How is the Level II exam structured?

A single 4-hour computer-based exam: 100 multiple-choice questions plus three sets of constructed-response questions. Our practice mirrors both sections and their weighting.

I passed Level I a while ago — where should I start?

Level II assumes the Level I toolkit and moves to application: allocation, manager selection, and the models. The guided plan front-loads the integration topics that Level I never tested.

Yes. Move up a tier at any time and pay only the difference — your progress and notes carry over.

Is the constructed-response section really that different?

Yes — it rewards shown working, not recognition. Every Level II note ends on the derivation or framework an essay must reproduce, and the mocks grade you on exactly that.

The complete CAIA® Level II study package

Application-level notes, adaptive drills, and rubric-graded essay mocks for the constructed-response exam — so you walk into Level II ready for both formats. One full topic is free, no card required.

Start free See plans

~180

Learning outcomes covered

1,200+

Practice questions

~300 hrs

Guided study plan

An alternative-investments analyst reviewing a private-equity fund report at a laptop in a navy-toned office.

Everything in the Level II package

One source-cited body of material, drilled six ways — so you learn it, retain it, and walk in genuinely ready.

10 topics · ~180 LOS

Source-cited study notes

Application-level notes on asset allocation, manager selection, and the models — every claim traceable to the CAIA curriculum, with the working shown.

1,200+ questions

Adaptive question bank

Multiple-choice drills that adapt to your weak areas, plus structured practice for the constructed-response format Level II actually tests.

MCQ + essay, rubric-graded

Essay-graded mock exams

Mocks covering both the multiple-choice and constructed-response sections, with sample responses graded against published rubrics — not a guess at what graders want.

Keyed to your gaps

Spaced-repetition flashcards

The frameworks and allocation models you need on instant recall for the essay section, scheduled to your forgetting curve.

Benchmarked vs peers

Performance analytics

Readiness by topic across both exam formats, benchmarked against the candidate pool so you know where the essay marks are really won.

On every reading

Evidence Panel on every reading

Tested-frequency, candidate-reported difficulty, and the integration traps that catch Level II essay-writers — surfaced on each reading.

Mapped to the real Level II weights

The package follows the published CAIA topic-area weights, so your study time tracks where the marks actually are — not an even split across topics.

Asset Allocation11%
Institutional Asset Owners10%
Risk & Risk Management10%
Methods & Models10%
Due Diligence & Manager Selection10%
Volatility & Complex Strategies10%
Accessing Alternatives9%
Universal Considerations10%
Emerging Topics10%
Constructed Response (cross-topic)10%

CAIA Association · 2025 Level II Exam Weights (handbook midpoints; 70% MCQ / 30% constructed-response)

CAIA® · L2

Level II curriculum

~180 LOS · ~300 hrs

Asset Allocation
11%
Institutional Asset Owners
10%
Risk & Risk Management
10%
Methods & Models
10%
Due Diligence & Manager Selection
10%
Volatility & Complex Strategies
10%
Accessing Alternatives
9.0%
Universal Considerations
10%
Emerging Topics
10%
Constructed Response (cross-topic)
10%

Source: CAIA Association · 2025 Level II Exam Weights (handbook midpoints; 70% MCQ / 30% constructed-response)

See the work, not a claim

Every competitor calls their notes rigorous. Here is one, with the moves that make it different named in the margin.

Asset Allocation · Risk budgetingLOS L2.1.b

From strategic weights to a risk budget

A mean-variance optimiser allocates by capital; a risk budget allocates by contribution to portfolio volatility. A 10% capital weight in a 25%-vol hedge sleeve can carry a far larger share of total risk than its weight implies.¹

Marginal contribution to risk (MCTR) scales each asset’s weight by its covariance with the portfolio, not its standalone vol.² Setting target risk contributions and solving back to weights is the step Level II essays ask you to show, not just name.³

1
The intuition graders reward
Capital weight ≠ risk weight. Stating why an illiquid, high-vol sleeve dominates the risk budget earns the first essay marks.
2
The right formula, derived
MCTR uses covariance with the portfolio. We derive it so you can reproduce the step under exam pressure.
3
Built for constructed response
The note ends on the workings an essay must show — the difference between knowing the concept and scoring it.

Choose your Level II plan

Same source-cited content in every tier — pick how far you want the support to go. Move up anytime and pay only the difference.

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Level II questions, answered

Still deciding? These are the things candidates ask before they start.

About the CAIA® charter

Level II is part multiple-choice and part constructed-response essay. Our mocks include both, with sample responses graded against the published CAIA rubric so you know what earns marks.

Study notes

See how a real LOS-mapped note is written, with the working shown.

Free practice

Try a real question and start the free diagnostic — no card required.

How it works

The method applied to alternatives, and how the material is sourced.

Try a topic before you decide.

One full Level II topic is free — notes, questions, and the tools — so you can judge the material against how you actually study before paying anything.

Start free