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.
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
- Professional Standards and Ethics
- Current and Integrated Topics
- Asset Allocation and Portfolio Management
- Private Equity
- Real Assets
- Hedge Funds and Managed Futures
- Structured Products
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 Level II curriculum includes the following:
- Emerging Topics
- Ethics, Regulation, and ESG
- Institutional Asset Owners and Investment Policies
- Risk and Risk Management
- Methods for Alternative Investing
- Accessing Alternative Investments
- Due Diligence and Selecting Strategies
- Volatility and Complex Strategies
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. Based on candidate surveys performed by CAIA Association, more than 200 hours of study are recommended to prepare. To best manage your study plan, it’s essential to know what is on the curriculum and how the topics are weighted.
Registration and CAIA® Exam Dates
March 2022 Exam:
- March 14–25, 2022
September 2022 Exam:
- September 12–23, 2022
Final Deadline Exam Registrations:
March 2022 Exam:
- Registration Opens: October 4, 2021
- Early Registration Deadline: November 15, 2021
- Registration Closes: February 7, 2022
September 2022 Exam:
- Registration Opens: April 4, 2022
- Early Registration Deadline: May 16, 2022
- Registration Closes: August 8, 2022
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 $700
Give yourself the best chance to pass your CAIA Exam with Level II Study Packages.