Top 3 CAIA Review Courses & Study Materials
While working towards your Chartered Alternative Investment Analyst (CAIA) certification, you’ll likely find you need some extra help.
But with so many CAIA study materials out there, how are you supposed to choose the best one?
Luckily for you, we’ve spent time checking out what’s available and have compiled a list of the top CAIA prep courses to help save you time and money!
Listed below are the best CAIA review course materials on the market.
The Best Chartered Alternative Investment Analyst Exam Prep Courses
| AIS RANKING | #1 | #2 | #3 | |
|---|---|---|---|---|
| COURSE NAME |  |  | ||
| PASS GUARANTEE | Yes | No | Yes | |
| ACCESS PERIOD | Current Exam Period | Current Exam Period | Current Exam Period | |
| SUPPORT | Phone, Email, Live Chat | Phone, Email, Live Chat | Phone, Email | |
| DISCOUNT | Save 15% | No Discount | No Discount | |
| GET STARTED | Full Course | Full Course | Full Course |
1. Kaplan CAIA Review Course
Ever wondered how to optimize your CAIA exam study routine without wasting a minute, or who you’d turn to when tough concepts like venture capital baffle you? Kaplan Schweser might just have the answers with its meticulous study tools and on-call expert assistance. Get a taste of this premium experience with their free five-day trial, sampling their QBank and SchweserNotes. But, a word of caution: top-notch features come with a top-tier price tag.
Key Features
- Packages for both levels: Essential, EssentialPlus, and Premium.
- QBank: 850+ questions per level, so about 1,700+ QBank questions across both levels if you buy both Level I and Level II.
- Mock exams: Premium includes 3 full-length mocks per level, so 6 full-length mocks across both levels; Essential and EssentialPlus include 2 mocks per level, so 4 across both levels.
- Study notes: SchweserNotes are included in print and digital formats and cover the CAIA curriculum topics for each level.
- Instruction: Premium includes OnDemand classes covering every reading; higher-tier packages also include review workshop support.
- Practice and tracking tools: topic quizzes, Performance Tracker, Activity Feed study plan, QuickSheet, Resource Library, Kaplan Schweser Community, and InstructorLink.
- Guarantee: PassProtection is included with eligible packages.
Pro – Effective Study Routine
A big focus for Kaplan Schweser is creating effective tools for managing your study routine. The Online Performance Tracker and Study Calendar are designed to help you build a schedule and be as prepared as possible for your exam. Furthermore, these will update based on how well you’re doing at any given part of the review in order to maximize your learning. With this technology at your side, you never need to be afraid of wasting your time.
Pro – Instructor Assistance
If authentic CAIA Association-based study materials aren’t enough for you, then check this out. Kaplan Schweser also employs intelligent and qualified instructors who will answer any questions you have. Asking questions is a great way to understand tough concepts like private equity or venture capital. Questions can be submitted at any time and will be answered within 24 to 48 hours. Consequently, you’ll never be lost with these experts on call!
Pro – Free Trial
If you’re unsure about whether or not this course is right for you, Kaplan Schweser offers a free five-day trial. Included with the trial are samples of the QBank and SchweserNotes offered in the main course. Additionally, you’ll still have access to instructor support during all five days of prep. Most courses don’t offer that many features during their trial period, so this works as a perfect snapshot of what you’ll be working with.
Con – Expensive
Unfortunately, this is the most expensive course on this list. For access to all of the great included features, you’ll have to pay more money before discounts for the Premium Plus course. While there are cheaper courses offered by Kaplan, they don’t have the same quality as the top options. However, if you can afford it, this is a good option. Otherwise, consider the more affordable alternatives.
2. Edge Designations CAIA Study Materials
Key Features
- Coverage across both levels: 18 total CAIA topics — 8 topics for Level I and 10 topics for Level II.
- Video lessons: approximately 60 hours for Level I from the package table you’re viewing, plus 60+ hours for Level II, so roughly 120+ video hours across both levels.
- QBank: 1,100 questions for Level I from the package table you’re viewing, plus 800 questions for Level II, so about 1,900 total QBank questions across both levels.
- Live instruction: live Zoom classes are available; Level II specifically lists 8 live Zoom classes.
- Study materials: full study materials, downloadable notes, formula sheets, revision materials, and reading-aligned curriculum support.
- Level II final review: about 15 hours of revision videos plus 3 full practice exams.
- Level II practice-exam detail: 300 multiple-choice questions + 9 constructed response questions in the final practice exam set.
- Support: WhatsApp access and instructor support are listed with Edge’s guided prep structure.
Pro – Strong Instructor-led Structure
The first major benefit of Edge Designations is that the CAIA course gives candidates a much more guided study experience than a basic self-study package. Instead of just handing you notes and a question bank, Edge includes live Zoom classes, video lessons, Q-Bank access, and revision materials. That structure can be especially helpful for CAIA candidates who feel overwhelmed by alternative investments topics like hedge funds, private equity, real assets, structured products, and portfolio risk.
Pro – Flexible Pricing Options
One thing candidates may like about Edge Designations is that CAIA prep options start at a relatively low price, which makes Edge more accessible than some larger prep providers. That can be helpful if you don’t need a full premium package and only want extra structure, review support, or practice materials to supplement the official CAIA curriculum.
Pro – Good Level II Support
Edge looks especially helpful for CAIA Level II candidates because it includes constructed response practice. That matters because Level II requires more than recognizing the right answer; you need to explain concepts clearly and manage written responses under exam pressure. Extra practice with that format can help candidates feel less surprised on test day.
Con – Less Polished
Edge Designations may not be the best fit if you want a large, tech-heavy learning platform. Candidates looking for advanced analytics, adaptive study tools, a sleek mobile app, or a highly automated dashboard may find Edge more straightforward. That isn’t necessarily bad, but it does mean the course may appeal more to students who value instruction over software features.
Con: Doesn’t Replace CAIA Materials
Even though Edge Designations is listed as a CAIA prep provider, candidates should still anchor their study plan around the official CAIA curriculum. CAIA notes that its own curriculum and related study materials are the only endorsed prep resources. Edge can help with review, structure, and practice, but it shouldn’t replace the official learning objectives.
3. UpperMark CAIA Study Materials
Key Features
- TestBank: 2,000+ sample questions per level, so 4,000+ TestBank questions across both levels if buying Level I and Level II.
- Course hours: Level I Complete Course is 57 hours; Level II Complete Course is 65.5 hours, so 122.5 hours of course instruction across both levels.
- Final review: 12-hour Online Final Review Course per level, so 24 hours of final review across both levels.
- Final Prep Exam: full-length, timed online exam weighted to the CAIA curriculum; Level I simulates two 2-hour sessions with a 30-minute break, and Level II includes constructed-response self-scoring guidance.
- Practice modes: customizable practice exams, CAIA-weighted practice exams, timed/untimed full-length mocks, exam history, flagged questions, printed questions, offline exam entry, and detailed answer explanations.
- Level II-specific TestBank feature: essay practice exams for constructed response practice.
- Study materials: Study Handbooks, FormulaSheets, TestBank Web/Mobile, Final Review Package, Final Prep Exam, study calendar, course lecture notes, and Email My Professor on select suites.
- Flashcards: available as a paid add-on to suites.
Pro – Flexible Pricing
The first thing you’ll notice about UpperMark is their extremely varied and flexible study plans. You can pick and choose which aspects of the course you want to pay for. Flashcards, study guides, and course topics each have different price options. You can even choose whether or not to add the final review course. Ultimately, this a-la-carte structure means that whatever price you pay is decided by what you need.Â
Pro – Samples and Demos
UpperMark has a set of ten demos and samples, which can be helpful if you’re unsure whether the course is right for you. These freebies include a test course, flashcards, study handbooks, formula sheet, and test bank. Basically, all aspects of UpperMarks materials can be tried ahead of time before deciding on a purchase. This shows a great level of transparency that other companies may not share.
Con – Limited Live Content
Unfortunately, most of UpperMark’s content is on-demand instead of live. While competitors may focus on their live webinars, UpperMark instead developed their wide range of study and pricing options. Hence, they may not have all the bells and whistles of their competitors, but their courses are still a solid option.
Con – Overemphasis on Formulas
Some learners feel that Uppermark’s CAIA program leans too heavily on formulas and equations, often at the expense of broader, crucial topics. This intense focus might detract from a well-rounded understanding, leaving students well-versed in calculations but potentially underprepared for conceptual and application-based questions that are integral to the CAIA exam.
Bottom Line
UpperMark stands out with its flexible pricing and transparent samples, but it’s not without flaws. Its formula-heavy approach may overshadow crucial CAIA topics, and the limited live content paired with concerns over Qbank relevance makes it a mixed bag. While it has merits, potential users should consider the drawbacks before diving in.
Frequently Asked Questions
It’s commonly recommended that people study for 200 hours before the CAIA exam. However, that number can vary between students based on their experience level and study methods.
According to Payscale, CAIAs typically make around $109,000 as an annual salary.
The CAIA Association states that it will take you roughly 400 hours to study for and complete both levels of the CAIA exam. Ideally, you want to spend the majority of that time with a well-made test prep course that offers either online or in-person instruction.
CAIAs need either a bachelor’s degree in finance or four years of experience in the financial industry. This means you can feasibly become a CAIA before earning a college degree, although it’s still important for finding work in the industry.
Both certifications are commonly ranked as being as difficult as a master’s degree course. However, the CFA exam is split into 3 parts instead of 2, like the CAIA test. With that in mind, the CFA exam is the harder one.
CAIA memberships must be renewed every year before May 31.
Kenneth W. Boyd is a former Certified Public Accountant (CPA) and the author of several of the popular "For Dummies" books published by John Wiley & Sons including 'CPA Exam for Dummies' and 'Cost Accounting for Dummies'.
Ken has gained a wealth of business experience through his previous employment as a CPA, Auditor, Tax Preparer and College Professor. Today, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.
