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Free CAIA practice PDFs

40 multiple-choice questions with answers and explanations. Get all 2 PDFs in one email. Work through the questions at your own pace, on screen or on paper.

CAIA Level I PDF cover preview

CAIA Level I

20 MCQs · 22 pages

Explained answers

CAIA Level II PDF cover preview

CAIA Level II

20 MCQs · 22 pages

Explained answers

Selected 2026 MCQ samples. Not a full mock, official curriculum or written-response workbook. Preview the coverage below before requesting.

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A sample from the MiloPrep question bank.

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What is inside your two PDFs?

40 MCQs across two files. The charts below count questions in the existing PDFs. They are sample coverage, not official exam weights.

Level I question mix

Number of MCQs · bar scale 0-20

Questions by topic in the Level 1 PDF
TopicQuestion count
CAIA Ethical Principles3
Introduction to Alternative Investments3
Real Assets3
Private Equity3
Private Debt2
Hedge Funds2
Digital Assets2
Additional Strategies2
Total20

The file labels its final category “Additional Strategies.” It is not a separately labeled Funds of Funds section. This is a selected 2026 sample, not a complete curriculum or mock exam.

Level II question mix

Number of MCQs · bar scale 0-20

Questions by topic in the Level 2 PDF
TopicQuestion count
Institutional Asset Owners3
Asset Allocation3
Risk and Risk Management3
Methods and Models3
Accessing Alternative Investments2
Due Diligence and Selecting Managers2
Volatility and Complex Strategies2
Universal Investment Considerations2
Total20

This selected 2026 MCQ sample does not include CAIA Ethical Principles, Emerging Topics or constructed-response exercises. Use the matching official exam-year materials for complete scope.

Try a question from each file

Question 1 from page 2 of each selected PDF. The answer explanations below are concise summaries of the file’s explanations.

CAIA Level 1 · Question 1

Which description best characterizes an agent within the investment industry value chain?

  1. A.A party that always eliminates conflicts of interest when executing client investment mandates.
  2. B.A party authorized to make investment decisions and act on behalf of another.
  3. C.A party that delegates investment authority while retaining ultimate ownership of the assets.
  4. D.A party that establishes market regulations without participating directly in capital allocation decisions.
Show answer and explanation

Answer B. The agent acts on behalf of the principal. Delegating authority does not eliminate conflicts, and the party that delegates is the principal, not the agent.

CAIA Level 2 · Question 1

Which statement best describes the role of manager retention criteria within an Investment Policy Statement?

  1. A.Establishing formal conditions and thresholds for reviewing or terminating an existing manager.
  2. B.Establishing formal conditions and thresholds for screening and onboarding a prospective manager.
  3. C.Mandating the immediate termination of any manager experiencing a single period of underperformance.
  4. D.Removing all quantitative benchmark comparisons from ongoing external manager performance evaluations.
Show answer and explanation

Answer A. Retention criteria guide the review of an existing manager. Initial selection is a different task, and one weak period need not automatically require termination.

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For the full exam-year syllabus, use CAIA’s official curriculum and study tools. Review the topic explanations and worked lessons before returning to unfamiliar questions.

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20 questions in every PDF. Answers included.

CAIA Level I PDF cover

CAIA Level I

Level I

20 MCQs · Answers & explanations · 22 pages

CAIA Level II PDF cover

CAIA Level II

Level II

20 MCQs · Answers & explanations · 22 pages

Original practice material from MiloPrep. These are sample questions, not a full mock exam or official exam questions.

More free CAIA packs

CAIA Level ICAIA Level II

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