Sign up  |  Log in

About the CAIA Program

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%