Last November, the CAS Board of Directors voted to support the following vision of the level of understanding required for membership in the CAS: “All CAS members should be competent in the application of casualty actuarial techniques. CAS Fellows should not only be able to apply such techniques, but be able to synthesize such methodology and exercise complex judgment to bring those tools to bear in developing practical solutions to business problems not necessarily encountered before. Inherent in this ability is that Fellows be able to clearly communicate this understanding and complex judgment including inherent assumptions made and limitations in the approach taken to another party.”
The CAS basic education process provides the foundation and tools for its members to accomplish this.
Currently, I am engaging in a discussion about the right amount of statistics that should be explicitly tested within the CAS basic education process. In the current process, there are two education requirements that explicitly focus on statistics: The VEE topic of applied statistical methods and the statistics section of Exam 3L. (Details are available in the Syllabus of Basic Education).
Statistics play an important role in actuarial work and in using modeling tools that are currently available.
The CAS must choose the specific topics to be tested. Within the education process, some topics are considered prerequisites (e.g., algebra and calculus). Some are tested at the familiarity level (e.g., topics on new Online Courses 1 and 2).
My question to you is, are statistics covered at the appropriate level in the current basic education structure? If not, should there be less coverage or more coverage?