Exam 7

Sample Solutions for Exam 7 - Spring 2016

I just got through working all the 2016 Exam 7 problems to create some sample solutions. It's a lot harder to make yourself sit down and write a CAS exam in your free time after you get your FCAS! Now, don't look at this as an "answer key." Really, it's just the answers I would have put. For a lot of questions, there will be a number of acceptable answers.

Each question has a sample solution and a short discussion of where in the source the problem is from. For calculation problems, I point out what recipe from Exam 7 Cookbook should be used.

Let me know what your thoughts are and if you disagree with any of the solutions!

2016 Exam 7: CAS Exam 7 - 2016 (from the CAS website)

Sample Solutions: CAS Exam 7 - 2016 Sample Solutions

Exam 7 Reading List

To help kick off your studying for Exam 7, I put together a detailed reading order of the syllabus. Hopefully, this will give you a better idea of what you're in for and what to expect from the different papers.

In terms of the order, what you see in the CAS Syllabus is a pretty good starting point. I made a few switches in the order so that you'll see some of the more approachable papers of a section earlier and to make sure that the order of the concepts makes sense.

I also added some additional details to give you an idea of the difficulty of each of the papers and whether you should expect more calculation-type problems or essay-type problems on the actual exam.

Exam 7 Reading List

What to know about the 2016 Exam 7 Syllabus Changes

When I took my fellowship exams, one exercise I did before cracking open the first paper was to compare the new syllabus against last year’s syllabus. This is much more informative than just skimming the new syllabus before diving into four months of studying.

HERE’S WHY IT’S HELPFUL TO TAKE A LOOK AT CHANGES TO THE SYLLABUS

 

First, seeing the syllabus changes gives you a better understanding of how the new exam will be different than past exams that you use as practice exams. For example, there may be new papers or changes to section weights, both of which are happening for 2016.

Second, knowing the weights of the different sections and subsections is a good signal for what papers you should pay more attention to. This might not be apparent if you assume the next exam will have the same weighting as prior exams.

Finally, comparing the syllabus from year-to-year allows you see if there are new or re-worded learning objectives or knowledge statements added from the prior year. This might point to topics that may have a higher likelihood of being asked.