CAS Evaluation & Credentialing Process 2 — Questions and Answers
Question 1: Which CAS body is responsible for reviewing and deciding on exam appeals submitted by candidates?
- The CAS Board of Directors
- The Candidate Appeals Committee (Correct answer)
- The Examination Committee
- The CAS Office of the President
Correct answer: The Candidate Appeals Committee
The Candidate Appeals Committee reviews formal appeals from candidates who dispute exam results or administration decisions.
Question 2: Under CAS policy, how long must a candidate wait before retaking an exam they failed?
- No waiting period; they may register for the next available sitting immediately (Correct answer)
- One full calendar year
- Six months from the failed sitting date
- Until the next exam sitting for that exam
Correct answer: No waiting period; they may register for the next available sitting immediately
CAS allows candidates to register for the next available sitting of an exam they failed without a mandatory waiting period.
Question 3: What is the primary purpose of the CAS Validation by Educational Experience (VEE) requirement?
- To replace written exams for advanced candidates
- To ensure candidates have foundational knowledge in economics, corporate finance, and applied statistics (Correct answer)
- To credential candidates who have a PhD in mathematics
- To satisfy continuing education requirements for FCASs
Correct answer: To ensure candidates have foundational knowledge in economics, corporate finance, and applied statistics
VEE requirements ensure all candidates possess core undergraduate-level knowledge in three topic areas before Fellowship.
Question 4: A candidate who passes CAS Exam 5 but later is found to have violated exam rules may face which consequence?
- Automatic demotion to ACAS status
- Rescission of the exam credit and possible permanent bar from CAS membership (Correct answer)
- A fine and mandatory retake within 12 months
- Suspension from the next exam sitting only
Correct answer: Rescission of the exam credit and possible permanent bar from CAS membership
CAS can rescind exam credit for rule violations and, in serious cases, permanently bar the individual from membership.
Question 5: Which designation does a CAS member hold after completing all preliminary exams and the online courses but before finishing all Fellowship requirements?
- FCAS
- ACAS (Correct answer)
- CAS Associate Candidate
- Enrolled Actuary
Correct answer: ACAS
ACAS (Associate of the Casualty Actuarial Society) is awarded upon meeting specified exam and coursework milestones short of full Fellowship.
Question 6: The CAS online course 'Professionalism' covers which of the following topics?
- Advanced loss reserving techniques
- The CAS Code of Professional Conduct, actuarial standards, and disciplinary processes (Correct answer)
- Statistical methods for pricing workers compensation
- Catastrophe modeling and reinsurance structures
Correct answer: The CAS Code of Professional Conduct, actuarial standards, and disciplinary processes
The Professionalism course focuses on ethical obligations, the Code of Professional Conduct, and actuarial standards of practice.
Question 7: When a CAS exam candidate requests a score verification, what does CAS typically verify?
- Whether the exam was graded by a senior examiner
- That the candidate's responses were accurately captured and scored according to the answer key (Correct answer)
- The identity of all candidates who sat the same exam
- Whether the exam questions were actuarially sound
Correct answer: That the candidate's responses were accurately captured and scored according to the answer key
Score verification confirms that the candidate's answer records were correctly read and scored, not that question judgments are re-evaluated.
CAS Evaluation & Credentialing Process 2
Which CAS body is responsible for reviewing and deciding on exam appeals submitted by candidates?