CAS Announces New Property and Casualty Predictive Analytics Requirement as Part of its Admissions Transformation Plan
As the field of actuarial science continues to evolve, there is a growing need for actuaries to have advanced tools and techniques to help them better understand and manage risk. Recognizing that the CAS also evolves by revolutionizing how it prepares actuaries with problem-solving skills for the future, the CAS Board of Directors has approved a new predictive analytics requirement as part of the Admissions Transformation Plan.
Watch the short video featuring CAS President-Elect Frank Chang and others discussing this new requirement for achieving the ACAS designation.
The experiential project, which is being created by a team of experienced actuaries who specialize in predictive analytics in partnership with Pearson VUE and The Institutes, will utilize cutting-edge predictive modeling techniques to help candidates and professionals in the actuarial field to gain a deeper understanding of key concepts and improve their predictive capabilities. The project will incorporate machine learning algorithms and statistical models to help users identify trends, make accurate predictions, and optimize decision-making processes.
“Property and Casualty Predictive Analytics” (PCPA) will be divided into two parts, an examination and a project. Candidates will first need to pass a two-hour multiple-choice examination on predictive modeling fundamentals that will be administered on an ongoing basis at Pearson VUE testing centers. After candidates pass the exam, they will be able to register for the predictive analytics modeling project, which will be administered through The Institutes and will be available on a quarterly basis. Once candidates receive access to the materials, they will be given two weeks to complete the project. The estimated completion time for the predictive analytics modelling project is 20 hours, which includes preparing, planning, drafting, revising, and finalizing the submission.
The property/casualty-focused (referred to as general insurance globally) project will provide candidates with access to a wide range of data sources and analytical tools, including historical data sets and advanced visualization tools. This will enable candidates to gain a more comprehensive understanding of the factors that influence risk and to develop more effective strategies for managing it.
As CAS President-Elect Frank Chang explains in the video “As part of the ACAS pathway, we’ll be introducing a project plus exam combination that assesses both essential skills and streamlined practical application. Our expert task force and our board agree that a hands-on modeling project is the optimal way for candidates to demonstrate their practical knowledge and application.”
The project’s anticipated launch is May 2024, and beginning with the October/November 2025 administration, the project is required to earn the ACAS credential. For members who attained their ACAS prior to this, the new project will be available as a continuing education opportunity. More information about the project is available through the content outline to be posted later this year and the FAQ, which will continue to be updated.
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