Path to Become an Actuary – CAS

In general, CAS has a similar preliminary exam structures as SOA. Candidates are required to complete the following three VEE subjects:

• VEE – Applied Statistical Methods
• VEE – Corporate Finance
• VEE – Economics

Credit for VEE can be obtained through various courses completed from colleges or other education programs. 

There are 2 online courses to be taken.

• Online Course 1 – Risk Management and Insurance Operations (same as I&FA CA1)
• Online Course 2 – Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation (same as I&FA CA2)

There are 9 exams to be taken with the first four (Exams 1, 2, 3 and 4) being equivalent to the first part of the SOA exam structure.

• Exam 1 Probability (same as SOA Exam P)
• Exam 2 Financial Mathematics (same as SOA Exam FM)
• Exam 3F Models for Financial Economics (same as SOA Exam MFE)
• Exam 3L Models for Life Contingencies and Statistics (same as SOA Exam MLC)
• Exam 4 Construction and Evaluation of Actuarial Models (same as SOA Exam C)

At this point, students interested in Life Insurance can opt to continue with the SOA path.

• Exam 5 Basic Techniques for Ratemaking and Estimating Claim Liabilities
• Exam 6 Regulation and Financial Reporting (Nation-Specific)
  • Actuarial Institute of Chinese Taipei
  • Canada
  • United States

Course on Professionalism – A two-day course to present candidates with real situations that contain ethical and professionalism issues for an actuary. Candidate must have finished either

• 4 actuarial exams AND any 4 out of the 2 online courses and 3 VEE subjects; or
• any 5 actuarial exams

Upon completion of all the above requirements, candidate will be admitted as an Associate of the Casualty Actuarial Society (ACAS).

• Exam 7 Estimation of Policy Liabilities, Insurance Company Valuation and ERM
• Exam 8 Advanced Ratemaking
• Exam 9 Financial Risk and Rate of Return

Upon completion of the Associateship requirements and the above three exams, the candidate will be admitted as a Fellow of the Casualty Actuarial Society (FCAS).

Sources from Actuarial Society of Malaysia