CAIA Level II Results 2025: Are You Charter-Ready?

CAIA Level II Results 2025: Are You Charter-Ready?

Completing the CAIA Level II exam marks a critical turning point in your journey to becoming a Chartered Alternative Investment Analyst. For candidates sitting the exam in 2025, the post-exam period is filled with anticipation, reflection, and preparation for the next major step—receiving your results and, potentially, earning the right to apply for the CAIA Charter. This article outlines what you can expect during the waiting period, how results are communicated, what they mean, and what happens next.

When Will CAIA Level II Results Be Released in 2025?

Candidates can generally expect their CAIA Level II results to be released within three to six weeks after the exam window closes. Historically, most results are published around 21 to 28 days post-exam.

If you completed your exam during the March 2025 window, which ends mid-month, you can anticipate receiving your results between early to mid-April. For the September 2025 window, expect results between early to mid-October. While there are no fixed release dates, the consistency of prior cycles provides a reliable expectation.

How Will You Receive Your Results?

You’ll be notified by email once your results are ready. This message will direct you to log in to your CAIA account to view your official outcome. Results are not included in the email body, ensuring confidentiality and consistency in delivery.

Ensure your CAIA profile has an up-to-date email address and check your spam or promotions folder if you haven’t seen a message within the expected timeframe.

What Will Your Result Look Like?

CAIA Level II results are displayed as either "Pass" or "Did Not Pass." Unlike other exams that may offer a numerical score, CAIA focuses on performance categorization to maintain clarity and consistency across test administrations.

Alongside your pass/fail status, you'll receive a diagnostic performance breakdown for key topic areas, such as:

• Ethics, Regulations, and ESG

• Advanced Portfolio Management

• Due Diligence and Risk Management

• Structured Products and Private Assets

• Manager Selection and Oversight

Performance in each area is reported as:

• Higher than Most Candidates

• Comparable to Most Candidates

• Lower than Most Candidates

This information is especially valuable if you did not pass, as it provides guidance on areas to improve for future attempts.

Recent Pass Rate Trends for Level II

Unlike Level I, CAIA Level II pass rates have been on a gradual upward trend. This may reflect a more focused candidate pool and the deepening understanding required to pass the final exam.

Here is a snapshot of recent pass rates:

• March 2020: 81%

• September 2020: 65%

• March 2021: 59%

• September 2021: 58%

• March 2022: 58%

• September 2022: 57%

• March 2023: 61%

• September 2023: 65%

• March 2024: 59%

• September 2024: 60%

As of late 2024, the Level II pass rate has stabilized around 59–60%, providing encouragement to well-prepared candidates going into the 2025 exam cycle.

What Happens If You Pass?

If you pass the CAIA Level II exam in 2025, you are eligible to apply for the CAIA Charter—an achievement that sets you apart in the world of alternative investments.

To complete the process, you must:

1. Submit proof of qualifying professional experience:

   • At least one year of experience in the financial industry with a bachelor's degree, or

   • Four years of experience without a bachelor's degree.

2. Agree to the CAIA Member Agreement and Code of Ethics.

Once your documentation is verified and approved, you’ll be awarded the CAIA Charter and can begin using the designation professionally.

What If You Didn’t Pass?

Receiving a "Did Not Pass" result can be discouraging, but it’s important to recognize the significance of what you’ve already achieved. Level II is a complex exam, and not passing does not define your capabilities—it simply highlights an opportunity to refine your approach.

Review the diagnostic breakdown and identify areas that were marked "Lower than Most Candidates." You may find it helpful to adjust your study plan, extend your prep time, or explore alternative prep providers with updated materials for the next cycle.

You can re-register for the next exam window and continue progressing toward your goal. Many successful charterholders required multiple attempts to pass Level II.

What to Do While Waiting for Results

The post-exam window can feel long, but it’s an excellent time to stay engaged and productive:

• Stay Current: Keep up with trends in hedge funds, private equity, ESG, and digital assets.

• Expand Your Network: Engage with fellow candidates and charterholders via LinkedIn or industry events.

• Plan Ahead: Begin organizing your CAIA Charter application materials if you’re confident you passed.

• Reflect: Assess your exam experience to identify strengths and areas for improvement.

Final Thoughts

Waiting for CAIA Level II results in 2025 is a pivotal moment—filled with a mix of anxiety, hope, and ambition. Whether you’re on the verge of becoming a Charterholder or preparing for a retake, this milestone signifies your commitment to mastering the complexities of alternative investments.

If you pass, you’re ready to take your place among a global network of investment professionals who hold the CAIA designation. If you don’t, you’ve still advanced your knowledge and gained critical insights that will serve you well in your next attempt—and throughout your career.

Whichever path your result reveals, you’ve come a long way. Stay focused, stay informed, and stay charter-ready.