Transition Rules

Introduction

The CAS generally reviews and makes revisions to the study material on an annual basis. Occasionally, a major topic will be added to or deleted from the syllabus. A major topic is defined as a series of learning objectives comprising a segment of an examination. When a major topic is added, the CAS Syllabus & Examination Committee will determine if a transition program is appropriate. A transition program is generally appropriate when candidates are in a position to lose credit for a segment of an examination.

A transition program usually will provide candidates with at least two opportunities to complete the requirements for that examination. The completion of the requirements will result in the achievement of credit for that entire examination. The failure to fulfill the requirements for that complete examination could result in the expiration of credit for that deleted topic at the end of the transition period. The CAS Board of Directors must approve any transition program.

Current Education Structure

No transition rules are available at this time for the current education structure.

Older Transition Rules Applicable to the Current Education Structure

1. The CAS Board of Directors approved the following transition rules for the education structure that was implemented in January 2018.

To receive credit for the new Exam Modern Actuarial Statistics-I (MAS-I), the candidate must have credit for Exam S–Statistics and Probabilistic Models by January 1, 2018. To receive credit for the new Exam Modern Actuarial Statistics-II (MAS-II), the candidate must have credit for Exam 4–Construction and Evaluation of Actuarial Models by July 1, 2018. If the candidate has not completed Exam S and Exam 4 by these dates, the candidate will need to pass both Exams MAS-I and MAS-II.

 

Candidate Credit

Candidate Credit under Examination Structure Implemented in January 2018

Action Required to Earn Credit for new Exams MAS-I and MAS-II

Exam S by 1/1/2018*

Exam 4 by 7/1/2018**

Exam MAS-I

Exam MAS-II

X

x

x

x

Credit granted. No candidate action required.

X

 

x

 

Complete Exam 4 examination requirement by 7/1/2018 or pass Exam MAS-II.

 

x

 

x

Pass Exam S before 1/1/2018 or pass Exam MAS-I.

 

 

 

 

Candidate must pass both Exam MAS-I and Exam MAS-II.

 

* Credit for Exam S must be achieved through an examination administered prior to January 1, 2018.

** Credit for Exam 4 must be achieved through an examination administered prior to July 1, 2018 or through course work completed by 12/31/2018 under the CIA’s University Accreditation Program. See Waiver of Examinations Rules for the various ways a candidate can be granted a waiver by the CAS for its Exam 4 examination requirement.

The CAS has approved the following transitional waiver policies for examinations sponsored by the Institute and Faculty of Actuaries (United Kingdom), Actuaries Institute (Australia), Actuarial Society of South Africa (ASSA), and the Institute of Actuaries of India. Credit will be granted for examinations passed or waived in accordance with examination equivalencies between the CAS syllabus and the syllabi of each of the aforementioned actuarial organizations. The CAS will not grant credit for examinations waived on account of academic records achieved in U.S. universities.

  • If a candidate has passed all three Exams CT4, CT5, and CT6 or A202, A203, and A204 by 8/31/2016, they will receive credit for CAS Exam S and subsequently CAS Exam MAS-I
  • If a candidate has passed both Exams CT4 and CT6 or A202 and A204 by 7/1/2018, they will receive credit for CAS Exam 4 and subsequently CAS Exam MAS-II.

2. The CAS Board of Directors approved the following transition rules for the education structure that was implemented in July 2018:

Credit Prior to July 1, 2018

Credit in Education Structure Implemented in July 2018

VEE-Corporate Finance

VEE-Accounting and Finance

VEE-Economics

VEE-Economics

 

3. The CAS Board of Directors approved the following transition rule for the education structure that was implemented in July 2018:

Credit Prior to July 1, 2018

Credit in Education Structure Implemented in July 2018

Exam 3F-Models for Financial Economics

Exam 3F-Financial Economics

4. The CAS Board of Directors approved the following transition rules for the education structure that was implemented in the Fall of 2015.

To receive credit for the new Exam S on Statistics and Probabilistic Models during the transition, the candidate must have credit for Exams ST and LC and the VEE-Applied Statistical Methods educational requirement.

At the time of transition, if a candidate has credit for either Exam ST or Exam LC, but not both, the candidate will be allowed to take just the exam for which he or she is missing credit in order to obtain partial credit for the new exam. This option will be available for a transition period of two sittings, i.e., Fall 2015 and Spring 2016.

Credit for the VEE-Applied Statistical Methods educational requirement will also be accepted for those candidates who complete it by August 31, 2016. If the candidate has not completed Exam ST, Exam LC, and the VEE-Applied Statistical Methods educational requirement by this date, the candidate will need to pass the full version of Exam S to receive credit.

Candidates with credit for neither Exam ST nor Exam LC on August 31, 2015 will not be permitted to sit for Exam ST or Exam LC during the transition period and will need to pass the full version of Exam S to receive credit.

The following table summarizes the above:

Candidate Credit on August 31, 2015

Action Required by August 31, 2016 to Earn Credit for new Exam S

Exam ST

Exam LC

VEE-Applied Statistical Methods

x

x

x

Credit granted. No candidate action required.

x

x

 

Complete VEE-Applied Statistical Methods.

x

 

x

Pass Exam LC.

x

 

 

Pass Exam LC and complete VEE-Applied Statistical Methods.

 

x

x

Pass Exam ST.

 

x

 

Pass Exam ST and complete VEE-Applied Statistical Methods.

 

 

x

Candidate must take full version of Exam S.

 

 

 

Candidate must take full version of Exam S.

 

 

The CAS has also granted waivers for Exam LC to candidates who have:

· Passed SOA Exam MLC;

· Passed the Institute and Faculty of Actuaries (U.K.), Actuaries Institute (Australia), or Institute of Actuaries of India Subject CT5; or

· Passed the Actuarial Society of South Africa Course A203; or

· Received a waiver granted by the Canadian Institute of Actuaries University Accreditation Program.

For those candidates who have credit for Exam ST by August 31, 2015, the CAS will continue to grant the above Exam LC waivers through August 31, 2016.

The CAS has approved the following transitional waiver policy for examinations sponsored by the Institute and Faculty of Actuaries (United Kingdom), Actuaries Institute (Australia), Actuarial Society of South Africa (ASSA), and the Institute of Actuaries of India. Credit will be granted for examinations passed or waived in accordance with examination equivalencies between the CAS syllabus and the syllabi of each of the aforementioned actuarial organizations. The CAS will not grant credit for examinations waived on account of academic records achieved in U.S. universities.

Candidate Credit on August 31, 2015

Action Required by August 31, 2016 to Earn Credit for new Exam S

CT5

or

A203

CT4 and CT6

or

A202 and A204

x

x

Credit granted. No candidate action required.

x

 

Pass CT4 and CT6 or A202 and A204.

 

x

Pass CT5 or A203.

 

 

Candidate must take full version of Exam S.

 

5. The CAS Board of Directors approved the following transition rules for the education structure that was implemented in January 2014:

 

Credit in 2013*

Credit in Education Structure Implemented in 2014

Exam 3L

Exams LC and ST

SOA Exam MLC

Exams LC and ST

*Note: Credit for Exam 3L or SOA Exam MLC must have been achieved through an examination administered prior to January 2014.

 

In addition, the CAS Board of Directors approved the following waiver that will continue beyond January 2014:

 

Credit

Credit in Education Structure Implemented in 2014

SOA Exam MLC

Exam LC


6. The CAS Board of Directors approved the following transition rules for the education structure that was implemented in January 2011:

Credit in 2010

Credit in Education Structure Implemented in 2011

Exam 5

Half of Exam 5 (section on Basic Techniques for Ratemaking)* and Online Course 1

Exam 6

Half of Exam 5 (section on Estimating Claim Liabilities)* and Exam 7 on Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management

Exam 7

Nation-specific Exam 6 on Regulation and Financial Reporting and Online Course 2

Exam 8

Exam 9 on Financial Risk and Rate of Return

Exam 9

Exam 8 on Advanced Ratemaking

 

*Note: To receive credit for the new Exam 5 on Basic Techniques for Ratemaking and Estimating Claim Liabilities, the candidate must have credit for both old Exams 5 and 6. At the time of transition, if a candidate has credit for only one of the required exams (either old Exam 5 or Exam 6), the candidate will be allowed to take just the part of the exam for which he or she is missing credit (i.e., either the Basic Techniques for Ratemaking section or the Estimating Claim Liabilities section of the new exam) in order to obtain credit for the new exam. This option will be available for a transition period of two sittings after the official conversion to the new education structure (i.e., May 2011 and May 2012). If the candidate does not have credit for both halves of Exam 5 at the end of the transition period, the candidate would have to pass the full version of Exam 5 to receive credit.

7. The CAS Board of Directors approved the following transition rule for the revision to Exam 3 that was implemented in January 2008:

Credit in 2007

Credit in Education Structure Implemented in 2008

Exam 3

Exams 3F and 3L


8. The CAS Board of Directors approved the following transition rules for the revised education structure that was implemented in January 2005:

Credit in 2004

Credit in Education Structure Implemented in 2005

Exam 1

Exam 1

Exam 2

Exam 2, VEE-Economics, VEE-Corporate Finance

Exam 3

Exam 3 [Exams 3F and 3L]

Exam 4

Exam 4, VEE-Applied Statistical Methods

9. The following rules apply for candidates with unused credit from exams administered prior to 2000:

Pre-2000 Credit

Credit in Education Structure Implemented in 2014

Exam 2 (Probability & Statistics) and Exam 4B (Credibility Theory and Loss Distributions)

Exam ST

 

 

Pre-2000 Credit

Credit in Education Structure Implemented in 2011

Exam 3B

Online Course 1

 

 

Pre-2000 Credit

Credit in Education Structure Implemented in 2005

Exam 3A

VEE-Applied Statistical Methods

Exam 4A

Exam 2

Exam 4B

Exam 4

Exam 5A

VEE-Economics

Exam 5B

VEE-Corporate Finance

 

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