Canadian Institute of Actuaries		Casualty Actuarial Society		Society of Actuaries

Construction and Evaluation of Actuarial Models Exam

The Construction and Evaluation of Actuarial Models Exam is a three and a half hour multiple–choice examination. It is called Exam C by the Society of Actuaries and Exam 4 by the Casualty Actuarial Society. It is offered via computer–based testing (CBT).

The syllabus provides an introduction to modeling and covers important actuarial methods that are useful in modeling. A thorough knowledge of calculus and probability is assumed.

The candidate will be introduced to useful frequency and severity models beyond those covered in the Financial Economics and Life Contingencies Exams. The candidate will be required to understand the steps involved in the modeling process and how to carry out these steps in solving business problems. The candidate should be able to:

1. analyze data from an application in a business context;
2. determine a suitable model including parameter values; and
3. provide measures of confidence for decisions based upon the model.

The candidate will be introduced to a variety of tools for the calibration and evaluation of the models.

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