Chartered Alternative Investment Analyst (CAIA®) Program - Level II Exam

The CAIA® Level II exam provides advanced and in-depth knowledge on the following topics of Alternative Investments:

  1. Asset Allocation and Portfolio Mangement
  2. Private Equity
  3. Real Assets
  4. Commodities
  5. Hedge Funds and Managed Futures
  6. Risk Management and Portfolio Management

The curriculum also provides in-depth knowledge on the CFA® Institute Standards of Professional Conduct

CAIA® Level II Exam Format:

  1. The CAIA® Level II exam is composed of 200 multiple-choice questions. The 200 questions are to be completed within 4 houRs.
  2. There are 2 sections in the exam of 2 hours each. Each section has 100 multiple-choice questions.
  3. The candidate has the option of taking a 30-minute break between the 2 sections.

CAIA® Level II Exam Topics and Weights

Topic Area Question Format
Multiple-choice Constructed-Response
Weight (%) Weight (%)
Professional Standards and Ethics 0% 10%
Private Equity 10%-20% 0%-10%
Commodities 5%-15% 0%-10%
Real Assets 10%-20% 0%-10%
Hedge Funds and Managed Futures 10%-20% 0%-10%
Structured Products, Asset Allocation and Portfolio Management 5%-15% 0%-10%
Risk & Risk Management, Manager Selection, Due Diligence and Regulation 5%-15% 0%-10%
Total 70% 30%

CAIA® Level II Exam Fees and Deadlines

March, 2016 Exam

Particulars First Attempt Reattempt
Early Registration (Deadline: Nov 12, 2015) Standard Registration (Deadline: Feb 04, 2016)th>
Program Enrolment NIL NIL NIL
Exam Registration $1150 $1250 $450
Total $1150 $1250 $450

September, 2016 Exam

Particulars First Attempt Reattempt
Early Registration (Deadline: May 12, 2015) Standard Registration (Deadline: August 04, 2016)
Program Enrolment $400 $400 NIL
Exam Registration $1150 $1250 $450
Total $1550 $1650 $450

Additional Benefits

  1. There is an early registration discount of $100 on the first-time Exam Registration Fees.
  2. There are separate discounts for employees of AIMA and CISDM member companies on first-time exam registration fees. The candidate must confirm the membership with AIMA and CISDM.