Pass Mark For CAS Exam 5: Casualty Actuarial Society

Casualty Actuarial Society
Pass Mark for CAS Exam 5

The primary objective of setting the pass mark is to pass candidates who demonstrate a mastery of
the material at roughly consistent levels with each exam administration. This is more difficult than
it appears, because the actual results for each administration are a function of both the preparedness
of the candidates and the difficulty of the exam. Since members of the CAS Syllabus &
Examination Committee and their experience levels change over time, this can (and does) result in
changes in the difficulty of the exam at each administration.
The Syllabus & Examination Committee uses a series of benchmarks to inform the selection of the
final pass mark. First, a panel of experienced committee members evaluates the exam and
determines a score to be achieved by a minimally qualified candidate. This process sets a baseline
for determining the final pass mark. After the initial grading takes place, the results for each
individual question are analyzed for how well they distinguished between those who demonstrated
that they “knew the material well” and those who did not. In addition, the distribution of total scores
is analyzed and compared to past exam distributions. This information helps the Committee
determine the degree to which changes in candidate performance are driven by differences in the
difficulty of the exam or by a better or more poorly prepared group of candidates.
The Syllabus & Examination Committee reviews the statistics on each question as well as
comments received from candidates to determine whether any of the questions were flawed. Once
the committee identifies a flawed question, the committee decides if the question should be dropped
from the exam or the question should be graded with multiple answers. If the question is dropped
from the exam, then the exam is graded with less than the original total point value.
Many people are involved in the deliberations of the pass mark. After the grading session, the
Examination Committee part chair submits a report to the general officer of the exam series and the
Examination Committee chair. The report includes the pass mark recommended by the part
committee, a detailed analysis of the exam, and a description of any unusual questions or situations
that required special handling. The general officer and chair discuss the recommendation with the
vice president-admissions to finalize the pass mark. More detail about the exam and grading process
can be found in the “Examination Rules – Grades and Accreditation” section of the Syllabus of
Basic Education section of the CAS web site.
The purpose of releasing the pass scores is to help candidates prepare for future exam sittings. The
75th and 95th percentile scores are also released for each exam. These two key statistics indicate the
performance level achieved by the better prepared candidates on the exam.
Selecting the exact point that determines the passing candidates is a difficult decision that the
Syllabus & Examination Committee does not take lightly. Unfortunately, one question can mean the
difference between passing and failing. Thus, candidates are encouraged to aim for higher
performance levels than the level needed to barely pass prior examinations.
Pass marks for related exams of previous years are included to provide candidates with a context for
the most recent pass mark.
CAS Exam 5—Basic Techniques for Ratemaking and

Estimating Claims Liabilities
Total 95th 75th
Exam 5 Points Pass Mark Percentile Percentile Comments
Fall 2019 53.50 37.00 42.75 37.50

Spring 2019 52.00 37.50 44.13 39.38
Fall 2018 55.00 36.50 43.00 38.00
Spring 2018 55.50 42.00 -- -- Original Exam; due to difficulties
associated with the spring 2018 sitting, 75th
and 95th percentiles are not available
Spring 2018 53.50 40.25 -- -- Make-Up Exam, excludes question 21
Fall 2017 55.75 37.00 45.50 40.00
Spring 2017 57.50 40.50 47.75 43.75
Fall 2016 56.00 40.25 47.13 42.63
Spring 2016 57.75 41.50 49.00 45.00
Fall 2015 55.75 38.25 44.75 39.50
Spring 2015 57.25 40.00 46.00 41.75
Fall 2014 58.25 40.75 48.25 42.50
Spring 2014 59.75 42.50 50.63 45.13
Fall 2013 58.50 41.00 47.50 42.50
Spring 2013 63.50 42.50 50.00 43.75
Spring 2012 66.25 47.75 57.38 52.00
Spring 2011 79.75 57.25 64.75 57.75

Pass Mark For CAS Exam 5: Casualty Actuarial Society

Uploaded by

Copyright:

Available Formats

Pass Mark For CAS Exam 5: Casualty Actuarial Society

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Pass Mark For CAS Exam 5: Casualty Actuarial Society

Uploaded by

Copyright:

Available Formats

Casualty Actuarial Society

Pass Mark for CAS Exam 5

CAS Exam 5—Basic Techniques for Ratemaking and

Fall 2019 53.50 37.00 42.75 37.50

You might also like