CAS Board Approves Updated Exam Waiver Policy

The CAS Board of Directors has approved revisions to the Exam Waiver Policy, with updated guidance for evaluating waiver requests from candidates who have completed comparable requirements through other recognized actuarial organizations.

The key change is that waiver eligibility has expanded from the current limit of requirements through MAS-II to all ACAS basic education requirements. This update reflects the evolving ways in which candidates enter the CAS pathway, particularly in international markets, while preserving the rigor and distinctiveness of the CAS credentialing process.

Under the revised policy, waiver consideration may apply to ACAS basic education requirements when a candidate’s verified educational accomplishments substantially meet the tasks, rigor, and level of mastery expected of the corresponding CAS requirement.

The policy continues to exclude FCAS-level requirements, specifically Exams 7, 8, and 9. These CAS Fellowship-level examinations remain required and are not eligible for waiver consideration. The policy also makes clear that professional work experience, research, or contributions to actuarial literature alone may not substitute for CAS examination requirements.

This update supports candidates entering the CAS pathway from other actuarial systems, while ensuring that CAS standards remain rigorous, relevant, and globally competitive.  While the broad waiver policy has been revised, any changes or additions to specific waivers for requirements from other actuarial organization will continue to require Executive Council approval.

The updated Exam Waiver Policy is now available in the Admissions section of the CAS website.