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Casualty Actuarial Society (CAS) Exams Exam code Exam title Introduced Preceded by Ceased Superseded by SOA eqv. 1: Probability: 2005: Exam 1 (2000) Current exam: P: 2: Financial Mathematics: 2005: Exam 2 (2000) Current exam: FM: MAS-I: Modern Actuarial Statistics I: 2018: Exam S Current exam — MAS-II: Modern Actuarial Statistics II: 2018 ...
The Society of Actuaries (SOA) is a global professional organization for actuaries.It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. [1]
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The CAS requires all candidates to qualify through a series of actuarial exams covering various aspects of actuarial practice. Passing Exams 1–6 as well as Exam S, the Course on Professionalism, the Validation by Educational Experience (VEE), and two online courses qualifies an actuary for the Associateship designation; passing three additional exams is required to become a Fellow. [10]
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The Series 7 is a three-hour, forty-five-minute exam. [1] It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72% to pass. The SIE Exam and the Series 7 Exam are co-requisite exams. [9] Average study time is between 80 and 150 hours depending on current financial knowledge. [10]
They are determined by the quality of the candidates sitting the examination and in particular how well prepared they are. Fitness to pass is the criterion, not whether you can achieve a mark in the top 40% of candidates sitting." [57] In 2000, the Casualty Actuarial Society (CAS) decided to start releasing pass marks for the exams it offers. [58]
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. Actuaries are professionals trained in this discipline.