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Anyone took CAIA before?


Heard FRM and CAIA is easier than CFA.

From my experience, FRM is 150% harder than CFA at least. So taking part 1 and part 2 of FRM is like taking CFA 1 + 2 in one sitting. So the above statement is false (Maybe this is made by some CFA candidates who have high ego).

Anyone took CAIA before? Thinking to take it but how is the difficulty compared to this FRM?

David Harper CFA FRM

David Harper CFA FRM
Staff member
I'd be interested in views on this, too. We tried to partner (affiliate) with Uppermark (a leading CAIA provider) last year; when we compared the curriculums (FRM vs. CAIA), I think we all found the FRM to be considerably deeper. However, I understand the CAIA curriculum just underwent an evolution (refresh? overhaul? ...), so it's possible it stepped up in difficulty, i don't know ...


New Member
CAIA is fairly different from a course like FRM or CFA, or at least that's what they'll have you believe. I got my Charter last year. The exam is conducted twice a year (March and September) and is an online exam. In terms of difficulty, it has the highest pass percentages compared to FRM or CFA. Level 1-68%, Level 2- 58%
CFA>FRM>CAIA. It draws from both CFA and FRM in terms of portfolio and risk management but doesn't dig deep quantitatively. It is mostly theoretical but definitely grills you in the concepts in detail. Level 1 CAIA is fairly elimentary but level 2 is formidable. Especially because it contains nearly 40% in current events and research journals. They are overhauling the syllabus and reducing the pass percentages, now that they have 6000+ members and completed 10 years in 2012. Scope is wide too, Private Equity, Real Estate, Hedge Funds, Commodities, Credit Derivatives, Infrastructure, Timber, Forestland, etc. Maybe even Art and Wine as alternative Investments.



New Member
Pros: study material is fun to learn (I totally enjoyed the preparation for the exams), 2 exam dates per year (you can complete it w/in a year), less quantitative ;) if compared to FRM and CFA, G.R.E.A.T. chapter events/networking possibilities etc
Cons: expensive (exams fees and membership), recognition is pretty low at the minute/ not well-known, have I mentioned it that it's expensive, expensive, expensive? etc
Check out the association's website for more info. I went for it because I liked the material plus I hope the association will work hard on enhancing reputation= enhance my value as well!;) Its getting harder and harder to set yourself apart from peers...Good luck!


New Member
the material is very interesting
L1 ist so easy,i think they just let ppl pass the exam 70%??? i think it will get serious when its 30%
L2 is pretty hard you basically have 100questions for 120 mins and 60-70% of calculation..