2023 CAS Exam Changes

Twice a year around March and August, the CAS announces changes to the exam syllabus for the upcoming Fall and Spring exam sittings. Most of the changes involve adding, modifying, or removing readings from the syllabus.

When you start studying for your next actuarial exam, make sure to look at the current syllabus and the announced syllabus changes so that you know exactly what papers will be on the exam.

The final syllabus is usually released by the time exam results are announced for the prior sitting. Make sure to check the CAS site for the final syllabus. Once you have the final syllabus, I recommend checking for any changes to the following:

  • Changes in Learning Objectives and Knowledge Statements
  • Changes in weights by section
  • Any additional changes to syllabus readings

CAS Syllabus and Content Outline Updates for Fall 2023

The CAS announced changes to the Fall 2023 syllabus in March. Download the memo of the changes from the CAS here:

Changes to Fall 2023 CAS Syllabus

The final syllabus for the Fall 2023 exams will be released in May 2023 and exam Study Kits should be available June 2023.

Changes to Learning Objectives, Knowledge Statements and exam weights by section will show up in the final syllabus. Below are the announced changes to syllabus papers:

New Content Outlines for Exams MAS-1, MAS-2 and Exam 5

Beginning with the Fall 2023 sitting, the basis for these exams will be the new Content Outlines (formerly known as the syllabi) according to the Admissions Transformation Plan. Make sure to thoroughly review the new Content Outlines as the CAS is overhauling the exams over the next few sittings.

The changes listed below are changes to the Content Outlines that were released earlier.

CAS Exam MAS-1 Content Outline Changes


  • Cowpertwait and Metcalfe, Introductory Time Series with R, 2009


  • Dobson and Barnett, An Introduction to Generalized Linear Models, 4th edition, 2018 – Updated from the 3rd Edition or 4th Edition
  • Hogg, McKean, and Craig, Introduction to Mathematical Statistics, 8th edition, 2018 – Updated from the 7th Edition
  • James, An Introduction to Statistical Learning, with Application in R, 2nd edition, 2021 – Updated from the 1st Edition

CAS Exam MAS-2 Content Outline Changes


  • Ford, “MCMC Algorithms,” CAS Study Note, Version 0.8, November 2019.
  • McElreath, Statistical Rethinking: A Bayesian Course with Examples in R and Stan, 2nd edition, 2020


  • James, An Introduction to Statistical Learning, with Application in R, 2nd edition, 2021 – Updated from the 1st Edition
  • West, Welsh, and Galecki, Linear Mixed Models: A Practical Guide Using Statistical Software, 3rd Edition, 2022 – Updated from the 2nd Edition


  • Cowpertwait and Metcalfe, Introductory Time Series with R, 2009
  • Goldburd, “Generalized Linear Models for Insurance Rating,” CAS Monograph #5, 2nd edition, 2020

CAS Exam 5 Content Outline Changes

There are no announced changes to the Exam 5 syllabus.

CAS Exam 6-Canada Syllabus Changes


  • Quarterly Sample Return (OSFI Annual Return I), 2022 edition
  • Annual Supplement Return (OSFI Annual Return II), 2022 edition


  • In “Landmark Legal Insurance Cases in Canada” add Tomec v. Economical

CAS Exam 6-United States Syllabus Changes


  • Baribeau, “Demystifying the Regulatory Web,” March/April 2016
  • Karapiperis, et. al, Usage-Based Insurance and Vehicle Telematics: Insurance Market and Regulatory Implications, March 2015, pp. 1-16 (excluding section on Tower Watson’s DriveAbility) and 42-60


A number of papers are updated to the 2022/2023 editions. See the CAS update memo for the whole list.


  • American Academy of Actuaries, “Estimating the Uncollectible Reinsurance Reserve for Property/Casualty Companies New GAAP Requirements,” July 2019, pp. 4-15.
  • American Academy of Actuaries, “Retained Property Casualty Insurance-Related Risk: Interaction of Actuarial Analysis and Accounting”, April 2018, Chapters 1 and 4.
  • Casualty Actuarial and Statistical (c) Task Force, Regulatory Review of Predictive Models White Paper, December 2020, Sections I, IV and VII.
  • Federal Insurance Office, Annual Report on the Insurance Industry Completed Pursuant to Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act, September 2022, Sections I, IA and I-B1.

CAS Exam 8 Syllabus Changes

There are no announced changes to the Exam 8 syllabus.

Start preparing today for your next exam

After you review the changes to the syllabus for your next exam, you’re probably thinking about creating a study schedule and looking for CAS exam study material to get started.

Be sure to check out the Rising Fellow online courses and study materials for the upper-level CAS exams to help you prepare. Start a free trial today and see why 1,000+ FCAS actuaries studied with Rising Fellow.

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