CAIA Level II Study Guide

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

Exam Format

• 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

Body of Knowledge

• Professional Standards and Ethics
• 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

• Professional Standard and Ethics: 0%
• 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: 8–12%
• Emerging Topics: 0%
• Total: 70%

Topic Weights — Constructed Response

• Professional Standard and Ethics: 10%
• 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: 0-10%
• Emerging Topics: 10%
• Total: 30%

Requirements to Earn the Charter

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
     
     

CAIA® Exam Fees