The entire CAIA Level II question bank is free: 1,106 practice questions on institutional portfolio management, asset allocation, risk management, due diligence, volatility strategies, and accessing alternative investments. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
1174 Questions
10 Topics
3 Difficulty Levels
2026 Syllabus
AI-native · Pay less · Access more
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your CAIA Level II prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
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1,174+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
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Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
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Readiness TrackingFREE
Pass-probability estimate that sharpens with every session.
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Copy-to-AI Essay PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded essay feedback.
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Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
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Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
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AI Grading for EssaysFELLOW
Instant AI-graded feedback on constructed-response essays using the official rubric.
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Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
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Personalized Study PlanFELLOW
Adapts to your exam date and weakest topics.
What's Free — and What Fellow Unlocks
The 70% of CAIA Level II prep you actually need to pass — questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts — is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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Free forever
$0 · no credit card
1,174 practice questions with detailed solutions
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Fellow unlock
$59 / qtr · $149 / yr per track
Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
How We Compare Save 90%+
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever — the optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.
FreeFellow core free
$0 · Fellow $59/qtr
Uppermark
$400–$500/level
Kaplan Schweser
$500–$700/level
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
Sample Questions
Question 1
Easy
Active return is best defined as:
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Correct Answer: A
Solution
A is correct. Active return is defined as the portfolio's return minus the benchmark return. It captures the total value added or subtracted by the manager relative to the chosen benchmark, encompassing both security selection and allocation effects.
Question 2
Medium
In TPA, a strategic overlay is best understood as:
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Correct Answer: D
Solution
D 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.
Question 3
Hard
Volatility of volatility (vol-of-vol) is most directly relevant to which of the following due diligence scenarios?
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Correct Answer: A
Solution
A is correct. Volatility of volatility refers to the variability of volatility itself — that is, how much realized volatility fluctuates over time. This is directly relevant to funds that have short volatility or short variance exposures (selling variance swaps, VIX futures, or variance options). A fund that sells variance at a fixed strike profits when realized variance is low and stable, but suffers convex losses when realized variance spikes unexpectedly. High vol-of-vol means there is a significant probability of a volatility regime shift that moves far beyond the level implied by historical averages. In due diligence, assessing a short-vol manager's exposure to vol-of-vol — and whether their risk models account for regime changes — is essential to understanding the true tail risk of the strategy.
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Frequently Asked Questions
How many free CAIA Level II practice questions does FreeFellow have?
FreeFellow currently offers 1174 free CAIA Level II practice questions across 10 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What CAIA Level II topics are covered?
The questions cover 10 topics: CAIA Ethical Principles, Institutional Asset Owners, Asset Allocation, Risk and Risk Management, Methods and Models, and 5 more. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for CAIA Level II prep, or is there a catch?
No catch. The 70% of CAIA Level II prep you actually need to pass is free forever: the full question bank of 1174 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for CAIA Level II?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else — questions, solutions, lessons — stays free.
How does FreeFellow compare to UpperMark, Kaplan Schweser, or AnalystPrep on price?
Traditional CAIA Level II prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass CAIA Level II entirely on the free tier.
How should I use FreeFellow to study for CAIA Level II?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the format of the CAIA Level II exam?
CAIA Level II uses a combination of multiple-choice questions and constructed-response (essay) questions. It emphasizes portfolio management, institutional asset allocation, and due diligence for alternative investments (CAIA Association).
FreeFellow is an AI-native exam prep platform for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates — built around modern AI as a core capability rather than as a bolt-on. Every lesson ships with AI-narrated audio. Every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback. Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass — question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking — is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.