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CAIA 2026 Free Practice Tests & FLP Mock Tests

CAIA 2026 Free Practice Tests | Online FLP Mock Tests

Every subject, every chapter, every quiz — plus complete full-length papers. Pick what you need.

📋 CAIA — Test Overview

Conducting BodyCAIA Association
Frequencythree times a year: May, August, and November
Duration120 minutes
Total MCQs200
Negative MarkingNo
Merit Formula: -

🧠 CAIA — All Subjects, Chapters & Quizzes

Click any level to expand. Every quiz below is free — attempt as many times as you want.

CAIA - Level I1522 MCQs • 7 subjects
CAIA Ethical Principles206 MCQs
Capital Allocation20 MCQs • 2 quizzes
Conflict of Interest20 MCQs • 2 quizzes
Ethical Principles21 MCQs • 3 quizzes
Fiduciary Duty20 MCQs • 2 quizzes
Investment Ethics21 MCQs • 3 quizzes
Investment Stewardship20 MCQs • 2 quizzes
Professional Responsibility21 MCQs • 3 quizzes
Professionalism21 MCQs • 3 quizzes
Risk Management21 MCQs • 3 quizzes
Sustainable Finance21 MCQs • 3 quizzes
Funds of Funds272 MCQs
Alternative Fund Allocation21 MCQs • 3 quizzes
Fund Due Diligence21 MCQs • 3 quizzes
Fund Fees21 MCQs • 3 quizzes
Fund Performance21 MCQs • 3 quizzes
Fund Selection21 MCQs • 3 quizzes
Funds of Funds83 MCQs • 9 quizzes
Investment Strategy21 MCQs • 3 quizzes
Manager Selection21 MCQs • 3 quizzes
Portfolio Diversification21 MCQs • 3 quizzes
Portfolio Risk21 MCQs • 3 quizzes
Hedge Funds210 MCQs
Event Driven21 MCQs • 3 quizzes
Global Macro21 MCQs • 3 quizzes
Hedge Fund Fees21 MCQs • 3 quizzes
Hedge Fund Performance21 MCQs • 3 quizzes
Hedge Fund Risk21 MCQs • 3 quizzes
Hedge Fund Strategies21 MCQs • 3 quizzes
Hedge Funds21 MCQs • 3 quizzes
Long Short Equity21 MCQs • 3 quizzes
Managed Futures21 MCQs • 3 quizzes
Relative Value21 MCQs • 3 quizzes
Introduction to Alternative Investments209 MCQs
Alternative Investment Funds21 MCQs • 3 quizzes
Alternative Investments21 MCQs • 3 quizzes
Asset Allocation20 MCQs • 2 quizzes
Due Diligence21 MCQs • 3 quizzes
Investment Performance21 MCQs • 3 quizzes
Investment Strategies21 MCQs • 3 quizzes
Liquidity Management21 MCQs • 3 quizzes
Portfolio Management21 MCQs • 3 quizzes
Private Markets21 MCQs • 3 quizzes
Risk Management21 MCQs • 3 quizzes
Private Debt208 MCQs
Credit Risk21 MCQs • 3 quizzes
Debt Financing21 MCQs • 3 quizzes
Direct Lending21 MCQs • 3 quizzes
Distressed Debt20 MCQs • 2 quizzes
Loan Covenants21 MCQs • 3 quizzes
Mezzanine Debt20 MCQs • 2 quizzes
Private Credit21 MCQs • 3 quizzes
Private Debt21 MCQs • 3 quizzes
Private Debt Performance21 MCQs • 3 quizzes
Private Debt Valuation21 MCQs • 3 quizzes
Private Equity210 MCQs
Buyout21 MCQs • 3 quizzes
Deal Structuring21 MCQs • 3 quizzes
Exit Strategies21 MCQs • 3 quizzes
Growth Equity21 MCQs • 3 quizzes
Leveraged Buyouts21 MCQs • 3 quizzes
Private Equity21 MCQs • 3 quizzes
Private Equity Funds21 MCQs • 3 quizzes
Private Equity Performance21 MCQs • 3 quizzes
Private Equity Valuation21 MCQs • 3 quizzes
Venture Capital21 MCQs • 3 quizzes
Real Assets207 MCQs
Agricultural Investments20 MCQs • 2 quizzes
Commodities20 MCQs • 2 quizzes
Commodity Markets21 MCQs • 3 quizzes
Energy Investments21 MCQs • 3 quizzes
Infrastructure21 MCQs • 3 quizzes
Natural Resources21 MCQs • 3 quizzes
Real Asset Risk21 MCQs • 3 quizzes
Real Estate21 MCQs • 3 quizzes
Real Estate Investment Trusts20 MCQs • 2 quizzes
Real Estate Valuation21 MCQs • 3 quizzes
CAIA - Level II628 MCQs • 3 subjects
Asset Allocation210 MCQs
Asset Allocation21 MCQs • 3 quizzes
Capital Allocation21 MCQs • 3 quizzes
Diversification21 MCQs • 3 quizzes
Investment Constraints21 MCQs • 3 quizzes
Portfolio Construction21 MCQs • 3 quizzes
Portfolio Optimization21 MCQs • 3 quizzes
Portfolio Risk21 MCQs • 3 quizzes
Risk Budgeting21 MCQs • 3 quizzes
Strategic Asset Allocation21 MCQs • 3 quizzes
Tactical Asset Allocation21 MCQs • 3 quizzes
CAIA Ethical Principles210 MCQs
Client Protection21 MCQs • 3 quizzes
Conflict of Interest21 MCQs • 3 quizzes
Ethical Decision Making21 MCQs • 3 quizzes
Fiduciary Duty21 MCQs • 3 quizzes
Investment Ethics21 MCQs • 3 quizzes
Investment Stewardship21 MCQs • 3 quizzes
Professional Conduct21 MCQs • 3 quizzes
Professional Responsibility21 MCQs • 3 quizzes
Risk Management21 MCQs • 3 quizzes
Sustainable Investing21 MCQs • 3 quizzes
Institutional Asset Owners208 MCQs
Asset Allocation20 MCQs • 2 quizzes
Endowments21 MCQs • 3 quizzes
Family Offices21 MCQs • 3 quizzes
Foundations20 MCQs • 2 quizzes
Institutional Investors21 MCQs • 3 quizzes
Insurance Companies21 MCQs • 3 quizzes
Investment Policy21 MCQs • 3 quizzes
Pension Funds21 MCQs • 3 quizzes
Portfolio Management21 MCQs • 3 quizzes
Sovereign Wealth Funds21 MCQs • 3 quizzes

🔒 CAIA — Full Length Papers (FLPs)

36 complete timed mock papers available, 3600 MCQs in total, approx. 6480 minutes of test time.
These are premium (paid) papers. You must complete a one-time payment before you can attempt any FLP. Once access is granted, the 🔒 lock on the FLP card will turn into an unlocked icon 🔓 and you can start the paper instantly.

CAIA - FLP1

MCQs100

Minutes180

Passing50%

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CAIA - FLP2

MCQs100

Minutes180

Passing50%

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CAIA - FLP3

MCQs100

Minutes180

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CAIA - FLP4

MCQs100

Minutes180

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CAIA - FLP5

MCQs100

Minutes180

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CAIA - FLP6

MCQs100

Minutes180

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CAIA - FLP7

MCQs100

Minutes180

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CAIA - FLP8

MCQs100

Minutes180

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CAIA - FLP9

MCQs100

Minutes180

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CAIA - FLP10

MCQs100

Minutes180

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CAIA - FLP11

MCQs100

Minutes180

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CAIA - FLP12

MCQs100

Minutes180

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CAIA - FLP13

MCQs100

Minutes180

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CAIA - FLP14

MCQs100

Minutes180

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CAIA - FLP15

MCQs100

Minutes180

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CAIA - FLP16

MCQs100

Minutes180

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CAIA - FLP17

MCQs100

Minutes180

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CAIA - FLP18

MCQs100

Minutes180

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CAIA - FLP19

MCQs100

Minutes180

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CAIA - FLP20

MCQs100

Minutes180

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CAIA - FLP21

MCQs100

Minutes180

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CAIA - FLP22

MCQs100

Minutes180

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CAIA - FLP23

MCQs100

Minutes180

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CAIA - FLP24

MCQs100

Minutes180

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CAIA - FLP25

MCQs100

Minutes180

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CAIA - FLP26

MCQs100

Minutes180

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CAIA - FLP27

MCQs100

Minutes180

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CAIA - FLP28

MCQs100

Minutes180

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CAIA - FLP29

MCQs100

Minutes180

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CAIA - FLP30

MCQs100

Minutes180

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CAIA - FLP31

MCQs100

Minutes180

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CAIA - FLP32

MCQs100

Minutes180

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CAIA - FLP33

MCQs100

Minutes180

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CAIA - FLP34

MCQs100

Minutes180

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CAIA - FLP35

MCQs100

Minutes180

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CAIA - FLP36

MCQs100

Minutes180

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❓ FAQs about CAIA

Which organization administers CAIA?
CAIA Association
How many total MCQs are in CAIA?
200 MCQs
What is the time duration for CAIA?
120 minutes
Is there negative marking in CAIA?
No
What is the merit calculation formula for CAIA?
-