The distribution of rates of carrier multiplication (CM) following photon absorption is calculated for semiconductor nanocrystals (NCs). The NC electronic structure is described using a screened pseudopotential method known to give reliable description of NC excitons. The rates of biexciton generation are calculated using Fermi's golden rule with all relevant Coulomb matrix elements, taking into account proper selection rules. In CdSe and InAs NCs we find a broad distribution biexciton generation rates depending strongly on the exciton energy and size of the NC. The process becomes inefficient for NC exceeding 3 nm in diameter in the photon energy range of 2-3 times the band gap. PACS numbers: 78.67.Bf, 71.35.-y.Carrier multiplication is a process where several excitons are generated upon the absorption of a single photon in semiconductors [1]. Strict selection rules and competing processes in the bulk allow observation of CM only at energies larger than 5 times the band gap ( The theory of CM in bulk is based on the concept of impact ionization [15], by which the photon first creates an exciton, composed of the negative electron and positive hole, each having an effective mass depending on the band structure of the crystal. The lighter particle of the pair takes most of the kinetic energy and eventually looses part of this energy by creating additional charge carriers. For NCs, several theoretical approaches for describing CM have been proposed [4,6,[16][17][18][19]. Efros, Nozik and their co-workers [4,16] developed a time-dependent density matrix formalism taking into account the populations and coherences of single exciton coupled to a single biexciton state. Using this model, in conjunction with an effective mass theory, they developed a theory of impact ionization obtaining expression for the ratio of exciton to biexciton populations at steady states, which depend on the decay rate of the charged particle in the exciton into a trion. This approach treats a single trion neglecting the fact that the charged particle decays into a dense manifold of trions. Under such circumstance a rate approach might be more appropriate, describing the decay as an incoherent impact ionization process [17], similar to the treatment of the process in bulk.