CAS Exam 9
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ExploreAbout this exam
Exam 9 is one of the FCAS-level examinations listed in the Casualty Actuarial Society's exam navigation, appearing there as "Exam 9" under the FCAS Exams heading and linked from the label "Exam 9 - Risk Management Actuaries." It sits alongside Exam 7 and Exam 8 in the fellowship sequence, following the ACAS exams (Exams 1 and 2, MAS-I, MAS-II, the CAS DISCs, the Course on Professionalism, Exam 5, PCPA, and the regional Exam 6 variants). Candidates typically reach it after earning Associateship and completing the earlier fellowship exams. The exam's subject matter is risk management for actuaries, spanning risk management, financial risk management and portfolio theory, enterprise risk management, and insurance company financial analysis and capital management. This page is an independent study resource and is not affiliated with, endorsed by, or sponsored by the CAS. The official pages for Exam 9 and for the exams index returned "Page not found" errors when last retrieved, so authoritative details on format, duration, syllabus readings, fees, and pass marks could not be confirmed from the source material. Candidates should verify all exam specifics against current CAS publications before registering or planning a study schedule. Preparation generally means working through the current official syllabus readings and past exams released by the CAS, then practicing under timed conditions.
What you'll study
About CAS Exam 9 preparation
What is Exam 9 and where does it fit in the CAS pathway?
It is an FCAS-level exam listed under the FCAS Exams heading on the CAS site, alongside Exam 7 and Exam 8. It follows the ACAS requirements, which include Exams 1 and 2, MAS-I, MAS-II, Exam 5, the CAS DISCs, and the Course on Professionalism. Confirm current sequencing rules with the CAS.
What topics does Exam 9 cover?
The exam is described as risk management for actuaries. Its scope is commonly organized around risk management, financial risk management and portfolio theory, enterprise risk management, and insurance company financial analysis and capital management. Always check the current official syllabus for the exact readings and any changes.
What is the exam format and how long is it?
The retrieved CAS pages for Exam 9 and the exams index returned "Page not found" errors, so the format, duration, and item count could not be confirmed from the source. Check the current CAS syllabus and candidate resources for authoritative details rather than relying on older figures.
How much does it cost and when is it offered?
Fees and sitting dates could not be confirmed from the retrieved source, which returned page-not-found errors for the Exam 9 and exams pages. The CAS publishes exam fees, discount programs, and the schedule of exams separately. Verify current amounts and dates directly with the CAS before budgeting or registering.
How hard is Exam 9 compared with Exams 7 and 8?
No difficulty data appears in the retrieved source. Difficulty is subjective and depends on your background in investments, capital modeling, and ERM. Candidates with reserving or pricing depth often find the portfolio-theory and capital-management material newer. Use released past exams and pass-mark history to calibrate.
Can I retake the exam if I fail, and how often?
The retrieved source does not state a retake policy, so no sitting limits or waiting periods can be confirmed here. The CAS publishes candidate principles and policies covering registration, results, feedback, and grievances. Check those official pages for the rules that apply to your situation.
In what order should I take the fellowship exams?
The source lists Exam 7, Exam 8, and Exam 9 as the FCAS exams without prescribing an order. Many candidates take them in numeric order, but scheduling depends on sitting availability and your strengths. Confirm any sequencing or transition rules with the CAS before committing to a plan.
How should I prepare?
Work from the current official syllabus, study each listed reading actively, and practice with past exams and pass marks released by the CAS. Build formula and concept summaries you can reproduce from memory, and rehearse written answers under time pressure, since these exams reward clear structure as much as correct numbers.
What are common failure modes?
Typical problems include studying outdated syllabus versions, memorizing formulas without knowing when to apply them, skipping written explanations, and running out of time on longer multi-part questions. Practicing full past exams under timed conditions and reviewing examiners' reports helps expose these gaps before the sitting.