AFAI2 Mock Paper 2 — Investment Unit 2
Standard AFAI2 mock: portfolio construction, beta and Sharpe calculations, adviser charges and ongoing reviews. 20 standalone questions plus two case studies. 45 minutes, pass mark 21/30.
- Questions
- 30
- Minutes
- 45
- Pass (70%)
- 21/30
Sit it timed
The timer starts when you press the button. You can still finish after it runs out — it is there to mimic exam pressure, not to lock you out.
Free preview: the first 5 of 30 questions, with a timer to match. Unlock the full paper
Answer options are shuffled on every attempt. Your progress is saved as you go, so a refresh won't lose it.
About AFAI2 Mock Paper 2
This is mock paper 2 of 3 for AFAI2, the Investment — Unit 2 unit of CeMAP. The 3 papers in this unit run easier → harder so you can build up to exam standard rather than being thrown in at the deep end. This one sits in the standard tier: it is pitched at roughly live-exam difficulty, with distractors that are all plausible until you read them properly.
Every question carries a written explanation, so a wrong answer tells you which rule you have misread instead of just costing you a mark. Questions are original, written against the 2025/26 five-unit CeMAP syllabus, and cover the material the way the examiner tests it — precise recall where recall is tested, and judgement where the paper wants judgement.
Format, timing and pass mark
AFAI2 Mock Paper 2 follows the live AFAI2 format: 20 standalone questions + 2 case studies × 5 linked questions, in 45 minutes — about 90 seconds a question. Pass mark 21/30 (70%), as in the real assessment. There is no negative marking, so answer everything. 2 case studies carry linked questions: read each scenario once, carefully, before answering any part of it.
What this paper tests
The 30 questions in AFAI2 Mock Paper 2 break down across 6 topic areas:
- Asset allocation6 questions
- Suitability6 questions
- Consumer Duty5 questions
- Platforms5 questions
- MPT4 questions
- Risk profiling4 questions
Try two questions from AFAI2 Mock Paper 2
These come from the free preview of this paper. Answer them, then reveal the explanation.
Risk profiling
Helen and Mark have different ATR scores. The adviser should:
- ASplit assets randomly
- BIgnore both questionnaires
- CAgree a household risk level reflecting joint objectives and the lower capacity for loss
- DUse Mark's adventurous score for the whole portfolio
Reveal the answer
C is correct. Joint planning requires a agreed strategy. The more cautious partner's capacity for loss or lower ATR may constrain the household allocation.
Asset allocation
A 60/40 equity/bond portfolio is '60/40' because:
- ACharges are 60% plus 40%
- B60% of returns come from bonds
- C60% of the portfolio value is in equities and 40% in bonds (by target weight)
- DThe client is aged 60 and earns £40,000
Reveal the answer
C is correct. Asset allocation expresses target percentages of total portfolio value in each asset class. Rebalancing keeps weights near targets.
Scored under 70%? Revise these next
A near miss is almost always a calculation you cannot do under time pressure, a definition you half-know, or a rule you have never read in the examiner's words. Start with the topic areas above where you dropped marks, then:
- →Drill the calculations on the CeMAP formula sheet — LTV, income multiples, SDLT, APRC, ERCs and rental cover, each worked through.
- →Nail the terminology in the CeMAP glossary — a surprising share of wrong answers are a term you nearly knew.
- →Re-read the syllabus coverage on the AFAI2 exam guide, then sit the next paper in the ramp.
The other AFAI2 mock papers
3 timed mocks for this unit, running easier → harder. Sitting the whole ramp is what moves a borderline score to a comfortable pass.