Level I runs in two windows in 2027: 1 March to 12 March 2027 and 30 August to 10 September 2027. It is sat at test centres.
March 2027 window
1 March to 12 March 2027
September 2027 window
30 August to 10 September 2027
Where
Test centres; online proctoring by exception only
Curriculum
The 2027 curriculum, for both windows
Registration for each window
Window
Registration opens
Early deadline
Registration closes
March 2027
12 October 2026
7 December 2026
1 February 2027
September 2027
12 April 2027
7 June 2027
2 August 2027
Choosing a window
CAIA Association recommends at least 200 hours of study for each level, so count back from the window you want.
Registering by the early deadline saves US$400 on the exam fee.
Both 2027 windows use the 2027 curriculum, with the same six Level I topics.
Try 4 questions
Question 1Risk and performance measures: Sharpe, Sortino, drawdown, VaR, alpha
A fund of hedge funds earned an average annual return of 11% with a standard deviation of 16% and a beta of 1.25. The risk-free rate was 3%. Its Sharpe ratio is closest to:
Question 2Buyouts and private equity investing: structure, returns and fees
A new private equity fund reports a negative since-inception IRR after its first two years, although its managers expect strong results. Which explanation is MOST consistent with the J-curve?
Question 3Macro and managed futures
Which description BEST fits a discretionary global macro fund?
Question 4Real estate: valuation, debt, equity, styles and indices
An apartment building has potential gross rent of $1,200,000 a year, expected vacancy of 5% of potential rent, other income of $30,000, operating expenses of $400,000 and annual mortgage payments of $300,000. Its net operating income is closest to: