100 Women in Hedge Funds (100WHF)
• Asia Pacific Real Estate Association (APREA)
• British Venture Capital Association (BVCA)
• Bundesverband Alternative Investments (BAI)
• California Hedge Fund Association
• Connecticut Hedge Fund Association
• Financial Women’s Association of Singapore (FWAS)
• International Association of Financial Engineers (IAFE)
• New York Hedge Fund Roundtable
• New Zealand Absolute Return Association (NZARA)
• Singapore Venture Capital & Private Equity Association

You can check out the latest list here.

Total Cost

• Program enrollment + standard exam fee for both parts = $3,190 ($2,390 with early-bird discount).
• Go-going membership fee = $350 per year.

Other Related CAIA Exam Fees

1. CAIA Review Course

A good review course is essential for passing success, but they come with a price. You can expect to spend anything from a few hundred to thousands of dollars for a CAIA review course.

2. Travel and Accommodation Expenses

If the exam site is far away from home, additional cost on traveling and possibly hotel charges should be included in your budget.

Additional Information

1. Payment

It is most convenient to pay online by credit card, but check and money order can be accepted with a $25 processing fee. However, you will need to mail a check directly to the CAIA Association.

2. Rescheduling Your CAIA Exam

There is no extra charge to reschedule the exam if the change is completed 30 days prior to the exam date. However, the exam cannot be postponed to the next testing window.

3. Refund Policies

The one-time program enrollment fee and membership fee are not refundable. Refund of exam fee is granted but candidate should cancel the registration within 30 days of the date of purchase.

Is the CAIA the Title Worth That Much?

It all depends on your career aspiration. If you take the exam without any plan to go into alternative investment, it may not be worth it.

However, you are interested in this highly specialized segment of the industry and aim to work for hedge funds, financial companies and regulatory agencies that deal with alternative investments, then it’s well worth the investment of time, effort and money.

For Your Further Reading

• I am ready to jump in. How do I start?
• When are the CAIA exam dates?
• Learn about the structure of the CAIA exam

 Information source: CAIA.org