For the CFA exams, there is a huge difference between “explain” and “calculate”

Should I assume that this is also the case with CAIA exams?

For example:

L.O. 5.65 Understand the process and implications of calculating inflation hedge ratios

If I understood this correctly, then we would not need to memorize the formula to calculate the inflation hedge ratio. However, Schweser has a couple EOC problems involving the formula.

You shouldn’t have to memorize the formula but in general, know the relationships involved. I would be surprised if CAIAA put a complex formula on the test. But if the formula is relative straight forward, then expect to have to do a calculation on the exam.

i am taking level 2 and basically going by the learning objective… potentially any LO can be made into a question or “essay” so it basically outlines the exam