Initial Offering Available in 2023; ACAS Requirement Beginning Fall 2025
Through the Admissions Transformation Plan, the CAS Board of Directors has approved requiring candidates to complete a new predictive analytics project as part of achieving the CAS Associate designation. The Property and Casualty Predictive Analytics (PCPA) project aims to give candidates and professionals in the actuarial field a deeper understanding of key concepts and to improve their predictive capabilities. The PCPA project will have a soft launch in fall 2023 and an official launch in May 2024. The PCPA will be an ACAS requirement beginning with the October/November 2025 exam administration.
A team of experienced actuaries specializing in predictive analytics have partnered with Pearson VUE and The Institutes to create this experiential assignment that uses cutting-edge predictive modeling techniques. The PCPA will incorporate machine-learning algorithms and statistical models to help users identify trends, make accurate predictions and optimize decision-making processes.
“Our expert task force and our board agree that a hands-on modeling project is the optimal way for candidates to demonstrate their practical knowledge and application,” said CAS President-Elect Frank Chang.
The PCPA will be divided into two parts — an examination and a project. Candidates will first need to pass a two-hour, multiple-choice examination on predictive modeling fundamentals, which will be administered on an ongoing basis at Pearson VUE testing centers. After candidates pass the exam, they will be able to register for the predictive analytics modeling project, which will be administered through The Institutes and available quarterly. From the time they receive access to the PCPA materials, candidates will have two weeks to complete and submit the project. The estimated completion time for the predictive analytics modelling project is 20 hours, which includes preparing, planning, drafting, revising and finalizing the submission.
The P&C (general insurance) project will incorporate access to a wide range of data sources and analytical tools, including historical data sets and advanced visualization tools. This material will enable candidates to gain a more comprehensive understanding of the factors that influence risk and to develop more effective strategies for managing it.
Members who attained their ACAS prior to this new offering will be able to complete the PCPA as a continuing education opportunity. More information about the project is available through an FAQ that will be continually updated.
To learn more about the PCPA, watch a short video featuring Chang and others discussing this new ACAS designation requirement. Please contact casatp@casact.org with any questions. See the sidebar for volunteer opportunities.
PCPA Volunteer Opportunities
The CAS is seeking testers, graders, and exam and project content reviewers to give insight and feedback on the PCPA communications and training materials.
To volunteer for the initiative, email casatp@casact.org with the subject line “Interested PA Volunteer.” Potential volunteers must complete a brief survey by August 31, 2023, in order to be considered for the initiative. The initial optional PCPA offering will be available October 30 through November 10, 2023, at no cost to those who volunteer to be testers and give feedback on the experience. A passing score will count toward the ACAS requirement.
The project’s anticipated official launch is May 2024. Please contact casatp@casact.org with any questions.