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
With the Level II topics, you will learn how to apply the tools learned in Level I to analyze and invest in alternative investments. 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
Master these concepts with a comprehensive Level II study package:
CAIA® Exam Format
The Level II CAIA exam is composed of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions, which measure candidates’ knowledge of the CAIA Level II curriculum. Candidates are given 2 hours to complete the multiple-choice question section and 2 hours to complete the constructed-response section with an optional 30-minute break between each section. Based on candidate surveys performed by CAIA Association, 250-300 hours of study are recommended to prepare.
Registration and CAIA® Exam Dates
March 2025 Exam:
- Registration Opens: October 14, 2024
- Early Registration Deadline: December 9, 2024
- Registration Closes: February 3, 2025
- Level II Exam Window: March 17-28, 2025
September 2025 Exam:
- Registration Opens: April 14, 2025
- Early Registration Deadline: June 9, 2025
- Registration Closes: August 4, 2025
- Level II Exam Window: September 15-26, 2025
Topic Weights by Level
Level II
- Multiple choice
- 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%
- Essay
- 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%
Requirements to Earn the CAIA® Charter
- 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
- 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 $350; two-year membership $650
Give yourself the best chance to pass your CAIA Exam with Level II Study Packages.
