Risk Management for Actuaries – Exam 9 - Content Outline - CAS Exam Item Types & Cognitive Levels

Sep 4, 2026

Upload by Patrick

Risk Management for Actuaries – Exam 9 content outline specifies the delivery format and total appointment time, then breaks down exam item types (e.g., multiple choice, multiple selection, point and click, fill in the blank, matching, constructed response, and spreadsheet-based tasks). It describes four cognitive levels—Remember, Understand and Apply, Analyze and Evaluate, and Create—and assigns approximate percentage ranges across tasks. The outline details section domains with weights and the associated tasks and readings for Catastrophe and Reinsurance, Risk and Return, Financial Risk Management, and Enterprise Risk Management.

LanguageEnglish

CategoryExam

FormatPDF

Pages8

Reading Time20 min

AccessFree to download

Exam Overview

Delivery Format

Exam Item Types

Exam Cognitive Level

Exam Section Details

A. Catastrophe and Reinsurance

B. Risk and Return

C. Financial Risk Management (FRM)

D. Enterprise Risk Management (ERM)

Exam Content Outline Risk Management for Actuaries – Exam 9 Delivery Format | APPOINTMENT TIME: 4.5 HOURS | | | | --- | --- | --- | | Exam Duration | Scheduled Break | Exam Tutorial, Confidentiality Agreement, End of Exam Survey | | 4 hours | 15 min | 15 min | Exam Item Types Candidates may see the following item types in the CAS examinations. Candidates should become familiar with these item types. Item type samples are available on the Pearson Vue CAS webpage. Multiple Choice Multiple answer choices are presented after a problem with only one correct answer. Multiple Selection Multiple answer choices are presented after a problem with more than one correct answer. Point and Click An image is presented after a problem where the candidate must identify the correct area of the image by clicking on the correct location in the image. Fill in the Blank One or more blank sections are presented after the problem or within a statement where the candidate must input the correct response(s) . Matching Content columns presented after a problem where the candidate must correctly match content from one column to another. Constructed Response A blank response area is presented after a problem where candidates must construct and develop their own answer. Spreadsheet Spreadsheet-type items are displayed to the candidate in a spreadsheet format and candidates can make use of most spreadsheet functions. Please review the testing guide prior to sitting for your exam to note any differences between the Pearson Vue testing environment and common spreadsheet software (e.g., Excel, Google Sheets) . Exam Cognitive Level Each task is tied to a certain type of mental operation or thinking skill, which is called the cognitive level. ACAS and FCAS use four cognitive levels, and every examination item is authored to address both the task and one of the following cognitive levels paired with that task. Remember: 0-10% Tests the ability of the candidate to recall or remember knowledge or facts. Understand and Apply: 40-50% Measures the candidate’s ability to understand and apply ideas and concepts to new situations. Analyze and Evaluate: 40-50% Requires the candidate to analyze information, combine concepts/ideas, and justify a position resulting from that combination. Create: 0-10% Requires the candidate to synthesize conclusions by evaluating the validity of ideas and concepts. Exam Section Details | DOMAINS | DOMAIN WEIGHT | | --- | --- | | A. Catastrophe and Reinsurance | 25-35% | | B. Risk and Return | 20-30% | | C. Financial Risk Management (FRM) | 20-30% | | D. Enterprise Risk Management (ERM) | 15-25% | A. Catastrophe and Reinsurance Candidates are expected to be able to interpret the methods used to model losses due to catastrophic events for the purpose of generating a catastrophe expected loss cost. Candidates are also expected to manage the total exposure from catastrophic events within an insurance portfolio. Candidates will also be familiar with current and historical methods used to price reinsurance, with an emphasis on the application of these methods in pricing reinsurance contracts. | TASKS | | --- | | 1. Fit loss distribution-based exposure curves. | | 2. Determine the loss cost of various types of reinsurance contracts (e.g., excess of loss, quota share, surplus share, treaty, aggregate excess of loss, and facultative) . | | 3. Determine the effect of common contract provisions (e.g., reinstatements, loss corridors, clash covers, profit and sliding scale commissions) on the loss cost of reinsurance contracts. | | 4. Evaluate catastrophe models. | | 5. Apply catastrophe models to ratemaking. | | Readings:
-Grossi & Kunreuther
-Clark
-Bernegger | B. Risk and Return Candidates can define, compare, select, and apply appropriate risk measures to compute a risk-loaded technical premium. Candidates can evaluate the economic value of insurance cash flows refle

FAQs

What appointment time and exam duration are specified for Exam 9?

The outline lists an appointment time of 4.5 hours. It also states an exam duration of 4 hours with a scheduled break of 15 minutes and includes an exam tutorial, confidentiality agreement, and end-of-exam survey.

What exam item types can candidates expect in CAS examinations?

Candidates may see multiple choice, multiple selection, point and click, fill in the blank, matching, constructed response, and spreadsheet items displayed in a spreadsheet format.

How do cognitive levels work for Exam 9?

Each task is tied to a cognitive level. The four levels are Remember (0–10%), Understand and Apply (40–50%), Analyze and Evaluate (40–50%), and Create (0–10%), with items authored to address both task and cognitive level.

Sep 4, 2026

Upload by Patrick