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CAS 3 or SOA M?

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  • CAS 3 or SOA M?

    what are the pros and cons of taking either over the other? should we have generally decided what field we are going to specialize in before taking the 3rd exam? seems pretty early to decide.

  • #2
    If you take M, it counts for both. If you take 3, it only counts for CAS. If you're in CAS and you take both, you have two chances to pass.
    Whether you are the lion or the gazelle, when the sun comes up, you better be running.

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    • #3
      so why would anyone take 3? is the material easier?

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      • #4
        It's not easier, but it's different. I think it covers more loss models and less life contingencies.
        Whether you are the lion or the gazelle, when the sun comes up, you better be running.

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        • #5
          SOA 3 - covers life contingencies, some loss models. No focus on statistics (so no overlap with exam C). Life contingencies questions can be more in-depth, responsible for UDD (uniform distribution of deaths) in more situations. Notable items on SOA M not on CAS 3: common-shock model, survival times for dependent lives, UDD assumptions for insurances and annuities)

          CAS 3 - covers loss models, life contingencies, statistics (not on SOA M) and ruin theory (not on SOA M). UDD limited to basic principles, no treatment of dependent lives or common shock model. Heavier emphasis on loss models - covers Lee diagrams (not on SOA M), aggregate distributions. Statistics somewhat overlaps with SOA/CAS Exam C. CAS 3 also has a guessing penalty (1/4 of the question value).

          IMO, if you're not sure which route you want to go, take SOA M - there's a lot more life contingencies to learn, but getting dual credit keeps you covered for either path. If you know you're going to be in property and casualty, take CAS 3. Some will say otherwise, but I would not choose to take both exams in the same sitting - there's enough material different between the two that you have a better chance of failing both than you do passing one and not the other.
          "You better get to living, because dying's a pain in the ***." - Frank Sinatra

          http://www.hockeybuzz.com/blogger_ar...blogger_id=174 - where I talk about the Blues and the NHL.

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          • #6
            Right now, I am pretty sure that I want to do P&C. But let's say that I take exam M but have a P&C career...Will I be at a disadvantage later down the exam road because I did not learn the material unique to CAS3?

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