Free CAIA Level II Diagnostic Quiz

Take this free 12-question CAIA Level II sample quiz to benchmark your readiness. You get an instant readiness score and a weak-topic breakdown, like a mini practice test, every question with a full solution. No signup to start, no credit card.

12 questions 5-10 min Instant score 2026 syllabus
Your diagnostic

What the questions look like

Every question in the free CAIA Level II bank carries a full worked solution. Here is one from the pool:

Question 1 Medium
In TPA, a strategic overlay is best understood as:
Solution
C is correct. In TPA, a strategic overlay uses instruments such as derivatives or liquid proxies at the total-portfolio level to adjust factor exposures — adding or reducing equity beta, duration, or inflation sensitivity — without requiring changes to individual manager mandates. This preserves manager autonomy while giving the CIO control over aggregate risk.

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Frequently Asked Questions

Is the CAIA Level II diagnostic quiz free?
Yes. The CAIA Level II diagnostic is a free 12-question sample quiz with instant scoring. You can take it with no signup and no credit card. Creating a free account saves your result and unlocks a personalized weak-topic study plan.
How long is the CAIA Level II diagnostic quiz?
The diagnostic is 12 questions and takes about 5 to 10 minutes. You get instant feedback on each question, then a readiness score with a topic-by-topic breakdown at the end.
Does the CAIA Level II diagnostic predict whether I will pass?
It gives you a starting readiness estimate and shows your weakest topics. It is a benchmark to focus your studying, not a pass guarantee. The readiness score sharpens as you practice more of the free CAIA Level II question bank.
What is the difference between the diagnostic quiz and a full practice test?
The diagnostic is a short 12-question sample quiz that maps your strengths and weaknesses quickly. For full-length practice, FreeFellow has the entire CAIA Level II question bank free, plus timed mock exams in the Fellow tier.

About FreeFellow

Jeffrey Ting, founder of FreeFellow
Jeffrey Ting
FSA, CFA · Founder

FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.

So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 finance credentials with more than 44,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.

01
Cost shouldn't decide who gets in.

The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.

02
Free should mean free.

No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.

03
Built by someone who sat where you sit.

He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.

Free forever

Start your CAIA Level II prep free.

The full CAIA Level II question bank, worked solutions, and lessons are free. Your diagnostic answers carry over, so your study plan starts personalized.

Create your free account →

No credit card. No trial clock.