Syllabus of Basic Education
Examination Rules - Grades and Accreditation
CAS Examination Processing
Computer-based tests are administered and scored according to computer-based testing methodologies. Although the multiple-choice exams that are administered exclusively by paper-and-pencil have a process that is similar to the description below, this section and the next, Grading of Examinations: A Timeline, provide details about CAS-specific Exams 5-9.
Examination papers are sent to the CAS Office upon completion of the examination. The CAS Office prepares the examinations for the grading process. The next business day following the administration of all examinations, the examinations and a preliminary list of multiple-choice answers will be posted on the Exams page of the CAS website. This is intended to assist candidates and the CAS Syllabus & Examination Committee in determining whether they believe a question is ambiguous or defective.
Grading of Examinations: A Timeline
After the examinations are administered, proctors return the exam packages to the CAS Office. Staff members log in each exam. Signatures are verified and the candidate numbers are checked against the proctor's report. As each envelope is opened, the candidate's number must be checked against the number on the short answer card (both the written number and the coded number) and on all the essay sheets. The short answer cards are prepared for scanning and the essay sheets for all the candidates must be sorted so that individual questions can be copied for the graders.
Constructed response (essay) question responses are sent to a vendor to be reproduced. Short answer cards are scanned twice and output is compared to ensure accuracy. Random checks are made of each series of cards to ensure that the scanner is working properly. When the essay sheet copies are received, copies of candidate responses are sent to the individual graders. Any comments on potentially ambiguous or defective questions are forwarded to the graders, exam part chair, and the general officer of the exam series for review.
Weeks 3 and 4
Committee members review candidate comments about possibly ambiguous or defective questions and decide how they will be handled in the grading process. Discussions on the best course of action are often a very time-consuming part of the grading process. Copies of responses to each constructed-response test item on the exam are sent to two graders. Some graders are given more than one question to grade. There can be 500 to more than 1,000 answer sheets for each grader to evaluate for a single question. A suggested answer key exists for each question, but alternative solutions may be correct, and the graders must be open to different approaches to a problem. About two-dozen responses are graded and then the results are compared. The grading partners will establish a consistent grading rubric and then evaluate the solution key. Consistency and accuracy are the most important factors in grading the responses. After looking at hundreds of papers, it is possible that a grader could slightly shift focus (either harder or easier). To minimize the chance of this happening the graders will begin grading at different points on the candidate list, then when the two grades are compared any significant differences will be checked. Each grader prepares a computer file with each candidate's number and the score for each question.
The part chair holds the grading session with the graders. The first step is running the data through a standard grading program, verifying the data, and noting any significant discrepancies. For each candidate and each question the scores of each grading partner must be within a prescribed tolerance. If the scores do not fall within this tolerance, the partners must discuss the candidate's answer sheet and come to a decision on what the point value should be. When all the questions have been reconciled to the required tolerance, the scores are totaled and a tentative pass score is selected based on the pass mark panel's recommendation, various statistics, and guidelines.
This triggers the second round of reconciliation. Candidates who have scores within a certain number of points from the tentative pass score will have all of their answers reconciled completely. This gives an exact score for any candidate near the passing score. The scores for any candidates who are close to passing will be checked manually as well. The committee members will then look at the statistics one more time and make a final recommendation for the passing score.
Weeks 6 and 7
After the grading session, the part chair will create and submit a report to the general officer of the exam series, the CAS Syllabus & Examination Committee chairperson, and the vice president–admissions. In the report, the part chair recommends a passing score, gives a detailed analysis of the exam, and notes any unusual questions or situations that required special handling. The chairperson and general officer hold a teleconference with the vice president–admissions and a representative from the Canadian Institute of Actuaries (except for Exam 6-US) to discuss all of the exams from the series and to finalize the passing scores.
After the vice president–admissions and a representative from the Canadian Institute of Actuaries (except for Exam 6-US) have approved the passing score the data is verified and released to the CAS Office to update each candidate's record. A link to the web page with passing candidate numbers, which will reside at a randomly generated web address, will be sent via e-mail to the candidates who sat for the exam for which results are available. Lastly, grade reports will be sent to candidates.
Determination of the Pass Mark
The goal of the examination system of the CAS is to pass all candidates who have demonstrated adequate knowledge of the syllabus and to fail those candidates who have not. The objective of the examinations is to evaluate candidate performance using criteria for demonstrating adequate knowledge that remain constant throughout the lifetime of the exam series. Pre-set pass marks, e.g., a candidate will pass if he or she answers x percent of the questions correctly, are counter to this philosophy. The examinations are meant to measure the candidate's level of achievement of the required learning objectives and their required level of capability of accomplishing specified learning outcomes.
Multiple-Choice Test Items
As part of the input to the pass mark determination process for the multiple-choice exams that are not offered by computer-based testing, a modified Angoff passing score study is performed where a panel of experts in the subject material is convened to review the examination. This is a common testing and measurement technique. Each expert is asked to review each question in the examination, and assess the difficulty of that question. More specifically, they are asked to estimate the likelihood that a candidate with minimum adequate knowledge competency would answer the question correctly. The sum of these probabilities, averaged across the panel of experts, gives a preliminary estimate of the pass mark.
The estimated pass mark resulting from the modified Angoff passing score study is compared to and balanced with the actual performance statistics on the exam in finalizing the pass mark. The effects of any particularly difficult questions are also factored into the determination of the final pass mark.
Computer-based tests are administered and scored according to computer-based testing methodologies.
Constructed-Response Test Items
For CAS examinations consisting in whole or in part of constructed-response test items (written-answer or essay questions), the assessment process is somewhat different. Before the exam is administered, a pass mark panel reviews the exam and assesses it based on how the panelists think a minimally qualified candidate will perform based on a predetermined definition of the minimally qualified candidate. This process follows the same basic technique used for multiple-choice exams as described above. Based on this assessment, an expected pass mark is set.
Following the administration of each exam, responses to each constructed-response test item are graded simultaneously by two graders who must reconcile their grading rubrics and grades. When all responses have been scored, the Examination Part Committee chooses a preliminary pass mark based on the results of the pass mark panel augmented by actual performance of the current candidates versus historical performance of previous candidate cohorts. Candidate papers with scores close to the preliminary pass mark are re-graded to ensure correct and consistent scoring.
The Examination Part Committee then determines the tentative pass mark by again balancing actual performance statistics against minimum adequate knowledge while taking into account other factors such as time pressure situations that may have occurred on some questions. Because the level of difficulty for each examination may vary from year to year, each Examination Part Committee collects extensive data to ascertain the level of difficulty of its examination. The Examination Part Committee compares the performance of the present year's candidates to the performance of candidates from prior years. Appropriate recognition is given to any peculiarities that may appear in connection with the answers to any question on an examination despite all the care taken in setting the examination questions.
With the use of content-based pass marks, fluctuation in the pass rate from session to session is expected. Although the percentage of candidates passing will vary from year to year, those candidates demonstrating the required level of competence with the material will pass.
Final Pass Mark
A recommended pass mark is reached by consultation among the examination part chairperson, the general officer overseeing that examination, and the CAS Syllabus & Examination Committee chairperson. Any significant deviations from the à priori pass mark set by the pass mark panel are explored at this time. The recommended pass mark and explanations for deviations from the à priori pass mark are submitted to the vice president–admissions who approves the final pass mark. The final exam statistics are forwarded to the CAS Executive Council and CAS Board of Directors.
After the pass mark is finalized, each candidate is assigned a score. Scores of 0 to 5 are assigned to candidates who do not pass. On this scale, each interval is 10 percent of the pass mark. For example, a grade of 5 equates to a candidate's score of at least 90 percent, but less than 100 percent, of the pass mark. A grade of 0 means that the candidate's score is less than 50 percent of the pass mark. Candidates at or above the passing mark will receive a score of 6 to 10. Historic passing numeric scores will not be provided.
The CAS releases the pass scores for Exams S and 5-9 after the appeals deadline for the specific exam session. They are available from the Past Exams and Pass Marks page of the CAS website. The purpose of releasing the pass scores is to help candidates prepare for future exam sittings. The 75th and 95th percentile scores are also released for each exam. These two key statistics indicate the performance level achieved by the better-prepared candidates on the exam. Raw scores are not provided to candidates.
Exams S and 5-9
Examination results are available approximately eight to nine weeks after the examination date. After exam results are received from the CAS Syllabus & Examination Committee at the CAS Office, a list of passing candidate ID numbers will be e-mailed to candidates. Individual statements of examination results generally are sent to candidates on the day that they become available. Candidates will be apprised of their scores – 0 to 5 for those who did not pass the exam and 6 to 10 for those who passed the exam.
Within a few days, a list of the names of all passing candidates is posted on the CAS website. Requests for reprints of individual grade reports will be accepted starting two weeks after the date that results were released.
Candidates for Exams S and 5-9 who did not pass will automatically be sent an analysis of their examination with the grade notification. The analysis of an examination is computer-generated. Actual points received for multiple-choice questions will be displayed. For constructed-response test items, ranges will be given for the actual score. This information is intended to provide the educational guidance that most candidates desire. Copies of the exam analyses will not be provided after the appeals deadline.
To preserve candidate confidentiality, in the event of a lost or misplaced candidate ID number, the candidate ID number will be mailed to the candidate upon request. Under no circumstance will a candidate number be given out over the telephone or by e-mail. Candidates can also verify their candidate number by logging into their profile on the CAS webpage.
Online Courses 1 and 2
The exams for Online Courses 1 and 2 are offered by computer-based testing. An unofficial pass/fail result will be displayed on the computer screen at the conclusion of the exam. When the official grades have been processed, candidates will receive an e-mail from The Institutes stating that their grades are available. Candidates may then log into their account on The Institutes website to access their grades. The grade report for each candidate will show the candidate's overall score on the exam in ten point increments (e.g., 60 to 69%, 70 to 79%, and so on). It will similarly show the candidate's performance by assignment using those same ten point increments. Numeric scores are not released. Once final grades have been released, The Institutes will send a copy of the grades directly to the CAS Office to be added to the candidates' admissions records. The Institutes sends this information to the CAS several weeks following the closing of the testing window. The CAS will post the list of passing names approximately two weeks later.
Ambiguous or Defective Questions
For Exams 1, 2, 3F, and 4, the candidate should follow the procedural rules of the sponsoring organizations.
Online Courses 1 and 2
If a candidate believes a question is ambiguous or defective, he or she should bring this to the attention of The Institutes in writing within two weeks after the examination was administered. The candidate must submit this correspondence to The Institutes for the two online courses. The correspondence should include detailed reasons why the question is believed to be ambiguous or defective. The Institutes will investigate all questions brought to its attention.
A copy of the correspondence to The Institutes should be sent to the CAS Syllabus & Examination Committee at email@example.com.
Exams S and 5-9
The committee compiles and monitors various statistics for the questions it puts on the exams. These statistics often help to uncover potential defects, wording issues, or ambiguities. However, if a candidate believes that a multiple-choice or constructed-response test item is ambiguous or defective, he or she should bring this to the attention of the CAS Syllabus & Examination Committee in writing within two weeks after the examination date. In order to aid the candidate, preliminary answer keys for multiple-choice questions will be available the week following the examinations. The candidate may submit comments to the CAS Office by mail, fax, or e-mail at firstname.lastname@example.org. The correspondence should include detailed reasons why the question is believed to be ambiguous or defective. The CAS Syllabus & Examination Committee will investigate all questions brought to its attention in writing. To be considered in the grading process, correspondence must reach the CAS Office within two weeks of the date that the exam was administered. The decision of the CAS Syllabus & Examination Committee chairperson is final. Items judged to be defective will be identified within the Examiner’s Report for Exams 5-9 and within the final posted grading key for Exam S.
Any multiple-choice question found to be defective is carefully examined to determine the most reasonable way to correct the situation. In some cases, the question is discarded, leaving scores and rankings, as they would have been if the defective question had not been asked. In other cases, more than one answer for a multiple-choice question is given credit for being correct.
No investigation of ambiguous or defective questions will be considered after these deadlines.
Appeals for Exams S and 5-9
After grades are released, the only appeal permitted on multiple-choice questions will be to request an administrative check of the candidate's short answer card to verify that the card reader scanned the card correctly and that the output file reflected this data. This request must be made within three weeks after the release of passing candidate numbers via a link to a web page. The link is sent via e-mail to the candidates who sat for the exam.
Constructed-Response Test Items
For the constructed-response test items, appeals must reach the CAS Office not later than 2 weeks after the publication of the Examiner's Report for the specific exam. The Examiner's Report will be published to the CAS website as soon as possible after releasing exam results and candidates registered for the respective exam will be alerted by e-mail when this occurs. The candidate may submit his or her appeals to the CAS Office by mail, fax, or e-mail at email@example.com.
If the candidate believes that there is an alternative correct solution, the candidate must provide specific reasoning in support of this claim. With specific information, the CAS Syllabus & Examination Committee can research the answer properly and reply to the candidate. An example of an invalid appeal would be the following: "I am appealing my score of 5 on Exam 9, please recheck my examination." Another example of an invalid appeal would be: "On question number 2, I believe I should get full credit because I answered the following . . ."
The examination part chairperson reviews each appeal and makes a recommendation to the CAS Syllabus & Examination Committee chairperson. The CAS Syllabus & Examination Committee chairperson will respond based on the recommendation of the examination part chairperson. The decision of the CAS Syllabus & Examination Committee chairperson is final.
No appeals will be considered after these deadlines.
Confidentiality of Examination Records
The fact that a candidate has passed a particular examination is considered public knowledge. Any further information as to examinations taken by candidates and scores received by candidates is available only to the candidates themselves, to CAS Syllabus & Examination Committee officials if required for committee purposes, and to the CAS Office, unless the candidate requests in writing that such information be provided to someone else. However, if any action is taken against a candidate as a result of his or her conduct (as described in the section on Examination Discipline), the Casualty Actuarial Society, at its sole discretion, may disclose such information to any other bona fide actuarial organization that has a legitimate interest in such results and/or actions. The candidate authorizes and consents to the Society using and disclosing (including, but not limited to, disclosing to the third-party contractors and service-providers of the Society) personally identifiable information about the candidate as necessary and appropriate for the purposes of registering the candidate for the exam, conducting the exam, determining the results of the exam, and communicating with the candidate regarding the results of the exam.
The CAS generally reviews and makes revisions to the study material on an annual basis. Occasionally, a major topic will be added to or deleted from the syllabus. A major topic is defined as a series of learning objectives comprising a segment of an examination. When a major topic is added, the CAS Syllabus & Examination Committee will determine if a transition program is appropriate. A transition program is generally appropriate when candidates are in a position to lose credit for a segment of an examination.
A transition program usually will provide candidates with at least two opportunities to complete the requirements for that examination. The completion of the requirements will result in the achievement of credit for that entire examination. The failure to fulfill the requirements for that complete examination could result in the expiration of credit for that deleted topic at the end of the transition period. The CAS Board of Directors must approve any transition program.
Current Education Structure
No transition rules are available at this time for the current education structure.
Older Transition Rules Applicable to the Current Education Structure
The CAS Board of Directors approved the following transition rules for the education structure that was implemented in the Fall of 2015.
To receive credit for the new Exam S on Statistics and Probabilistic Models during the transition, the candidate must have credit for Exams ST and LCâ€ and the VEE-Applied Statistical Methods educational requirement.
At the time of transition, if a candidate has credit for either Exam ST or Exam LC, but not both, the candidate will be allowed to take just the exam for which he or she is missing credit in order to obtain partial credit for the new exam. This option will be available for a transition period of two sittings, i.e., Fall 2015 and Spring 2016.
Credit for the VEE-Applied Statistical Methods educational requirement will also be accepted for those candidates who complete it by August 31, 2016. If the candidate has not completed Exam ST, Exam LC, and the VEE-Applied Statistical Methods educational requirement by this date, the candidate will need to pass the full version of Exam S to receive credit.
Candidates with credit for neither Exam ST nor Exam LC on August 31, 2015 will not be permitted to sit for Exam ST or Exam LC during the transition period and will need to pass the full version of Exam S to receive credit.
The following table summarizes the above:
Candidate Credit on August 31, 2015 Exam ST Exam LC VEE-Applied Statistical Methods Action Required by August 31, 2016 to Earn Credit for new Exam S ✓ ✓ ✓ Credit granted. No candidate action required. ✓ ✓ Complete VEE-Applied Statistical Methods. ✓ ✓ Pass Exam LC. ✓ Pass Exam LC and complete VEE-Applied Statistical Methods. ✓ ✓ Pass Exam ST. ✓ Pass Exam ST and complete VEE-Applied Statistical Methods. ✓ Candidate must take full version of Exam S.
† The CAS has also granted waivers for Exam LC to candidates who have:
- Passed SOA Exam MLC;
- Passed the Institute and Faculty of Actuaries (U.K.), Actuaries Institute (Australia), or Institute of Actuaries of India Subject CT5; or
- Passed the Actuarial Society of South Africa Course A203; or
- Received a waiver granted by the Canadian Institute of Actuaries University Accreditation Program.
For those candidates who have credit for Exam ST by August 31, 2015, the CAS will continue to grant the above Exam LC waivers through August 31, 2016.
The CAS has approved the following transitional waiver policy for examinations sponsored by the Institute and Faculty of Actuaries (United Kingdom), Actuaries Institute (Australia), Actuarial Society of South Africa (ASSA), 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 aforementioned actuarial organizations. The CAS will not grant credit for examinations waived on account of academic records achieved in U.S. universities.
Candidate Credit on August 31, 2015 Action Required by August 31, 2016 to Earn Credit for new Exam S CT5 or A203 CT4 and CT6 or A202 and A204 ✓ ✓ Credit granted. No candidate action required. ✓ Pass CT4 and CT6 or A202 and A204. ✓ Pass CT5 or A203 Candidate must take full version of Exam S.
- The CAS Board of Directors approved the following transition rules for the education structure that was implemented in January 2014:
Credit in 2013* Credit in Education Structure Implemented in 2014 Exam 3L Exams LC and ST SOA Exam MLC Exams LC and ST *Note: Credit for Exam 3L or SOA Exam MLC must have been achieved through an examination administered prior to January 2014.
In addition, the CAS Board of Directors approved the following waiver that will continue beyond January 2014:
Credit Credit in Education Structure Implemented in 2014 SOA Exam MLC Exam L
- The CAS Board of Directors approved the following transition rules for the education structure that was implemented in January 2011:
Credit in 2010 Credit in Education Structure Implemented in 2011 Exam 5 Half of Exam 5 (section on Basic Techniques for Ratemaking)* and Online Course 1 Exam 6 Half of Exam 5 (section on Estimating Claim Liabilities)* and Exam 7 on Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management Exam 7 Nation-specific Exam 6 on Regulation and Financial Reporting and Online Course 2 Exam 8 Exam 9 on Financial Risk and Rate of Return Exam 9 Exam 8 on Advanced Ratemaking
*Note: To receive credit for the new Exam 5 on Basic Techniques for Ratemaking and Estimating Claim Liabilities, the candidate must have credit for both old Exams 5 and 6. At the time of transition, if a candidate has credit for only one of the required exams (either old Exam 5 or Exam 6), the candidate will be allowed to take just the part of the exam for which he or she is missing credit (i.e., either the Basic Techniques for Ratemaking section or the Estimating Claim Liabilities section of the new exam) in order to obtain credit for the new exam. This option will be available for a transition period of two sittings after the official conversion to the new education structure (i.e., May 2011 and May 2012). If the candidate does not have credit for both halves of Exam 5 at the end of the transition period, the candidate would have to pass the full version of Exam 5 to receive credit.
- The CAS Board of Directors approved the following transition rule for the revision to Exam 3 that was implemented in January 2008:
Credit in 2007 Credit in Education Structure Implemented in 2008 Exam 3 Exams 3F and 3L
- The CAS Board of Directors approved the following transition rules for the revised education structure that was implemented in January 2005:
Credit in 2004 Credit in Education Structure Implemented in 2005 Exam 1 Exam 1 Exam 2 Exam 2, VEE-Economics, VEE-Corporate Finance Exam 3 Exam 3 [Exams 3F and 3L] Exam 4 Exam 4, VEE-Applied Statistical Methods
- The following rules apply for candidates with unused credit from exams administered prior to 2000:
Pre-2000 Credit Credit in Education Structure Implemented in 2014 Exam 2 (Probability & Statistics) and Exam 4B (Credibility Theory and Loss Distributions) Exam ST Pre-2000 Credit Credit in Education Structure Implemented in 2011 Exam 3B Online Course 1 Pre-2000 Credit Credit in Education Structure Implemented in 2005 Exam 3A VEE-Applied Statistical Methods Exam 4A Exam 2 Exam 4B Exam 4 Exam 5A VEE-Economics Exam 5B VEE-Corporate Finance
CAS Course on Professionalism
The CAS Course on Professionalism is designed to present candidates with real situations that contain ethical and professional issues for the actuary. Volunteer members of the CAS facilitate small group discussions of actual case studies. Although grades are not given for the course, candidates must actively participate in order to receive credit. Successful completion of this course is required before a candidate can become a member of the Casualty Actuarial Society.
Candidates are urged to register for this course as soon as they are eligible. To be eligible for the CAS Course on Professionalism, the candidate should refer to the CAS website:
Dates for the course will be posted in the CAS Course on Professionalism page of the CAS website. Each course has a limited number of participants; early registration is recommended. Facility information and course times are provided when registration for specific courses is announced.
CAS Membership Requirements
Candidates for Associateship in the Casualty Actuarial Society must fulfill the examination requirements by successful completion of, or credit for, Exams 1, 2, 3F, 4, S, 5, and 6; have credit for Online Courses 1/CA1 and 2/CA2; have credit by Validation by Educational Experience (VEE) for the required topics of corporate finance and economics; and successful completion of, or credit for, the CAS Course on Professionalism. Exam 6 is nation specific and passage of any one of the CAS-approved nation-specific exams fulfills the Associateship requirements.
After completing all the prescribed requirements, all prospective Associate members must submit a formal application to the Casualty Actuarial Society. The application form and list of application requirements are available on the CAS website in the Join/Renew section. Obtaining the two letters of reference is the prospective member's responsibility. If no member of the CAS is familiar with the prospective Associate and his or her work history, references from members of the American Academy of Actuaries, the Canadian Institute of Actuaries, the Society of Actuaries, other actuarial organizations that are part of the International Actuarial Association, or senior executives where the candidate is employed may be substituted. For further information on alternative acceptable references, please contact the CAS Office. An application for membership will not be processed without these references. Candidates must have completed all educational requirements prior to submitting an application for CAS membership.
After all requirements are met and a completed application has been submitted to the CAS, each candidate is voted on by the CAS Executive Council. Upon approval of the CAS Executive Council, the candidate will be admitted as an Associate of the Casualty Actuarial Society (ACAS). Candidates approved by the Executive Council will be notified by letter from the CAS president. Members may indicate their designation as an Associate of the Casualty Actuarial Society by using the initials "A.C.A.S." after their names only after they have received official notification of acceptance as an Associate from the CAS.
In addition to fulfilling all the requirements of Associateship, successful completion of, or credit for, all Fellowship examinations is required to fulfill the requirements for Fellowship and to be designated as a Fellow of the Casualty Actuarial Society (FCAS). Candidates who are admitted to the CAS as Fellows rather than Associates may indicate their designation as a Fellow of the Casualty Actuarial Society by using the initials "F.C.A.S." after their names only after they have received official notification of acceptance as a Fellow from the CAS. Associates who complete their Fellowship requirements may use the "F.C.A.S." designation immediately following official notification of successful completion of all the Fellowship requirements as prescribed by the Board of Directors.
CERA Designation Requirements
Candidates for the CERA (Certified Enterprise Risk Analyst) designation must fulfill the educational requirements by successful completion of all CAS Associateship requirements, CAS Exams 7 and 9, the Enterprise Risk Management and Modeling Seminar (specifically designed for the CERA designation), and Exam ST9 of the Institute and Faculty of Actuaries (U.K.).
After completing all the prescribed requirements, all prospective CERA designees must submit a formal application to the Casualty Actuarial Society. The application form will be available in the CERA section of the CAS website. Candidates must have completed all educational requirements prior to submitting an application for the CERA designation. After all requirements are met and a completed application has been submitted to the CAS, each candidate is voted on by the CAS Executive Council and then submitted to the international Treaty Board for the CERA Global Credential for approval. Upon approval, the candidate will be granted the CERA designation. CERA designees may indicate their designation by using the initials "CERA" after their names only after they have received official notification from the CAS.
Waiver of Examinations
The CAS’s Basic Education Waiver Policy addresses the extent to which the CAS will grant waivers of its basic education requirements including Exams 1, 2, 3F, and 4; Online Courses 1 and 2; Course on Professionalism; and Validation by Educational Experience requirements, or their equivalents as defined by the Executive Council.
The Board of Directors agrees that an exam waiver should be considered for verified educational accomplishments, e.g., exams or university courses, required by another actuarial organization that substantially meet the learning objectives of a particular CAS exam with reasonably equivalent rigor and level of mastery of the material. The Board agrees that the alternative should not be required to cover every learning objective that is covered in the CAS Syllabus for the particular exam in order to consider a waiver and that other learning objectives covered by the alternative may be considered as substitutes.
In addition to actuarial exam requirements, the CAS may grant waivers for other basic education requirements provided that the educational experience is deemed equivalent in subject matter coverage and depth. For example, the CAS may accept a professionalism course offered by another actuarial organization provided that it is deemed equivalent to the CAS Course on Professionalism or the Executive Council provides a supplement to address any significant CAS requirement that may be lacking. Other examples where CAS requirements may be waived include Online Courses or Validation by Educational Experience requirements. While waivers for Exams LC and ST are still valid, the Transition Rules for Exam S govern. In general, the CAS will not grant waivers for its upper-level exams, i.e., Exams S and 5-9.
The CAS will not grant waiver of all or any portion of its examination requirements for work experience or contribution to actuarial literature.
Under this Policy, the granting of waivers by the Executive Council will be based on the recommendation of the vice president-admissions. The vice president-admissions' recommendation will be guided by policy discussions and recommendations of the CAS Education Policy Committee.
Canadian Institute of Actuaries
The CAS recognizes the exam waivers granted by the Canadian Institute of Actuaries University Accreditation Program for Exams 2, 3F, and 4. The CAS will only grant waivers for CIA UAP exam credits that were awarded based on work at universities in Canada. The list of candidates granted waivers by the CIA is provided to the CAS following the end of a semester. The CAS automatically updates its records. No further action is required of candidates.
NOTE: Under previous education structures, the CAS recognized the exam waivers for Exams 3L and LC.
China Association of Actuaries
The CAS recognizes the preliminary examinations sponsored by the China Association of Actuaries (CAA). Credit will be granted for examinations passed or waived as a cohort for CAA exams A1, A2, A3, A4, and A7. When a candidate submits credit for all five exams, they will be given credit for CAS Exams 1, 2, 3F, and 4 and Validation by Educational Experience requirements -- Corporate Finance and Economics. Credit will not be given on an individual exam basis. Credit will only be given for an entire cohort of examinations.
The CAS will not grant credit for examinations waived on account of academic records achieved in U.S. 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 the CAA 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 CAS has approved the following waiver policy:
|Submitted CAA Exam Cohort||Waiver Granted for CAS Exam/Educational Experience Cohort Equivalent|
|A1, A2, A3, A4, & A7||1, 2, 3F, 4, VEE-Corporate Finance, & VEE-Economics|
Institute and Faculty of Actuaries (U.K.), Actuaries Institute (Australia), Actuarial Society of South Africa (ASSA), 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), Actuarial Society of South Africa (ASSA), 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 aforementioned actuarial organizations.
The CAS will not grant credit for examinations waived on account of academic records achieved in U.S. 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 CAS has approved the following waiver policy:
|Subject of the Institute and Faculty of Actuaries (U.K.), Actuaries Institute (Australia), and Institute of Actuaries of India||Actuarial Society of South Africa||Waiver Granted for CAS Exam/Educational Experience|
|CT4 and CT6||A202 and A204||Exams ST & 4 and VEE-Applied Statistical Methods|
Society of Actuaries
The CAS recognized the SOA exams listed in the chart below. Candidates who check the “Property and Casualty” field on their preliminary exam application will have the results of their exams automatically updated in the CAS candidate database. Candidates who did not check the “Property and Casualty” field can have their exam results verified and updated in the CAS candidate database by completing the online form.
The CAS recognizes the following exams:
|SOA Exam||Waiver Granted for CAS Exam|
|FM (Financial Mathematics)||2|
|Revised FM (Financial Mathematics) – starting June 2017||2|
|MFE (Models for Financial Economics)||3F|
|Revised MFE (Models for Financial Economics) - starting July 2017||3F|
|MLC (Models for Life Contingencies)||LC|
|C (Construction of Actuarial Models)||4|
CAS Exam Requirements of SOA Members
The CAS has seen an increase in the number of credentialed actuaries in the SOA asking what is needed to obtain their ACAS or FCAS designation from the CAS. The Education Policy Committee reviewed this issue and noted that until 2014 the CAS and the SOA administered jointly preliminary exams, and that prior to that, both societies gave conversion credit that was applicable to the current CAS exam requirements. Thus, any actuary who achieved Fellowship or Associateship of the SOA by completing the qualification requirements of the SOA, not solely in recognition of membership of another actuarial association, has CAS examination credit for:
- Online Course 1
Online Course 2
CAS Course on Professionalism
† If a SOA Member completed SOA Exam MLC and VEE-Applied Statistics prior to 2014, credit for CAS Exam S would be granted under Transition Rules.
Important Note: The syllabus material covered on CAS Exam 7 is still required in addition to ACAS to sign a Statement of Actuarial Opinion, NAIC Property and Casualty Annual Statement, in the United States.
At this time, there is no waiver of any other CAS exams based on the SOA’s General Insurance (GI) examination process.
Members of Other Actuarial Organizations
For individuals of actuarial organizations that are a member of the International Association of Actuaries (IAA), the CAS will grant waivers for its preliminary examinations/educational requirements as defined by the Executive Council (Exams 1, 2, 3F and 4; and Validation by Educational Experience requirements) provided that the organization’s individual member achieved the highest possible designation in that organization and has been practicing as a professional actuary for at least two years subsequent to obtaining the qualification. There is currently no waiver for Exam S.
Candidates of Other Actuarial Organizations
Additionally, actuarial organizations that are full members of the IAA and have an exam-based admissions requirement may request that the CAS grant waivers to its individual candidates for the CAS preliminary examinations/educational requirements based on credit for their examinations that meet the requirement of the 2015 IAA requirements C1-C6. An actuarial organization must submit their preliminary exams as a cohort to be evaluated for approval by CAS Education Policy Committee by contacting the CAS Education Coordinator.
The actuarial organization must submit a copy of their syllabus and a mapping of their syllabus to the IAA learning objectives. Approved actuarial organizations, which have individuals that have completed preliminary exams that the CAS did not previously grant waivers for, can now submit their list of candidates who have passed the cohort of preliminary examinations for credit with the CAS. The CAS will not grant credit for examinations waived on account of academic records achieved in U.S. universities, nor for credit granted to candidates not qualifying directly in obtaining membership through the normal qualification/examination process.
The CAS Office will verify that the candidate has passed all the preliminary exams from their actuarial organization and will grant credit for the cohort of CAS Exams 1, 2, 3F, and 4 and Validation by Educational Experience requirements -- Corporate Finance and Economics, if deemed appropriate. Candidates that would like to apply for waivers from one or more actuarial organizations and not submit exams as a cohort from one approved actuarial organization will be treated on a case-by-case basis.
All organization submissions are subject to the approval of the CAS Education Policy Committee.
Online Courses and VEE
Online Courses: The CAS will grant a waiver of CAS Online Course 1, Risk Management and Insurance Operations, to those who have the Chartered Property Casualty Underwriter (CPCU) designation.
Validation by Educational Experience: Unlike other CAS admissions requirements, the Validation by Educational Experience (VEE) requirements are generally fulfilled outside an actuarial organization. Candidates requesting waiver of any VEE requirements based on actuarial exams should follow the procedure for requesting a waiver. Most candidates, however, will fulfill the VEE requirements through approved educational experiences and must submit the Application for Validation by Educational Experience Credit. Details are provided in the VEE section of this Syllabus.
Waiver Request Process
For a waiver of a CAS admissions requirement that has an approved waiver policy stated above, candidates should present their request to the vice president-admissions with appropriate evidence that demonstrates the passing of (or score on) the educational equivalent for which a waiver is requested.
Requests for waivers for CAS admissions requirements for which there currently is no approved waiver policy are considered on a case-by-case basis. Candidates must present their requests to the vice president-admissions and include with their applications documented evidence that demonstrates the asserted equivalence, as well as the appropriate educational policy material of their local actuarial organization or appropriate educational organization. If such material is not included, the vice president-admissions will request it from the candidates. The vice president-admissions will forward the request to the CAS Education Policy Committee for a determination of whether sufficient equivalence exists to permit granting a waiver. The vice president-admissions will review all such requests and, when appropriate, recommend action to the CAS Board of Directors.
Please address all waiver requests to: Vice President-Admissions, Casualty Actuarial Society, 4350 N. Fairfax Drive, Suite 250, Arlington, VA 22203, U.S.A.