CAS Exams — Beyond the Preliminaries

by Leisha Cavallaro, ACAS

So, you're about to take your first CAS exam. Congrats! Now what? How are CAS exams different than the preliminary exams? Whether you are currently taking preliminary exams, on your last exam, or anywhere in between, the last thing you should be worried about is the logistics and processes for exam day. Here is some guidance for new CAS exam-takers, as well as a refresher for those who have already taken CAS exams.

Offerings

A hard reality with exams as you progress is that they are offered less and less often — meaning, if you do not pass, the time until you can retake is a bit longer than the preliminary exams. CAS exams are offered late April/early May (MAS-I, MAS-II, 5, 6, 7, 9) and late October (MAS-I, MAS-II, 5, 6, 8). You'll notice Exams 7, 8 and 9 are only offered once a year, which is why you'll often hear of candidates taking 7 before 6 (delaying their ACAS to avoid pushing back their FCAS an additional six months) or know of some people who always have one exam left, years later.   

Register

CAS Exams registration isn't that different from SOA's registration, but make sure you register on the CAS website before the deadline, which is usually about one month prior to each sitting. I recommend putting a reminder on your calendar immediately after the previous sitting and registering early! Note that you will have to select an exam site while registering, so you'll want to research the site nearest you before registering.

Exam site

Many exam sites are property-casualty companies. Depending on your location, you may have some commute time — or maybe you're lucky like me and your employer hosts them! No matter the exam site, it will be very different than your Prometric experience. Each site has slightly different processes for things such as parking your car, directions to the room and checking in. The site coordinator will communicate with you leading up to your exam, but do not hesitate to ask questions if you have them.

Supplies

Although you were just getting used to the Prometric top-level, security clearance (and missing out on that Prometric pat down), you will need to make some preparations prior to exam day for CAS exams. Here is a list of things you must bring and a few optional items to bring, no matter where you take your CAS exam:   

  • Pencils/pens (for upper-level exams, blue or black pens; for MAS-I or MAS-II, a pencil to mark your Scantron).
  • Two calculators — just in case one dies
  • Your registration confirmation that has your candidate number on it.
  • An approved photo ID.
  • Optional: A self-addressed and postage-paid envelope. (I'll comment on the latter in the next section.)
  • Optional: Quiet food (respect your neighbors) and a beverage. (I highly suggest a drink that has a seal to avoid spills on your exam material.)

Miscellaneous

Your proctor is a CAS member who will guide you through the instructions, but just know the following:   

  • You will have time to label all your exam answer sheets prior to the exam (for MAS-I and MAS-II this is just your Scantron; for all others you will have CAS-specific lined paper for your written responses). This labeling includes your candidate number at the top of each lined page paper. The proctor most likely has your candidate number, but if they don't, you should have your exam registration with your candidate number listed.
  • You will have a 15-minute reading period where you can rearrange pages or fold corners. There are a ton of strategies you can find on Actuarial Outpost.
  • You can go to the restroom by asking your proctor, but your time will not be extended.
  • You can leave when you're done as long as it is after two hours and before the last 15 minutes of the exam.
  • After the timed portion of the exam, you will have the chance to arrange answer sheets in order.
  • You can mail scrap paper and the exam booklet to yourself in a self-addressed postage paid envelope (letter-sized envelope). Your proctor will collect these and mail them to you after the exam — they usually arrive within three business days. For MAS exams, many people copy down their Scantron answers on scrap sheets or store them in their calculators for review later; a preliminary answer key will be released by the CAS a few days after the exam.

Grading and results

This isn't the focus of this article, but I wanted to provide a quick overview. MAS-I and MAS-II are multiple choice and there is a guessing penalty — keep that penalty in mind. The rest of the CAS exams are written exams so, despite the extensive hand cramps, you have the opportunity for partial credit! Grading is a meticulous process that I encourage you to read about it in the Future Fellows article from March 2017, "After the Exam: A Behind-the-Scenes Glimpse of the CAS Grading Process." Results are usually posted around eight weeks after your sitting; you will get the results in your CAS profile. If you fail, you will receive an exam subpart analysis a few weeks after results are released that tells you the range of success you had on each problem as well as how you performed compared to the average candidate on each question.

Final tips

Check Actuarial Outpost. It is a great resource for general questions. Make sure to have an exam strategy going in. Understanding how the papers are graded and how partial credit applies can work to your benefit! Reach out to the Candidate Liaison Committee via the CAS Contact Form if you have questions/feedback or if there is more you'd like to know on this topic.