Skip to main content
CAIA practice

CAIA Level II practice

Content-area weights, sample questions, and a session checklist for Level II. Use published ranges to prioritise - then run a timed loop.

Format

100 MCQ + 3 constructed-response sets

Duration

260 min

Questions

100

Content areas

10

Why Level II practice stalls

Candidates often add volume without fixing the known failure mode: Passing Level I on recognition questions, then underpreparing constructed-response structure and institutional due-diligence frameworks. Start every week by naming that pattern, then build two drills that force it into the open.

Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response. Keep the awarding-body outline open so your hours follow published ranges rather than equal chapter time.

How to use this page

Skim the weight table, try the sample items, then run the session cycle below. Create your MiloPrep account to continue practicing in the app.

This week, prioritise Methods and Models and Institutional Asset Owners unless your miss log says otherwise.

CAIA Level II topic weights

Published weight ranges or scored-question allocations from the awarding body. Use them to budget study time - larger areas deserve calendar priority.

Level II

TopicWeight
CAIA Ethical PrinciplesMCQ 0%; constructed response 10%
Institutional Asset OwnersMCQ 8–12%; constructed response 0–10%
Asset AllocationMCQ 8–12%; constructed response 0–10%
Risk and Risk ManagementMCQ 8–12%; constructed response 0–10%
Methods and ModelsMCQ 12–15%; constructed response 0–10%
Accessing Alternative InvestmentsMCQ 8–12%; constructed response 0–10%
Due Diligence and Selecting ManagersMCQ 8–12%; constructed response 0–10%
Volatility and Complex StrategiesMCQ 8–12%; constructed response 0–10%
Universal Investment ConsiderationsMCQ 6–11%; constructed response 0–10%
Emerging TopicsMCQ 0%; constructed response 10%
Official content-area explorer

Explore the Level II content areas

Select an area to see its published score-weight range. No generated skill percentages or predicted question mix are shown.

Score-weight range

CAIA Ethical Principles

MCQ 0%; constructed response 10%

This is the published range for this content area. It is not a promise about the exact questions on an individual exam form.

Blueprint limitationSession structure, question formats, and approximate topic weights come from the 2026 CAIA Exam Handbook. Level I is two 130-minute multiple-choice sections with 200 questions in total. Level II has 100 multiple-choice questions in section 1 and three constructed-response sets in section 2, with each section lasting 130 minutes. Level II topic records preserve the separate multiple-choice and constructed-response columns. CAIA Ethical Principles and Emerging Topics are constructed-response-only. Other Level II topics can appear in either format. Curriculum and weights can change by calendar year.
MCQ-only studyMixed practice loop
Only untimed multiple-choice dumpsMatch 100 MCQ + 3 constructed-response sets with timed slices near sitting length
Equal time on every topicHours follow published weight bands
No error log - same miss repeatsLog the rule; retest within 72 hours
Ignore non-MCQ formats until exam weekWeekly format drills for sims / cases / item sets

One practice session

  1. Step 1

    Pick two weight bands

    Choose the highest-priority Level II areas before you open a bank.

  2. Step 2

    Diagnose cold

    Run a short mixed set without notes; tag every miss by trap type.

  3. Step 3

    Drill the pattern

    Attack the failure mode: Passing Level I on recognition questions, then underpreparing constructed-response structure and institutional due-dilig

  4. Step 4

    Time a slice

    Finish with 87–260 minutes of continuous practice.

  5. Step 5

    Log rules

    Write one-sentence rules for misses - letters alone do not count.

  6. Step 6

    Retest tomorrow

    Retry yesterday’s misses before expanding into new outline areas.

Who should use this Level II practice plan

Fits you if

  • You are booking CAIA Level II within the next few months
  • You will keep an error log and retest misses within 72 hours
  • You can protect at least one timed block near 260 minutes weekly

Skip if

  • You have not confirmed eligibility or windows with the awarding body
  • You only want passive reading with no retrieval practice
  • You are practising a different CAIA sitting and landed here by mistake

Non-MCQ format trainer

Level II uses 100 MCQ + 3 constructed-response sets. Schedule a separate weekly block for simulations, item sets, constructed response, or written cases - whichever your outline includes. Do not wait until the final week to discover format skill is separate from MCQ accuracy.

Practise under partial timing first, then stretch toward the published sitting length. Sign up for adaptive format-aware sessions in MiloPrep.

Mid-plan check - practice CAIA

If your miss log is growing, adaptive Level II practice is the next lever. Create your account to get started.

Sign up

Practice session checklist

  • Pick the top two weight bands before you open a question bank
  • Run one mixed set that includes Level II neighbours
  • Log every miss with the correct rule in one sentence
  • Finish with a timed slice near 87–260 minutes
  • Retest yesterday’s misses before new content
Pro tip

If level i strategy flashcards are not lifting scores, Rewrite each strategy card with one risk, one liquidity feature, and one fee feature.

Practice access

Get the CAIA practice library

Sign up for MiloPrep for adaptive CAIA drills in the app.

  • Mapped practice across every CAIA sitting
  • Weak-area targeting instead of random question dumps
  • One expanding study system across professional exams
Sign up

Create your account to start practicing.

Related resources

Level II hub

Format stats, topic weights, and study focus for Level II.

Open part hub

CAIA exam hub

Full CAIA overview across every sitting.

Open exam hub

Error log builder

Capture stem mistakes and next drills locally.

Open tool

Weak area picker

Order focus by published part weights.

Open tool

Level II practice FAQs

What is the most common CAIA Level II practice failure?
Passing Level I on recognition questions, then underpreparing constructed-response structure and institutional due-diligence frameworks. Build two drills this week that force that pattern into the open, then retest misses within 72 hours. Do not only add more random volume.
How should I weight Methods and Models when practising Level II?
Methods and Models carries a published MCQ 12–15%; constructed response 0–10% band. Give it calendar priority even when it feels familiar, and pair it with a second high band such as Institutional Asset Owners so you do not create a single-topic blind spot.
Should Level II practice be MCQ-only?
Only if the sitting is truly MCQ-only. If Level II includes simulations, item sets, written cases, or constructed response, schedule separate format blocks - MCQ accuracy alone under-prepares those skills.
How many levels is CAIA?
Two: Level I and Level II.
What is the Level I format?
200 multiple-choice questions across two sections of 130 minutes each, per the CAIA Exam Candidate Handbook.
Does Level II include constructed responses?
Yes. Level II includes 100 multiple-choice questions plus three constructed-response sets. Some topics are constructed-response only.
Is CAIA a substitute for the CFA charter?
No. CAIA is specialised in alternatives. Some candidates hold both; choose based on whether alternatives are central to your work.
Where do these CAIA facts come from?
From the CAIA Exam Candidate Handbook and curriculum pages linked in the source callout on this page.
Practice access

Second reminder - CAIA practice library

Still deciding? Sign up so Level II adaptive drills are ready when you need them.

  • Mapped practice across every CAIA sitting
  • Weak-area targeting instead of random question dumps
  • One expanding study system across professional exams
  • Targeted Level II sessions when practice opens
Sign up

Create your account to start practicing.

Start your CAIA practice

MiloPrep targets weak areas across Level II and the rest of CAIA. Sign up.

Sign up