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2016 Syllabus Updates

Updated: August 31, 2016

The following are the changes made to the Syllabus of Basic Education after its initial publication.


Exam S—Statistics and Probabilistic Models

The portion of the Rosenberg and Guszcza textbook, previously used as the source for the multicollinearity material on Section C of Exam S, is no longer available free-of-charge for CAS candidates via an online link. As a result the Spring 2016 administration of Exam S will not include any questions on multicollinearity. This is a temporary change made to recognize the loss of the free access to a portion of the Rosenberg and Guszcza textbook. Fall 2016 and subsequent exams may include questions on multicollinearity.

Exam 5—Basic Techniques for Ratemaking and Estimating Claim Liabilities

To clarify, “Actuarial Standard of Practice No. 43, Property/Casualty Unpaid Claim Estimates” (ASOP 43) remains on the examination as a separate reading and not as part of the Estimating Unpaid Claims Using Basic Techniques (Friedland) textbook. In addition, to clarify, Chapter 2 of the Basic Ratemaking (Werner and Modlin) textbook is no longer a required reading for this exam.

Exam 9—Financial Risk and Rate of Return

Candidates can use either the eighth or ninth edition of the textbook Options, Futures, and Other Derivatives by Hull in preparing for this examination. The Learning Objectives in the syllabus for this exam cite the chapter and section references for both editions.


The dates for the Fall 2016 exams have changed. Please check the schedule for the correct dates.

Exam S—Statistics and Probabilistic Models

A “Knowledge Statement Mapping” was added to the Readings for Section C-Generalized Linear Models to assist candidates in studying for this exam. In addition, a revision to the CAS Study Note by Michael Larsen on Generalized Linear Models is available.

Exam 5—Basic Techniques for Ratemaking and Estimating Claim Liabilities

A new edition of the Basic Ratemaking textbook by Werner and Modlin will be used for the Fall 2016 exam administration.

Exam 6-US—Regulation and Financial Reporting

The publication date and errata date for the “Government Insurers Study Note” in the Text Reference of the Syllabus has been corrected to match the CAS Study Note.

An errata to the CAS Study Note by Feldblum, “Statutory Surplus: Computation, Pricing and Valuation,” has been added to the Syllabus.

In addition, (1) Section B of the Syllabus has been clarified -- candidates should understand workers compensation insurance programs including its interaction with Medicare and (2) the page reference for the paper Usage-Based Insurance and Vehicle Telematics: Insurance Market and Regulatory Implications (NAIC Telematics) has been corrected.

Exam 6-Canada–Regulation and Financial Reporting

In the Complete Online Text References for Exam 6-C, the link to the “Memorandum for the Appointed Actuary's Report on Property and Casualty Insurance Business” has been updated to the 2015 edition.


The CAS has announced a 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. These rules can be located in the Examination Rules, C. Grades and Accreditation, Transition Programs section of the Syllabus.


The CAS will now be granting exam waivers based on exams administered by the China Association of Actuaries. This derives from the Board decision that fully accredited IAA actuarial organizations can now submit their syllabus and learning objective materials for their preliminary exams as a cohort to gain credit for CAS Exams 1, 2, 3F, and 4 and Validation by Educational Experience requirements -- Corporate Finance and Economics.

In addition, candidates from fully-accredited IAA organizations can submit their exam waiver request for a cohort of preliminary education requirements and receive credit for these exams after the CAS Education Policy Committee has approved its examinations and its standing with the IAA.

For more information on examination waivers, please see the Waiver of Examinations information in the Examination Rules, C. Grades and Accreditation section of the Syllabus of Basic Education.


The CAS Syllabus & Examination Committee has clarified the process and timing that candidates should follow regarding ambiguous and defective questions for CAS-administered examinations and online courses administered by The Institutes. It also addressed the process and timing for appeals for Exams LC, ST, S, and 5-9.

For more information on these topics, please see information in the Examination Rules, C. Grades and Accreditation, Ambiguous or Defective Questions and Appeals for Exams LC, ST, S, and 5-9 sections of the Syllabus of Basic Education. See


For the Fall 2016 exam administration and going forward, 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.


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