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. The Level I exam lasts 4 hours, with an optional 30-minute break between sections one and two. The Level II exam is 3.5 hours, with an optional 30-minute break between sections one and two. Both exams allow candidates to review their responses and offer feedback.

The Level I exam is composed of 200 multiple-choice questions. Section 1 and Section 2 each contain 100 multiple-choice questions, and candidates are given 2 hours to complete each section.

The Level II exam is composed of both multiple-choice and essay questions. Section 1 contains 100 multiple-choice questions, while Section 2 asks candidates to answer several essay questions. These require typed responses, generally no longer than one to two paragraphs. Candidates are given 2 hours to complete Section 1 and 1.5 hours to complete Section 2.