CAS Announces Decisions Regarding Preliminary Education and Access to Syllabus Materials
In response to the Society of Actuaries' announcement that it will discontinue the Joint Preliminary Actuarial Examination Agreement with the CAS as of December 31, 2013, the CAS Board of Directors at its November 2012 meeting approved revised qualification standards for the material covered on current CAS Exams 1 through 4 in accordance with established learning objectives considered appropriate for CAS candidates.
For CAS learning objectives currently addressed through Exams 1, 2, 3F, and 4, the CAS will grant credit to candidates who receive credit for examinations offered by other organizations deemed to cover the CAS learning objectives in acceptable depth and breadth. Other organizations will include, but will not be limited to, the Actuaries Institute (Australia), Canadian Institute of Actuaries, Institute and Faculty of Actuaries (UK), Institute of Actuaries of India, and Society of Actuaries. The CAS will monitor programs of these and other organizations and will approve credits that are deemed appropriate by the Education Policy Committee in accordance with the current waiver process. CAS anticipates reviewing exams sponsored by the Joint Board for the Enrollment of Actuaries and will consider others as well.
Beginning in 2014, the CAS will offer two new preliminary examinations: 3LC, covering life contingencies and survival models, and 3ST, covering statistics and stochastic modeling. These examinations will be produced and administered independently by the CAS and will replace the current Exam 3L.
At present, the CAS anticipates offering the following credits, which are consistent with current exams/waivers:
|Learning Objectives for CAS Exam||Subject of the Institute and Faculty of Actuaries (U.K.), Actuaries Institute (Australia), and Institute of Actuaries of India||Society of Actuaries Exam|
|3LC||To be determined||MLC|
|3ST||To be determined||None|
The transition rules will allow a candidate who has credit for Exam 3L or MLC from exam sittings administered prior to January 1, 2014 to receive credit for both Exams 3LC and 3ST.
The CAS believes these changes align preliminary educational objectives to the appropriate coverage for these topics, while recognizing the increasing importance of statistics in casualty actuarial practice. In addition, this approach allows the CAS to focus on exams that validate knowledge that is uniquely relevant to casualty actuaries, in keeping with the CAS mission to be recognized globally as the premier organization in advancing the practice and application of casualty actuarial science and educating professionals in general insurance.
Access to Syllabus Material
In October 2012, the Board of Directors agreed to make CAS examination study materials freely available only to members and candidates, and to other users on a case-by-case basis. Password security was implemented on these materials in order to protect CAS intellectual property.
The CAS has subsequently received a number of inquiries that indicate that these materials are being used much more frequently by non-members than the Board had anticipated, including university professors and insurance professionals. The Board of Directors respects the fact that these users consider this material the best available source for ratemaking and reserving instruction and that these users wish to recommend the material to students and other professionals alike.
In order to make CAS materials available to these users, the Board has opened access to this material such that it is freely available on the CAS website. The CAS maintains its copyrights on this material and will take appropriate actions to protect it as necessary.