CAIA Level II Study Guide

Find out when you need to register to sit for your CAIA Level II exam.

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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.

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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

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%

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Requirements to Earn the Charter

To be eligible to earn the CAIA charter, you must accomplish the following:

1. 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
     
     

2. 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
     
     

3. Agree to abide by the terms and conditions of the CAIA Association Member Agreement.

   • Agreement renewal is required on an annual basis
     
     

4. Provide two professional references
   
   

5. Establish and maintain membership in the 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.

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CAIA^® Exam Fees

For CAIA exams, first-time candidates must pay a one-time $400 enrollment fee. This applies to anyone taking Level I for the first time, or to Stackable candidates taking Level II as their first CAIA exam. The exam registration fee starts at $995 during the Early Registration period and increases to $1,395 during Standard Registration. If you need to retake the exam, the registration fee is reduced to $795.