CAIA Level II · Live

The only affordable CAIA Level II prep with AI-graded constructed response questions.

Most Level II candidates prepare thoroughly for the MCQ section and arrive underprepared for the constructed response. That is where the charter is lost.

MockSmith CAIA Level II gives you 2,000+ application-focused practice questions across the full curriculum — plus 45 constructed response questions graded by AI against MockSmith’s exam-aligned point-based rubrics, all aligned for 2026 CAIA exams. Both sections, one platform, one price.

One payment. Lifetime access. No subscription.

Try Sample Questions

Select an answer to see the explanation, then move to the next question.

Question 1 of 3Asset Allocation — Mean-Variance Optimization

An institutional investor with a very high degree of risk aversion, λ, applies mean-variance optimization to a portfolio containing a single risky asset and a riskless asset. A second investor with an identical universe but a much lower λ runs the same optimization. Both investors use the same return and variance estimates. Which statement most accurately describes the relationship between the two resulting optimal portfolios?

What is included

2,000+ MCQ questions

Application-focused questions across all Level II topic areas. Enough for 20+ full 100-question sittings without repeating questions.

AI-graded constructed response

45 constructed response questions graded by AI against detailed point-based rubrics designed to mirror CAIA scoring — specific, actionable feedback on where your reasoning is incomplete or misdirected.

Full mock exams

100-question timed sittings matching the real Level II MCQ section, plus shorter half-mock formats for timed practice that fits a working schedule.

Built by charterholders

Written by someone who sat both Level I and Level II. The questions reflect how the exam tests the material, not how a textbook presents it.

Section-level results breakdown

After every session, see your performance by topic area — so you know exactly where to focus your remaining preparation time.