Route to Becoming 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. Within Malaysia, candidates can gain credit via the following Universities:
- Universiti Malaya
- University Kebangsaan Malaysia
- University Tungku Abdul Rahman
- University Teknologi MARA
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
- 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).