CAIA® 2027 Exam Changes: New Topic Weights for Level I and Level II
The CAIA Association® has finalized the topic weights for the 2027 CAIA exam cycle. The largest structural change is at Level I, where Funds of Funds is no longer a standalone topic area, which brings Level I to seven topics. Level II keeps its two-part format and publishes updated multiple-choice and constructed-response weight ranges.
This guide lays out the finalized 2027 weights for both levels and what they mean for how to study. FreeFellow is a licensed CAIA Association® Preparatory Program Provider, and its materials are supplemental to the official CAIA Curriculum. Studying the curriculum issued by CAIAA remains essential to exam success.
Weights are the approximate ranges CAIA publishes for each topic. The exam is built to land within these bands, so treat them as study-time guidance, not a fixed question count.
CAIA Level I 2027 Topic Weights
Level I is a 4-hour, 200-question multiple-choice exam. For 2027 it is organized into seven topic areas:
| Level I Topic (2027) | Approximate Exam Weight |
|---|---|
| CAIA Ethical Principles | 7% to 13% |
| Introduction to Alternative Investments | 21% to 27% |
| Real Assets | 16% to 22% |
| Private Equity | 8% to 14% |
| Private Debt | 10% to 16% |
| Hedge Funds | 15% to 21% |
| Digital Assets | 3% to 9% |
The headline change: Funds of Funds is no longer a standalone Level I topic. In the current cycle it is a small topic area in the low single digits; for 2027 its content is folded into the related strategy topics. Introduction to Alternative Investments stays the single largest area, and Real Assets and Hedge Funds carry two of the widest ranges, so both reward steady coverage rather than last-week cramming.
If you are studying now for a current-cycle sitting, keep your plan as is. If you are targeting a 2027 sitting, plan around seven Level I topics and expect fund-of-funds concepts inside the hedge fund and private markets material rather than as their own section.
CAIA Level II 2027 Topic Weights
Level II is a 4-hour exam in two parts: 100 multiple-choice questions worth 70% of the score, and a constructed-response section worth 30%. The 2027 weights are published separately for the multiple-choice (MC) and constructed-response (CR) sections:
| Level II Topic (2027) | Multiple-Choice | Constructed-Response |
|---|---|---|
| CAIA Ethical Principles | not tested in MC | 10% |
| Institutional Asset Owners | 5% to 11% | 0% to 10% |
| Asset Allocation | 10% to 16% | 0% to 10% |
| Risk and Risk Management | 5% to 11% | 0% to 10% |
| Methods and Models | 7% to 13% | 0% to 10% |
| Accessing Alternative Investments | 3% to 9% | 0% to 10% |
| Due Diligence and Selecting Managers | 6% to 12% | 0% to 10% |
| Volatility and Complex Strategies | 5% to 11% | 0% to 10% |
| Universal Investment Considerations | 4% to 10% | 0% to 10% |
| Emerging Topics | not tested in MC | 10% |
| Total | 70% | 30% |
Two topics are tested only in the constructed-response section: CAIA Ethical Principles and Emerging Topics, each carrying a fixed 10%. Every other topic can appear in both sections, and Asset Allocation carries the largest multiple-choice range. The constructed-response section is a set of essay-style items totaling 30% of the score, so it rewards candidates who can write a structured, numerate answer under time pressure, not just recognize the right multiple-choice option.
Level II keeps its 70/30 multiple-choice and constructed-response split. The 2027 update is in the finalized per-topic ranges, with Asset Allocation the heaviest multiple-choice area and Ethics plus Emerging Topics living entirely in the essays.
How to Adjust Your Study Plan
The weight changes are meaningful but not dramatic. A few practical adjustments:
- Level I candidates: budget your time across seven topics, not eight. Introduction to Alternative Investments, Real Assets, and Hedge Funds together can make up more than half the exam, so they deserve the most practice volume.
- Do not skip the small topics. Digital Assets can be as little as 3% or as much as 9%, and Ethics runs 7% to 13%. On a 200-question exam, that spread is worth many questions, and both topics are efficient to learn.
- Level II candidates: lead with the multiple-choice weights for the section that is 70% of your score, then drill Ethics and Emerging Topics specifically as essays, since that is the only place they appear.
- Practice in the exam format. Mixed multiple-choice practice for the recognition skills, and full constructed-response reps for Level II so the writing is not new on exam day.
How FreeFellow Fits
FreeFellow keeps the entire CAIA Level I and Level II question banks free, with step-by-step written solutions, mixed practice, and readiness tracking. The bank reflects the current exam cycle today and will be aligned to the 2027 topic structure ahead of the 2027 sittings. Fellow adds timed mock exams weighted to the blueprint, spaced-repetition flashcards, topic-by-topic analytics, and a personalized study plan.
These materials are supplemental to the official CAIA Curriculum and are built to complement it, not replace it. Studying the CAIA Curriculum issued by CAIAA is essential to exam success.