Level II CAIA® Exam

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Level II CAIA Study Packages


Level II Exam

March & September 2023

Level II CAIA Exam Details 

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Level II Study Packages

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95% of Schweser CAIA students would confidently recommend Kaplan Schweser exam prep to future candidates like you.
A Team of Experts
Our world-class instructors are all CAIA charterholders with years of teaching and industry credentials.

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Schweser’s Pass Protection guarantees you’ll pass, or we’ll cover the costs of your study package next time around.

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Level II CAIA® Exam FAQs

How to Pass the CAIA® Level II Exam:

  • Tip #1: Know What You’re Preparing for
  • Tip #2: Get an Early Start on Studying
  • Tip #3: Use a Structured Study Plan
  • Tip #4: Prepare for Constructed Response
  • Tip #5: Set Yourself up for Success on Exam Day

Read more about how to increase the likelihood you'll pass the Level II CAIA® exam.

The Level II exam is intense, and the constructed response portion only adds to the difficulty. You will need every bit of your 200 hours or more to prepare…and practice is key. Some self-directed and motivated candidates are able to pass the Level II CAIA exam using a course of self-study, but many use an exam prep package or classes to stay organized and ensure they are prepared for exam day.

Access to 2023 online materials expires on the following dates:

  • CAIA March 2023 exam products: access expires on April 30, 2023
  • CAIA September 2023 exam products: access expires on October 31, 2023

Kaplan Schweser releases a new version of products every year as the CAIA curriculum changes. Shared use is strictly prohibited.

The Level II CAIA exam is a four-hour exam composed of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions, all of which measure your knowledge of the CAIA Level II curriculum. The multiple-choice questions count for 70% of your score, and the constructed response questions count for 30%. You have two hours to complete the multiple-choice question section and two hours to complete the constructed-response section.

The Level I CAIA exam tests your understanding of the tools used to analyze alternative investments. Level II tests your ability to apply these tools to analyze and invest in alternative investments. Like Level I, Level II has a multiple-choice portion; however, Level II also has essay questions, called the constructed response portion.