Exams 5 and 6 to be Offered Twice per Year
During the CAS Board of Directors meeting held March 7-8, the Board approved a proposal by the Examination Committee to offer Exams 5 and 6 twice a year beginning in 2013 and 2014 respectively.
The increased offerings of Associate-level examinations will afford candidates the opportunity to complete the CAS membership requirements more quickly than under the current structure in which Exams 5 and 6 are only offered once per year.
For the past several years, all preliminary actuarial exams (Exams 1-4) have been offered multiple times per year, and the Board had directed the Examination Committee to explore offering the next two CAS exams in the basic education system twice a year.
The Examination Committee considered the logistical challenges in increasing the exam offerings. The Committee’s proposal to the Board addressed issues such as:
- How to produce enough quality test items for two exams each year.
- How to ensure consistency between both sittings of the exams.
- How to ensure appropriate syllabus coverage with two sittings per year.
- Changes that would need to be made to existing organizational structure and development schedules.
The Committee concluded that it could overcome any logistical challenges with the involvement of the large number of committed volunteers that had been recruited to assist with the transition to the new basic education syllabus in 2011. With that transition complete, the Examination Committee recommended, and the Board agreed, that the CAS would begin offering Exam 5 twice a year beginning in 2013 and Exam 6 twice a year beginning in 2014.
“As the only actuarial organization in the world exclusively focused on property/casualty risks, the CAS is uniquely positioned to provide the most comprehensive and rigorous education in actuarial science and risk management for P/C actuaries. Employers and our candidates for CAS membership recognize that our singular focus positions us as a leader in educating casualty actuaries, as demonstrated by the high demand among candidates for additional exam opportunities,” commented CAS President Pat Teufel. “I am pleased that the Board has made the commitment to meet the demand and enable our candidates to pursue membership in the CAS at a quicker pace. I thank the dedicated volunteers for their efforts in implementing this initiative.”