As someone who’s reviewed these courses, I know that preparing for the Chartered Alternative Investment Analyst (CAIA) exam can feel overwhelming. With pass rates claimed to be dipping below 60%, having the right strategy is crucial to ensuring your success. Whether you’re tackling Level I or II, the right prep course can make all the difference.
But how do you choose the right course?
I’ll break down the top three CAIA prep courses—Kaplan Schweser, UpperMark, and Edge—each offering unique features that cater to different learning styles and budgets.
Let’s dive into what makes these courses stand out and how they can help you ace the CAIA exam.
CAIA Course Comparison
| Key Features |  |  |  |
|---|---|---|---|
| Comprehensive Study Notes |  | | |
| Practice Questions (QBank) | (900+) | (Extensive) | |
| Live Instruction |  | | |
| Self-Paced Learning | | | |
| Mock Exams | | | |
| Mobile Access | | Limited | |
| Personalized Support | (InstructorLink) | (Email My Professor) | (Live Sessions) |
| Price Range | $499-$999 | $499-$979 | $150-$400 |
| Learn More | Get Started | Get Started | Get Started |
1. Kaplan Schweser: Best Overall Course
If you’re preparing for the CAIA exam, you’ve probably come across Kaplan Schweser. It’s a big name in the world of exam prep and for a good reason. Known for its comprehensive study materials and various course options, Kaplan Schweser is a go-to choice for many CAIA candidates.
Kaplan Schweser offers three main course packages for the CAIA exams, catering to different needs and budgets. Whether you’re tackling Level I or Level II, you’ll find a package that fits your study style. I’ll go into each in detail:
Premium (On-Demand + Study Tools/Review) Package
For just $999, this option gives you everything: video lectures, study tools, review workshops, and much more. It’s ideal if you’re looking for a full-on CAIA prep experience with all the bells and whistles.
Kaplan’s CAIA study materials include:
- Schweser Notes
- Schweser Notes App
- Quicksheet
- QBank (question bank)
- InstructorLink for live help
- Community forum
- Topic quizzes
- Secret Sauce for final review
- Review workshop
“Kaplan all day. Pass the practice exams, and you will pass the exam easy.”
u/Jgree107
EssentialPlus (Study Tools/Review Only) Package
For those who don’t need InstructorLink or as many extras, this option still packs a punch. You’ll have access to most of the study materials Kaplan Schweser is known for, minus the live help and a few advanced features. For just $699, you’ll get access to:
- Schweser Notes
- Schweser Notes App
- QBank
- Community forum
- Topic quizzes
Essentials (Study Tools Only) Package
If you’re on a budget but still want solid materials, the Essentials package covers the basics. It’s a streamlined approach to CAIA exam prep, perfect for self-starters. For $499, you’ll have CAIA curriculum resources in the form of:
- Schweser Notes
- Schweser Notes App
- QBank
“I used Kaplan (premium) for both L1 and L2 and passed both on first try. Go through all, do all the questions, quizzes, etc.”
u/No_Helicopter10
Course Features
No matter which option you choose, Kaplan Schweser offers key features designed to help you prepare effectively for the CAIA exam. Here’s a closer look at what makes Kaplan Schweser stand out:
Schweser Notes
These study guides are the backbone of Kaplan Schweser’s CAIA prep. They condense the CAIA curriculum into easy-to-read chapters, so you’re not overwhelmed with information. Each section is clearly organized, making it simpler to retain key concepts like hedge funds, private equity, and venture capital. Schweser Notes are perfect if you want a straightforward breakdown of the material without diving too deep into technical jargon.
QBank
Kaplan Schweser’s QBank is one of its most valuable features, giving you access to 900+ practice questions that mimic the real CAIA exam. You can create customized quizzes based on topics you need to focus on, such as portfolio management or alternative investments. The questions are designed to challenge you and help reinforce what you’ve learned, preparing you for both Levels I and II of the CAIA exam. With options for timed sessions, you’ll also get used to managing your exam time effectively.
InstructorLink
InstructorLink is available in the Premium package and connects you directly with Kaplan’s industry experts. This CAIA feature allows you to ask questions, seek clarification, and get additional guidance when you’re stuck on a tricky topic. It’s like having a personal tutor on call, which can be a game-changer when navigating the more complex areas of the CAIA curriculum, like asset allocation or derivatives.
Secret Sauce
This quick-review tool is designed for those final weeks before the CAIA exam. Secret Sauce distills the most critical concepts into a concise format, making it easy to review key points and focus on areas that are most likely to appear on the exam. It’s a great resource for last-minute revision, helping you feel more confident as you head into exam day.
Study Plan
Kaplan Schweser’s customizable study plan is a lifesaver if you’re balancing a busy schedule with CAIA exam prep. Based on your exam date, it outlines a clear path to follow so you stay organized and don’t fall behind. You can adjust the plan as needed, whether you’re focusing on mock exams or reviewing specific sections like the CAIA Level II curriculum.
Review Workshops
These on-demand workshops provide a review of the material in the final stages of your study. Whether it’s watching video lectures or attending live sessions, the workshops reinforce key concepts and help ensure you’re fully prepared. They’re perfect for students who need that extra push in the last few weeks, focusing on the finer details of the CAIA exam content.
Pros
- All-in-One Study Package: Kaplan Schweser provides everything you need for CAIA exam prep, from detailed Schweser Notes to practice questions and mock exams. The QBank and essay prep questions are particularly effective for mastering the CAIA curriculum, and the practice exams closely resemble the real thing.
- Study on Your Own Terms: Kaplan’s flexibility is a huge plus. Whether you’re watching Greg’s videos on a treadmill or diving deep into the notes, you can adapt the study process to your lifestyle. The ability to rewatch the videos was a lifesaver for many, especially when tackling the more memorization-heavy sections of the exam.
- Engaging Community Support: Kaplan’s Community Forum is like having a study group on call. If you’ve got a question, chances are someone else has asked it, too, or you can post and get help directly. It’s a huge bonus when you’re deep in study mode and need quick feedback.
- Practice Makes Perfect: Kaplan’s QBank and mock exams give you an almost identical experience to the real CAIA exam. It’s a major confidence boost when you’re practicing with questions that feel like the real deal. Customizable quizzes let you zero in on specific topics, helping you stay on track and improve where it matters most.
- Tailored Quizzes for Focused Study: Kaplan’s ability to create custom quizzes is a game-changer. You can focus on areas you need to improve, like hedge funds or private equity, without wasting time on what you’ve already mastered. This level of customization helps maximize your study time.
Cons
- Minor Technical Hiccups: While Kaplan Schweser is generally reliable, there have been some minor technical glitches with the website. These issues don’t usually impact your overall prep experience, and Kaplan’s customer support is quick to resolve them. The comprehensive study materials more than make up for the occasional hiccup.
Bottom Line
I think Kaplan Schweser is the top choice if you’re serious about passing the CAIA exam. It offers flexible course options, realistic practice exams, and a strong support community, giving you everything you need to stay on track. The customizable quizzes and tailored study plans make it easy to focus on areas that need improvement, and the comprehensive resources like the QBank and Schweser Notes break down the material in a way that’s easy to digest. While there might be occasional technical glitches, the overall quality and support are more than enough to make it. If you’re looking for the best CAIA prep, Kaplan Schweser has you covered.
2. UpperMark: Best for Personalized Study Plans
If you’re looking for a more tailored approach to preparing for the CAIA exam, UpperMark offers advanced study materials and tools designed to help you succeed. Their suites are built as integrated learning systems, combining personal guidance with cutting-edge testing software to keep you on track. Whether you’re preparing for Level I or II, UpperMark provides everything you need in one place.
UpperMark offers four main suites for the CAIA exam, catering to various study preferences and budgets. Let’s break down each package:
Platinum Suite
For $979, UpperMark’s Platinum Suite is their most comprehensive package, offering everything from printed study handbooks to final review materials. This suite is perfect if you’re looking for full support and want to access all the tools available.
What’s included:
- Study Handbooks (Printed &/or e-Book)
- FormulaSheet (Printed &/or e-Version)
- TestBank Software (Web or Desktop)
- Flashcards (Printed &/or e-Cards)
- Final Review Package
- Study Calendar
- Email My Professor for expert guidance
- UpperMark Assurance for up to two years
Diamond Suite
For $849, the Diamond Suite gives you a strong foundation with UpperMark’s essential materials while keeping costs slightly lower. This option still includes comprehensive study tools but excludes the Final Review Package. You’ll have access to:
- Study Handbooks (Printed &/or e-Book)
- FormulaSheet (Printed &/or e-Version)
- TestBank Software (Web or Desktop)
- Flashcards (Printed &/or e-Cards)
- Study Calendar
- Email My Professor
- UpperMark Assurance for two exams
Premium Suite
Priced at $649, the Premium Suite is designed for those who want reliable study materials but don’t need as much hand-holding. You’ll still get access to UpperMark’s core resources without advanced support features like email guidance.
What’s included:
- Study Handbooks (Printed &/or e-Book)
- FormulaSheet (Printed &/or e-Version)
- TestBank Software (Web or Desktop)
- Flashcards (Printed &/or e-Cards)
- Study Calendar
- UpperMark Assurance for two exams
Base Suite
For $499, the Base Suite covers the essentials and is a great option for self-starters who are confident in their independent study skills. It includes printed or eBook study materials and basic software for practice questions.
What’s included:
- Study Handbooks (Printed &/or e-Book)
- FormulaSheet (Printed &/or e-Version)
- TestBank Software (Web or Desktop)
- Flashcards (Add-On)
- UpperMark Assurance for two exams
Pros
- Tailored Preparation for Both CAIA Levels: UpperMark’s study packages are designed to tackle the specific challenges of both CAIA Levels I and II. The materials dive deep into advanced concepts like complex calculations, ensuring you’re prepared for the toughest parts of the curriculum.
- Challenging QBank for Exam Confidence: The UpperMark QBank is known for its tough, exam-like questions that mimic the real CAIA exam. Many users appreciate that it pushes them to over-prepare, so they walk into the exam feeling confident and ready. As one user put it, “Uppermark without a doubt – the question bank was immensely helpful…”
- Versatile Study Formats to Fit Your Needs: Whether you prefer printed materials or eBooks, UpperMark offers both options to suit your preferences. For international students, the digital eBook format provides a cost-effective solution that bypasses expensive shipping fees.
- Two-Exam Guarantee for Extra Confidence: UpperMark’s two-exam guarantee offers students peace of mind by allowing additional support if they need to retake the exam, ensuring they’re not left stranded after the first attempt.
Cons
- Slow Customer Support Response: UpperMark has received mixed reviews about its customer service, with some students experiencing delays in receiving responses. This can be especially frustrating if you’re waiting on essential help with materials or tech support.
- Limited Mobile Accessibility: If you like to study on the go, UpperMark might disappoint. Their platform isn’t fully optimized for mobile devices, which can be a drawback for those who rely on studying during commutes or in between activities.
Bottom Line
UpperMark is a solid choice for CAIA candidates who prefer a more tailored and in-depth approach to their exam prep. Its comprehensive study materials, challenging QBank, and flexible format options ensure you’re well-prepared for both CAIA Levels I and II. The two-exam guarantee provides added peace of mind, making UpperMark an attractive option for those seeking thorough preparation. While they are known for slow customer support and have limited mobile accessibility, the overall quality of the content and resources makes UpperMark a dependable choice for serious CAIA candidates.
Edge Designations: Best for Live Classes
If you’re looking for CAIA prep that gives you live classes and great revision support, Edge might be exactly what you need. They’ve got a bunch of packages that work with different learning styles, so you can easily find what fits you.
The big standout here?
They offer live Zoom sessions, detailed notes, and a full-on revision course to make sure you’re ready to crush the CAIA exam. It is important to note that they do not advertise a pass assurance on their website. So, if you use this solo course and fail, you’re on your own.
Edge gives you several course and price options to match your study style. These include:
Option 1 – Online + Zoom Program
For just $400, this program combines recorded classes with live Zoom sessions, so you get the flexibility of self-paced learning with the perks of live interaction. You get:
- 44 recorded online classes
- 6 to 7 live Zoom sessions
- A full set of EDGE notes
- Practice questions
- A handy formula sheet
Option 2 – Online Program
If you’re more of a self-study person, this $300 Edge option is all about going at your own pace without the live Zoom classes. It includes:
- 44 recorded online classes
- Full set of EDGE notes
- Practice questions
- Formula sheet
Option 3 – Revision & Exam Program
Need a serious review? This $150 program is designed to walk you through the whole syllabus again and get you exam-ready with practice tests and feedback. Here’s what you get:
- Two 8-hour revision courses
- Six practice exams
- A formula sheet
- Exam feedback
- Revision course notes
Extras
- Q-bank: Tons of practice questions with feedback to help you learn from mistakes.
- Full set of notes: Do you just need notes? This option lets you buy all the study notes on their own.
- Practice exams: Three full-length exams to really sharpen your skills.
- Note: These extra add-ons typically run an additional $100 to $125, depending on the package.
Pros
With Edge, you’ve got plenty of options to fit how you like to study. Whether you want live classes, recorded sessions, or a focused revision course, they’ve got something for everyone.
- Seamless Learning with Live Courses: Edge’s live courses are perfect for students who thrive on real-time interaction. The live Zoom sessions offer a structured way to grasp the material, ask questions, and get immediate feedback, making it easier to understand challenging topics before moving on to independent study.
- Direct Access to an Engaged, No-Nonsense Teacher: Russell, the driving force behind Edge, is known for being incredibly responsive and straightforward. As one user put it, “Russell is a game changer. He is so responsive, gives it to you straight. Makes the material really digestible.” His teaching style makes tough concepts easier to understand and keeps you on track.
- Early Access to Study Materials: Edge releases its study materials earlier than most competitors, giving you more time to prepare. This head start is especially valuable for those who want to get a jump on their study schedule and avoid last-minute cramming.
- Perfect for Lecture Lovers: Edge is ideal if you learn best from lectures. Their live Zoom sessions and recorded classes make the material easy to follow and break down the more complex parts of the CAIA curriculum. It’s great for students who want interactive and clear explanations.
- Seamless First-Pass Review with QBank: While some users found UpperMark’s QBank more challenging, Edge’s QBank excels for the first pass after reading the material. It’s a helpful way to reinforce what you’ve learned before diving into more difficult practice questions.
Cons
- Material May Feel Too Simplified for Some: While Edge is praised for making complex concepts digestible, some users might find the material a bit too simplified compared to other providers. If you’re looking for a real challenge, their approach may not push you as hard as UpperMark’s more rigorous QBank.
- Heavier Focus on Lectures Over Practice: If you’re someone who prefers practice questions over lectures, this provider might not be the best fit. Their strength lies in their instructional approach, but some students may want more practice-oriented learning.
- Limited Depth in QBank for Advanced Prep: While this QBank is great for initial review, the review course may not offer the deeper, more challenging questions needed for advanced preparation. One user noted that “UM is much more challenging which helps to prepare better for the actual exam.” If you’re aiming to thoroughly test your knowledge, you might find EdgeEs QBank lacking in comparison.
Bottom Line
If you’re looking for a prep course that’s clear, flexible, and led by a highly responsive instructor, Edge by Russell is a fantastic option. With early access to materials, engaging live sessions, and an approachable teaching style, Russell breaks down the CAIA curriculum in a way that makes it easier to digest. While it may not be as rigorous as some other providers in terms of practice questions, Edge’s lectures and support are ideal for those who prefer a structured, interactive approach. If you want a course that balances ease of understanding with solid revision, Edge is a smart choice for your CAIA journey.
Kaplan + UpperMark + Edge: The Ultimate CAIA Prep Combo
I want to share my ultimate CAIA recommendation: combine KS, UM, and Edge. Kaplan Schweser is known for its comprehensive and well-structured study materials, including its detailed Schweser Notes and practice exams. However, many candidates find that UpperMark’s QBank offers an edge with more challenging, exam-like questions.
By pairing Kaplan’s top-tier course materials with UpperMark’s highly regarded QBank, you’ll be giving yourself a well-rounded and thorough preparation for the CAIA exam. As one user put it, “I used the KS books and both KS and UM test banks. The UM test bank was vastly better with questions more like the actual exam. I would recommend KS books and UM test bank, but I know that might cost more being unbundled.”
While this approach may involve a higher investment, the combination of Kaplan’s structured learning resources and UpperMark’s challenging practice questions can make all the difference in helping you feel fully prepared. If you want to maximize your chances of passing the CAIA exam on your first attempt, combining these two prep giants is a powerful strategy. I suggest starting with Kaplan test prep and then taking on UpperMark for Chartered Alternative Investment Analyst practice.
If you have a little more money in your budget, snag Edge for their lectures. One user explained it this way, “Get Kaplan material and Q bank, EDGE online lectures (Russell and his team post video lectures and give you notes) truly the best thing I used that helped it all make sense; UPPERMARK q bank…”
Final Thoughts
Whether you choose Kaplan Schweser for its all-in-one study package, UpperMark for its rigorous QBank and tailored approach, or Edge for live, interactive classes, each provider offers strong tools to help you succeed on the CAIA exam. Your choice will depend on your study style and budget, but no matter which route you take, you’re setting yourself up for success with any of these top prep courses. If you can combine the strengths of all three, you’ll have a well-rounded, unbeatable CAIA prep strategy.
FAQ
No. While the CAIA Association provides core study materials, they often aren’t enough on their own to ensure exam success. Many candidates find it helpful to use additional resources like Kaplan Schweser, UpperMark, or EDGE, which offer in-depth study materials, mock exams, and question banks. These add-ons provide the extra preparation needed to master the CAIA curriculum and confidently pass the exam.
We break down top options like Kaplan Schweser, UpperMark, and EDGE to help you choose the best CAIA study materials for your prep.
Kaplan Schweser’s practice exams closely mimic the CAIA curriculum, giving you realistic exam prep.
For CAIA Level II, candidates benefit from a strong combination of video lectures, QBank practice questions, and final review courses.
Some providers, like Kaplan Schweser, offer access to practice exams and other test prep resources, but it’s important to check if a free trial is available.
If you prefer self-study, consider courses with comprehensive study materials, like those from Wiley CAIA, while live instruction options may be better for more guided exam preparation.
