Syllabus of Basic Education
Announcements for 2017
Candidates may find online exam registration and related information on the Exam Registration page of the CAS website. Prior to completing an online application for Exams S and 5-9, candidates must submit an Electronic Signature Authorization Form—details are available on the same page.
There is only one registration deadline for each exam. No late registrations will be accepted. The exam dates and registration deadlines are available in the "2017 Examination Schedule" section. Please allow at least 10 working days for your mailed application to reach its destination. Whether payment is made by personal or company check, it is the candidate’s responsibility to ensure that the application and fee are received by the stated deadline. Exceptions will not be made.
Exam 7 — Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management
In the syllabus for Exam 7, Section C. Enterprise Risk Management, we removed the sentences "The candidates should gain general knowledge of ERM and are expected to explain it conceptually in the context of an examination. Expert proficiency is not a requirement for candidates." from the section description. This is not intended to be a change in what candidates are expected to know or in what will be tested, but rather recognition that the language in the Learning Objectives and Knowledge Statements accurately describe what is covered and the deleted wording was not needed.
Appeal Window for Examinations
Candidates are reminded that appeals for the constructed-response test items must reach the CAS Office not later than 2 weeks after the publication of the Examiner's Report for the specific exam. No appeals will be considered after these deadlines.
As announced previously, successful CAS candidates will receive their passing numeric score on the grade report they receive in the mail, as opposed to just seeing the word "Pass." A score of 6-10 denotes a passing grade. Starting with the fall 2016 sitting, passing candidates will also be able to access this additional information through their online profile accessible through the CAS website. Candidates should note that historic passing numeric scores are not provided.
SOA Exams FM and MFE to Change in Summer 2017
The Society of Actuaries (SOA) has announced that effective with the June 2017 administration of Exam FM (Financial Mathematics) and the July 2017 administration of Exam MFE (Models for Financial Economics) there will be significant changes in the syllabus (learning objectives and recommended readings). According to the SOA, these changes were motivated by two factors.
- Return Exam FM to its former coverage of theory of interest topics. With the exception of interest rate swaps, all derivatives material will be moved to Exam MFE. One feature of this change is that most university programs will be able to cover this material in a single three-credit course.
- Remove some of the more mathematically sophisticated topics from Exam MFE, in particularly those related to stochastic calculus. It is more appropriate for those topics to be covered in fellowship exams as needed for each track.
The CAS will recognize the transition rules adopted by the SOA. See CAS Announcement.
The transition will be one-for-one. Candidates with credit for Exam FM by April 30, 2017 will continue to have such credit and will receive credit for CAS Exam 2 requirement. Candidates with credit for Exam MFE by March 31, 2017 will continue to have such credit and will receive credit for CAS Exam 3F requirement.
It is possible that some candidates will be tested on the basic derivatives material twice while others will not be tested at all.
Note: This Syllabus is subject to change in the future.
The Syllabus for each examination is defined in the form of Learning Objectives, Knowledge Statements, and Readings. The Learning Objectives present the learning goals for the underlying subjects being tested and set forth, usually in broad terms, what the candidate should be able to do in actual practice. The Knowledge Statements describe the body of knowledge corresponding to the exam subject and are illustrative of the scope of each Learning Objective. The Readings are recommended resources that support the Learning Objectives and may assist candidates to prepare for the examination. The CAS is not responsible for any errors or omissions found in the content of the resources identified in the Readings.