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CAS Board Approves New CAS Exam 3

CHICAGO, Il.—At its September meeting, the CAS Board of Directors reviewed the recommendations of the Design Task Force on Exams 3 and 4 and elected to discontinue joint sponsorship of Exam 3. This change will not affect the Fall 2002 or Spring 2003 exams. The CAS will first offer CAS Exam 3 on October 30, 2003.

In November 2001, the board created the Task Force, charging it with designing and preparing Exams 3 and 4 that are appropriate for casualty actuaries. The syllabus for the new exam will be based on the recommendations of the Task Force regarding the appropriate content of Exam 3, excluding the Task Force recommendation to add a section on pension mathematics. In particular, the life contingencies portion of the exam will return to the approximate level of old CAS Part 4A and, when possible, questions will be geared toward casualty practice.

The Syllabus and Examination Committees will be working over the next few months to finalize the learning objectives, recommended readings, and format for CAS Exam 3. Details will be posted on the Web Site in late spring 2003 and mailed to everyone on the Syllabus mailing list.

After the new CAS Exam 3 is implemented, the CAS will also give Exam 3 credit to candidates who pass SOA Course 3. College students and CAS candidates therefore will have the option of writing either the SOA or the CAS version of the examination.

The board made a conscious decision to keep joint CAS/SOA sponsorship of Exam 4 because it continues to meet the needs of casualty actuaries. The CAS and SOA will also continue joint sponsorship of Exams 1 and 2 and will continue to work together on a wide variety of issues related to the education of actuaries.