Changes›CAIA›2026 changes
In effect: 2026 exam cycle
CAIA

CAIA 2026: Ethics Overhaul (Proprietary CAIA Principles Replace CFA Code)

For the first time, the CAIA Association is testing a proprietary Ethics framework — the CAIA Principles — replacing the CFA Institute Code and Standards that CAIA had borrowed for decades. The 2026 exam cycle is the first administration with the new framework. Other content (alternative investments fundamentals, real assets, hedge funds, private equity, structured products) is largely unchanged. This page covers what's new in Ethics, what stayed the same, and the migration path for 2025 candidates carrying forward to 2026.

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Retaking on the new CAIA? Failed before the transition, sitting after? See the cram + retaker plan.See cram plan

What's changing

5 change items

CAIA Principles replace CFA Code and Standards in Ethics

Major

CAIA published its own Principles covering integrity, due diligence, fairness, transparency, and stewardship in alternative investments. The Principles are tailored to alts-specific contexts: GP-LP relationships, valuation in illiquid markets, conflicts in fund-of-funds structures.

Who this affects

Every CAIA candidate in 2026 and beyond. Especially relevant for CFA charterholders who relied on prior CFA Ethics knowledge to pass CAIA Ethics.

What to do

Study the new CAIA Principles from scratch — do not assume CFA Ethics knowledge transfers. Vocabulary and case examples differ.

Alts-specific case studies replace cross-reused vignettes

Moderate

Ethics items now use case studies built around hedge fund, PE, real estate, and infrastructure scenarios — closer to what CAIA candidates actually do in practice.

Who this affects

Candidates who memorized CFA Ethics vignette patterns.

What to do

Practice CAIA-published sample cases. The pattern recognition that worked on CFA Ethics doesn't carry directly.

Curriculum Companions unchanged structurally

Minor

CAIA continues to publish full Curriculum Companion PDFs with per-chapter learning objectives at caia.org. The publication format is unchanged — only the Ethics section content is new.

Who this affects

Nobody on the publication-format side.

What to do

Continue using CAIA Curriculum Companions as your primary source. Verify the Ethics section is the 2026 edition.

Level I and Level II Ethics both updated

Major

Both Level I (foundations) and Level II (integrated case study + constructed-response) Ethics sections use the new CAIA Principles. Level II Ethics still requires written responses with the new framework.

Who this affects

Level II candidates especially — the written-response framework changes how to structure answers.

What to do

Practice writing Level II responses using CAIA Principles vocabulary. Old CFA-style answer structures may lose points.

Non-Ethics content largely unchanged for 2026

Minor

Alternative investments fundamentals, real assets, hedge funds, private equity, structured products, and asset allocation all continue from the prior syllabus with normal annual refinements only.

Who this affects

Nobody on the non-Ethics side.

What to do

Continue using your 2025 materials for non-Ethics content. The Ethics chapter is the only material rewrite.

Old vs new at a glance

Side-by-side comparison of what shifted and what stayed the same. Use this for a fast sanity check on your prep materials.

AreaOldNew
Ethics frameworkCFA Code and Standards (borrowed)CAIA Principles (proprietary)
Ethics case studiesCross-reused from CFA materialsAlts-specific (HF, PE, real assets, infra)
Level I Ethics weightPer CAIA blueprintPer CAIA blueprint (unchanged)
Level II Ethics formatIntegrated case + CRIntegrated case + CR (new framework)
Non-Ethics content2025 syllabus2026 syllabus (minor refinements)
Curriculum CompanionsPublic PDFs at caia.orgPublic PDFs at caia.org

What to do based on your exam date

Advice diverges sharply depending on when you sit. The branches below cover the standard cases plus the overlap case (retakers caught between the old and new versions).

Sat CAIA Level I or II in 2025

You sat the CFA-borrowed Ethics framework. If you passed, no change — your charter or level credit stands. If you failed, your retake in 2026 uses the new CAIA Principles framework, and prior memorization of CFA Ethics no longer directly applies. Treat Ethics as net-new content for retake.

Sitting CAIA in 2026 or after

Study the CAIA Principles from CAIA's 2026 Curriculum Companions. If you're a CFA charterholder, do not assume your CFA Ethics knowledge transfers. CAIA case studies are alts-specific and the vocabulary differs.

2025 Level I pass + 2026 Level II first attempt

You passed Level I under CFA-borrowed Ethics. Your Level II sitting in 2026 uses the new CAIA Principles framework, including the Level II written-response section. Practice writing CR-style responses using the new framework — this is the highest-leverage CAIA Level II prep activity in 2026.

Your transition checklist

Walk this list before your next study session. It is short and concrete.

Download CAIA's 2026 Curriculum Companions (free public PDFs at caia.org).

Read the new CAIA Principles section carefully — do not skim assuming CFA Ethics overlap.

Practice the CAIA-published sample Ethics cases under timed conditions.

If sitting Level II: practice constructed-response answers using CAIA Principles vocabulary.

Continue using 2025 non-Ethics materials with normal annual refinements only.

If a CFA charterholder: explicitly de-prioritize CFA Ethics vignette patterns — they no longer fit.

Related on exclam.ai

CAIA home
All 2026 changes

CAIA 2026 questions

Why did CAIA change Ethics now?

CAIA Association framing: the borrowed CFA Code didn't fit alts-specific contexts (GP-LP dynamics, illiquid valuation, fund-of-funds conflicts). The CAIA Principles are tailored to what CAIA holders actually do.

Does CFA Ethics knowledge help at all?

Marginally. Both frameworks share concepts (fiduciary duty, integrity, transparency). But the CAIA Principles use different vocabulary, different case-study contexts, and partly different rules. Treat them as different frameworks with conceptual overlap, not as variants of the same thing.

Did Level I content (Foundations) change?

Only the Ethics section materially. Non-Ethics Level I content (alternative investments fundamentals, real assets, hedge funds, private equity, structured products, asset allocation) carries forward from 2025 with normal annual refinements.

Are Schweser/Kaplan CAIA materials updated for 2026?

CAIA prep is a smaller market than CFA. UpperMark and Kaplan are the dominant third-party providers and both updated for 2026. Verify your edition before relying on it. CAIA's own Curriculum Companions are always authoritative.

How much extra Ethics prep time for the new framework?

Plan 15–25 hours specifically on Ethics if you're a non-CFA candidate, 20–30 hours if you're a CFA charterholder (because you need to unlearn CFA-specific patterns).

Source

All change items above are paraphrased from the public CAIA Curriculum Companions (public). Verify directly before committing your study plan.

CAIA Curriculum Companions (public)

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