Casualty Actuarial Society

Exams & Admissions

Waiver Policy for Examinations

Effective: 2013

Actuarial Examinations
Waiver of individual examination requirements will be granted by the CAS Board of Directors in instances where an applicant has passed or received credit for examinations sponsored by another recognized actuarial organization that cover equivalent material in both subject and depth. The granting of waivers by the Board will be based on the recommendation of the vice president-admissions. The vice president-admissions' recommendation will be guided by the policy established by the CAS Education Policy Committee.

The CAS generally will not grant waiver of all or any portion of its examination requirements for work experience, contribution to actuarial literature, academic courses of study, or examinations of non-actuarial organizations. Individuals who claim competence in the areas covered by the examinations should not have difficulty demonstrating their competence by participating in the examination process.

Institute and Faculty of Actuaries (U.K.), Actuaries Institute (Australia), and Institute of Actuaries of India Examinations

The CAS recognizes some of the examinations sponsored by the Institute and Faculty of Actuaries (United Kingdom), Actuaries Institute (Australia), and the Institute of Actuaries of India. Credit will be granted for examinations passed or waived in accordance with examination equivalencies between the CAS Syllabus and the syllabi of each of the three aforementioned actuarial organizations. The CAS will not grant credit for examinations waived on account of academic records achieved in North American universities, nor for credit granted to candidates not qualifying directly in obtaining membership through the normal qualification/examination process. Credit will not be given to Fellows of these actuarial organizations who have attained their designation through mutual recognition rather than through the organization's standard credentialing process. Fellows by mutual recognition should pursue examination waivers based on their original credentials.

The Casualty Actuarial Society Board of Directors approved the following waiver policy for the CAS preliminary education structure. The waivers are for candidates who have credit for exams of the Faculty of Actuaries/Institute of Actuaries (U.K.) and the Institute of Actuaries of Australia as presented in the table below with the following qualification:

The following waiver policy has been approved by the CAS:

Subject of the Institute and Faculty of Actuaries (U.K.), Actuaries Institute (Australia), and Institute of Actuaries of India* Waiver Granted for CAS Exam/Educational Experience
CT1Exam 2
CT2VEE-Corporate Finance
CT3Exam 1
CT4 and CT6Exams ST & 4 and VEE-Applied Statistical Methods
CT5Exam LC
CT7VEE-Economics
CT8Exam 3F

Waiver Information from 2007

  • Waivers will not be granted for Faculty/Institute exam credit earned through coursework except for those universities on the Faculty/Institute list as of May 7, 2000.
Subject of the Faculty of Actuaries, Institute of Actuaries, Institute of Actuaries of Australia, or Institute of Actuaries of India Waiver Granted for CAS Exam/Educational Experience
CT1 Exam 2/FM
CT2 VEE-Corporate Finance
CT3 Exam 1/P
CT4, CT5, CT8 Exam 3
CT6 Exam 4/C and VEE-Applied Statistical Methods
CT7 VEE-Economics

The Vice President-Admissions and the Education Policy Committee will review other requests for waivers. Any addition to the waiver policy would be announced after approval by the CAS Board of Directors.

For more information or to apply for a waiver, please contact Bob Craver at bcraver@casact.org.

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