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Every spring and fall, actuarial candidates wrap up an arduous journey when they put their best foot forward in hopes of passing an exam. While everyone wants to pass, there are many who end up failing during any particular sitting. I know I have been on the receiving end of a failing score more times than I would like!
Exam day is over and for CAS candidates, eight weeks of waiting begins (actually seven weeks for the last exam sitting). Some candidates breathe a sigh of relief, knowing that their hours of studying probably paid off. Others feel a sense of dread towards results day and do their best to put it out of their minds. But what actually happens behind the scenes between the day of the exam and the day that the list of passing candidate numbers is released?
An often overlooked aspect of the actuarial exams is the exam site. It is given consideration when you are registering for the exam, and then it becomes completely secondary to learning your exam materials and working problems until a couple of days before the exam. At that point it enters the picture again; you start to plan out your route to the location and go shopping for some new ear plugs.
If you've paid much attention to how exams are graded, you've probably seen the term minimum qualified candidate (MQC). Future Fellows wanted to know, what does the CAS really expect of the MQC on an exam? To that end, we interviewed the general officer of grading and pass mark panel within the Syllabus and Exam Committee. All quotes are attributed to that officer.
Editor's Note: Only committee members' titles will be used in this article in order to preserve anonymity.
One of the things I like most about the actuarial profession is how collegial it is. Actuaries study together and try to help each other, and I like to think that that's partially because of the exam process. Since exams aren't graded on a curve, we know it doesn't hurt us if our colleagues do well on an exam (and it doesn't help us if they do poorly, either). The only person we really have to beat on an exam is the Minimally Qualified Candidate.
Which exam you should take and when can be a big decision to make. Because the CAS exams are numbered, it might at first glance seem like you have to take them in order and as fast as you can (see the CAS infographic for an example). While in general it's to your advantage to get through exams quickly, the order of the exams you take and even whether to take an exam at all during a given sitting can depend on many different factors. Every candidate's mental calculus will be different, and two actuaries given the same set of circumstances may make different choices.
Occasionally, you get a small folded yellow and white packet from the CAS with a few articles called Future Fellows. Sometimes you poke through and find something interesting to read (like this article, obviously); other times you may not even unfold that packet and it lays around for six months until you spill your coffee on it and toss it.
The Candidate Liaison Committee (CLC) mission included in our quarterly Future Fellows publication states, “The committee should advise the CAS and its committees of the interests of the candidates regarding matters that come before the CAS and its committees.” As currently written, our mission does not call out the work we do to collect a broad range of feedback from candidates sitting for CAS examinations.
The CAS Syllabus and Examination Committee has released the syllabi for two new exams that will be offered as part of the CAS’s revised credentialing requirements in 2018. The new exams, Modern Actuarial Statistics I and II (MAS-I and MAS-II), will address the emerging needs of future actuaries and their employers. The syllabi, which are now available on the CAS website, outline the learning objectives, knowledge statements, and readings that will be covered by the exams.
The moment I step out of the exam hall after finishing an exam, I usually feel a mixture of emotions — relief, now that I don't have to worry about exams, and happiness, now that I have some time to do anything other than study. But in addition to those feelings, at times I feel a sense of uncertainty about some of my answers. I'm sure many people would relate to this feeling as well.
Future administrations of TBE have been deferred based on findings of the TBE Investigation Task Force.
After months of anticipation and preparation, the CAS administered its first Technology-Based Exam (TBE) this May. To both the CAS's and candidates' dismay, it did not go as planned. What happened and what does it mean for the future of TBE? I talked to three candidates who took the exam, Chloe Marshinski, Lee Drinkwater, and Dan Richard, and the current CAS Vice President of Admissions Jeanne Crowell to find out.
It is a candidate’s worst nightmare. You walk out of the exam feeling uncertain about your performance. After the blackout period, you begin to discuss your answers with friends and colleagues. You realize that, on one particular high point-value question, everyone else has used a different approach and gotten a very different answer. Scores are released; your “5” is a disappointment, but you have to admit it is not a total surprise. You pore over the results of the Examiner’s Report as soon as it is released.
The purpose of the “Exams In Real Life” series is to share how content from CAS exams are used in the workplace today. In essence, we would like to supply a little motivation by answering “Why am I learning this stuff?” and “When am I ever going to use any of it?” If you have not already done so, please take a moment to read our prior articles. (See Exams IRL Archive below this article.)
The implementation of Technology Based Exams (TBE) is fast approaching, with Exam 5 in May of 2018 to be the first CAS exam to be offered in the TBE format.
Every three years there is a change in the leadership of the CAS Admissions Committees. Three years ago, Jeanne Crowell started her tenure as vice president-admissions, I became chairperson of the Candidate Liaison Committee (CLC) and Jason Russ became the chairperson of the Syllabus and Examination Committee (SEC).
The Emerging Issues Prize is awarded to the best call paper to come out of a new, but not necessarily repeating, call paper program. The Emerging Issues Prize is not necessarily an annual prize and can be sponsored by a different committee each time.
The amount of the Emerging Issues Prize is determined annually.
Recipients of the Emerging Issues Prize
2016
No program held
2015
No Program Held
This award is made to the author(s) of the best paper(s) nominated for the prize as determined by the CAS Reinsurance Research Committee.
HAROLD W. SCHLOSS MEMORIAL SCHOLARSHIP FUND
In November 1984, the Harold W. Schloss Scholarship was established by the Casualty Actuarial Society as a memorial to Mr. Schloss, a past president of the Society. The fund for this annual $500 scholarship stipend was initiated by Mr. Schloss' wife, France A. Schloss, and their children. The scholarship is being used to benefit deserving and academically outstanding students in the actuarial program of the Department of Statistics and Actuarial Science at the University of Iowa.
EMAIL STUDY GROUPS
Email study groups are available for candidates preparing for CAS examinations. Information about each study group list is available on each exams syllabi landing page.
STUDY AIDS AND SEMINARS
Information on study aids and seminars is provided only as a convenience to CAS candidates. The CAS takes no responsibility for the accuracy or quality of the study aids and seminar announcements attached to this notice.
About CAS Working Papers
The CAS is constantly striving to improve the accessibility of research for the members and improve avenues for feedback to researchers. To help meet these objectives, this section of the CAS Web Site has been established for Working Papers.
