Twice a year around March and September, the CAS announces changes to the exam content outlines (formerly known as syllabi) 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, go through the current content outline and the announced changes so that you know exactly what papers will be on the exam.
The final content outline is usually released by the time exam results are announced for the prior sitting. Make sure to check the CAS site for the final version. Once you have the final content outline, I recommend checking for any changes to the following:
- Changes in the Tasks for each Exam Section
- Changes in domain weights by Exam Section
- Any additional changes to the papers and readings tested
CAS Syllabus and Content Outline Updates for Spring 2024
The CAS announced changes to the Spring 2024 syllabus in September. Download the memo of the changes from the CAS here:
Changes to Spring 2024 CAS Syllabus
The final content outlines for the Spring 2024 exams will be released in October 2023 and exam Study Kits should be available December 2023.
Changes to tasks and exam weights by section will show up in the final content outlines. Below are the announced changes to syllabus papers:
New Content Outlines for Exams 7 and 9
Beginning with the Spring 2024 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 Exam 7 and 9 Content Outlines were announced in May:
New Content Outlines for Exams 7 and 9
CAS Exam MAS-1 Changes
There are no announced changes to Exam MAS 1 for Spring 2024.
CAS Exam MAS-2 Changes
There are no announced changes to Exam MAS 2 for Spring 2024.
CAS Exam 5 Changes
There are no announced changes to Exam 5 for Spring 2024.
CAS Exam 6-Canada Changes
Modified
- CIA Duration, “Educational Note: Duration Considerations for P&C Insurers,” August 2023
- CIA Subsequent Events, “Educational Note: Subsequent Events,” August 2023
CAS Exam 6-United States Changes
There are no announced changes to Exam 6 (US) for Spring 2024.
CAS Exam 7 Changes
Exam 7, now called Advanced Estimation of Claims Liabilities, was overhauled as part of the Admissions Transportation Plan. The Spring 2024 sitting will be the first sitting using the new Exam 7 Content Outline.
Overall, the changes to Exam 7 are minor with two papers be removed:
Deleted
- Brehm, Enterprise Risk Analysis for Property & Liability Insurance Companies
- Moved to Exam 9
- Goldfarb, “P&C Insurance Company Valuation,” October 2010
CAS Exam 9 Changes
Exam 9, now called Risk Management for Actuaries, was overhauled as part of the Admissions Transportation Plan. The Spring 2024 sitting will be the first sitting using the new Exam 9 Content Outline.
Overall Exam 9 is essentially a completely new exam with major changes from 2023. Below is a breakdown of the changes:
Deleted
- Bodie, Kane and Marcus, Investments, 10th-12th Edition
- Butsic, “Solvency Measurement for Property-Liability Risk-Based Capital Applications,” December 1994
- Feldblum, “Pricing Insurance Policies: The Internal Rate of Return Model,” May 1992
- Ferrari, “The Relationship of Underwriting, Investment, Leverage, and Exposure to Total Return on Owners’ Equity,” 1969
- Goldfarb, “Risk-Adjusted Performance Measurement for P&C Insurers,” October 2010
- Kreps, “Riskiness Leverage Models,” 2005
- Mango, “An Application of Game Theory: Property Catastrophe Risk Load,” 1998
- McClenahan, “Insurance Profitability,” 1999
- Robbin, “The Underwriting Profit Provision,” 1992
Added
- Bernegger, “Swiss Re Exposure Curves and the MBBEFD Distribution Class,” May 1997
- Moved from Exam 8
- Brehm, Enterprise Risk Analysis for Property & Liability Insurance Companies
- Moved from Exam 7
- Clark, “Basics of Reinsurance Pricing,” Revised 2014
- Moved from Exam 8
- Grossi and Kunreuther, Catastrophe Modeling: A New Approach to Managing Risk, 2005
- Moved from Exam 8
- Mildenhall and Major, Pricing Insurance Risk: Theory and Practice, 2022
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.
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