Registration Now Open for CAS Student Central Webinar: CAS Exams on The Job

 

December 6, 2022
3 p.m. – 4 p.m. ET 

Why do candidates spend hundreds of hours studying for actuarial exams? Attend our free Student Central webinar, “CAS Exams on The Job” on December 6th at 3pm ET to find out!

Register Now!

Presenters, Kate Richards, ACAS, and Sarah Johnson will dive into real work examples of how exam topics play out in the Property and Casualty Industry. This webinar will walk through topics such as frequency and severity distributions, predictive models, bootstrapping, and reinsurance, to help students get a grasp of the value that the CAS exams can bring to your career.

The presenters will share their insights and answer your questions over the course of the one-hour webinar.

Meet the Presenters

Kate Richards, ACAS

Kate Richards attended Drake University, where she double majored in Actuarial Science and Data Analytics. While at Drake University, Kate was a member of CAS Student Central and Gamma Iota Sigma and was awarded the CAS Trust Scholarship in 2017. Kate joined Travelers and the Actuarial Leadership Development Program (ALDP) in 2018; she is currently on her final rotation with the ALDP in Personal Insurance Actuarial Pricing where she is focused on the auto line of business. Kate is an Associate of the Casualty Actuarial Society and working towards her Fellowship.

Sarah Johnson

Sarah Johnson is an Actuarial Manager working in a Corporate Actuarial role at Travelers Insurance, and one of her favorite parts of her job is helping students through webinars, and 1-1 mentoring. Sarah graduated from the University of St. Thomas with a degree in Actuarial Science and was a CAS Trust Scholarship recipient, while being an active member of CAS Student Central. Sarah is pursuing her ACAS with the Casualty Actuarial Society.


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Earning Exam 2 Credit: Student Notification

The CAS will grant credit for Exam 2 to those who have successfully completed one of the examinations listed in the chart below. Students who earn credit for Exam FM through the SOA’s University-Earned Credit (UEC) program will receive credit for Exam 2, just as candidates who pass Exam FM can obtain credit. Students taking eligible courses in Fall 2022 will have their credit accepted.

Credit provided through the UEC program represents that a student has demonstrated the knowledge and mastery of the content material that a student passing the same exam has demonstrated.

Students without UEC opportunities will continue to follow the traditional exam pathway. Students and candidates should complete the Exam Status Change Form and submit a copy of your SOA transcript to have your exam credits added to your CAS profile.

For questions regarding this announcement, please contact CASstudentcentral@casact.org. For questions related to your Exam Status Change Form, please contact the CAS Administrative and Customer Support Team at ACS@casact.org.

Options for Obtaining Exam 2 Credit

Organization Examination
Actuarial Society of South Africa A211, Mathematics for Finance
Actuaries Institute (Australia) CM1, Actuarial Mathematics 1
Canadian Institute of Actuaries (CIA) University Accreditation Program credit for Financial Mathematics1
China Association of Actuaries CAA, A2 Interest Theory
Institute of Actuaries of India CM1, Actuarial Mathematics 1
Institute and Faculty of Actuaries (U.K.) CM1, Actuarial Mathematics 1
Society of Actuaries Exam FM, Financial Mathematics

 


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Enhancing Our Exam Content

In the spirit of our on-going commitment to transparency as we announce key milestones of the Admissions Transformation Plan (ATP), the CAS is sharing details regarding the process for deciding changes to topics covered on CAS exams. Over the past two years, the CAS utilized three separate analyses to ensure that the content presented on the ACAS and FCAS exams accurately represents a holistic viewpoint of the profession, and evaluates the skills needed to ensure CAS candidates and members are prepared to meet future skill demands. The CAS conducted the three analyses in response to stakeholder and candidate feedback, and to take proactive steps ahead of potential changes in the actuarial field. CAS exams have historically proven to credential highly qualified actuaries, and the CAS took these actions to ensure that we remain the gold standard for credentialing property and casualty actuaries.

The three analyses included

  • a Job Task Analysis (JTA),
  • a second JTA specifically focused on a deep review of predictive analytics skills, and
  • a series of focus groups with employers and other stakeholders to evaluate soft skills and skills needed for the future of the profession.

The work of the ATP to identify changes to CAS exams began with the Job Task Analysis conducted in 2020. This foundational analysis will inform the enhancements to all CAS exams, beginning with the new exams MAS-I, MAS-II, and 5, which are planned to be administered in the Fall of 2023.

The CAS worked with Assessment, Education, and Research Experts (AERE) to conduct the Job Task Analysis of working CAS members. Actuaries from a variety of backgrounds and practice areas were surveyed to identify the domains, tasks, knowledge and skills performed by practicing actuaries. Next, the accuracy of these competencies was further validated by a representative sample of practitioners in relevant actuarial fields, who also rated the importance, criticality and frequency of performance for the previously identified domains and tasks.

Following the first JTA validation, the CAS conducted a second, condensed JTA focused only on predictive analytics. Psychometric and P&C experts worked together to determine what material CAS candidates should be tested on, including a breakdown of the domains that should be assessed on each exam. These recommendations were based on the analysis of the most critical and frequently used domains, tasks and knowledge areas utilized by practicing property and casualty actuaries.

After extensive review and stakeholder feedback, a separate CAS task force reviewed the results and made additional recommendations about adding predictive analytics to the exam pathway.

Finally, guided by the CAS’s psychometric partner, ACS Ventures, the CAS conducted focus groups to determine what technical and soft skills would be needed by Actuaries in the next 3-5 years as the profession evolves. The focus group work used the CAS Envisioned Future as a primary source for its recommendations. The evolution outlined in the ATP is inspired by the CAS Envisioned Future, as described in the CAS Strategic Plan, that sees CAS members as sought after globally for their insights and ability to apply analytics to solve insurance and risk management problems. We are enhancing our long-standing professional certification model by adopting certification industry best practices that will enable us to swiftly respond to market needs so that CAS credentials remain the gold standard for property and casualty actuaries.

The final decisions on enhancements to topics covered in the ACAS and FCAS exam pathway were made by CAS practicing actuaries from a variety of experience levels and backgrounds in the P&C industry.

Our focus on strengthening our professional certification model represents our commitment to a future state that incorporates certification industry best practices to ensure that our credential holders have the professional knowledge and expertise to meet market demands. This will ultimately strengthen the value of our members’ credentials and uphold our position as the leading organization for credentialing property and casualty actuaries.

Later this year, the CAS will publish the domain-level topics for updated versions of the CAS exams, including the new MAS exams and Exam 5, which plan to be administered in Fall 2023. More information about upcoming changes to CAS exams can be found on the Admissions Transformation Plan webpage. As we reach additional milestones, CAS students, candidates and members can expect to see updates on the ATP webpage, which is our main information hub for our stakeholders. If you have any questions or feedback regarding the upcoming changes to CAS exams, please reach out to atp@casact.org.


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Guessing Penalty Eliminated Beginning Fall 2022

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When the Casualty Actuarial Society began administering the multiple-choice exams MAS-I and MAS-II in 2018, a 0.25-point penalty was assessed for each incorrect response to prevent a candidate from guessing correct responses. In September 2021, in conjunction with the release of the Admissions Transformation Plan, and motivated heavily by candidate feedback, staff and volunteer input, the decision was made to remove the guessing penalty. Effective with the Fall 2022 exam sittings, the guessing penalty for exams MAS-I and MAS-II will be eliminated.


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CAS Offering Exam 6 International for Global Candidate Community

The Casualty Actuarial Society (CAS) expanded the pathway options to its actuarial credentials in 2021 with the introduction of the new Exam 6-International (6-I). The exam was developed to meet the needs of employers and future members in Asia, South America, and Europe, and received an above average rating for overall quality from those who took the exam last year. The CAS is pleased to offer the exam again from April 30 through May 6, 2022.

Exam 6-International joins three other exams focused on regulation and financial reporting systems in specific jurisdictions: Exam 6-United States, Exam 6-Canada, and Exam 6-Taipei.


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