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path: /students/cas-exams
title: "CAS exam study guides"
description: "Study guides for every CAS exam — Exam P, FM, MAS-I, MAS-II, and Exams 5–9 — with format, syllabus topics, and study tips on the path to ACAS and FCAS."
section: Customers
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---

# CAS exam study guides

A guide to every exam on the Casualty Actuarial Society path, from the preliminary exams through the upper-level Exams 5–9, leading to the ACAS and FCAS designations. Pick an exam below for format, syllabus topics, and study tips.

## Preliminary exams

- Exam P (CAS Exam 1) — Probability: Probability foundations: general probability, univariate and multivariate random variables.
- Exam FM (CAS Exam 2) — Financial Mathematics: The time value of money and the mathematics of interest, annuities, bonds, and cash flows.
- MAS-I — Modern Actuarial Statistics I: Probability models, statistics, and the foundations of stochastic processes for actuaries.
- MAS-II — Modern Actuarial Statistics II: Generalized linear models, Bayesian analysis, and advanced statistical modeling for actuaries.

## ACAS exams

- Exam 5 — Basic Techniques for Ratemaking and Estimating Claim Liabilities: Basic ratemaking and reserving — the core technical skills of a P&C actuary.
- Exam 6 — Regulation and Financial Reporting: Insurance regulation, financial reporting, and statutory accounting for P&C insurers.

## FCAS exams

- Exam 7 — Estimation of Policy Liabilities, Insurance Company Valuation, and ERM: Advanced reserving, insurance company valuation, and enterprise risk management.
- Exam 8 — Advanced Ratemaking: Advanced ratemaking: classification, excess and deductible pricing, and credibility.
- Exam 9 — Financial Risk and Rate of Return: Financial risk, portfolio theory, capital, and rate of return for insurers.