CAS Exam 9 study guide
CAS Exam 9 · Work through your exam, one topic at a time.
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 CAS Exam 9 study guide has 4 sections and about 1,866 words.
01Risk Management
Exam 9's Risk Management domain tests how an insurer names, measures and manages the risks it faces, and - more heavily - whether you can tell a usable risk measure from an unusable one. Questions typically pair definitions with a short numerical tail calculation.
459 words, about 2 min02Financial Risk Management and Portfolio Theory
The Financial Risk Management and Portfolio Theory domain is the most quantitative on Exam 9: mean-variance portfolio construction, equilibrium asset pricing, performance measurement, derivative pricing and interest rate risk. Questions reward clean algebra and a clear idea of which risk measure belongs with which decision.
467 words, about 2 min03Enterprise Risk Management
Enterprise Risk Management tests whether you can run risk as a firm-wide system: governance and the three lines of defense, a risk appetite that is actually operational, aggregation of risk across units, capital allocation and risk-adjusted performance. The exam favors questions that force you to choose between economic, regulatory and rating-agency capital.
479 words, about 2 min04Insurance Company Financial Analysis and Capital Management
Insurance Company Financial Analysis and Capital Management tests whether you can read an insurer's statements, build the standard ratios correctly, judge reserve adequacy and evaluate the levers that keep capital at the level regulators, rating agencies and the board require. Loss and LAE ratio = (incurred losses + LAE)/earned premium.
461 words, about 2 min