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
    • 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).