Casualty Actuarial Society

Preliminary Examinations 

There are two levels of certification through the CAS: Associate of the Casualty Actuarial Society (ACAS) and Fellow of the Casualty Actuarial Society (FCAS). Students at UT can make progress towards earning their ACAS, the first level of certification. There are 2 preliminary exams in the ACAS curriculum, which also count towards the ASA certification with the SOA; 3 Data and Insurance Series Courses (DISCS); 2 VEEs (Validation by Educational Experience); 4 associate exams; and 1 exam/project to earn an ACAS designation. 

Exam 1 (Probability)
This exam covers calculus-based probability, with many problems set as word problems involving risk.  M 362K typically covers 80% of the content for this exam.  Multiple sections of this course are offered each fall, spring and summer.  In addition to the class, students should plan on preparing an additional 150+ hours if they wish to successfully pass CAS Exam 1.  Similar preparation is required for the other exams.  Credit is earned by students passing the Society of Actuary Exam P. 

Exam 2 (Interest Theory)
This exam covers interest theory and introductory financial mathematics.  M 329F (Interest Theory) covers the majority of the content for this exam.  Multiple sections of M 329F are offered each fall and spring semester.  Credit is earned by students passing the Society of Actuary Exam FM.

DISC DA (Introduction to Data and Analytics)
This Data and Insurance Series Course is an online course that concludes with a multiple choice exam.  The course covers fundamental skills needed to identify, access, analyze, and depict the data used to create models.

DISC RM (Risk Management and Insurance Operations)
This Data and Insurance Series Course is an online course that concludes with a multiple choice exam.  The course takes a comprehensive look at how an insurer’s functions intersect internally to help shape the risk management landscape.  It also equips you with a fundamental understanding of the roles and activities that power the insurance value chain.

DISC IA (Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation)
This Data and Insurance Series Course is an online course that concludes with a multiple choice exam.  The course examines the numbers behind insurer decision-making, the essential elements of the policies they sell, and the laws and regulations that provide the framework for how they do business.

Associate Exams

MAS-I (Modern Actuarial Statistics-I) The majority of the content for this exam is covered in M 378K (Mathematical Statistics), M 339J (Probability Models with Actuarial Applications), M 339G (Predictive Analytics), and M 349R (Applied Regression and Time Series).  A small portion of the topics for this exam are covered in M 339U (Actuarial Contingent Payments I) and M 339V (Actuarial Contingent Payments II).

Note: Students do not need to take all of the classes listed above to pass MAS-I. Taking M 378K, M 339J, and M 339G or M 349R covers the majority of the syllabus, and students could self-study the remainder.

MAS-II (Modern Actuarial Statistics-II)  The content for this exam is covered in M 349P (Actuarial Statistical Estimates), M 339G (Predictive Analytics), M 349R (Applied Regression and Time Series), and M 375T (Actuarial Modeling/Simulation).

Exam 5 – Basic Techniques for Ratemaking and Estimating Claim Liabilities
M 339C (Actuarial Case Studies) covers some material on this exam. However, M 339C is designed to prepare students for an entry-level actuarial job, instead of preparing them for an actuarial exam.

Exam 6 – Regulation and Financial Reporting

PCPA Exam/Project – Property and Casualty Predictive Analytics
Participating in a Case Competition would help students prepare for this requirement. Candidates are expected to have taken MAS-I and MAS-II before attempting PCPA.

For more information on the preliminary, associate, or fellowship exams in the CAS curriculum, check out the CAS Educational Journey: https://www.casact.org/credential-requirements