CAIA INVESTMENT LEVEL 2 UPDATED 2026 MOCK EXAM (LIKE REAL)

CAIA 2026 EXAM

The CAIA certification is a two-part examination, with each exam lasting 4 hours long:

• CAIA Level 1 consists of 200 multiple-choice questions, whereas

• CAIA Level 2 consists of 100 multiple-choice questions in Section 1 (70% exam weight), in addition to 3 sets of constructed-response (essay type) questions in Section 2 (30% of exam weight).

Topic Weights by Level II

For the 2026 Level II exams, the topics are weighted as follows:

• Multiple choice

  • 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: 0%

  • Emerging Topics: 0%

  • Total: 70%

• Essay

  • 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: 10%

  • Emerging Topics: 10%

  • Total: 30%

Requirements to Earn the CAIA® 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

   • 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 CAIA Association.

   • Membership fees apply; renewed on an annual or bi-annual basis

   • One-year membership $350; two-year membership $650