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  • SOA's Exam M or CAS's Exam 3

    Hi all,

    According to the following link (http://www.casact.org/admissions/syl...006/exam3.htm), I can get credit for Exam 3 in CAS by taking SOA's Exam M.

    "The CAS will grant credit for CAS Exam 3 to those who successfully complete SOA Course M in the current education structure."

    Is this as easy as sending passing grade receipt from SOA to CAS? Or does it involve much more complicated process?

    I want to take the CAS exam and be in CAS eventually, but the spring 2006 date for Exam 3 is April 26 and May 18 for SOA's exam M. May 18 is much more attractive to me b/c it's really busy time for us at work during the spring months (Btw, I am in consulting and do not get paid time to study).

    Is there a compelling reason to take CAS exam 3 that I am unaware of?

    Thanks for your input in advance.

  • #2
    This best reason I have heard for taking CAS 3 over SOA M is that it does not go into as much detail in life contengencies. So if you feel weeker in that area and think you can master the additional stats material on the CAS 3 syllabus then go for it.

    Of course if you are sure that you will continue on in the CAS and can afford it, I recommend taking both because it gives you two chances a sitting to pass.

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    • #3
      I'm late in on this, but I disagree with the "take 'em both, it's twice the chance to pass" approach.

      There's enough differences between SOA M and CAS 3 that studying for both can be counter-productive. The SOA exam goes into life contingencies more more than the CAS exam; the CAS exam covers statistics, ruin theory, and another area or two. Essentially, you're covering 130-150% of the material for two exams you would for one ... so if you normally allot 300 hours for studying for an exam, you're looking at 400-450 hours for two. As those who work and take exams know, squeezing out a few extra study hours here and there is tough enough; tacking on 100-150 more in a sitting is *extremely* difficult.

      Personally, I think if you try to sit for both you have a better shot of failing both. If you concentrate on the CAS material first and skip the SOA-only stuff until after the CAS exam, you're leaving yourself precious little time to absorb that extra material; if you decide to try and incorporate the SOA-only material on life contingencies, that's probably time you're taking away from the CAS-only stuff that makes up 35% or so of the exam.

      I know others disagree with my view, but I just think if you're going to take this exam, pick one over the other and focus on passing it instead of trying for both. In the end, it'll be less time spent studying and you'll be able to focus on one set of material instead of having to focus on two and then try to sort out what's important on one exam 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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      • #4
        Do employers in the P&C fields care if you take CAS 3 vs. SOA M for your prelim?

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        • #5
          Originally posted by SirVLCIV
          Do employers in the P&C fields care if you take CAS 3 vs. SOA M for your prelim?
          I don't think so since the CAS counts both, if you decide for some reason to take both exams I would suspect that they will only pay for the CAS exam and its related materials. (At least that's how it's done where I work.)
          "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
            I haven't decided between P&C or health/life yet, so I'll probably take M.

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            • #7
              Exam 3 seems awful early to commit to a career track. Why would someone commit to a CAS designation by taking CAS's exam 3 when most in the industry are employed in areas other than P & C?

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