How Many Calculation Questions Are on the CAIA Level 1 Exam? (2025 Guide)

Dimitri Dangeros, CFA, CAIA
3 days ago
5 min read

How Many Calculation Questions Are on the CAIA Level I Exam? (2025 Guide)

If you’re preparing for the CAIA Level I exam in 2025, you’ve probably wondered how much of your test day will be spent crunching numbers versus interpreting concepts. This is not a trivial concern — it directly affects how you allocate your study hours, the tools you focus on, and even your exam-day pacing strategy.

The short answer: official guidance states that fewer than 30% of the questions require calculations. But in practice, many recent test-takers report it feels closer to 20%.

That means the majority of your exam will test your understanding of concepts, definitions, applications, and relationships between ideas — but you can’t afford to ignore the math. Let’s break this down so you can prepare with clarity and confidence.

Understanding the Exam Structure How Many Calculation Questions Are on the CAIA Level 1 Exam 2025

The CAIA Level I exam consists of 200 multiple-choice questions delivered in two sessions of approximately two hours each, separated by a short break. All questions carry equal weight, and you’ll see a mix of conceptual, definitional, and calculation-based items.

The calculation questions are spread across the exam; you won’t get them all in a single section. They are integrated into topic areas such as: How Many Calculation Questions Are on the CAIA Level 1 Exam 2025

Quantitative Methods
Risk and Return
Alternative Asset Valuation
Portfolio Management

Since they’re not clustered, your ability to switch seamlessly between math and theory will be part of the challenge.

Official Calculation Question Policy

The exam writers cap calculation-based questions at less than 30% of the total. With 200 questions, that means:

Maximum possible: 60 calculation questions
Likely range: 35–50 questions for most test-takers

In real-world experience, the number often lands in the lower part of that range. Some candidates report that roughly 1 in 5 questions required actual computation, with the rest focusing on qualitative reasoning.

No Formula Sheet Provided

Here’s a crucial detail: you will not be provided with a formula sheet during the exam.

This means:

You must memorize key formulas — from basic return calculations to risk-adjusted performance metrics.
You must be able to apply them under time pressure without the comfort of prompts.
Occasionally, the exam will present a specific formula in the question itself (often for less standard or more complex topics), but you cannot rely on this happening for core concepts.

The takeaway? You should have a mental library of the most frequently tested formulas, and you should practice recalling and applying them until it’s second nature.

The Nature of CAIA Calculation Questions

Not all calculation questions are purely mathematical. Many are application-based, meaning:

You might use a formula to arrive at an intermediate figure, then interpret that number in the context of the question.
Some problems will require multi-step reasoning, blending qualitative understanding with quantitative computation.
Occasionally, the numbers are there to test whether you know which formula to use or how to interpret the output, rather than to challenge your raw arithmetic skills.

Compared to some prep provider question banks, many candidates find that the actual exam’s calculation items are more straightforward in terms of numbers, but demand a clear understanding of the concepts they illustrate.

Key Exam-Day Implications

Knowing the approximate proportion of calculation questions should shape your preparation in several ways:

1. Prioritize High-Yield Formulas

You don’t need to master every equation in the curriculum equally. Focus on the formulas that appear most often, such as:

Holding Period Return
Arithmetic & Geometric Mean Return
Standard Deviation & Variance
Sharpe, Sortino, and Information Ratios
Value at Risk (VaR)
Net Present Value (NPV) & Internal Rate of Return (IRR)
Correlation & Covariance
Beta & Alpha calculations
Duration & Convexity for bonds

2. Blend Formula Study with Concept Mastery

Remember — many “math” questions are really concept questions in disguise. If you only memorize formulas without understanding their meaning, you’ll lose points when asked to interpret results.

3. Practice Without a Formula Sheet

Simulate the real exam environment. Work through problem sets without looking at notes. This forces your recall and builds speed.

4. Integrate Timed Mixed Practice

Since calculation questions are scattered throughout the test, practice alternating between quant and qualitative questions in one sitting. This helps you get used to mental “gear shifting.”

Building a Study Plan Around the 20–30% Range

If we assume an average of 40 calculation questions on the exam, here’s how you can integrate this into your study plan:

Step 1: Identify Your Strengths and Weaknesses

Strong at conceptual topics? You can afford to dedicate a focused block of time to mastering high-impact formulas.
Struggle with math under pressure? Allocate daily 20–30 minute calculation drills.

Step 2: Use the 80/20 Rule

80% of your points will come from the 70–80% of non-calculation questions.
The other 20% of points will come from calculation questions — and could be the difference between passing and failing if you’re near the cut-off.

Step 3: Plan Formula Review Cycles

Review your core formula list at least twice a week.
In the final two weeks before the exam, ramp up formula recall drills daily.

Common Pitfalls to Avoid

Overestimating the Difficulty

Some candidates panic about the math load, imagining a heavy quant focus. While CAIA is technical, the proportion of calculation questions is limited, and many are solvable with straightforward arithmetic if you know the formulas.

Underestimating the Math

The flip side is ignoring the math entirely because it’s “only” 20–30%. That’s still dozens of questions — enough to swing your result.

Relying Too Heavily on Prep Provider Question Banks

Some question banks deliberately make their calculation questions harder than the exam to over-prepare you. While this is good for skill building, it can create a false impression of the actual exam’s style. Use mocks to calibrate your expectations.

Exam-Day Strategy for Calculation Questions

Here’s how to manage the math component efficiently on test day:

Scan the Question QuicklyIdentify whether it’s straightforward math, conceptual interpretation, or multi-step.
Write Down Key NumbersUse your scratch paper (provided in the test center) to jot down the givens clearly — reduces silly mistakes.
Apply the Formula EfficientlyKeep your formula application process consistent to avoid confusion.
Estimate When PossibleIf you’re short on time, approximate answers can help you eliminate distractors.
Mark and MoveIf a calculation is taking too long, mark it and come back after clearing quicker questions.

The Bottom Line

For the CAIA Level I exam in 2025:

Less than 30% of your questions will require calculations.
In practice, you might see closer to 20%.
No formula sheet is provided — you must memorize and practice key formulas.
The majority of your score will come from conceptual understanding, but math skills can be the deciding factor between passing and failing.

By understanding the proportion, nature, and expectations of calculation questions, you can structure your study plan to be both efficient and comprehensive. Blend formula drills with conceptual mastery, simulate exam conditions, and stay adaptable on test day.

Final Tip: Treat calculation questions as opportunity questions. Unlike subjective or nuanced conceptual items, a well-prepared candidate can earn near-perfect marks on math questions. In an exam where every point counts, that’s an advantage worth cultivating.