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CAS CEO Victor Carter-Bey shared his thoughts on why young professionals should consider a career in insurance, and more specifically as an actuary with credentials through the CAS, for the close of #InsuranceCareersMonth! See it here:
In reviewing a record number of appeals earlier this year, it was evident to the Examination Committee that there is still a misunderstanding about the role of the appeal process. Here are the basic concepts:
Beginning with the May 2012 examinations, the Examination Committee started publishing “Examiners’ Reports” for Exams 5 through 9. These reports include narratives for each question describing where points were achieved and where points were commonly missed by the candidates. The Examiners’ Report is an invaluable tool when preparing for an upcoming exam or consequently assessing missed opportunities on a prior exam. All candidates should read the reports from prior versions of the exam for which they are sitting.
The concept of the minimally qualified candidate (MQC) score is familiar to most candidates, but the process by which MQC scores are established tends to cause confusion. Continuing with our series of articles that (hopefully) help demystify the CAS admissions process, here is a description of the steps involved in setting MQC scores.
If you have recently sat for an upper-level exam, you may have noticed some new question types. Questions are now posed with an increased emphasis on thorough understanding and evaluation. These changes are part of an ongoing CAS process to develop questions that allow candidates to demonstrate a deep understanding of syllabus material.
Over the last several years, the CAS has gradually adjusted the upper-level exams to test the actuarial student’s knowledge at higher cognitive levels. One way to distinguish a higher-level Bloom’s question is that its answer cannot be succinctly captured on a notecard. In the past, committing to memory all the lists, definitions, calculations, and techniques previously tested was a good strategy for success. Today that is only part of the exam-success equation.
According to Wikipedia, Bloom’s Taxonomy is a classification of learning objectives within education. The taxonomy was first presented in 1956 through the publication The Taxonomy of Educational Objectives, The Classification of Educational Goals, Handbook I: Cognitive Domain, by Benjamin Bloom (editor), M. D. Englehart, E. J. Furst, W. H. Hill, and David Krathwohl. It is considered to be a foundational and essential building block within the education community.
There is much uncertainty surrounding actuarial exams. Will this paper be tested? What will the pass ratio be? How hard is the next exam? Unfortunately, we can’t help you with any of those questions. But, the process to create, implement, and grade an exam can be illuminated.
Note that this article only pertains to the upper-level exams (5 through 9).
In response to the feedback we received from candidates who took the Fall 2020 CAS exams through computer-based testing, we have added a new tool to assist with your preparation. Pearson VUE has posted a blank sample worksheet for candidates to build and practice in their spreadsheet environment. Candidates can find the blank sample worksheet on the Pearson VUE/CAS website under “Casualty Actuarial Society (CAS) Sample Testing.”
Starting to study for an exam is generally a daunting task. How should you organize yourself to get the best results? Often candidates ask their friends or coworkers for advice on how to study. "Definitely notecards," one will say. "I wrote 600 notecards for each exam and always passed on the first try!" "Don't use notecards," says another. "Useless. Instead I watched lots of online seminars." Given all this conflicting advice, how do you know what methods are right for you?
In April 2020, word began to spread that actuarial students were having their summer internships shortened, altered and in some cases, cancelled altogether. CAS President Steve Armstrong approached the University Engagement Committee (UEC) and proposed that we find a way to assist these students by offering a program that would help them gain knowledge and experience similar to what an internship would have offered them.
Arlington, Va. – October 8, 2020 – The Casualty Actuarial Society (CAS) announces the appointment of Sean Kevelighan, president and chief executive officer of the Insurance Information Institute (Triple-I), to its Board of Directors for a one-year term that begins in November 2020.
Register for the upcoming CAS Webinar:Impacts of Mobility Shifts on Auto Insurance in 2020, taking place January 28, 2021 at 12:00pm EST.
Starting with the Fall 2020 exam administration, the CAS transitioned to computer-based testing (CBT) for Exams MAS-I, MAS-II, and 5 through 9. Online Courses 1 and 2 continue to be administered by The Institutes and scored according to its CBT methodologies.
The CAS asks that candidates arrive at the test center 30 minutes prior to their scheduled appointment time. This will give them adequate time to complete the necessary sign-in procedures. A candidate who arrives more than 15 minutes late for his or her appointment may be refused admission.
