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path: /students/cas-exams/exam-7
title: "Exam 7: Estimation of Policy Liabilities, Insurance Company Valuation, and ERM — study guide"
description: "Exam 7 (Estimation of Policy Liabilities, Insurance Company Valuation, and ERM) study guide: format, syllabus topics, and study tips for the CAS exam path. Advanced reserving, insurance company valuation, and enterprise risk management."
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# Exam 7: Estimation of Policy Liabilities, Insurance Company Valuation, and ERM — study guide

Advanced reserving, insurance company valuation, and enterprise risk management. This guide covers the format, the syllabus topics, and how to study for Exam 7 on the path to your CAS credentials. Always confirm current fees, dates, and syllabus weights on the official page before you register.

## Format

Written-answer exam administered in an exam window

## What it covers

- Advanced estimation of claim liabilities
- Insurance company valuation
- Enterprise risk management (ERM)

## How to study

- The reserving material builds directly on Exam 5 — keep those techniques sharp.
- Expect open-ended problems that require analyzing a complex data set.
- Confirm the current syllabus on the CAS exam page.

## Where it sits on the path

Exam 7 is a FCAS requirement administered by the CAS. See the full CAS path from preliminary exams through the ACAS and FCAS designations.