The CAIA exams are held twice per year, in March and September. Each exam is administered in two 120-minute sessions with a 30-minute break in between. The Level I exam consists of 200 multiple choice questions. The Level II exam consists of both multiple choice and essay questions.
CAIA Exam Topic Weights
|Topic||Level I||Level II|
|Professional Standards and Ethics||15-20%||10-15%|
|Introduction to Alpha Drivers and Beta Drivers||10-15%||-|
|Commodities and Managed Futures||10-15%||15-20%|
|Current and Integrated Topics||-||20-30%|