: Understanding how endowments, pensions, and sovereign wealth funds allocate capital.

: Three multi-part constructed response questions accounting for 30% of your total score.

Put simply, the are the industry-standard study guide. They are Kaplan Schweser's expert distillation of the lengthy official CAIA curriculum into clear, concise, and manageable segments. These notes are designed to help candidates focus their study time on the most critical material. The package typically includes:

A common mistake is to memorize definitions. The Level II exam tests application. For example, you should not just know what due diligence is, but be able to apply the framework from the "Due Diligence and Selecting Managers" topic to a case study. The SchweserNotes are designed to facilitate this kind of integrated learning.

I understand you're looking for information about the (Chartered Alternative Investment Analyst), specifically regarding updates.

A compact, fold-out tool containing critical formulas, definitions, and core concepts for rapid review during the final days before the exam.

Advanced valuation models for commodities, timberland, and infrastructure.

Warning: Using an outdated PDF is worse than using no notes. You will memorize wrong formulas and miss entire new sections (e.g., the 2024 addition of “Tokenization of Real Assets”).

You can purchase packages directly from the official Kaplan Schweser website. They offer several tiers:

The fluorescent hum of the library was the only thing louder than Leo’s heartbeat as he stared at the countdown on his laptop:

: Two new timely papers, including research on the historical performance of private market funds. Schweser Level 2 Study Features

The alternative investments landscape evolves rapidly. The CAIA Association updates its curriculum annually to reflect new market realities, regulatory changes, and institutional shifts. Using an old PDF means you will study topics that have been removed and completely miss new, heavily tested material. Missing the Constructed Response Prep

The CAIA Association updates its curriculum every single year to reflect modern market trends, new regulations, and shifting asset dynamics. A PDF from a prior year or an unverified "updated" file might miss critical new readings or include deleted topics. Studying obsolete material is one of the most common reasons candidates fail. Malicious Software and Security Threats

Materials for the September 2026 exam cycle are currently available, with registration having opened on April 13, 2026 .