CAIA Level I · Live

The most comprehensive
CAIA Level I mock exam bank.

2,500+ exam-style questions across all eight topics. Full explanations for every option. Built by CAIA charterholders and aligned to the 2026 curriculum. Three practice modes: full mock, half mock, or targeted drills.

Launch price $199 $149 — a fraction of the price of full course providers, without paying again for lectures and notes when all you need is serious practice.

One payment. Lifetime access. No subscription.

Try 10 Free Sample Questions

Select an answer to see the explanation.

Question 1 of 10Hedge Funds

A hedge fund manager's compensation includes a 2% management fee and a 20% performance fee above a 5% hurdle rate, with a full catch-up provision. If the fund returns 14% in a given year, what is the most accurate description of how the performance fee is calculated?

What's included

2,500+ questions

Enough for 12–13 full mock sittings. Questions distributed across all eight curriculum topics proportionally to exam weightings.

Every wrong answer explained

Each question has a detailed explanation for all four options — not just the correct one. Understanding why you're wrong is what makes you right on exam day.

Built by charterholders

Written by CAIA charterholders, not a generic question-writing team. The content reflects how the exam actually tests the material.

Three practice modes

Full mock exam, half-length mock, or targeted drill by topic — so you can practise in whatever format fits your schedule and preparation stage.

Section-level results breakdown

After every mock, see exactly where you're strong and where you're dropping marks — by topic. So you can focus your remaining prep time where it counts.

All eight topics covered

Ethics & Professional Standards~10%

Introduction to Alternative Investments~25%

Real Assets~15%

Private Equity~15%

Private Debt~10%

Hedge Funds~15%

Digital Assets~5%

Funds of Funds~5%

Why MockSmith?

CAIA

Sample exam only
~100 questions
No drill mode
Free

MockSmith

2,500+ questions
12–13 full mocks
Full + drill modes
$199 $149

Kaplan / Uppermark

Large question bank
Full study course
Lectures, notes and question banks bundled together
$700–800+

Ready to start practising?

Join candidates who chose the smarter way to prepare for CAIA Level I.