Exam 5 Details

Below we’ll lay out everything you need to know for your 5 exam from registration details to exam day to what to do after you receive your results.


Exams P and FM. Exam 5 assumes prior knowledge of these 2 exams. While you could technically take Exam 5 before P and/or FM, but it's a good idea to pass all jointly-administered exams before committing to the CAS track.

Exam 5 doesn't require that you pass MAS-I and MAS-II first, but we do recommend it because your knowledge of P and FM will come in handy for those exams.

Additionally, Exam 5 is likely the first exam where you'll see constructed response and spreadsheet-style questions. Be sure to practice answering these question types thoroughly.

Exam Offerings

Exam 5 is offered twice a year, once in the Spring (late April/early May) and once in the Fall (late October/early November).

Exam Format

5 Different Exam Item Types, Computer-Based Testing Administered by Pearson VUE

Exam Duration

4 Hours + One 15-min Break

Registration Info

  1. Visit the CAS website's Exam Registration page.
  2. Register online before the registration deadline (you'll need to create a user account if you do not have one already).
  3. Alternatively, you can register by paper by filling out the form and mailing it to the CAS before the registration deadline.
  4. Choose your exam location. CAS examination centers are listed on the Exam Registration page of the CAS website.

Upcoming exam window

  1. Oct 23, 2024

    Exam registration refundable by Oct 9, 2024

Exam Day and Results: Things To Keep In Mind

Don't forget your must-haves for exam day! Know what to bring and what to do after you pass the exam

What to Bring

  • A government-issued photo ID that includes a signature
  • Recommended Calculator: TI-30XS MultiView
    (See Other Options)

Exam Results

You’ll receive your official final score approximately 8 weeks after your exam.

Passing candidate numbers will be emailed out between 2 PM to 3 PM Eastern Time on the day that they become available.

Several days after the email is distributed to candidates, a link to the list of passing candidates will be posted on the CAS website and candidates will receive the result in mail.

Passing the Exam

Exam 6 is the next suggested exam after passing Exam 5. You will also need to complete 3 CAS Data and Insurance Series Courses (DISCs) (previously Online Courses) if you have not already. If you have passed IFM, you are exempted from CAS DISC DA (Introduction to Data Analytics).

Expert Tips: Helpful insights from our coaches

Our coaches know this exam inside and out. Check out their expert tips for achieving a passing score.

  • Photo of Austin Wallestad

    The exam is highly focused on understanding relationships between different concepts. There are very few questions that will only require you to know a formula or process. Generally, you'll have to synthesize information from multiple different topics at once in order to solve problems.

    Photo of Austin WallestadAustin Wallestad Content Coach
  • Photo of Kong Foo Pang

    Many problems require you to make a subjective decision. Often, there isn't just one correct answer. Choose an option and justify your decision by using concepts from the syllabus to back it up.

    Photo of Kong Foo PangKong Foo Pang Product Manager
  • Photo of Terence Chow

    Don't be afraid to skip questions. If a question is turning out to be move involved than you expected, you may want to jot down your thoughts and move on. Come back to it after you've attempted all the questions, if you have time.

    Photo of Terence ChowTerence Chow VP of Product
  • Photo of Austin Wallestad

    Depending on how fast you naturally work, the exam can be kind of a time crunch. Focus on tackling problems that you're sure you can answer quickly and correctly first before moving on to more time-consuming problems.

    Photo of Austin WallestadAustin Wallestad Content Coach

Course Offerings: Topics and weights

  1. 4% - 8%

    In this section, we will lay a strong foundation by exploring the fundamental concepts of insurance. We'll start by understanding the fundamental insurance equation and how it applies to policies, coverages, and claims. We will also delve into the interpretation and analysis of insurance data, equipping you with the knowledge to navigate the intricacies of the insurance industry.

    • 16 Efficient, bite-sized Learning Manuals
    • 112 Minutes of high-quality Learning Videos
    • 13 Assignment Questions
    • 4 Quiz and Exams questions
  2. 16% - 24%

    Get ready to dive into the fascinating world of ratemaking! In this section, we will guide you through the step-by-step process of determining rates. We'll cover techniques to address anomalies in loss data, make rate and benefit changes, conduct development analyses to estimate future losses, and apply trending methods to account for changes over time. You will also gain insights into the considerations of expenses and profit that shape overall rate level indications.

    • 35 Efficient, bite-sized Learning Manuals
    • 310 Minutes of high-quality Learning Videos
    • 31 Assignment Questions
    • 8 Quiz and Exams questions
  3. 12% - 16%

    Identifying and accounting for differences in risk between groups of policyholders is vital when pricing insurance. In this section, we will explore different methods of risk classification. You will learn about traditional approaches, as well as how they can be complemented by multivariate classification techniques. We will also delve into special classification methods tailored to unique risk characteristics. Throughout, we will emphasize the importance of credibility in risk classification.

    • 22 Efficient, bite-sized Learning Manuals
    • 155 Minutes of high-quality Learning Videos
    • 29 Assignment Questions
    • 9 Quiz and Exams questions
  4. 6% - 10%

    Now that you have learned the principles of ratemaking, it's time to focus on the practical implementation of rate changes. In this section, we will discuss the various constraints and considerations that come into play when finalizing rates. We'll explore operational, marketing, and regulatory factors that influence decision-making. By the end, you will have the skills to make informed decisions and effectively implement rate changes.

    • 9 Efficient, bite-sized Learning Manuals
    • 80 Minutes of high-quality Learning Videos
    • 6 Assignment Questions
    • 3 Quiz and Exams questions
  5. 2% - 6%

    In addition to the core ratemaking process, this section covers some important supplementary topics. We will delve into the unique considerations of claims-made policies and the challenges associated with individual risk rating. By exploring these specialized areas, you will gain a deeper understanding of the broader ratemaking landscape.

    • 6 Efficient, bite-sized Learning Manuals
    • 61 Minutes of high-quality Learning Videos
    • 7 Assignment Questions
    • 3 Quiz and Exams questions
  6. 25% - 35%

    Estimating reserves for unpaid claims is a critical aspect of actuarial work. In this section, we will explore various reserving methods. We will learn about the goals of reserving, examine the mechanics of several different methods for estimating ultimate claims, and explore the ways each of those method react to various types of change. By mastering these methods, you will gain the skills to select and apply appropriate reserving techniques.

    • 26 Efficient, bite-sized Learning Manuals
    • 172 Minutes of high-quality Learning Videos
    • 26 Assignment Questions
    • 15 Quiz and Exams questions
  7. 6% - 12%

    Reserving isn't just about estimation—it also involves adjusting and evaluating techniques for accuracy and reasonableness. In this section, we will guide you through the process of adjusting claims data for changes in claims handling procedures using the Berquist-Sherman techniques. Additionally, you will develop skills to evaluate the effectiveness of different reserving techniques, ensuring that your estimates align with real-world scenarios.

    • 6 Efficient, bite-sized Learning Manuals
    • 51 Minutes of high-quality Learning Videos
    • 5 Assignment Questions
    • 4 Quiz and Exams questions
  8. 6% - 12%

    This section covers additional essential topics related to reserving. We will explore the estimation and evaluation of recoveries, including salvage and subrogation. You will also gain insights into the estimation techniques for unallocated loss adjustment expenses (LAE). By delving into these complex areas of reserving, you will broaden your understanding and be well-prepared for any challenges that may arise.

    • 11 Efficient, bite-sized Learning Manuals
    • 52 Minutes of high-quality Learning Videos
    • 7 Assignment Questions
    • 3 Quiz and Exams questions

We're just getting started

Now that you're armed with Exam 5 insights, let's get your studies started! From video lessons and manuals to practice exams and question bank, find everything you need to achieve a passing score.

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