The CAIA Association® has published the 2027 CAIA Exam Handbook, so the 2027 topic weights for both levels are public. They apply to the March 2027 and September 2027 exams, since each curriculum edition is for the calendar year the exam is given in. The Level I windows are March 1 to 12 and August 30 to September 10, 2027, and Level II runs March 15 to 26 and September 16 to 24, 2027.
The biggest change is at Level I, where Funds of Funds is no longer a topic, so Level I has seven topics instead of eight. Level II keeps its ten topics and its 70/30 split between multiple-choice and constructed-response. Every figure below is from the 2027 handbook, which the CAIA Association links from its curriculum and study tools page.
FreeFellow is a CAIA Association Preparatory Program Provider. Its materials supplement the CAIA Curriculum issued by CAIAA and don't replace it, and studying that curriculum is still essential to passing.
Level I weights for 2027
Level I is 200 multiple-choice questions in two sections of 100. Each section gets 130 minutes, with an optional 30-minute break between them. With the nondisclosure agreement and the tutorial, the whole appointment is 5 hours.
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| Level I topic | 2026 weight | 2027 weight |
|---|---|---|
| CAIA Ethical Principles | 8% to 12% | 7% to 13% |
| Introduction to Alternative Investments | 20% to 28% | 21% to 27% |
| Real Assets | 14% to 20% | 16% to 22% |
| Private Equity | 8% to 12% | 8% to 14% |
| Private Debt | 12% to 16% | 10% to 16% |
| Hedge Funds | 15% to 19% | 15% to 21% |
| Digital Assets | 4% to 8% | 3% to 9% |
| Funds of Funds | 1% to 5% | no longer a topic |
Funds of Funds was the smallest Level I topic in 2026. In the 2027 curriculum, the fund-of-funds material that's left comes up in the hedge fund readings, next to multistrategy funds. Real Assets moved up two points at both ends of its range, and Private Debt's floor dropped from 12% to 10%. Every 2027 range is six points wide, which on a 200-question exam is a swing of about 12 questions per topic.
Introduction to Alternative Investments is still the largest topic. Together with Real Assets and Hedge Funds it's more than half the exam, even at the bottom of each range.
Level II weights for 2027
Level II has the same two 130-minute sections and optional 30-minute break. The first section is 100 multiple-choice questions, worth 70% of the exam. The second is three constructed-response sets, each worth 10%, for the other 30%.
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| Level II topic | Multiple-choice | Constructed-response |
|---|---|---|
| CAIA Ethical Principles | 0% | 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 | 0% | 10% |
| Total | 70% | 30% |
Ethics and Emerging Topics are tested only in constructed response, at 10% each. That's two of the three sets' worth of points, and the last 10% can come from any of the other eight topics. In the multiple-choice section, Asset Allocation has the largest range, followed by Methods and Models.
How I'd adjust a study plan
If you're sitting Level I in 2027, plan around seven topics. Introduction to Alternative Investments, Real Assets and Hedge Funds should get the most practice time. The small topics still matter, though. Digital Assets runs 3% to 9% and Ethics 7% to 13%, and both are quick to learn compared with what they're worth.
For Level II, work from the multiple-choice ranges first, since that section is 70% of the score. Then practice Ethics and Emerging Topics as written answers, because that's the only way they're tested. Do a few full constructed-response sets on the 130-minute clock before exam day so the format isn't new.
If your exam is in 2027, study from the 2027 curriculum. The 2026 books won't have the 2027 topic changes.
Where FreeFellow fits
FreeFellow's CAIA Level I and Level II question banks are free with an account, with step-by-step solutions and written lessons. They're built on the 2026 curriculum today, and I'm updating them to the 2027 topics and weights ahead of the March 2027 window. Fellow adds timed mock exams and analytics by topic.
The CAIA Level I study guide has a 12-week plan built on the 2027 Level I weights. You can also start with free CAIA Level I practice questions or free Level II practice.