CAIA Level 2 Exam
CAIA Level 2 Examination Notes
Quick Links: Certified Hedge Fund Professional (CHP)The CAIA level 2 examination represents the second half of the required testing to complete the CAIA designation. The CAIA Level II has 100 multiple choice questions for one half of the exam and several essay questions for the other half of the exam. The CAIA Level 2 exam’s difference in structure makes studying for this exam quite different from Level I.
You are allotted two hours for to complete section one of the exam and an hour and a half to complete section two of the exam (essay section). You are again allowed a thirty minute break in between sections. You must bring two forms of identification to the testing center and one must contain a picture of you. You are allowed to use an approved calculator on the exam; a TI BA II Plus (including the professional model) or the HP 12 C (as well as the platinum edition). You are given a small “whiteboard” to do scratch-work on while taking the exam. The Level I and Level II exams are offered twice a year in March and September.
The two broad sections of the level II exam are alternative investments and current and integrated topics. The current and integrated topics section is constantly updated to reflect the most recent developments in the alternative investment universe. The CAIA level II examination will take a global perspective and cover topics such as asset allocation, portfolio management, style analysis, risk management, structured products, indexation and benchmarking, and current topics and case analysis. On the essay questions, candidates are expected to have typed responses (using provided keyboard) of no longer than 1 to 2 paragraphs.
The essay questions for the Chartered Alternative Investment Analyst (CAIA) level 2 exam require a greater amount of study time for candidates. Most candidates prefer to take a preparatory class as well as using the study guide and studying in a study group. On average, 69 percent of test takers pass the CAIA Level II examination. Again, if a candidate is not successful in passing, he/she can retake the exam for the $350 retake fee. Candidates must also keep in mind that they must pass the Level II exam within 3 years of passing the Level I exam to receive the CAIA designation.
After Passing the CAIA Level II exam, a candidate must then meet the professional experience component. A candidate must either have 1 year of professional experience and a bachelor’s degree or 4 years of professional experience. A candidate must also complete the membership agreement, provide two professional references, and pay their annual CAIA membership dues.
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