There is no fixed schedule. The SEC examines a small percentage of registered advisers each year, and ERAs are examined less frequently than RIAs.
Risk-based factors influence examination priority: size, prior deficiencies, investor complaints, tips, industry focus areas, and the adviser's compliance history. Some managers go years without an exam; others are examined in their first year. The best approach is to operate as though you could be examined at any time.
This article is for informational purposes only and does not constitute legal advice. Consult qualified professionals for guidance specific to your situation.