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A current guide to CAIA Level II, including the 2026 computer-based format, 100 multiple-choice questions, three constructed-response sets, Prometric scheduling, official topic areas, optional break rules, and approved calculator policy.
CAIA Level II tests advanced application of alternative investments in institutional portfolios. Preparation should combine topic-weighted multiple-choice work with concise constructed-response practice for ethics, emerging topics, institutional investors, asset allocation, risk, access, due diligence, and complex strategies.
Use these points before building a CAIA Level II study plan or scheduling a Prometric appointment.
CAIA Level II is the second exam in the Chartered Alternative Investment Analyst program.
The CAIA exam is computer based and scheduled through Prometric test centers, with online proctoring available by approved exception only.
The 2026 Level II exam has 100 multiple-choice questions and three constructed-response sets.
Multiple-choice questions account for 70% of the exam, while constructed-response work accounts for 30%.
CAIA Ethical Principles and Emerging Topics are tested in constructed-response format in the 2026 handbook structure.
Preparation should cover institutional asset owners, asset allocation, risk, methods and models, access, due diligence, volatility, and complex strategies.
Level II moves from foundational recognition toward application. Candidates need to connect portfolio objectives, constraints, risk, liquidity, manager selection, access structures, and implementation choices.
The 2026 exam combines 100 multiple-choice questions with three constructed-response sets. Practice should include selected-response accuracy and typed answer discipline.
Current Level II preparation should cover CAIA Ethical Principles, 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, and Emerging Topics.
Before the appointment, confirm the CAIA exam window, scheduling status, ID requirements, calculator rules, optional break rules, arrival time, and any accommodation approval.
Use this CAIA Level II exam help page for exam-specific context, then compare the broader online exam help services page or contact HiraEdu if you need a direct handoff. This page stays focused on CAIA Level II while the linked service pages cover broader exam support options.
CAIA Level II is the second exam in the Chartered Alternative Investment Analyst program and emphasizes advanced application of alternative investments in institutional portfolios. The 2026 CAIA handbook lists Level II as a computer-based exam with 100 multiple-choice questions and three constructed-response sets. Multiple-choice questions account for 70% of the Level II exam, while the three constructed-response sets account for 30%. Current Level II topics include CAIA Ethical Principles, 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, and Emerging Topics. Preparation should include portfolio construction, institutional objectives, liquidity, risk budgeting, manager selection, fee structures, fund access routes, operational and investment due diligence, volatility strategies, complex products, emerging topics, and concise written-response practice. Candidates should verify the current CAIA exam window, Prometric appointment, ID rules, approved calculator policy, optional break rules, and CAIA candidate policies before exam day.
The 2026 CAIA Level II exam is computer based and includes 100 multiple-choice questions plus three constructed-response sets.
The 2026 handbook structure assigns 70% of the Level II exam to multiple-choice questions and 30% to the three constructed-response sets.
The topics include CAIA Ethical Principles, 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, and Emerging Topics.
Yes. CAIA candidates schedule computer-based exam appointments through Prometric test centers, while online proctored exams are available by approved exception only.
Practice typed answers that are direct, concise, and organized by prompt. Each set has a point value, so candidates should answer exactly what is asked and manage time carefully.
Check CAIA account status, exam window, Prometric appointment, confirmation email, ID name match, approved calculator policy, and arrival instructions.
Build practice blocks for the 100 multiple-choice questions and separate typed-response drills for ethics, emerging topics, and applied portfolio scenarios.
Connect institutional objectives, asset allocation, risk budgets, liquidity needs, access structures, manager due diligence, fees, and complex strategies into decision-ready frameworks.
Write concise answers that address the prompt, respect requested example counts, and avoid spending time on unsupported detail.
Review Prometric rules, required ID, permitted calculator, personal-belongings policy, optional break procedure, and the CAIA nondisclosure agreement before the appointment.
Use the guide to self-serve, or talk to a coordinator if you need help mapping timelines, official requirements, or troubleshooting day-of logistics.
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