The CAIA Level II prep market is smaller than Level I and the options are fewer. Here's an honest breakdown of what's available, what each covers, and where the gaps are.
Before evaluating any prep material, it's worth being clear on what Level II actually requires. The exam has two sections: 100 multiple-choice questions and three sets of constructed response (essay) questions. Any preparation approach that only addresses MCQ is incomplete — the constructed response section contributes 30% of your score and is where most performance variance occurs.
Good Level II study materials should therefore cover: curriculum content across all topic areas, MCQ practice with application-focused questions, and some mechanism for practising and getting feedback on constructed response answers. Relatively few products at any price point cover all three effectively.
The official curriculum published by the CAIA Association is the only material formally endorsed for the exam. It's comprehensive, it's accurate, and it's included with your exam registration — so you already have it.
The limitation is the same one that exists for all official curriculum materials: it's a learning resource, not a preparation tool. Reading it tells you what the curriculum contains. Passing the exam requires applying that content under time pressure across two very different question formats. The official curriculum doesn't provide MCQ practice at the volume candidates need, and it provides limited constructed response preparation.
Most candidates use the official curriculum as their content foundation and supplement with third-party practice materials.
Kaplan is the largest third-party CAIA prep provider. Their Level II packages include condensed study notes (SchweserNotes), mock exams, topic-level quizzes, and on-demand video instruction. Premium packages include review workshops and their PassProtection guarantee.
The study notes are well-regarded — they distill the curriculum into a more manageable format and are particularly useful for candidates who find the official curriculum dense. Mock exams replicate the format of the actual exam including constructed response.
The cost is the main consideration. Kaplan's CAIA Level II packages start at several hundred dollars and climb toward $1,000 for premium tiers. For candidates who want a comprehensive, structured study programme and are willing to pay for it, Kaplan is the most established option. For candidates who already have the curriculum and primarily need MCQ and constructed response practice, paying for study notes they won't use heavily is a less efficient spend.
Uppermark is CAIA-specialist — they only produce materials for CAIA exams, which is reflected in the depth of their curriculum coverage. Their question bank has historically been comprehensive, and their flexible a-la-carte pricing model lets candidates purchase only the components they need.
The a-la-carte approach is either a feature or a complication depending on what you're looking for. Candidates who want to buy only a question bank can do so; the entry price is around $499. Candidates who want the full package pay more.
One consistent piece of feedback about Uppermark's question bank at Level II is that it can lean heavily on technical and formulaic questions, sometimes at the expense of the broader conceptual and application questions that appear prominently on the actual exam. That's not a reason to avoid it, but it's worth knowing if you use it as your primary practice source.
The CAIA Association publishes sample exam questions for Level II on their website. They're useful for calibrating the difficulty and style of actual exam questions, but the volume is too low for effective preparation on their own.
Several platforms offer free CAIA Level II practice questions — FreeFellow, FutureGreenWorld, and others. These are worth using as a supplement. The quality varies, and free resources rarely cover constructed response preparation adequately. Treating them as a primary preparation tool is a risk given what's at stake if you need to resit.
MockSmith's Level II question bank is built around the two things that actually determine exam performance: high-quality MCQ practice across the full curriculum, and constructed response preparation with AI grading.
The AI-graded constructed response questions are what sets MockSmith apart at Level II. The essay section is where most candidates underinvest in preparation and where most marks are lost — and the only way to prepare effectively is to write answers and get specific feedback. MockSmith is the only affordable option that provides that feedback loop at CAIA Level II.
MockSmith doesn't include study notes or video instruction — it's a practice tool, not a complete study programme. Candidates who want condensed curriculum notes alongside practice questions may want to combine MockSmith with the official curriculum or a notes resource. For candidates whose primary gap is practice volume and essay preparation, MockSmith covers what matters most at a fraction of the cost of Kaplan or Uppermark.
The right choice depends on where you are and what you need:
Whatever you use, make sure it includes constructed response preparation. For more on why, see our CAIA Level II Constructed Response Guide.
CAIA Level II Practice
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MockSmith's CAIA Level II question bank covers both exam sections at a fraction of Kaplan and Uppermark's price. One payment, no subscription, built by someone who sat the exam.
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