To become an Associate member of the Casualty Actuarial Society, a candidate must complete the following requirements:
Validation by Educational Experience (VEE):
Two CAS Online Courses:
- Online Course 1—Risk Management and Insurance Operations
- Online Course 2—Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation
Exams: Note: Exams can be taken in any order.
- Exam 1—Probability
- Exam 2—Financial Mathematics
- Exam 3F—Models for Financial Economics
- Exam 4—Construction and Evaluation of Actuarial Models
- Exam S—Statistics and Probabilistic Models*
- Exam 5—Basic Techniques for Ratemaking and Estimating Claim Liabilities
- Exam 6—Regulation and Financial Reporting (Nation Specific)
* New exam required beginning in Fall 2015 replacing Exam LC, Exam ST, and VEE-Applied Statistical Methods. However, transition rules allow candidates with credit for either Exam LC and/or Exam ST to take the remaining exam/educational requirements to obtain credit for the new Exam S by August 31, 2016.
All the details for these requirements are available online in the Syllabus of Basic Education.
Once you have completed all requirements for Associateship in the Casualty Actuarial Society and your credits for all the requirements are recorded with the CAS, you may submit an application for membership.
To become a Fellow of the Casualty Actuarial Society, a candidate must:
Meet all of the Associateship requirements.
Successfully complete Exams 7-9:
- Exam 7—Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management
- Exam 8—Advanced Ratemaking
- Exam 9—Financial Risk and Rate of Return
If a person is already an Associate of the CAS in good standing when completing the Fellowship requirements, it is not necessary to submit another membership application. The person will automatically be recognized as a Fellow.
If a person is not already a member of the CAS when completing all Fellowship requirements, the candidate may submit the membership application and related materials immediately upon completion of all the requirements.
The CAS requirements to qualify for the CERA designation are:
- Meet all requirements for CAS Associateship,
- Have credit for CAS Exam 7 and Exam 9,
- Successfully complete the three-day Enterprise Risk Management and Modeling Seminar for CERA Qualification, and
- Successfully complete Exam ST9, Enterprise Risk Management Specialist Technical, of the Institute and Faculty of Actuaries (U.K.).
Fellows of the CAS are required to successfully complete the seminar and the ST9 exam.