1999_Syllabus_of_Examinations Introduction

Goals and Objectives

One of the primary objectives of the Casualty Actuarial Society (CAS) is the development of qualified professionals in the field of casualty actuarial science. The CAS conducts an educational and examination program for prospective members in order to achieve this objective. The Syllabus goals and objectives are as follows:

  1. To develop a general understanding of the social, political, regulatory, legal, and economic environment of the business of property and casualty insurance and the historical development of that environment.
  2. To develop a thorough understanding of the fundamental mathematical concepts applicable to solving insurance problems and a high degree of skill in their applications.
  3. To develop a comprehensive understanding of the business of property and casualty insurance, including underwriting, claims, marketing, and finance, and how these functions are performed and interrelate.
  4. To develop a working knowledge of insurance policies and contracts.
  5. To develop an expert knowledge of a broad range of techniques to solve insurance problems; and to develop the ability to discern the appropriateness of techniques for particular applications based on a knowledge of the underlying assumptions, strengths, and weaknesses.
  6. To develop an expert knowledge of a broad range of relevant and standard actuarial practices in order to present a framework for the use of problem-solving techniques.
  7. To encourage a sense of inquisitiveness and creativity toward insurance problem-solving in order to foster an appreciation of the art in actuarial science.

    Education and Examination System

    The CAS Vice President-Admissions supervises the CAS education and examination system. The Vice President-Admissions is supported by the following four admissions committees.

    CAS Education Policy Committee

    The Education Policy Committee establishes the goals and objectives of the CAS education and examination system to ensure that the needs of the Society, its members, and its potential members are met. The committee also monitors the operations of the other educational and examination committees to ensure continued effectiveness.

    CAS Syllabus Committee

    The Syllabus Committee determines the scope and content of the CAS Syllabus and course of readings for CAS Examinations.

    A chairperson supervises the committee which is composed of Fellows who represent a broad spectrum of CAS members including insurers, consultants, regulators, and academicians. At least one representative of the Canadian Institute of Actuaries (CIA) also serves on the committee; usually at least one of the representatives is a member of the CIA Education and Examination Committee. One or more members specialize in the material for each examination part. These specialists recommend Syllabus changes; however, recommendations must be approved by the committee.

    The "Materials for Study" are regularly reviewed by members of the Syllabus Committee. Both short- and long-term goals for improvement are developed. Textbooks and articles may be designated for inclusion. If the committee determines that new study material needs to be developed or that existing material needs to be revised, the committee may commission the creation of Study Notes for inclusion. Every effort is made to develop material that is appropriate, relevant, up-to-date, concise, and well-written. Suggestions for improvement are always welcome and should be directed to the Syllabus Committee at the CAS Office address.

    CAS Examination Committee

    The Examination Committee organizes, manages, administers, and grades the CAS Examinations. The committee also establishes the standards to be achieved by successful candidates.

    The chairperson supervises the committee and is responsible for the overall administration of the CAS Examinations. The chairperson is assisted by several senior committee officers with titles vice chairperson and assistant vice chairperson. The committee is subdivided into Examination Part Committees, each headed by an examination part chairperson. The responsibility for each CAS Examination is assigned to a part committee that writes, grades, and maintains the standards for that examination. Each part committee is assisted by an examination consultant who is a CAS member and an expert on the material covered by that examination. In addition, some part committees are assisted by academic consultants who are independent experts from the academic community.

    Each examination is drafted by the responsible Examination Part Committee to test candidates’ knowledge of the items listed in the "Materials for Study". The individual part committee, examination consultants, one of the Examination Committee vice chairpersons, the Examination Committee chairperson, and, in some cases, academic consultants review each examination to assure its quality.

    Every effort is made to ensure that the questions fall within the scope of the "Materials for Study." Complete coverage of all material is not practical for every examination every year. The goal is to produce examinations that contain representative, high-quality questions that test candidates’ knowledge of the material. Trick questions are deliberately avoided, and the wording of each question is considered carefully to eliminate possible ambiguities. Preliminary versions of each examination are thoroughly reviewed in relation to all of these factors before the final examination is approved.

    CAS Student Liaison Committee

    The Student Liaison Committee strives to focus on issues of importance to candidates who are taking CAS Examinations. The committee serves as a direct point of contact for students to voice individual or group concerns regarding the education and examination process. It also provides a means for an exchange of information between students and the admissions committees via Future Fellows, a newsletter which it publishes quarterly. Two candidates who are actively involved in the examination process serve as advisors to the committee.

    1999 Syllabus Index | Student's Corner