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The CAS is pleased to share that updated computer-based practice exams are now available for the MAS Exams. Candidates who took the MAS practice exams last October performed better on their actual exams compared to those who did not; 71% of candidates who took the practice exam passed their MAS-I exam, and 80% passed their MAS-II exam. The practice exam questions were mapped to the MAS Content Outlines and reviewed by a separate task force to ensure quality and representation of exam material.
Researchers at the University of California at Berkeley and Acadia University identified six key factors that can lead to burnout. These factors, along with examples of how we may experience them during our busy work and study seasons, are:
It’s no secret that actuarial exams are hard. In fact, that’s an understatement. For many of us, actuarial exams are one of the biggest challenges we’ll ever face. Countless hours go into preparing for these exams, and it can be difficult to stay motivated. But perhaps the most rewarding aspect of taking exams is knowing that at the end of your journey, you will have mastered key mathematical concepts that will enable you to solve real-world problems. So, how do these topics actually get used in the daily work that actuaries do?
We are back again this year with our Practical Professionalism series, where we use an example to discuss what professionalism means to actuarial candidates.
My path to an actuarial career wasn’t linear. I started university as a graphic design and illustration major. It just wasn’t right, so I switched to a major in marriage and family therapy. Again, it wasn’t right for me, so I switched to math education. After realizing that I wasn’t a fan of teaching high schoolers, I switched to mathematics, which was lovely. However, I was still lacking direction. During my senior year, a few real-life actuaries came to our school and gave a presentation on actuarial science.
Please welcome two new candidate representatives and three new CAS members to the Candidate Advocacy Working Group this year! These volunteers help advocate candidates’ viewpoints to the broader CAS community. Candidate representatives are volunteers who haven’t yet achieved the ACAS but are actively taking CAS exams. Candidates interested in joining the CAWG can apply annually each summer; CAS members can indicate their interest in joining via the CAS VIP Survey.
As part of the CAS Admissions Transformation Plan (ATP), updated versions of Exams 7, 8 and 9 will be introduced this year. The first refreshed versions of Exams 7 and 9 will be administered in Spring 2024, while the first updated version of Exam 8 will be given during the Fall 2024 sitting.
Whether you’re taking these exams for the first time or once again, here’s what you need to know.
The CAS strives for diversity in its membership, seeking candidates of all races, gender identities, religions, and more. An often-forgotten element of diversity and inclusion is disability. The standard exam-sitting environment can be a significant barrier to some candidates, but testing accommodations are available. Accommodations help people with disabilities to take an exam as if they did not have the disability.
Basic Education Waiver Policy for Actuarial Examinations
The CAS’s Basic Education Waiver Policy addresses the extent to which the CAS will grant waivers of its basic education requirements including Exams 1, 2, and 3F; DISCs; Course on Professionalism; and Validation by Educational Experience requirements, or their equivalents as defined by the Executive Council.
The Casualty Actuarial Society is pleased to announce that Michaël Bordeleau-Tassile, FCAS, is the winner of the 2023 Hacktuary Challenge.
His entry, PropertInsight provides at-a-glance overviews of property characteristics and hazards as well as helpful insights for consumers.
Insurers can also benefit from the catalog of insurance-related open data sets, which can be used to improve risk assessments, identify new opportunities, and deploy advanced analytics.
Are you attending the CAS Spring Meeting as a New Associate or New Fellow? This experience can be both exciting and overwhelming! Join volunteers from the CAS New Members Working Group and CAS Staff for a webinar session where we will guide you everything you need to know to navigate the CAS meeting like a pro!
In this session we will cover a range of topics to ease any anxieties and set you up for success. From understanding the conference schedule and sessions to registration and receptions, we’ve got you covered.
What you can expect to learn:
Check out the new CAS web page devoted to the Annual Survey of Emerging Risks, which takes the pulse of risk perception among actuaries and other risk management professionals.
Take advantage of this one-day virtual seminar on Climate Risk. This virtual seminar features five sessions, each consisting of an engaging presentation and discussions with speakers and other attendees. Please see the “Sessions” section below for session descriptions, learning objectives, and speaker biographies.
The California property and casualty insurance market has been making the news in 2023 and 2024 and this session will host industry experts from the California Department of Insurance, the Consumer Federation of America, the California FAIR Plan Association, and the Personal Insurance Federation of California who will discuss current events and answer audience questions.
This is a continuation of a discussion that first occurred at the CAS Annual Meeting in November of 2023
Basic Education Waiver Policy for Actuarial Examinations
The CAS’s Basic Education Waiver Policy addresses the extent to which the CAS will grant waivers of its basic education requirements including Exams 1, 2, and 3F; DISCs; Course on Professionalism; and Validation by Educational Experience requirements, or their equivalents as defined by the Executive Council.
Breakfast, Lunch, and Breaks scheduled throughout the day.
Topics to Include: Multi-Billion Dollar Litigation Funding Industry, Artificial Intelligence, Policy Level Unreported Frequency Model for Pure IBNR estimation, CAT Bonds/Third-Party Capital, and Professionalism.
Agenda and Parking Info
As Insurance Careers Month (ICM) concludes, the CAS is thrilled to announce the addition of 20 colleges and universities being honored through the CAS University Recognition Program for their commitment to supporting students on the property and casualty actuarial career path, bringing the total of schools recognized by the CAS to 38.
In this session, we will describe one insurer's experience with integrating bias and fairness considerations into its predictive modelling plans. Our objective is to educate the audience on the practical considerations of operationalizing the bias and fairness concepts that have been the subject of presentations and research papers by the CAS and other organizations. We are members of a Working Group that has been spearheading efforts to increase adoption of bias and fairness checks by our company's predictive modelling teams.
In support of the goals of the Admissions Transformation Plan to offer new study materials to candidates, the CAS has released the October/November 2023 Post Exam Summary and a new sample exam.
A new volume in the CAS monograph series, The Actuary and Enterprise Risk Management: Integrating Reserve Variability by Mark R. Shapland, and Jeffrey A. Courchene, proposes moving beyond reserve variability quantification to allow for full integration of key reserve risk metrics into the larger enterprise risk management framework.
