Exam 5 | Study Tips

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

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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:

Estimating Unpaid Claims Using Basic Techniques, Friedland, J.F.„ Casualty Actuarial Society, Third Version, July 2010.
BASIC RATEMAKING, Fifth Edition, May 2016, Geoff Werner, FCAS, MAAA & Claudine Modlin, FCAS, MAAA

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.

Focus your study time. Use the BA Exam 5 Readings RANKING TABLE. We've indicated how much time to spend on each reading. Tip - For Exam 5, you can start with either topic (Reserving or Pricing) but you must do the chapters in order because later chapters depend on material from earlier chapters.
Not all topics are tested equally, so they don't deserve equal amounts of your attention.
Set up a study schedule. Look at a calendar to see how much time you have until exam day. Use our recommendations on how much time to spend on each article to draw up a study schedule. Leave the last few weeks for review and practice exams.
Start studying. We recommend you do a quick read-through of the wiki article, then scan the source article and go back again to the wiki article for in-depth studying. Some people choose to skip reading the source material.
Memorize and practice the fundamentals. Use our quizzes (BattleCards) to help memorize the material. Once you have mastered the fundamentals, move on to what is less frequently tested.
Test your retention. Remember to practice by writing or typing out the answers and use active studying by explaining the concepts in your own words. Use our BRQ score to provide you with an objective measure of how well you know the material.
Stay motivated. Use the Leaderboard to see how you're progressing versus everyone else. (You can appear anonymously if you wish.)

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.

Don't just study. Study to pass! Get started now: More Info