Revision to the Report of the CAS Task Force on Education
On June 30, 1997 the Report of the CAS Task Force on Education was sent to you by CAS President Robert A. Anker. The report noted that the transition rules should not be viewed as final.
DATE: July 30, 1997 TO: CAS Members and Candidates Since the report was issued many comments and suggestions have been received by the CAS Office, members of the Task Force on Education, and the CAS leadership. Based on these comments and suggestions the Task Force has recommended that the transition rules for Exams 2 and 4 be modified. The Executive Council reviewed and approved the recommended changes. Attached are revised pages 4, 6, and 12 of Appendix II of the report incorporating these changes.
The revised transition rules address concerns over the possibility of candidates being able to avoid Economics and Finance. The revised rules do this by offering an attractive option for gaining credit for new Exam 2, while at the same time limiting the transition credit for new Exam 4 that is available from numerical methods to those who have passed Part 3C in Fall 1997 and prior sittings. Part 3C will still be required for a candidate to attain Associateship prior to the Spring 2000 Exams.
I hope you agree with me that these changes are an enhancement to the transition rules.
Sincerely,
Kevin B. Thompson
Vice President - Admissions[The pages of the Report that have changed are appended below. In addition, the full Report on the web site has been updated to reflect the changes.]
Appendix II
Page 4
CAS Transition Rules
(Revised July 29, 1997)CAS/SOA Exam 2 (Interest Theory, Economics & Finance)
Credit given if student has passed:
- Parts 1 (Calculus & Linear Algebra) and 2 (Probability & Statistics) and 5B (Finance).
OR
- Parts 5A (Principles of Economics, Theory of Risk and Insurance) and 5B.
Considerations
- Exam 2 tests the critical elements of economics and finance.
- Interest theory is not required during transition.
- Exam 2 can be taken by college students without learning a significant amount of insurance material.
- Advanced finance and investments are covered on Exam 6 for SOA and Exam 8 for CAS.
- The CAS will recognize the SOA transition (conversion) rule. The SOA will recognize the CAS transition rule.
Appendix II
Page 6
CAS Transition Rules
(Revised July 29, 1997)CAS Exam 4 (Risk Theory, Credibility Theory, Loss Distributions)
Credit given if student has passed:
- Part 4B (Credibility Theory and Loss Distributions) and 5A (Principles of Economics, Theory of Risk and Insurance).
OR
- Part 3C (Numerical Methods) with the Fall 1997 or prior exam administrations and Part 4B.
Considerations
- Credibility and loss distributions are critical subjects for casualty actuaries.
- Risk Theory is not required during transition.
- More than one subpart (4B) is required for a new exam (4).
- Some credit is given (or available) for subpart 3C.
- Achieving Associateship prior to the CAS Spring 2000 Examinations will still require passing Part 3C at any time prior to the CAS Spring 2000 Examinations.
Appendix II
Page 12
CAS Transition Rules
(Revised July 29, 1997)
If the Student has the Following Parts Student Receives the following Exams
1
2
3A
3C (passed in Fall 1997 or earlier)
4A
4B
5A
5B
2, 3A, 4A
1, 2, 5B
3C, 4B
4B, 5A
5A, 5B
4B, 5A, 5B
2, 3A, 4A, 4B, 5A, 5B
3B
6
3B, 6
7C
7US
8C
8US
7C, 8C
7US, 8US
10
9
1; counts toward 2
1; counts toward 2; necessary for 3
necessary for 3
counts toward 4
necessary for 3
necessary for 4
counts toward 2; counts toward 4
necessary for 2
1, 3
2
4
4
2
2, 4
1-4
necessary for 5
necessary for 5
5
6; necessary for 7C
6; necessary for 7US
necessary for 7C
necessary for 7US
6; 7C
6; 7US
8
9
