Chartered Alternative Investment Analyst credential artwork

Chartered Alternative Investment Analyst (CAIA) Practice Tests

Validates knowledge of alternative investments, including private equity, private debt, hedge funds, real assets and digital assets.

CAIA has two exams, each in two 120-minute sections: Level I is 200 multiple-choice questions, and Level II is 100 multiple choice plus three constructed-response sets worth 30%. We compared the main options on sample-exam wording, difficulty and price.

Most people should use CAIA's sample exams as a reference for the real wording (2027 versions are due in November). Then practise with UpperMark's TestBank, the paid bank candidates name most, or Schweser's cheaper, easier QBank.

Tough question bank

UpperMark TestBank

Over 2,000 questions per level, with step-by-step solutions for calculations, custom practice exams and timed full-length mocks. Level II adds essay practice exams. Candidates say the questions run harder and trickier than the real exam.

Great fit if you want the deepest paid bank and Level II essay practice, and can handle trickier wording than the real exam.

Poor fit if you want an easier confidence check; add CAIA's sample exam or Schweser's QBank.

Custom topic quizzes

SchweserPro QBank

Custom quizzes from 800+ Level I or 900+ Level II questions. Full-length mock exams come only with the study packages, which include PassProtection. Candidates find the questions easier than the real exam, especially at Level II.

Great fit if you already use Schweser notes or want a cheaper bank for topic quizzes.

Poor fit if you want questions that stretch you beyond the real exam; use UpperMark.

What to look for in a CAIA practice test

  • Use the 2027 curriculum. CAIA editions are valid for one exam year; the 2027 curriculum covers the March and September 2027 exams, and CAIA advises against older editions. Level I has seven topics including Digital Assets, so check that a bank has been updated for them.
  • Level II needs written-response practice. Level II has three constructed-response sets worth about 30% of the grade, and candidates describe them as heavy on lists to memorise. UpperMark's Level II TestBank includes essay practice exams.
  • Know how hard each bank runs. Candidates describe UpperMark's questions as harder and trickier than the real exam, and Schweser's as easier. A score on one bank does not transfer to the other, so compare yourself with CAIA's sample exam too.
  • Look for calculation practice with solutions. Calculations use an approved financial calculator (TI BA II Plus or HP 12C). Prefer a bank that shows step-by-step solutions and lets you filter calculation from conceptual questions, as UpperMark's does.
  • Compare what each price includes. Schweser's QBank is $199 per level, but its mock exams only come with packages from $549. UpperMark's TestBank builds its own full-length mocks, and it sells a separate Final Prep Exam.
  • Skip sites selling "real exam questions." Sites promising actual CAIA questions or a guaranteed pass are selling leaked or copied items, not practice. Use products that write their own questions and explain every answer, so you learn the reasoning the exam tests.

How to use CAIA practice tests

  • Start with a free diagnostic. Take a CAIA sample exam or a short UpperMark quiz early, then read the curriculum with your weakest topics in mind.
  • Drill by topic after each reading. Do questions on a topic soon after reading it, and review the explanation for every miss. One candidate drilled theory questions first and moved to calculations about a month before the exam.
  • Practise written answers from the start of Level II. Read the guideline answers to constructed-response questions early. Candidates advise memorising the curriculum's lists and answering with bullet points that address every part of the question.
  • Do not memorise repeats. Candidates who repeat a bank until they score well warn that scores can reflect remembered answers. Use fresh questions or a different provider's mock for your last check.
  • Sit full sections late. Each level has two timed sections with an optional 30-minute break. Take a full mock in the final weeks and practise finishing a section in its time limit without notes.

CAIA: curriculum and study tools ↗CAIA: preparation providers ↗Reddit: is UpperMark harder than the exam ↗Reddit: Schweser vs UpperMark for Level II ↗Reddit: Level II essay questions strategy ↗

CAIA practice test FAQ

Are there free CAIA practice tests?

CAIA lists a free sample exam for each level, with the 2027 versions due in November. Full question banks such as UpperMark and Schweser are paid; Schweser offers a 7-day trial.

Are CAIA practice tests harder than the real exam?

Candidates usually say UpperMark's TestBank is harder and trickier than the real exam, and Schweser's QBank is easier. Use CAIA's own sample exam as a reference point for the real wording.

How many CAIA practice questions are enough?

There is no official number. Candidates in Reddit threads usually work through one full bank plus a mock exam and a CAIA sample, reviewing every miss, and warn that a bank you have memorised stops measuring anything.

Do CAIA practice tests cover the Level II essays?

Some do. UpperMark's Level II TestBank includes essay practice exams. A multiple-choice bank alone leaves about 30% of the Level II exam unpractised.