CAS Credential Requirements Beyond Exams
Understanding the non-exam requirements for CAS credentials, including coursework, professionalism, and experience.
More Than Just Passing Exams
Earning a CAS credential involves more than clearing a series of exams. Both the ACAS and FCAS designations require completion of online courses covering professionalism, insurance regulation, and ratemaking principles. The CAS Course on Professionalism, typically offered as an interactive seminar, must be completed within a specific timeframe after passing the required exams. Candidates also need to satisfy VEE (Validation by Educational Experience) requirements in economics, accounting, and mathematical statistics.
Many candidates focus so heavily on exam preparation that they overlook these additional requirements, only to discover that they cannot use their credential until every component is complete. Planning for these requirements alongside your exam schedule ensures that you earn your designation as soon as possible after passing your final exam.
VEE Requirements Explained
Validation by Educational Experience (VEE) covers three subject areas: Economics, Accounting and Finance, and Mathematical Statistics. Most candidates satisfy VEE through approved college courses completed during their undergraduate or graduate studies. Each VEE topic requires a minimum grade of B- in approved courses. If your university coursework does not cover these areas, you can satisfy VEE through approved standardized exams, online courses, or alternative educational experiences listed on the CAS website.
For Economics, the typical requirement includes courses in microeconomics and macroeconomics. Accounting and Finance VEE is usually satisfied through introductory financial accounting and corporate finance courses. Mathematical Statistics VEE requires coursework covering regression analysis and time series, which many actuarial science or statistics programs include in their curriculum.
It is important to apply for VEE credit as early as possible. The application process requires official transcripts and may take several weeks to process. Some candidates wait until they have passed all their exams to apply for VEE, which can delay their credentialing by months.
Online Courses and Seminars
The CAS requires completion of several online courses as part of the credentialing process. These courses cover topics that are essential to professional practice but are not tested through traditional exams. The Online Course on Risk and Insurance covers insurance operations, regulation, and risk management concepts. The Online Course on Insurance Accounting covers statutory accounting principles, GAAP accounting for insurance, and financial reporting requirements.
These online courses are self-paced and typically take 20 to 40 hours each to complete. They include reading assignments, quizzes, and sometimes case studies. While they are less intensive than exam preparation, candidates should not underestimate the time commitment. Scheduling these courses during periods between exams is an effective strategy.
The Course on Professionalism
The Course on Professionalism is an interactive seminar that covers ethical obligations, actuarial standards of practice, and the Code of Professional Conduct. Unlike the online courses, this seminar is typically conducted in person or through a live virtual format. It involves case studies, group discussions, and role-playing exercises that explore ethical dilemmas actuaries may encounter in practice.
Topics covered include conflicts of interest, the obligation to communicate clearly and disclose relevant limitations, the duty to act in the public interest, and the procedures for reporting unprofessional conduct. The course also covers the disciplinary process administered by the Actuarial Board for Counseling and Discipline (ABCD). Attending this course early in your career provides valuable context for the professional responsibilities that come with your credential.
Professionalism and Continuing Education
Once credentialed, CAS members must adhere to continuing education requirements and professional standards. This includes completing a minimum number of organized and non-organized CE hours each year. CAS Fellows must also follow the Code of Professional Conduct and relevant Actuarial Standards of Practice. Understanding these obligations early helps candidates plan their career timeline more effectively, as some requirements have deadlines tied to exam completion dates.
The CAS requires members to complete at least 30 hours of continuing education per year, with a minimum of 12 hours in organized activities such as seminars, webinars, or conferences. The remaining hours can be earned through non-organized activities like reading professional literature, self-study, or preparing presentations. At least 3 hours must be in professionalism topics, and at least 1 hour must be in bias-related content.
Timeline Planning Tips
Create a checklist of all non-exam requirements early in your career and track your progress alongside your exam schedule. Apply for VEE credit as soon as you have completed the relevant coursework. Register for the Course on Professionalism as soon as you are eligible, as sessions can fill up quickly. Complete online courses during natural breaks in your exam study schedule. By planning ahead, you can ensure that all components come together smoothly and that you receive your credential without unnecessary delays.