CAIA exam format: questions, time and scoring

Know what happens in each timed section

Both CAIA levels allocate 260 minutes to exam content, split into two 130-minute sections. Level I has 100 MCQs in each section. Level II has 100 MCQs first and three constructed-response sets second. Check-in and the tutorial add time to the appointment, and an optional 30-minute break sits between the sections.

Practise the section boundary as well as individual questions. Review flagged work before ending the current section; do not build a strategy around revisiting it after moving on. Finishing one task quickly should create room to check that section’s work, not an assumption that the official timing structure can be freely rearranged.

What an MCQ asks you to do

A question may require a definition, a calculation, a comparison or an applied decision. Read the requested quantity or action first, identify the relevant facts and select the method. Answer choices can help you detect a unit or sign error, but they should not replace a defensible setup.

For example, a question about distributions relative to paid-in capital asks for DPI, even if residual NAV is also supplied. A question about total value asks for TVPI. The same facts can therefore support different correct calculations. Practising that distinction is more useful than assuming every question in a private-equity block asks for one familiar ratio.

Rehearse a first pass and a review buffer

A 100-question section gives an arithmetic average of 78 seconds per question. That is not an official limit on any one item. Some conceptual questions take less time and some calculations take more. Use checkpoints to notice a pacing problem while there is still time to respond.

Try answering accessible questions on the first pass and flagging unresolved work for review. In a practice debrief, identify whether slow method selection or slow execution caused the delay. Do not spend the same amount of time on every item merely to satisfy an average. The checkpoints below are illustrative and include no promise about a passing result.

Level II writing has a different time demand

Constructed response requires producing an answer rather than selecting one. A set can contain several requested outputs, such as a calculation, explanation and justified recommendation. Read the commands and organize the response so each requested output is identifiable. Concise reasoning can be more effective than a long general essay.

The written section carries 30% of exam weight while receiving 130 minutes, just like the MCQ section. Do not translate the weighting into a 30% share of study time or treat it as the passing threshold. Rehearse the whole written section and use the observed demands to adjust your preparation.

• See complete written-response examples

Practise the interface and appointment sequence

Use the official exam demo and sample resources to become familiar with the response environment before the appointment. The goal is to reduce avoidable uncertainty about moving through tasks and reviewing work. A third-party question bank can teach methods without reproducing every feature of the official interface.

Plan for the optional break and return on time. The handbook states that an overlong scheduled break reduces time available for the second section. Keep identification, approved calculator checks and test-center logistics in your exam-day checklist rather than discovering them during the final rehearsal.

• Prepare for the complete appointment