Level II is not Level I with harder questions. It is a different exam entirely: 100 multiple-choice questions worth 70% of your score, and three constructed response sets worth the other 30% — each graded on a rubric, not a bubble sheet. Most prep resources are built for the first half and treat the second half as an afterthought. MockSmith is built for both.
If you are coming from Level I, the step up is real and specific. For a full breakdown of what changes, see CAIA Level I vs Level II: How Different Is It Really?
Multiple choice tests whether you can recognise the right answer among close alternatives, fast, under time pressure, across the full Level II curriculum. Constructed response tests whether you can build an argument from scratch and communicate it the way a rubric expects — a skill you cannot practise by re-reading notes, and one most candidates get zero feedback on until exam day.
MockSmith covers both, with tools built specifically for how each section is actually graded.
A fully QA'd question bank spanning the entire Level II curriculum, structured around real multi-part exam sets — the way questions actually appear on the real exam, not flattened into standalone items.
See the MCQ bank →Write real constructed response answers and get a rubric-based score instantly — not a guess at whether your essay sounds right. The only affordable Level II prep tool with actual CR feedback.
See the full platform →The Level II pass rate has been declining — from closer to 70% a few years back to roughly 59-63% in recent sittings. It is not because candidates know less curriculum. It is because Level II asks you to apply and explain, not just recognise, and most study plans never test that second skill until the real exam does.
For a full breakdown of the numbers and what drives failure, see CAIA Level II Pass Rate and Difficulty: An Honest Assessment.
If you are registered for September 2026, you are past the reading phase and into the phase where practice — real practice, with real feedback — is what moves your score. All content is aligned to the current CAIA Level II curriculum, which applies to both the March and September exam cycles.
MockSmith CAIA Level II
2,000+ MCQ questions plus AI-graded constructed response. One platform, one price.
Get Full Access — $249 →Do I need both the MCQ bank and the CR grader, or just one?
They cover different parts of the exam and different skills — recognition versus construction — so most candidates use both. Each is included in the full platform.
Is this only for first-time Level II candidates?
No. Retakers often specifically need CR practice, since MCQ scores tend to hold up better on a retake than CR scores do.
How current is the question content?
The bank is aligned to the current CAIA Level II curriculum, which CAIA updates annually and applies to both the March and September exam cycles.
Can I try before committing?
Yes — the full platform includes both MCQ and CR components so you can assess the quality before making further decisions about your study plan.
Comparing your options? See Best CAIA Level II Study Materials: What to Actually Look For. For constructed response preparation specifically, see the CAIA Level II Constructed Response Guide.