In order to be classified as exempt, do you have to manage/supervise 2 full time employees? Is there more to it than that? :confused:

Not necessarily. Although California does have stricter regulations than federal, if you wouldn't be exempt under the FLSA, you wouldn't be under California law either. There are several exempt classifications. You can read about them here.
http://www.dol.gov/esa/regs/compliance/whd/fairpay/fs17a_overview.htm

If you have further questions after reading the information in the linked page, please feel free to post back.

Here are the CA exemptions.

http://www.dir.ca.gov/dlse/FAQ_OvertimeExemptions.htm