Casualty Actuarial Society

Preliminary Examinations 

There are two levels of certification through the CAS: Associate of the Casualty Actuarial Society (ACAS) and Fellow of the Casualty Actuarial Society (FCAS). Students at UT can make progress towards earning their ACAS, the first level of certification. There are 3 preliminary exams in the ACAS curriculum, which all count towards the ASA certification with the SOA, and 4 associate exams, for a total of 7 exams to earn an ACAS designation. 

Exam 1 (Probability)
This exam covers calculus-based probability, with many problems set as word problems involving risk.  M 362K typically covers 80% of the content for this exam.  Multiple sections of this course are offered each fall, spring and summer.  In addition to the class, students should plan on preparing an additional 150+ hours if they wish to successfully pass CAS Exam 1.  Similar preparation is required for the other exams.  Credit is earned by students passing the Society of Actuary Exam P. 

Exam 2 (Interest Theory)
This exam covers interest theory and introductory financial mathematics.  M 329F (Interest Theory) covers 100% of the content for this exam.  Traditionally, we offer at least two sections of M 329F each fall and spring semester.  Credit is earned by students passing the Society of Actuary Exam FM.

Exam 3F (Financial Economics)
This exam covers financial economics: the basic mathematical analysis of options and other financial derivatives.  Connent is covered in the two course sequence M339D (Introduction to Financial Mathematics for Actuaries) and M 339W (Financial Mathematics for Actuarial Applications).  Traditionally we offer a section of M339D and M339W each fall and spring.  Credit is earned by students passing the Society of Actuary Exam IFM.


Associate Exams

  • MAS I (Modern Actuarial Statistics I) Content for this exam is covered in M362K (Probability I), M378K (Mathematical Statistics), M339U (Actuarial Contingent Payments I), and M339J (Probabilty Models with Actuarial Applications)


  • MAS II (Modern Actuarial Statistics I)
  • Exam 5 – Basic Techniques for Ratemaking and Estimating Claim Liabilities
  • Exam 6 – Regulation and Financial Reporting

For more information on the preliminary or associate exams in the ACAS curriculum, check out the CAS Path to Success: