I'm not going to sugarcoat it: I bombed Level 1 twice before passing on my third attempt. First time I scored a 62% when you need a 70%, second time a 68%. Both times I walked out thinking I'd probably passed. That gap between "feels fine" and "actually ready" is real with this exam.
What changed on attempt three was ditching the textbook-only approach. I started drilling with a CAIA practice test almost every day for the last six weeks, timing myself and reviewing every wrong answer instead of just checking the score. The item sets on alternative investments — hedge funds, private equity structures, real assets — kept tripping me up until I understood the why behind each answer. I also finally got a study guide that organized the curriculum by theme rather than chapter, which helped me see connections I'd missed.
For anyone currently in the thick of it: how many practice questions are you doing per week? And are you studying Level 1 and 2 at the same time, or fully sequential? I'm thinking about Level 2 now and trying not to repeat my mistakes.