Exam 5 | Study Tips

Explore CAS Exam study tips and other information to help you stay prepared and confident for your exam

Study Tips | Exam 5

Effective study strategies are key to passing CAS Exam 5. Check out our exam specific study tips:

WHAT YOU NEED TO KNOW TO PASS EXAM 5

The journey to passing Exam 5 is one of commitment, dedication, and rigorous practice. It's not just about memorizing facts but understanding the underlying concepts, refining your time management skills, and adapting to the CBT format. The challenge may seem daunting, but with the right approach, resources, and mindset, success is within your grasp.

INTRODUCTION

Exam 5 consists primarily of 2 source texts covering Reserving (Estimating Unpaid Claims), and Pricing:

You can start with either Reserving or Pricing but you should do the chapters in order because later chapters depend on material from earlier chapters.

There are also several much shorter readings including: SOPs (Statements of Principle), ASOPs (Actuarial Standards of Practice), and appendices from Werner & Modlin

EASY TO GET THROWN OFF
MORE MATERIAL
25-35% SHORT
ANSWER ESSAY STYLE QUESTIONS
MANY CALCULATION PROBLEMS
FOCUS ON SPECIFIC ACTUARIAL TECHNIQUES
TIME MANAGEMENT IS KEY

HOW IS EXAM 5 DIFFERENT?

Here are a few things to be aware of if Exam 5 is your first upper-level exam:

  • Some people who have easily gone through the earlier exams, can still be thrown off by 5. The more you know what to expect and how to adjust your study style, the less likely this will happen to you.
  • Exam 5 covers more material than earlier exams.
  • About 25-35% of Exam 5 is short answer essay-style questions (versus multiple choice).
  • Exam 5 has a lot of calculation problems.
  • Exam 5 focuses more on specific actuarial techniques that involve simple arithmetic vs highly theoretical math topics found in earlier exams. You need to switch from number crunching to analyzing a scenario and presenting a recommendation in a short space of time.
  • Time management on exam day is especially important! People say the hardest thing about Exam 5 is time management on exam day.

STUDYING FOR EXAM 5

Take a little extra time upfront to get organized and you will save yourself a lot of time in the end.

BattleActs is tailored to help you structure your studies efficiently, ensures deep understanding of content, keeps you motivated and engaged, and provides the best approach to mastering calculation problems.

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