CAS CAS Exam Structure and Designations 1 — Questions and Answers
Question 1: Which designation is awarded upon completing the CAS associateship requirements?
- FCAS
- ACAS (Correct answer)
- MAAA
- FSA
Correct answer: ACAS
The ACAS (Associate of the Casualty Actuarial Society) designation is awarded after completing all associate-level exam and education requirements.
Question 2: How many written exams must be passed to achieve the FCAS designation?
- 5
- 7
- 9 (Correct answer)
- 11
Correct answer: 9
FCAS candidates must pass all 9 CAS exams (Exams 1, 2, MAS-I, MAS-II, 5, 6, 7, 8, and 9) in addition to online courses and other requirements.
Question 3: Which CAS exam covers Basic Techniques for Ratemaking and Estimating Claim Liabilities?
- Exam 3
- Exam 4
- Exam 5 (Correct answer)
- Exam 6
Correct answer: Exam 5
CAS Exam 5 is the first property-casualty-specific exam, covering foundational ratemaking and reserving techniques.
Question 4: CAS Exam 1 (Probability) is jointly administered with which other actuarial organization?
- American Academy of Actuaries
- Society of Actuaries (Correct answer)
- Institute and Faculty of Actuaries
- Conference of Consulting Actuaries
Correct answer: Society of Actuaries
CAS Exam 1 is co-administered with the Society of Actuaries and is equivalent to the SOA's Exam P, covering probability theory.
Question 5: Which CAS exam covers Advanced Ratemaking, including individual risk rating plans?
- Exam 6
- Exam 7
- Exam 8 (Correct answer)
- Exam 9
Correct answer: Exam 8
CAS Exam 8 covers Advanced Ratemaking topics including classification ratemaking, experience rating, schedule rating, and retrospective rating.
Question 6: What does the MAS-I exam primarily test?
- Financial mathematics
- Modern actuarial statistics (Correct answer)
- Insurance regulation
- Enterprise risk management
Correct answer: Modern actuarial statistics
CAS Exam MAS-I tests Modern Actuarial Statistics I, covering stochastic processes, statistical methods, and actuarial modeling concepts.
CAS CAS Exam Structure and Designations 1
Which designation is awarded upon completing the CAS associateship requirements?