CAS Exam 1: Probability for Casualty Actuaries Practice Test

The exam syllabus is defined by the CAS and is based primarily on designated chapters from 'Probability and Statistics with Applications: A Problem Solving Text' by Asimow and Maxwell. Candidates must consult the official CAS Exam 1 syllabus for the current and exact listing of covered chapters and learning objectives, as it is subject to change. The exam tests all concepts within the specified syllabus, including general probability, random variables, univariate and multivariate probability distributions, and risk management concepts.

While both exams cover core probability concepts and use the same primary textbook, they are administered by different societies (CAS vs. SOA) for different career paths (property/casualty vs. life/health/retirement/finance). The question style and emphasis can differ. CAS Exam 1 may include more context or examples relevant to general insurance. Candidates must pass the exam sequence of the society corresponding to their intended career track, though credit may be granted for passing the other society's equivalent exam under specific reciprocity agreements.

The exam is a 3-hour computer-based test consisting of approximately 35-45 multiple-choice questions. The CAS uses a criterion-referenced passing score, meaning your score is not graded on a curve against other candidates but against a pre-determined standard of minimum competency. The exact passing score is not published. Results are reported as a simple Pass/Fail.

A successful strategy involves a multi-phase approach: 1) An initial reading of all syllabus material to build understanding, 2) Intensive practice solving a wide variety of problems from the textbook, past exams, and commercial study manuals, 3) Taking timed practice exams under simulated testing conditions to build speed and identify weak areas, and 4) Final review focused on those weaknesses. Consistent study over several months is far more effective than cramming.

There are no formal prerequisites from the CAS to register for Exam 1. However, candidates are expected to have a strong foundational knowledge in calculus (through multivariable calculus) and a basic understanding of mathematical statistics. The exam assumes this mathematical maturity, and most successful candidates have completed relevant university-level coursework.