CASFellowshipFCAS track
CAS Exam 9 Pass Rates
Exam 9: Financial Risk and Rate of Return
55.0%
Spring 2026 raw pass rate
+12.3 ptsvs 42.7% in Spring 2025
- All-time high
- 74.5%Spring 2024
- All-time low
- 37.0%Spring 2011
- Average
- 49.9%across 16 sittings
- Std. deviation
- 9.9 ptssitting to sitting
- Candidates tracked
- 9,4392011 to 2026
- Sittings
- 16all counted
Raw pass rate
Every Exam 9 sitting
| Sitting | Candidates | Passed | Raw rate | Effective rate |
|---|---|---|---|---|
| Spring 2026 | 464 | 255 | 55.0% | 56.2% |
| Spring 2025 | 632 | 270 | 42.7% | 44.3% |
| Spring 2024 | 506 | 377 | 74.5% | 76.3% |
| Spring 2023 | 657 | 396 | 60.3% | 62.6% |
| Spring 2022 | 523 | 214 | 40.9% | 43.1% |
| Spring 2021 | 628 | 361 | 57.5% | 59.8% |
| Fall 2020 | 645 | 295 | 45.7% | 48.0% |
| Spring 2019 | 601 | 338 | 56.2% | 58.4% |
| Spring 2018 | 596 | 312 | 52.3% | 54.1% |
| Spring 2017 | 514 | 290 | 56.4% | 57.7% |
| Spring 2016 | 521 | 254 | 48.8% | 50.4% |
| Spring 2015 | 458 | 185 | 40.4% | 42.0% |
| Spring 2014 | 418 | 201 | 48.1% | 50.1% |
| Spring 2013 | 566 | 219 | 38.7% | 40.9% |
| Spring 2012 | 752 | 327 | 43.5% | 44.7% |
| Spring 2011 | 958 | 354 | 37.0% | 39.0% |
About Exam 9
The final CAS fellowship exam, covering portfolio theory, financial risk measurement, and rate of return considerations in ratemaking. It is offered once a year in the spring.
Data: Casualty Actuarial Society official exam statistics, 2011 to 2026. Last updated July 5, 2026.