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.
MAS-I is largely a modification of current CAS Exam S, which it will replace when it is first offered in the spring of 2018. MAS-II will replace the current CAS Exam 4 requirement that is typically fulfilled by most candidates through completion of SOA Exam C, which is being discontinued. MAS-II will first be offered in the fall of 2018.
The discontinuation of Exam C provided an opportunity for the CAS to create a replacement exam that focuses on the modern statistics that actuaries are increasingly using. This will enhance the relevance of the CAS exam syllabus with respect to emerging statistical and analytics skills, with minimal changes to the overall exam structure.
Both MAS-I and MAS-II will be four-hour exams, resulting in practically no net increase in exam hours required for CAS credentials. The exams will be offered every six months, initially as multiple-choice paper-and-pencil exams, in the same general windows in the spring and fall in which other CAS exams are offered.
The transition rules allow candidates with credit for Exam S achieved through an examination administered prior to January 1, 2018, to receive credit for MAS-I. Candidates with credit for SOA Exam C achieved through an examination administered prior to July 1, 2018, will receive credit for MAS-II.
As reflected in the syllabi, candidates should expect MAS-I to be similar to Exam S but with more emphasis on applied modeling and a deeper coverage of generalized linear models. MAS-II will retain coverage of credibility from Exam C and will also include advanced statistical topics like Bayesian Markov Chain Monte Carlo (MCMC) methods.
The syllabi are subject to further revisions until the changes for the 2018 CAS Syllabus of Basic Education are approved by the Executive Council and announced for MAS-I in July 2017 and for MAS-II in January 2018.
To learn more about the CAS’s revised credentialing requirements, review the list of frequently asked questions and responses on the CAS website. Additional questions can be addressed to the Actuaries’ Resource Center at the CAS Office at ARC@casact.org.