The CAIA exam is a 5-hour test: 2 two-hour exam sections and 1 hour of optional break.
In Level 1, both sections comprises of 100 multiple choice questions (altogether 200 questions). In Level 2, the first section is multiple choice, followed by essay type questions formally known as the constructed response.
1. Multiple Choice Questions
Multiple-choice questions have 3 or 4 answer choices and ask for the BEST answer to the
question. Questions from same topic are grouped together.
The exam is graded positively, which means that no penalty is given to incorrect answer. As
a basic exam tactic, never leave a blank answer.
2. CAIA Exam Level 2 Essay Questions
Candidates are asked to type in the answer on computer. Because of this, the content should be in text and should not include charts and tables.
Unlike other professional exams (e.g. CPA) in which technical writing skill is evaluated, the CAIA exam essays do not take into account grammar, spelling and overall sentence structure. This would mean that the content itself is very important.
Candidates are generally expected to write 3-5 major points. Each point should be presented by 1-2 paragraphs. Candidates are also expected to follow the instruction closely. For example, if asked to provide 3 examples, then 3 examples should be presented (extra examples will not be counted).