What is the Casualty Actuarial Society?
The Casualty Actuarial Society, which is mostly abbreviated CAS, is an important professional society for those who practice actuary. This is the body that has the responsibility of granting the certifications to actuaries for being the Associate or Fellow of the CAS. The former is called Associate of Casualty Actuarial Society abbreviated ACAS and the latter is titled Fellow of the Casualty Actuarial Society, which is abbreviated as FCAS.
For any actuaries, gaining one or both of these designations is a lifelong dream and it means a significant deal to them. No matter what education an actuary has obtained, there is a comprehensive series of exams that needs to be completed even after you are giving these exams after an actuarial science degree.
What are the CAS requirements?
Considering that it is the accrediting body for the Associateship and the Fellowship, it has the requirement for candidates to successfully qualify actuarial exams. These are the exams that cover all the aspects of actuary that are important.
These include mainly finance, economics, mathematics, statistics, actuarial science and also management of enterprise risk. For the Associateship requirement, the CAS requires for the candidates to complete all the exams one through seven or have the credits for the completed exams.
In addition, being present at the CAS course carried out on Professionalism is another educational requirement for application eligibility for Associateship. In order to attain the designation of Fellow of Casualty Actuarial Society, one of the main requirements for the candidate is to complete nine exams or have the credit for these.
Being a Fellow is the highest distinction that you can get being an actuary and you ought to aim for it in order to be the best at your job and having the qualifications to show it.
What is the series of exams that one needs to qualify?
For those who wish to pursue actuarial careers, it is important to obtain the designations that the CAS is in control of accrediting. In order to qualify for eligibility for the designation of an Associate or a Fellow, there is a series of exams that you need to successfully pass and when you have their credit, you will be eligible for these designations. The number of these exams is seven for Associate and nine for Fellow.
When it comes to the Actuarial exams, they start with the basic preliminary ones. These exams are taken on the subjects related to probability, financial mathematics, constructing models and modeling. All these are the part of the first preliminary stage of examinations in which all these tests are computer-based. After this stage come the upper level exams.
Considering that these exams are based on the subject matter that is part of everyday practice as an actuary, they require thorough preparation. In order for you to become an expert at actuarial science and want the CAS to accredit you for it, you need to clear them. These are related to basic and advanced ratemaking techniques, calculations of risk and return and police estimation in financial services and insurance.