Domain Changes to CAS Exams MAS-I, MAS-II and 5
As previously announced, the Admissions Transformation Plan (ATP) incorporated a Job Task Analysis (JTA) in 2020 to inform enhancements to all CAS exams, beginning with the new Exams MAS-I, MAS-II and 5. The JTA resulted in recommendations for the high-level domains1 and tasks2 covered on each exam in the ACAS and FCAS exam pathway. The final decisions on enhancements to topics covered on the exams are made by CAS practicing actuaries from a variety of experience levels and backgrounds in the P&C industry.
The tables below show a comparison of the current and future content and weighting of each domain for Exams MAS-I, MAS-II and 5.
| Current Exam Structure | Beginning with Fall 2023 Exam Structure | |||
|---|---|---|---|---|
| Exam / Domain | Current Domain Weight | Exam / Domain | New Domain Weight | |
| Exam MAS-I – Modern Actuarial Statistics I | Exam MAS-I – Modern Actuarial Statistics I | |||
| Probability Models | 20-35% | Probability Models | 20-30% | |
| Statistics | 15-30% | Statistics | 20-30% | |
| Extended Linear Models | 30-50% | Extended Linear Models | 45-55% | |
| Time Series with Constant Variance | 10-20% | |||
| Exam MAS-II Modern Actuarial Statistics II | Exam MAS-II Modern Actuarial Statistics II | |||
| Intro to Credibility | 5-15% | Intro to Credibility | 15-25% | |
| Linear Mixed Models | 10-30% | Linear Mixed Models | 10-20% | |
| Statistical Learning | 10-20% | Statistical Learning | 40-50% | |
| Bayesian Analysis and MCMC | 45-55% | Time Series with Constant Variance | 15-25% | |
| Exam 5 – Basic Ratemaking and Reserving | Exam 5 – Basic Ratemaking and Reserving | |||
| Ratemaking | 45-55% | Ratemaking | 45-55% | |
| Reserving | 45-55% | Reserving | 45-55% | |
Summarizing the major changes for Exams MAS-I, MAS-II, and 5:
-
For Exam MAS-II, Bayesian Analysis and MCMC will be removed and not covered elsewhere. While our evaluation indicated this is not a standalone domain required for CAS credentials, the CAS will consider whether other offerings are warranted (e.g., continuing education, such as webinars or conference sessions).
-
Other major topics on Exam MAS-II will be given more emphasis, especially Statistical Learning and Credibility.
-
Time Series Analysis will move from Exam MAS-I to Exam MAS-II.
-
There are no changes to the domains of Exam 5 and only minor changes to the weightings of domains.
The full Content Outlines3 for Exams MAS-I, MAS-II and 5 are anticipated to be available by the end of 2022.
If you have any questions or feedback regarding the changes to CAS exams, please reach out to atp@casact.org.
[1] The principal areas of responsibility that actuaries perform.
[2] What a person performs to be successful within a domain.
[3] Rather than a syllabus, each exam will eventually have its own content outline. Also referred to as the exam blueprint, it is built from the JTA and rather than learning objectives, it identifies the domains and tasks that the candidate could be tested on. Similar to the CAS syllabi today, it also includes the weight that each topic will be covered.
