About half of CAS Exam MAS-I is generalized linear models. The CAS content outline weights extended linear models at 45-55% of the 4-hour exam, with probability models and statistics at 20-30% each. MAS-I is the third preliminary exam on the CAS path and the first one the CAS runs on its own. Exam P and Exam FM come before it, and the SOA and CAS give those jointly, so MAS-I is where the two paths split.
FreeFellow has 719 free MAS-I practice questions across all three sections, with step-by-step solutions and notes on the answer choices. There are also 26 written lessons, a formula sheet, and the CAS sample questions reproduced word for word with attribution. Anyone can try the samples without signing up, and a free account opens the full MAS-I bank.
Where MAS-I fits and what it covers
| Exam | Given by | Format |
|---|---|---|
| Exam 1/P (Probability) | SOA and CAS jointly | 3 hours, 30 multiple-choice questions |
| Exam 2/FM (Financial Mathematics) | SOA and CAS jointly | 2.5 hours, 30 multiple-choice questions |
| MAS-I (Modern Actuarial Statistics I) | CAS | 4 hours, about 45 questions |
| MAS-II (Modern Actuarial Statistics II) | CAS | 4 hours, about 45 questions |
| Exam 5 (Basic Techniques for Ratemaking and Estimating Claim Liabilities) | CAS | Mixed item types, mostly constructed response |
| Exam 6 (Regulation and Financial Reporting) | CAS | Mixed item types, mostly constructed response |
| Exam 7 (Estimation of Policy Liabilities, Insurance Company Valuation, and ERM) | CAS | Mixed item types, mostly constructed response |
| Exam 8 (Advanced Ratemaking) | CAS | Mixed item types, mostly constructed response |
| Exam 9 (Financial Risk and Rate of Return) | CAS | Mixed item types, mostly constructed response |
From MAS-I on, the syllabus is built around property and casualty insurance rather than actuarial work in general. There are no written answers yet. Along with standard multiple choice, the computer-based exam can include multiple-selection, point-and-click, fill-in and matching items. The CAS doesn't publish a question count for it, but its practice exams run 45 questions.
The content outline splits MAS-I into three sections:
| Section | Weight | What's in it |
|---|---|---|
| Probability models | 20-30% | Poisson processes, limited expected value, survival models and hazard rates, joint life and simple whole life or annuity calculations, simulation by the inversion method and basic Monte Carlo, system reliability, Markov chains |
| Statistics | 20-30% | Estimating means and variances, sufficient statistics, hypothesis tests with Type I and Type II errors, frequency, severity and aggregate loss models, order statistics, maximum likelihood estimation including censoring and truncation |
| Extended linear models (GLMs) | 45-55% | Choosing the model, link function and distribution, reading software output and ANOVA tables, categorical, ordinal and continuous predictors, offsets, AIC, BIC, deviance and R-squared, diagnostic and exploratory plots, applied to ratemaking and classification |
The GLM section is where a lot of people who got through FM on actuarial math intuition hit a wall. FM asks you to calculate a present value. MAS-I asks you to specify a model, fit it, check the diagnostics and explain what the coefficients mean for an insurance book.
MAS-I vs Exam SRM
If you haven't committed to the CAS yet, the closest SOA exam is Exam SRM, which runs 3.5 hours and 35 multiple-choice questions. The two share the GLM material and not much else:
| MAS-I (CAS) | SRM (SOA) | |
|---|---|---|
| Linear models and GLMs | 45-55% | 40-50% |
| Probability models | 20-30% | Not covered |
| Time series | Not covered (it's on MAS-II) | 10-15% |
| Decision trees and random forests | Not covered | 20-25% |
| Focus | P&C insurance (ratemaking, classification) | Any line of business |
If you've passed SRM, you have a head start on the GLM section, but you'll still need the probability models and statistics sections and the P&C framing. I go through the overlap in more detail in MAS-I vs Exam SRM, and SOA vs CAS covers the bigger choice of path.
Hours and a 16-week plan
The CAS doesn't publish a recommended number of hours. From what candidates and prep providers report, it's about 150 to 200 hours if you have a statistics or applied math degree, 250 to 300 if you have solid math but light stats (engineering, econ, finance), and 300 to 400 if you've had little stats, which covers most career changers. Most people take 16 weeks at 15 to 25 hours a week, and people who pass usually study a bit every day rather than cramming.
Here's how I'd lay out the 16 weeks:
- Weeks 1 to 4: probability models. Lessons plus 30 to 40 questions a day on Poisson processes, survival and life calculations, simulation, reliability and Markov chains.
- Weeks 5 to 8: statistics. Estimation, hypothesis tests, frequency and severity models, order statistics and maximum likelihood.
- Weeks 9 to 13: GLMs, the biggest section. Work through link functions and error distributions systematically, then practice fitting and interpreting GLMs in ratemaking and classification problems.
- Weeks 14 to 15: timed mixed-topic practice. Aim for 70% or better on the FreeFellow questions across all three sections.
- Week 16: at least 2 full practice exams under realistic conditions (FreeFellow's two are part of Fellow), with the CAS sample questions as your last check.
The CAS sample questions are the closest thing you'll get to the real exam's style, so save them for the last two or three weeks. The question bank, lessons and sample questions are all free, and so is the MAS-I formula sheet, which downloads as a print-ready PDF. Fellow adds timed mock exams, spaced-repetition flashcards, topic analytics and a study plan for $39 a month or $79 a quarter per track. The $199 annual plan is Fellow Plus, which also includes Common traps. Prices are in USD, and each subscription covers one credential track. Check pricing for your track and country.
You can start with the free MAS-I practice questions, and the best free actuarial prep resources covers the other actuarial exams.
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