CAIA Level I Exam Results 2025: What to Expect After the Exam

Completing the CAIA Level I exam is a major achievement, but once you exit the testing center or log out of your online session, another phase begins—the waiting period for results. In 2025, CAIA candidates can expect a streamlined results process, but the anticipation remains as intense as ever. Understanding the results timeline, format, and implications will help you stay informed, manage expectations, and plan your next steps strategically.

How Long Does It Take to Get CAIA Level I Results in 2025?

The CAIA Association typically releases exam results within three to six weeks after the exam window closes. While the organization does not commit to an exact date, past cycles suggest most candidates receive their results around 21 to 28 days after their exam window ends.

For the March 2025 exam window, for example, if the final day of testing is March 15, candidates can expect to receive their results sometime between April 5 and April 12, 2025. It is advisable to monitor your email closely during this period, especially the inbox associated with your CAIA profile.

How Will You Be Notified? CAIA Level I Exam Results 2025 , CAIA Level 1 , CAIA Level 1 Exam Results

You will receive an email from the CAIA Association informing you that your results are available. The message will not contain your actual score or pass/fail status—instead, you’ll be directed to log in to your account on the CAIA website. From there, you can view your official result and performance breakdown.

Make sure your contact information is current, and check your spam or promotions folder to ensure you don’t miss the results notification. Many candidates recommend setting a calendar reminder around the three-week mark after your exam. CAIA Level I Exam Results 2025 , CAIA Level 1 , CAIA Level 1 Exam Results

Understanding the Result Format

The CAIA Level I exam results are presented in a binary format: “Pass” or “Did Not Pass.” You will not receive a numerical score or percentile rank. However, to give you more insight into your performance, your results will include a diagnostic report.

This report breaks down your performance into several topic areas, such as:

• Professional Standards and Ethics

• Introduction to Alternative Investments

• Real Assets

• Hedge Funds

• Private Equity

• Structured Products

• Risk and Portfolio Management

Each topic area is categorized as:

• Higher than Most Candidates

• Comparable to Most Candidates

• Lower than Most Candidates

This comparative format is designed to help you understand your relative strengths and weaknesses. If you did not pass, this feedback is essential for guiding your study plan for the next exam cycle.

What Is the Passing Score?

The CAIA Association does not publish a specific minimum passing score. Instead, each exam's passing standard is determined through psychometric analysis. This ensures fairness across different exam administrations, though it also means there is no guaranteed score threshold.

That said, understanding historical pass rates can offer context. In recent years, CAIA Level I pass rates have shown a downward trend, reflecting either increased participation or inadequate preparation among a growing candidate pool.

CAIA Level I Exam Pass Rates by Session:

• March 2020: 54%

• September 2020: 52%

• March 2021: 54%

• September 2021: 51%

• March 2022: 49%

• September 2022: 49%

• March 2023: 45%

• September 2023: 48%

• March 2024: 46%

• September 2024: 45%

As evident, pass rates have declined from the mid-50s in 2020–2021 to mid-40s in 2023–2024. This trend emphasizes the increasing competitiveness and difficulty of the exam, and highlights the need for robust preparation strategies going into 2025.

What Happens If You Pass?

If you pass the Level I exam, congratulations—you are halfway to earning the CAIA Charter. Your next move is to begin preparing for the Level II exam, which dives deeper into application and analysis of alternative investments.

Level II exams are offered in March and September. Depending on your schedule and confidence level, you may choose to sit for the next exam window or wait for the following one. Regardless, passing Level I in 2025 puts you in a strong position to become a charterholder within the next year.

You will not yet be a CAIA member after passing Level I. Full membership and use of the CAIA designation only come after completing Level II and fulfilling the experience requirements.

What If You Didn’t Pass?

It’s disappointing, but not uncommon. With recent pass rates hovering between 45%–49%, nearly half of all candidates don’t pass on their first attempt. What matters most is how you respond.

Use the performance breakdown to identify areas where you scored "Lower than Most Candidates." Focus your next study plan around those sections, and consider changing your study approach or provider if needed.

You are eligible to re-register for the next available exam cycle. Some candidates choose to take a brief break before resuming their studies, while others dive right back in with a fresh plan. The choice depends on your availability, mindset, and how close you were to passing.

How to Stay Productive While Waiting for Results

Although it’s tempting to take a complete break after the exam, the waiting period is a valuable time to reflect and prepare:

• Review Concepts: Lightly review core topics so the material stays fresh, especially if you plan to proceed to Level II soon.

• Engage with the Industry: Follow financial news, attend webinars, or read up on emerging trends in alternative investments.

• Network: Connect with other candidates or professionals through platforms like LinkedIn or CAIA-sponsored events.

• Plan Ahead: Begin thinking about your timeline for Level II or a potential retake. Even without knowing your result yet, a rough roadmap helps reduce decision fatigue when the results arrive.

Final Thoughts

Waiting for your CAIA Level I results in 2025 can be both exciting and stressful. However, staying informed and proactive during this period can set you up for long-term success. Whether this was your first attempt or one of several, the exam is a stepping stone toward a globally respected credential in alternative investments.

The CAIA journey doesn’t end with Level I—but this first milestone is a major accomplishment. As you await your results, remember that passing is only one part of a much broader commitment to professional excellence and lifelong learning.

Stay focused, stay positive, and get ready for what comes next.