CAIA Level 2 Study Plan: 14-Week Schedule for Busy Professionals

Dimitri Dangeros, CFA, CAIA
Aug 21
3 min read

The CAIA Level II exam is where the program shifts from foundational knowledge to application, integration, and professional judgment in alternative investments. The curriculum requires not only subject mastery but also the ability to evaluate scenarios, critique methods, and justify decisions—often across multiple asset classes at once.

For busy professionals, a focused 14-week study plan can make the difference between scraping through and passing with confidence.

Plan Overview CAIA Level 2 Study Plan

Total Duration: 14 weeks (approx. 3.5 months)
Average Weekly Commitment: 10–15 hours
Core Strategy: CAIA Level 2 Study Plan
1. Front-load reading and note-taking.
2. Transition into practice questions early.
3. Reserve the last 2 weeks for intensive revision, mock exams, and formula drills.

Week-by-Week Breakdown

Weeks 1–2: Foundation & Familiarization

Goal: Understand the structure, weightings, and exam style.

Read: CAIA Level II Candidate Handbook and Study Guide.
Cover:
- Ethics & Professional Standards (core, high-weight topic).
- Introduction to Portfolio Management in Alternative Investments.
Tasks:
- Set up a study tracker (Excel or Trello) to log progress and scores.
- Allocate topics in proportion to their weight in the exam blueprint.
- Begin a formula journal to capture and categorize all equations.

Weeks 3–4: Core Asset Class Review

Goal: Deep dive into private equity, real assets, and hedge funds.

Read & Summarize:
- PE valuation approaches, GP/LP structures, performance attribution.
- Infrastructure and commodities investment frameworks.
- Hedge fund strategies, factor exposures, risk measurement.
Practice: 15–20 end-of-chapter questions daily.
Tool Tip: Build side-by-side comparison tables for asset classes.

Weeks 5–6: Portfolio & Risk Integration

Goal: Apply portfolio theory to alternative investments.

Cover:
- Advanced risk-return metrics (Sortino, Omega, Conditional VaR).
- Performance evaluation pitfalls in illiquid markets.
- Liquidity and leverage management.
Practice: Start mixed-topic sets of 20–30 questions, focusing on application rather than definition recall.
Activity: Use Excel to replicate key performance and risk metrics for deeper understanding.

Weeks 7–8: Structured Products & Advanced Topics

Goal: Build familiarity with complex, lower-weight but tricky sections.

Read & Review:
- Structured products (CMOs, CLOs, ABS).
- Real options valuation in project finance.
- ESG and impact investing frameworks.
Practice: 15–20 questions, rotating between high- and low-weight topics.
Tip: Use spaced repetition flashcards for definitions and classifications.

Weeks 9–10: Ethics & Professional Judgment Focus

Goal: Maximize high-return ethics points through scenario mastery.

Daily: 5–10 ethics case studies.
Activity: Identify subtle distinctions between “permissible” and “impermissible” behaviors.
Review: Misrepresentation, conflicts of interest, fair dealing, and fiduciary responsibilities—especially in alternative asset contexts.

Weeks 11–12: Mock Exam Integration

Goal: Transition fully into exam-style performance.

Full Mock #1: Timed, under real conditions (4 hours).
Analysis: Identify and log weak areas, revisiting curriculum notes and formula sheets.
Continue: Topic rotation for balance—don’t neglect lower-weight areas that can provide easy points.

Weeks 13–14: Final Review & Exam Readiness

Goal: Achieve speed + accuracy under pressure.

Full Mock #2 & #3: Space them 4–5 days apart.
Formula Drills: Write out every key formula from memory daily.
Ethics Blitz: One full ethics section every other day.
Light Review: Day before exam—only high-level summaries and formula sheet.

Tips for Busy Professionals

Micro-study sessions: Use 30–45 minute blocks during lunch or commute for formula flashcards or quick drills.
Leverage weekends: Two 3-hour sessions can replace multiple small weekday slots.
Early start on mocks: Don’t wait until the last 2 weeks—start integrating practice exams by Week 8.
Use tech: Apps like Anki, Excel trackers, and cloud-synced notes allow you to study anywhere.

Final Takeaway

A 14-week CAIA Level II plan for busy professionals works because it balances reading, practice, and revision without burning you out. By systematically layering knowledge, drilling formulas, and simulating exam conditions, you arrive on test day with confidence, speed, and precision.

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