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% | - |
| Real Estate | 10-15% | 10-15% |
| Hedge Funds | 20-25% | 15-25% |
| Commodities and Managed Futures | 10-15% | 15-20% |
| Private Equity | 10-15% | 10-15% |
| Credit Derivatives | 10-15% | - |
| Current and Integrated Topics | - | 20-30% |