CAIA Level II Exam Prep
Prepare for the CAIA® Level II Exam
Studying for the Level II Exam Is Crucial, and It Takes a Substantial Effort.
There are no shortcuts. The one thing standing between you and success on the CAIA Level II exam is hard work. CAIA Association recommends you aim to spend at least 200 hours preparing for the Level II exam. Schweser’s Prepare, Practice, Perform methodology gives you the structure you need to get the most out of your study time.
Previous Knowledge
Prior to enrolling in the CAIA program, you are required to have a bachelor’s degree, or be in the final year of a bachelor’s degree program. That degree does not need to be in a particular area of study, but you will be in a much stronger position if your education is finance-based. The CAIA program is designed to be a supplement to a finance-related education and investment experience already completed by an investment professional. In short, you don’t need to have a finance degree to sit for Level II, but you will face greater challenges than those who do have a finance-based education.
Level II Curriculum
Institutional Asset Owners
Asset Allocation
Risk and Risk Management
Methods and Models
Accessing Alternative Investments
Due Diligence and Selecting Managers
Volatility and Complex Strategies
Universal Investment Considerations
Emerging Topics
CAIA Level II Exam Details
Body of Knowledge
The 2025 Level II curriculum includes the following:
Institutional Asset Owners
Asset Allocation
Risk and Risk Management
Methods and Models
Accessing Alternative Investments
Due Diligence and Selecting Managers
Volatility and Complex Strategies
Universal Investment Considerations
Emerging Topics
Level II Exam Format
The CAIA Level II exam is composed of:
100 multiple-choice questions (2 hour time limit)
3 sets of constructed-response (essay-type) questions (2 hour time limit) optional 30-minute break between each section
Optional 30-minute break between each section.
Based on candidate surveys performed by CAIA Association, 250–300 hours of study are recommended to prepare.
Topic Weights - Multiple choice
For the 2025 Level II multiple choice topic weights:
Institutional Asset Owners: 8–12%
Asset Allocation: 8–12%
Risk and Risk Management: 8–12%
Methods and Models: 8–12%
Accessing Alternative Investments: 8–12%
Due Diligence and Selecting Managers: 8–12%
Volatility and Complex Strategies: 8–12%
Universal Investment Considerations: 0%
Emerging Topics: 0%
Total: 70%
Topic Weights - Essay
For the 2025 Level II essay topic weights:
Institutional Asset Owners: 0–10%
Asset Allocation: 0–10%
Risk and Risk Management: 0–10%
Methods and Models: 0–10%
Accessing Alternative Investments: 0–10%
Due Diligence and Selecting Managers: 0–10%
Volatility and Complex Strategies: 0–10%
Universal Investment Considerations: 10%
Emerging Topics: 10%
Total: 30%
CAIA Level II Requirements to Earn the Charter
To be eligible to earn the CAIA charter, you must accomplish the following:
Pass Level I and Level II of the CAIA exam.
Exams must be taken in separate exam cycles
Exam cycles occur in March and September
Meet one of the two requirements below:
Obtain a bachelor’s degree, or equivalent, with a minimum of one year of professional experience
Have a minimum of four years of professional experience
Note: Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields
Agree to abide by the terms and conditions of the CAIA Association Member Agreement.
Agreement renewal is required on an annual basis
Provide two professional references
Establish and maintain membership in CAIA Association
Membership fees apply; renewed on an annual or bi-annual basis
One-year membership fee is $350; two-year membership fee is $650
Give yourself the best chance to pass your CAIA Exam with Level II Study Packages.
CAIA Level II Registration and Exam Dates
September 2025
Registration Opens
April 14, 2025
Early Registration Deadline
June 9, 2025
Registration Closes
August 4, 2025
Level II Exam Window
September 15-26, 2025
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