Navigating the CAS Exam 9: Risk Management for Actuaries - A Comprehensive Guide
The Casualty Actuarial Society (CAS) Exam 9, now titled "Risk Management for Actuaries," has undergone significant changes as part of the CAS Admissions Transformation Plan (ATP). This article provides a comprehensive overview of the exam, its structure, and effective preparation strategies.
Understanding the Exam 9 Overhaul
The CAS Admissions Transformation Plan (ATP), initiated with a Job Task Analysis (JTA) in 2020, has led to a restructuring of the exam pathway. Exam 9 has been overhauled, making it essentially a completely new exam. The last opportunity for candidates to sit for the current exam structure for Exam 9 was the May 2023 sitting.
Content Outline and Structure
The basis for the exams is the new Content Outlines. These outlines identify the domains and tasks that candidates could be tested on.
Key Changes to Exam 9
- New Content Outlines: The exam is now based on Content Outlines rather than a syllabus.
- Enterprise Risk Management: Enterprise Risk Management has moved to Exam 9 from Exam 7.
- Catastrophe and Reinsurance Pricing: Catastrophe and Reinsurance Pricing has moved to Exam 9 from Exam 8.
Effective Study Strategies
Utilizing Available Resources
- Rising Fellow Online Courses and Study Materials: These resources are designed to align with the latest syllabus and help candidates prepare effectively.
- Exam 9 Cookbook & Problem Pack: A comprehensive study guide with step-by-step recipes for solving calculation problems efficiently.
- Online Course Discussion Forum: A platform to get exam questions answered by FCAS instructors.
Leveraging Digital Tools
- Flashcards: Digital flashcards in a "Q&A" style to facilitate information recall. Available as digital Anki flashcard decks and downloadable PDFs. Anki is a spaced-repetition flashcard platform.
- TIA Study App: Download lessons and solutions videos for offline access. Variable speed playback and background audio playback are available.
Structuring Your Study Plan
- Comprehensive Study Guide and Video Lessons: These resources help in learning the material with worked examples.
- Practice Exams: Prepare for exam day with original practice exams and past CAS problems from the 2013-2019 exams, all in Excel format.
The Infinite Actuary (TIA) Exam Prep Course
The Infinite Actuary (TIA) offers an on-demand intensive exam prep course for CAS Exam 9.
Key Features of TIA's Course
- Online Discussion Forum: A dedicated course forum loaded with existing questions and answers on syllabus material and past CAS exam questions.
- Sample Exam: The course includes a sample exam with each question having a solution walking you through the best way to solve it.
- Offline Videos: Download lessons or solutions videos using the TIA Study app on your mobile device.
- Variable Speed Playback: Watch lessons and video solutions at your pace.
- Background Audio Playback: Listen to lessons by locking your device when using the TIA Study app on an iOS or Android device.
- Flashcards: Digital flashcards written in a "Q&A" style to facilitate recalling information for exam-oriented questions.
- Excellent Customer Service: Get help from the instructor and assistants in the online forum.
- Free Extension: One free 6-month extension is offered for the online course if you fail the exam.
Instructor Profile: Angelo
Angelo graduated from Macquarie University (Sydney, Australia) with a Bachelor of Commerce (Actuarial Science). He is an instructor for TIA's Exams 6 and 9 seminars and has been with TIA since 2008. Angelo became a Fellow of the Casualty Actuary Society in 2006 and spent a number of years grading exams for the CAS. He has over twenty years in the P&C insurance industry and is currently responsible for Primary Casualty pricing at Sompo International, based in Manhattan.
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Additional Resources and Support
ACTEX Learning
Margaret has authored CAS Exam 8 and 9 Study Manuals for ACTEX Learning.
Rising Fellow
Offers online courses and study supplements aligned with the latest syllabus. The Exam 9 Online Course includes unlimited retakes to the updated course until you pass.
Transition Rules and Important Dates
The CAS will follow simple transition rules for these exams. The last opportunity for candidates to sit for the current exam structure for Exams 7 and 9 was the May 2023 sitting. The last offering of the current Exam 8 was October/November 2023.
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