Property and Casualty Predictive Analytics (PCPA)
The value of CAS credentials will increase by becoming more relevant to employers and clients. The skills and knowledge that credentialed actuaries learn through the exam process will equip them with a unique skillset that cannot be found in another singular professional. By incorporating modern methods, like predictive analytics, and soft skills, credentialed P&C actuaries will be experts in evaluating risk and be able to communicate effectively to business leaders.
The evolution outlined in the ATP is inspired by the CAS Envisioned Future, as described in the CAS Strategic Plan, that sees CAS members as sought after globally for their insights and ability to apply analytics to solve insurance and risk management problems. We are enhancing our long-standing professional certification model by adopting certification industry best practices that will enable us to swiftly respond to market needs so that CAS credentials remain the gold standard for property-casualty actuaries.
To determine the right content for exams and courses, some of our credentialed members participated in a Job Task Analysis (JTA) in 2020. Conducting a JTA is standard practice for other credentialing systems to hear from active members on what they do at work, and the CAS was guided by a psychometrician (an expert in testing and validation) in conducting the analysis. JTA results are the guide for what is tested; if it’s not used in practice now or in the future, it doesn’t make it into the exam. The JTA included actuaries from diverse backgrounds and practice areas, including ratemaking, reserving, nontraditional roles and more. This is a reliable and repeatable process to update exam content in the future, so changes in what an actuary needs to know are reflected in what is tested. In other words, as new methodologies become relevant and old ones are replaced, exam content will change alongside them.
The new Content Outline for Exam 5 is now available. Candidates will see a list of new question types in the Content Outlines. These item types may be used in future iterations starting in October/November 2023. Sample items will be available in 2023.
Updates for CAS exams 6-Canada, 6-International, 6-United States, 7, 8 and 9 will be released at least six months prior to the administration. Updated exams 7 and 9 are planned for Spring 2024 and updated exams 6 and 8 are planned for Fall 2024.
All impacts to our stakeholders are being carefully considered, with particular focus on our candidate experience and credential value to employers. Moving to computer-based testing opens up additional exam administration opportunities in the future that support scheduled breaks and accommodation needs as well as quicker score reporting.
The terminology glossary defines the terms that will be commonly used in our professional certification model going forward, reflecting changes from past terminology to adopt certification industry best practices.