CAIA Level II: exam dates, fees, pass rate and format

CAIA Level 2 exam dates for 2027

CAIA offers Level II twice a year, in March and September, each time as a testing window rather than a single day. You choose a date and time inside the window when you book with Prometric. In March 2027 the Level II window follows straight after the Level I window, which runs from March 1 to 12.

Registration for the March 2027 window opened on October 12, 2026. The early deadline, which saves US$400 on the exam fee, is December 7, 2026, and registration closes on February 1, 2027. For September 2027, registration runs from April 12 to August 2, 2027, with the early deadline on June 7, 2027.

• March 2027 window: March 15 – March 26, 2027 (register October 12, 2026 – February 1, 2027; early deadline December 7, 2026)
• September 2027 window: September 16 – September 24, 2027 (register April 12 – August 2, 2027; early deadline June 7, 2027)

Source: CAIA Association — Exam Registration Dates and Fees. Checked 10 October 2026.

What is the CAIA Level 2 pass rate?

CAIA’s current exam pages — registration and fees, the FAQ, the candidate page and the curriculum page — do not publish a pass rate. CAIA Level 2 percentages you see quoted elsewhere do not come from those pages, so this guide does not repeat one. The only CAIA figure we found on its own site is an old announcement about Level I in March 2013, which says nothing about Level II today.

On the passing score, CAIA is explicit. Its guide to the exam performance report states that the CAIA Association determines the passing score after the exam window has closed and does NOT release information about it. You learn only whether your score was above it (a pass) or not (a fail).

The same guide adds two points worth knowing before exam day: your outcome depends on your performance on the entire exam, and candidates do not pass or fail individual topics. The topic results in your report are for self-assessment — and for planning a retake if you need one.

Source: CAIA Association — A Guide to Interpreting Your CAIA Exam Performance Report (March 2025). Checked 10 October 2026.

How much does the CAIA Level II exam cost?

A first-time Level II registration costs US$995 if you register by the early deadline and US$1,395 at the standard rate. The digital curriculum is included at no extra charge with new registrations. Candidates in CAIA’s stackable program for CFA charterholders also pay a one-time, non-refundable US$400 enrollment fee with their first Level II registration.

A retake costs US$795. CAIA notes that retake fees are not eligible for the early registration discount, so there is no reason to rush a re-registration for price alone. Canadian and Indian GST apply to all fees.

• Level II registration (first time): US$995 early, US$1,395 standard
• Stackable program for CFA charterholders: plus US$400 enrollment fee
• Retake: US$795

Source: CAIA Association — Exam Registration Dates and Fees. Checked 10 October 2026.

CAIA Level II exam format: multiple choice and essays

CAIA’s FAQ says that Level II includes essays and takes more time than Level I. That is the main structural difference between the two exams: at Level II you have to write out your reasoning, not only pick an answer.

The most recent handbook we could open on CAIA’s site is the Candidate Handbook for the September 2024 exams. It described Level II as 100 multiple-choice questions and three sets of constructed-response questions, split into two 2-hour sections with an optional break, with the constructed-response sets in the second section. CAIA calls the current Exam Handbook the essential starting point; check it before you schedule, because the 2024 figures may have changed.

All CAIA exams are administered at Prometric test centers. An online proctored exam can be requested only as an accommodation.

Source: CAIA Association — Candidate Handbook for September 2024 Exams. Checked 10 October 2026.

CAIA Level II syllabus: what is on the exam?

Level II moves from understanding individual asset classes to building and running portfolios of them. CAIA lists ten topic areas in its 2027 syllabus, from institutional asset owners and asset allocation to due diligence and volatility strategies. Emerging Topics are required readings that registered candidates access through their CAIA account.

The curriculum is updated every year — CAIA says by roughly 10–20% of exam content — and editions are valid only for the calendar year of the exam. For 2027, CAIA removes more than 5% of readings from both levels and expands infrastructure, the Total Portfolio Approach, the Black-Litterman model, commitment pacing and tokenization. Use the 2027 curriculum for both the March and September 2027 windows.

• Emerging Topics — required readings on current issues in alternatives
• CAIA Ethical Principles — ethics, professionalism and fiduciary responsibilities
• Institutional Asset Owners — family offices, endowments, pensions, sovereign wealth funds
• Asset Allocation — processes, MVO, rebalancing, Total Portfolio Approach, commitment pacing
• Risk and Risk Management — benchmarking, attribution, hedging, liquidity and funding risk
• Methods and Models — factor models, empirical methods, valuation of private assets
• Accessing Alternative Investments — real assets, hedge fund replication, tokenization
• Due Diligence & Selecting Managers — investment process and operational due diligence
• Volatility and Complex Strategies — volatility, correlation and dispersion products
• Universal Investment Considerations — geopolitics, regulation, sustainability

Source: CAIA Association — Explore the Curriculum. Checked 10 October 2026.

Who can take CAIA Level II?

Level II follows Level I. CAIA’s September 2024 handbook states that after passing Level I, candidates have unlimited time to pass Level II, and the current FAQ confirms that there are no time restrictions on the validity of exam results.

Passing Level II completes the exams, not the charter. To join the CAIA Association as a member, CAIA requires a bachelor’s degree (or equivalent) with one year of professional experience, or four years of relevant professional experience, or being a CFA charterholder in good standing, plus two professional references. If you do not meet these yet, Affiliate Membership is available.

Source: CAIA Association — Frequently Asked Questions. Checked 10 October 2026.

Scheduling and rescheduling your Level II appointment

After registering, you book your seat with Prometric using your CAIA ID number. Appointments are first come, first served, so book early if you need a particular test center or day.

You can change your appointment within the same window. It is free if you do it 30 days or more before your window, costs US$50 between 29 and 5 days before, and is not possible less than five days in advance. For the March 2027 window, the no-fee rescheduling deadline for Level II is February 12.

Source: CAIA Association — Schedule Your Exam Appointment. Checked 10 October 2026.

How to study for CAIA Level II

CAIA recommends a minimum of 200 hours of study time for each exam level and says the average candidate completes the whole program in 12 to 18 months.

The official study tools are the digital curriculum, the Emerging Topics readings, the Level II Curriculum Companion (key topics and essential terms), the Exam Handbook and the Level II Sample Exam, which CAIA calls the best preview of exam day. Because Level II includes essays, practise writing short, structured answers under time pressure, not only answering multiple-choice questions.

A workable plan: cover the curriculum topic by topic, read the Emerging Topics in full, and sit the sample exam under timed conditions a few weeks before your test date.

Source: CAIA Association — Curriculum and Study Tools. Checked 10 October 2026.

When are CAIA Level II results released?

CAIA says Level II results are generally released within eight weeks of the last examination day — longer than the five weeks it gives for Level I. For the March 2027 window, which ends on March 26, that points to May 2027.

If you do not pass, you re-register for a later window at the US$795 retake fee and can use the topic breakdown in your performance report to plan the next attempt.

Source: CAIA Association — Frequently Asked Questions. Checked 10 October 2026.

CAIA Level II practice questions

Certsqill’s CAIA Level II practice questions are expert-developed: every question explains each answer option, and you see a readiness score per topic area. Alongside them, CAIA’s own Level II Sample Exam is the official practice exam.

CAIA Level II questions people ask

When are the CAIA Level 2 exam dates in 2027?

March 15–26, 2027 and September 16–24, 2027. Source: CAIA Association, checked 10 October 2026.

What is the CAIA Level 2 pass rate?

CAIA’s exam pages do not publish one. CAIA sets the passing score after each window and does not release it. Checked 10 October 2026.

How much does CAIA Level II cost?

US$995 with early registration or US$1,395 standard, digital curriculum included. Retakes cost US$795. Source: CAIA, checked 10 October 2026.

Does the CAIA Level II exam have essays?

Yes. CAIA’s FAQ says Level II includes essays and takes more time than Level I. Checked 10 October 2026.

How many questions are on the CAIA Level II exam?

CAIA’s September 2024 handbook described 100 multiple-choice questions and three constructed-response sets. Check the current Exam Handbook, as this may change.

Where is the CAIA Level II exam taken?

At Prometric test centers. Online proctoring is available only as an accommodation. Source: CAIA FAQ, checked 10 October 2026.

Is there a time limit between Level I and Level II?

No. CAIA states there are no time restrictions on the validity of exam results. Source: CAIA FAQ, checked 10 October 2026.

How long should I study for CAIA Level II?

CAIA recommends at least 200 hours of study time for each exam level. Source: CAIA Association, checked 10 October 2026.

When do CAIA Level II results come out?

Generally within eight weeks of the last examination day of the window. Source: CAIA FAQ, checked 10 October 2026.