Exam Structure

The CAIA examinations are offered semi-annually, giving candidates the opportunity to complete the CAIA program within a single year. The exams are administered by computer at testing centers around the world.

Level I

  • The Level I exam is composed of 200 multiple-choice questions. As described in the Level I Study Guide, the Level I exam covers:
    • Professional Standards and Ethics
    • Alpha and Beta Drivers
    • Real Estate
    • Hedge Funds
    • Commodities and Managed Futures
    • Private Equity
    • Credit Derivatives

Level II

  • The Level II exam is composed of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions. All Level II topics may be tested in multiple-choice format, constructed-response format, or both formats. As described in the Level II Study Guide, the Level II exam covers:
    • Professional Standards and Ethics
    • Private Equity
    • Commodities and Managed Futures
    • Real Assets
    • Hedge Funds
    • Structured Products
    • Asset Allocation and Portfolio Management
    • Risk and Risk Management
    • Manager Selection, Due Diligence, and Regulation
    • Research Issues and Current Topics

The exam session is divided into several parts, as illustrated below. Each exam begins with an administration period during which you will be presented with a Nondisclosure Agreement and a tutorial, which explains how to navigate the exam on the computer. Each exam is divided into two sections, separated by an optional break. After you complete each section, you will have time to provide comments about the exam.

Level I Level II
Nondisclosure Agreement 5 minutes 5 minutes
Tutorial 5 minutes 5 minutes
Section 1: in both Level I and Level II, 100 multiple-choice questions 120 minutes 120 minutes
Comment Period (optional) 10 minutes 10 minutes
Break (optional) 30 minutes 30 minutes
Section 2: in Level I, 100 multiple-choice questions; in Level II, 3 sets of constructed-response questions 120 minutes 120 minutes
Comment Period (optional) 10 minutes 10 minutes
Total Exam Session Time 5 hours 5 hours