Whether you’re an actuarial analyst studying for your FCAS-level exams or a college student interested in becoming a CAS actuary, this is your guide to everything you need to know about the series of exams and requirements to earn your FCAS.
If you’re considering a career as an actuary in the property and casualty insurance industry, you’ll need to pass a series of challenging exams administered by the Casualty Actuarial Society (CAS). Earning your Fellow of the Casualty Actuarial Society (FCAS) designation demonstrates your expertise and commitment to the actuarial profession and sets you up for a successful career. In this comprehensive guide, we’ll walk you through the entire CAS exam process, from the preliminary exams to the upper-level exams, and provide tips for successful exam preparation.
CAS Actuarial Credential Requirements
Preliminary Actuarial Exams & VEE
- Exam 1: Probability (SOA Exam P)
- Exam 2: Financial Mathematics (SOA Exam FM)
- Validation by Educational Experience (VEE)
Initial CAS Exams & Requirements
- CAS Data Insurance Series Courses (CAS DISCs)
- Exam MAS-I: Modern Actuarial Statistics I
- Exam MAS-II: Modern Actuarial Statistics II
ACAS Exams & Requirements
FCAS Exams
Preliminary Actuarial Exams & VEE
The CAS doesn’t administer the preliminary two exams or VEEs. Instead, you’ll take the first two SOA exams or get credit for the first two exams from another international actuarial organization.
Exam 1: Probability (SOA Exam P)
Exam 1 focuses on probability concepts and their applications in actuarial science, including general probability, univariate and multivariate probability distributions, and risk management.
Content Areas
- General Probability
- Univariate Random Variables
- Multivariate Random Variables
Exam Format
- Computer-based test (CBT)
- Multiple choice
- 30 questions
| Test Time Length | 3 hours |
| Administered By | SOA (or credit from other actuarial organizations) |
| Testing Center | Prometric |
| Registration Fee | $250 |
| Availability | Offered 6 times per year |
| Exam Results | Instant pass-fail results (official results within ~8 weeks) |
| Average Pass Rate | 42% |
| Exam Page & Syllabus | CAS Exam 1 SOA Exam P |
Exam 2: Financial Mathematics (SOA Exam FM)
Exam 2 covers essential financial mathematics topics, such as interest theory, annuities, loans, bonds, and cash flows.
Content Areas
- Time Value of Money
- Annuities/Cash Flows with Non-Contingent Payments
- Loans
- Bonds
- General Cash Flows, Portfolios, and Asset Liability Management
Exam Format
- Computer-based test (CBT)
- Multiple choice
- 30 questions
| Test Time Length | 2.5 hours |
| Administered By | SOA (or credit from other actuarial organizations) |
| Testing Center | Prometric |
| Registration Fee | $250 |
| Availability | Offered 6 times per year |
| Exam Results | Instant pass-fail results (official results within ~8 weeks) |
| Average Pass Rate | 48% |
| Exam Page & Syllabus | CAS Exam 2 SOA Exam FM |
Additional Exam 1 & 2 Information
CAS Links
SOA Links
- SOA Exam Registration
- How to register for the exam
- SOA Exam Fees
- SOA Exam Schedule
- SOA Exam Results & Grade Release Schedule
- General SOA Exam Information
- Online Sample Exams – Exams P and FM
- SOA Past Exams and Solutions
- SOA Exam P Pass Rates
- SOA Exam FM Pass Rates
Validation by Educational Experience (VEE)
In addition to passing the preliminary exams, you also need to fulfill the Validation by Educational Experience (VEE) requirements. Usually, these requirements are met through approved college courses. If you’re missing one or both of the credits after college, there are approved online courses for VEE credits.
The following VEE credits are required by the CAS:
VEE – Economics
Covers both microeconomics and macroeconomics principles.
VEE – Accounting and Finance
Focuses on essential corporate finance concepts, including capital budgeting, capital structure, and dividend policy.
Note: VEE – Mathematical Statistics is NOT required by the CAS. This material is covered in Exams MAS-I and MAS-II.
Approved Courses
- VEE Directory of approved college courses and professional seminars
- How to get your college course approved
- VEE Course Evaluation & Approval FAQ
CAS & SOA VEE Links
Submitting Your SOA Transcript for CAS Credit
After you pass the preliminary exams and earn your VEE credits, you need to send your SOA transcript to the CAS to properly get exam credit through the CAS. To do this, download your SOA Transcript from your SOA profile and send it to the CAS through the CAS Exam Status Change form.
Foundational CAS Exams & Requirements
The Modern Actuarial Statistics (MAS) Exams and the Data and Insurance Series Courses (DISCs) are the first set of CAS requirements on your path to becoming a CAS actuary. They provide foundational knowledge about statistical modeling and insurance operations, accounting and regulation.
CAS Data and Insurance Series Courses (DISCs)
You should take the CAS DISCs as soon as you begin your first job in the property & casualty insurance industry.
The CAS DISC exam series teaches skills in data management and analytics (DISC DA), provides insight into risk management, underwriting, and claims operations (DISC RM), and covers insurance accounting, policy comprehension, and regulations (DISC IA).
Online Courses
- CAS DISC DA: Introduction to Data and Analytics
- CAS DISC RM: Risk Management and Insurance Operations
- CAS DISC IA: Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation
Exam Format
- Computer-based test (CBT)
- Multiple choice
- 75 point
| Test Time Length | 100 Minutes |
| Administered By | The Institutes |
| Testing Center | Prometric |
| Registration Fee | $780 (Online Course & Exam Fee) |
| Availability | Offered in four, two-month testing windows year-round |
| Exam Results | Instant pass-fail results |
| Exam Page & Syllabus | CAS DISCs Information The Institutes – CAS DISCs |
Registration Information
Select a testing window and register for a DISC exam on The Institutes/CAS DISCs page. You’ll need your CAS Master ID (CAS ID) from your CAS Profile. If you don’t have an account with the CAS yet, register for a CAS account here.
CAS DISC Discount Information: 50% discount for full-time students and candidates without full-time employment
Exam MAS-I: Modern Actuarial Statistics I
Beginning with the Fall 2023 exam, Exam MAS-I has a new content outline as part of the CAS Admissions Transformation Plans.
Content Areas
- Probability Models (Stochastic Processes and Survival Models)
- Statistics
- Extended Linear Models (GLMs, etc.)
Exam Format
- Computer-based test (CBT)
- Multiple choice/selection, fill-in-the-blank, matching questions
| Test Time Length | 4 hours |
| Administered By | CAS |
| Testing Center | Pearson Vue |
| Registration Fee | $550 |
| Availability | Spring and Fall Sittings |
| Exam Results | Around 6 weeks afterwards |
| Average Pass Rate | 45% |
| Exam Page & Syllabus | CAS Exam MAS-I |
Additional Information
Exam MAS-II: Modern Actuarial Statistics II
Beginning with the Fall 2023 exam, Exam MAS-II has a new content outline as part of the CAS Admissions Transformation Plans.
Content Areas
- Intro to Credibility
- Linear Mixed Models
- Statistical Learning
- Time Series with Constant Variance
Exam Format
- Computer-based test (CBT)
- Multiple choice/selection, fill-in-the-blank, matching questions
| Test Time Length | 4 hours |
| Administered By | CAS |
| Testing Center | Pearson Vue |
| Registration Fee | $550 |
| Availability | Spring and Fall Sittings |
| Exam Results | Around 6 weeks afterwards |
| Average Pass Rate | 51% |
| Exam Page & Syllabus | CAS Exam MAS-II |
Additional Information
ACAS Exams and Requirements
After you finish the CAS MAS exams and DISCs, it’s on to the upper-level CAS exams: CAS Exams 5-9.
The preliminary exams (Exam 1, Exam 2, MAS-I, MAS-II) are all multiple choice and focused on math, statistics and finance. The upper-level CAS exams (Exams 5-9) are focused on the core areas of actuarial practice in property & casualty insurance. These exams tend to have a larger breadth of content that you need to master to do well on the exam. Exam problems can be more open-ended or require you to analyze a complex set of data.
Exam 5: Basic Ratemaking and Reserving
Exam 5 covers basic ratemaking and loss reserving methods for insurance. These are the two foundational areas of traditional actuarial practice.
Beginning with the Fall 2023 exam, Exam 5 has a new content outline as part of the CAS Admissions Transformation Plans.
Content Areas
- Ratemaking
- Reserving
Exam Format
- Computer-based test (CBT)
- Multiple choice/selection, fill-in-the-blank, and constructed response questions
| Test Time Length | 4 hours |
| Administered By | CAS |
| Testing Center | Pearson Vue |
| Registration Fee | $850 |
| Availability | Spring and Fall Sittings |
| Exam Results | Around 6 weeks afterwards |
| Average Pass Rate | 39% |
| Exam Page & Syllabus | CAS Exam |
Additional Information
Exam 6: Regulation and Financial Reporting
Exam 6 focuses on insurance regulation, financial reporting, and accounting for insurance. There are different versions by country and geographic region because regulation is country-specific.
In 2024, Exam 6 will have a new content outline as part of the CAS Admissions Transformation Plans.
Content Areas (Exam 6U)
- Regulation of Insurance and United States Insurance Law
- Government and Industry Insurance Programs
- Financial Reporting and Taxation
- Professional Responsibilities of the Actuary in Financial Reporting
- Reinsurance Accounting Principles
Exam Format
- Computer-based test (CBT)
- Multiple choice/selection, fill-in-the-blank, and constructed response questions
| Test Time Length | 4 hours |
| Administered By | CAS |
| Testing Center | Pearson Vue |
| Registration Fee | $850 |
| Availability | Spring and Fall Sittings |
| Exam Results | Around 6 weeks afterwards |
| Average Pass Rate | 41% (Exam 6U) |
| Exam Page & Syllabus | Exam 6-US Exam 6-Canada Exam 6-International |
Additional Information
Course on Professionalism
The Course on Professionalism (COP) is a requirement for all CAS candidates. It’s a one-and-a-half day in-person (or virtual) course covering essential professional topics, such as ethics and actuarial standards of practice.
At the Course on Professionalism, you’ll be presented with real-life situations that have ethical and professional dilemmas you may face as an actuary. Volunteer CAS members guide small-group discussions of these case studies. As long as you actively participate, you’ll get credit.
| Administered By | CAS |
| Location | Various locations and virtual |
| CAS COP Page | CAS Course on Professionalism |
Registration
You should register for the Course on Professionalism as soon as you’re eligible because each course has limited capacity.
According to the CAS, registration opens first for candidates with credit for any six (6) actuarial exams, regardless of CAS DISCs or VEE status. Normal registration opens for all qualified candidates meeting at least the following requirements: Credit for any five (5) actuarial exams AND four (4) out of five (5) non-exam requirements: CAS DISCs, VEE-Corporate Finance, and VEE-Economics.
Applying for Your ACAS Credentials
After you’ve completed all of the ACAS credential requirements, you need to apply for your ACAS membership with the CAS.
Step 1: Verify your exam status
Verify your candidate exam status to make sure the CAS has records of all your exams (especially preliminary exams), DISCs, and VEE credits.
Step 2: Submit your ACAS application
The ACAS application is a simple online form on the CAS website. Nice and simple!
Note: You can’t use your ACAS designation until your membership application is approved by the CAS. Once it’s approved, then you can add ACAS to your LinkedIn profile and email signature and such.
FCAS Exams and Requirements
After you finish your ACAS requirements, there are three final exams to get your FCAS credentials and be done with actuarial exams forever!
The final three exams cover advanced topics in reserving, ratemaking, and risk management.
Exam 7: Advanced Reserving
Exam 7 covers advanced reserving methods such as estimating the variance of reserves.
Beginning with the Spring 2024 exam, Exam 7 has a new content outline as part of the CAS Admissions Transformation Plans.
Content Areas
- Estimation of Claims Liabilities
Exam Format
- Computer-based test (CBT)
- Multiple choice/selection, fill-in-the-blank, and constructed response questions
| Test Time Length | 4 hours |
| Administered By | CAS |
| Testing Center | Pearson Vue |
| Registration Fee | $850 |
| Availability | Spring Sittings |
| Exam Results | Around 6 weeks afterwards |
| Average Pass Rate | 45% |
| Exam Page & Syllabus | CAS Exam 7 |
Additional Information
Exam 8: Advanced Ratemaking
Exam 8 covers advanced methods for classification ratemaking as well as individual risk pricing and excess/deductible pricing.
Beginning with the Fall 2024 exam, Exam 8 will have a new content outline as part of the CAS Admissions Transformation Plans. The content areas below are based on announced domain changes.
Content Areas
- Classification Ratemaking
- Excess, Deductible, and Individual Risk Pricing
Exam Format
- Computer-based test (CBT)
- Multiple choice/selection, fill-in-the-blank, and constructed response questions
| Test Time Length | 4 hours |
| Administered By | CAS |
| Testing Center | Pearson Vue |
| Registration Fee | $850 |
| Availability | Fall Sittings |
| Exam Results | Around 6 weeks afterwards |
| Average Pass Rate | 38% |
| Exam Page & Syllabus | CAS Exam 8 |
Additional Information
Exam 9: Advanced Risk Management
Exam 9 covers advanced topics in risk management including financial risk management, capital allocation, return on capital, reinsurance for managing risk, catastrophes, and enterprise risk management.
Beginning with the Spring 2024 exam, Exam 9 has a new content outline as part of the CAS Admissions Transformation Plans.
Content Areas
- Financial Risk Management
- Risk and Return
- Enterprise Risk Management (ERM)
- Catastrophe and Reinsurance
Exam Format
- Computer-based test (CBT)
- Multiple choice/selection, fill-in-the-blank, and constructed response questions
| Test Time Length | 4 hours |
| Administered By | CAS |
| Testing Center | Pearson Vue |
| Registration Fee | $850 |
| Availability | Spring Sittings |
| Exam Results | Around 6 weeks afterwards |
| Average Pass Rate | 47% |
| Exam Page & Syllabus | CAS Exam 9 |