The CAS at a Glance
The CAS is the world’s only actuarial organization focused exclusively on property and casualty risks. Founded in 1914, it now serves over 11,000 members worldwide, including actuaries employed by insurance carriers, reinsurers, consulting firms, regulators, and brokers. The CAS awards two primary credentials: Associate of the Casualty Actuarial Society (ACAS) and Fellow of the Casualty Actuarial Society (FCAS).
Unlike the SOA, which covers life, health, pensions, retirement, and investments across multiple fellowship practice areas, the CAS has a single focused track covering auto, homeowners, commercial lines, workers’ compensation, liability, reinsurance, and catastrophe modeling. This exclusivity means the FCAS credential carries deep recognition in P&C - it is the standard expected by P&C employers for senior actuarial roles.
The median time from first exam to FCAS is approximately 8 years, though the CAS targets a 5–7 year median from first employment. Based on Actuarial Lookup’s travel time analysis of 417 FCAS holders who passed MAS-I, the median time from MAS-I to FCAS is approximately 4.08 years (25th percentile: 3.58 years; 75th percentile: 5.08 years). For ACAS, the median from MAS-I is about 3.0 years across 987 tracked candidates.
Preliminary Exams: The Shared Foundation
Jointly administered with the SOA. A three-hour, 30-question multiple-choice exam covering probability theory, random variables, common distributions, and their insurance applications. Offered continuously via CBT at Pearson VUE centers, with near-instant results. Fee: ~$275 (SOA-administered).
Also jointly administered with the SOA. Covers time value of money, annuities, bonds, loans, and basic financial derivatives. CBT with continuous scheduling. Fee: ~$275 (SOA-administered).
After Exams 1 and 2, the CAS and SOA pathways diverge. Both organizations accept credit for Exams P and FM, so candidates can defer the CAS vs. SOA decision until after these preliminary exams. The CAS will also grant waivers for candidates who pass equivalent examinations from the IFoA, Actuaries Institute (Australia), IAI, ASSA, CAA, and other recognized organizations.
CAS-Specific Exams: MAS-I and MAS-II
The first CAS-exclusive exam. Covers probability models, regression analysis, generalized linear models (GLMs), and time series. Four-hour exam with both multiple-choice and written-answer components. Fee: $550 ($440 for full-time students with the 20% CAS Student Central discount).
Across all 15 sittings since May 2018, the cumulative average pass rate is 45.3%, with a standard deviation of 7.8%. Out of 12,886 total attempts, 5,843 candidates have passed. The May 2024 sitting produced the highest pass rate at 55.3%; October 2018 recorded the lowest at 30.6%.
Beginning in 2026, MAS-I is offered four times per year - in January/February, April/May, July/August, and October/November - up from three sittings in 2025.
Covers credibility theory, mixed models, machine learning methods, and advanced statistical modeling. Same four-hour format and fee structure as MAS-I. Pass rates have historically fluctuated between 50% and 60% in recent sittings, generally running higher than MAS-I. Also now offered four times per year in 2026.
Data and Insurance Series Courses (DISCs)
Three online courses administered by The Institutes are required for ACAS:
- DISC DA - Introduction to Data and Analytics
- DISC RM - Risk Management and Insurance Operations
- DISC IA - Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation
DISCs are self-paced with quarterly exam windows (January–March, April–June, July–September, October–December). The combined fee for all three courses is approximately $765, which includes one attempt at each course exam (two-hour CBT format).
The Path to ACAS
The core P&C actuarial exam. Covers fundamental ratemaking methodology (overall rate level indications, individual risk rating, classification analysis) and loss reserving techniques (development methods, expected loss approaches, Bornhuetter-Ferguson). Four hours, mix of multiple-choice and written-answer. Fee: $850 ($680 for students). Offered twice per year in April and October/November.
Available in four versions: 6-US, 6-Canada, 6-International, and 6-Taipei. Covers statutory accounting, annual statement analysis, insurance regulation, and reinsurance accounting. Four hours, $850. Exams 6-US and 6-Canada offered twice per year; Exam 6-International once per year (October/November only).
New for 2026: PCPA Requirement
PCPA Exam: A two-hour multiple-choice exam available on-demand at Pearson VUE with continual registration. Fee: $300 ($240 for students). Up to three attempts within one year. Results within two weeks.
PCPA Project: A 15-day independent assessment requiring candidates to build a generalized linear model from start to finish - data preparation through model selection, validation, and communication of results. Fee: $700 per attempt. Offered quarterly. Results take 6–8 weeks.
The CAS strongly recommends completing MAS-I, MAS-II, and Exam 5 before attempting PCPA. A free preparatory course, “Building a GLM from Start to Finish,” is available in R, with Python and SAS versions planned.
PCPA waiver: Candidates who passed the CAS Institute’s CSPA Course 3 (Predictive Modeling - Methods and Techniques) and the Case Study Project are eligible for a PCPA waiver - but they must have specifically taken and passed CSPA Course 3, not obtained credit through another exam waiver.
VEE - Validation by Educational Experience: Two topics required - Economics and Accounting/Finance. Fulfilled through approved college courses.
Course on Professionalism (COP): A two-day ethics and professionalism workshop, offered four times per year. CAS allocates limited COP spots based on exam priority - candidates should ensure all exam credits and VEEs are on their CAS transcript before seeking a COP seat.
Fellowship: The FCAS Designation
Covers stochastic reserving, variance of loss reserves, advanced estimation techniques, insurance company valuation, and enterprise risk management. Four hours, written-answer. Fee: $850. Offered twice per year in April and October/November.
Covers advanced risk classification, credibility, excess and deductible pricing, individual risk rating, and sophisticated pricing methodologies. Four hours, written-answer. Fee: $850. Now offered twice per year in 2026 - a significant expansion from once-yearly in prior years.
Covers enterprise risk management, capital allocation, reinsurance pricing and optimization, financial risk management, and catastrophe risk. Four hours, written-answer. Fee: $850. Also now offered twice per year in 2026.
The expansion of Exams 8 and 9 to twice-yearly sittings is one of the most candidate-friendly changes in recent CAS history. Previously, a candidate who failed one of these exams had to wait a full year for the next attempt. With twice-yearly sittings, the maximum wait is now roughly six months.
The Complete 2026 Exam Schedule
| Window | Exams | Dates |
|---|---|---|
| Jan–Feb 2026 | MAS-I, MAS-II | January 28 – February 3 |
| April 2026 | Exams 5, 6-C, 6-US, 7, 8, 9 | April 14 – April 21 |
| April–May 2026 | MAS-I, MAS-II | April 22 – May 1 |
| Jul–Aug 2026 | MAS-I, MAS-II | July 29 – August 4 |
| October 2026 | Exams 5, 6-C, 6-I, 6-US, 7, 8, 9 | October 19 – October 27 |
| Oct–Nov 2026 | MAS-I, MAS-II | October 28 – November 5 |
| Year-round | PCPA Exam | On-demand at Pearson VUE |
| Quarterly | PCPA Project | March, June, September, December |
| Quarterly | DISCs | Jan–Mar, Apr–Jun, Jul–Sep, Oct–Dec |
Exam Fee Summary
| Exam | Candidate Fee | Student Fee (20% off) |
|---|---|---|
| Exam 1 (P) | ~$275 | Via SOA |
| Exam 2 (FM) | ~$275 | Via SOA |
| MAS-I | $550 | $440 |
| MAS-II | $550 | $440 |
| Exam 5 | $850 | $680 |
| Exam 6 (all versions) | $850 | $680 |
| Exam 7 | $850 | $680 |
| Exam 8 | $850 | $680 |
| Exam 9 | $850 | $680 |
| PCPA Exam | $300 | $240 |
| PCPA Project | $700 | N/A |
| DISCs (all three) | ~$765 | N/A |
Total exam fees from Exam 1 through FCAS - assuming first-time passes on everything - sum to roughly $6,500–$7,000. The CAS also offers a 75% discount for candidates who are full-time residents of assistance-qualified countries. The CAS-SOA joint Actuarial Exam Support Program (AESP) provides additional reimbursement for candidates in the U.S. or Canada who need financial assistance with exam fees and study materials.
CAS vs. SOA: Making the Choice
Choose the CAS if you work in or want to work in property and casualty insurance - auto, homeowners, commercial lines, workers’ compensation, liability, reinsurance, or catastrophe modeling. The FCAS is the premier P&C credential.
Choose the SOA if you work in or want to work in life insurance, health insurance, pensions and retirement, investments, or enterprise risk management outside P&C. The SOA’s redesigned FSA pathway offers 23 courses across multiple practice areas.
Compensation context: According to DW Simpson’s 2025 salary trends report, CAS actuaries generally earn at or slightly above their SOA counterparts at equivalent experience levels. Mid-career FCAS actuaries with 5–10 years of experience see total compensation of $150,000–$200,000. Senior FCAS in leadership roles command $200,000–$500,000+. For detailed salary data, see our Actuarial Salary Guide 2026.
For a detailed comparison of SOA vs. CAS career paths, exam structures, and practice areas, see our SOA vs. CAS guide.
The CAS and AI: Research Signals for 2026
The CAS AI Working Group issued a Request for Proposals in February 2026 for “Adapting Large Language Models (LLMs) for Specialized P&C Actuarial Reasoning,” offering up to $40,000 in funding. The RFP seeks research on leveraging LLMs to process unstructured claims data - converting phone call transcripts, claim notes, images, and scanned documents into categorical variables for reserving and ratemaking.
Separately, the CAS Ratemaking Working Group issued a $75,000 RFP for research on customer lifetime value in insurance pricing - exploring how predictive techniques used by companies like Amazon and Target to anticipate customer needs could transform P&C pricing, which traditionally relies on single-year time horizons. Proposals are due March 30, 2026.
The direction is unmistakable. The CAS expects future actuaries to be as fluent in predictive analytics, machine learning, and AI-assisted analysis as they are in traditional loss development triangles. Candidates who invest in data science skills alongside exam preparation are positioning themselves for the profession the CAS is actively building toward.
Study Strategy for CAS Candidates in 2026
MAS-I and MAS-II represent the difficulty spike. The GLM and machine learning content goes well beyond Exams P and FM. With a cumulative MAS-I pass rate around 45% and over 12,800 attempts, many candidates need more than one try. Budget 300–400 study hours per exam. The move to four sittings per year means a January failure allows retake in April rather than the next fall.
Treat PCPA as a learning experience, not just a hurdle. The project requires building a real GLM from scratch: data cleaning, exploratory analysis, variable selection, model fitting, diagnostics, and written communication. Use the CAS’s free “Building a GLM from Start to Finish” course in R before registering. Results take 6–8 weeks.
Upper-level exams (7, 8, 9) demand written-answer discipline. No multiple choice. Practice writing under timed conditions. Study CAS Examiners’ Reports from past sittings - they explain exactly what graders look for and common candidate mistakes. The expansion to twice-yearly sittings for Exams 8 and 9 means a failed attempt now costs six months instead of twelve.
Study resources: Major providers include Rising Fellow, The Infinite Actuary (TIA), ACTEX Learning, and Coaching Actuaries. For upper-level exams, the CAS provides free online text references and the CAS Study Kit. Past exams and pass marks are published on the CAS website.
Employer support is a major factor. Most actuarial employers provide paid study time (typically 100–200 hours per exam period), exam fee reimbursement, study material budgets, and salary increases of $2,000–$5,000 per exam passed. When evaluating job offers, the quality and structure of exam support can be as important as starting salary.
Sources
- CAS, “Credential Requirements” - casact.org
- CAS, “CAS Announces 2026 Exam Schedule” (September 2025) - casact.org
- CAS, “Property & Casualty Predictive Analytics (PCPA)” - casact.org
- CAS, “ACAS Requirement Changes: What You Need to Know About PCPA” - casact.org
- CAS, “PCPA Transition Date Extended to January 1, 2026” - casact.org
- CAS, “PCPA FAQ” (updated February 2026) - casact.org (PDF)
- CAS, 2026 Syllabus of Basic Education - casact.org (PDF)
- CAS, “Exam Fees” - casact.org
- CAS, “Leveraging LLMs in Unstructured Claims Data: Research RFP” - casact.org
- CAS, “2026 Ratemaking Research RFP: Customer Lifetime Value Pricing” - casact.org
- CAS, “Plan Ahead: CAS 2026 Event Schedule” - casact.org
- Actuarial Lookup, “CAS Exam MAS-I Pass Rates” (15 sittings) - actuarial-lookup.com
- Rising Fellow, “CAS Exam Schedule 2026” - risingfellow.com
- DW Simpson, “2025 Actuarial Salary Trends” (July 2025) - dwsimpson.com
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