What does CAS Exam MAS-I cover?

MAS-I (Modern Actuarial Statistics I) covers three topic areas: probability models (parametric loss distributions, severity and frequency models, mixture distributions, MLE applied to P&C insurance data), statistical inference (hypothesis testing, confidence intervals, Bayesian estimation, Monte Carlo simulation), and extended linear models (generalized linear models, link functions, model selection, residual diagnostics, applied regression for insurance ratemaking and classification). The CAS publishes the Syllabus of Basic Education that allocates approximately 25% to probability models, 25% to statistical inference, and 50% to GLMs.

What is the MAS-I pass rate?

MAS-I pass rates from CAS-published statistics typically run in the high 40s to mid 50s, similar to other CAS preliminary exams. The CAS publishes pass rate by sitting on casact.org. Most candidates take 200 to 300 study hours to pass.

How does MAS-I fit into the CAS credentialing path?

MAS-I is the third preliminary exam in the CAS credentialing path. Candidates first pass Exam 1/P (Probability) and Exam 2/FM (Financial Mathematics), both jointly administered with the SOA. Then MAS-I and MAS-II (Modern Actuarial Statistics II) are CAS-only preliminary exams. After the four preliminaries, candidates move into the upper-level exams (5, 6, 7, 8, 9) on the path to Associate (ACAS) and Fellow (FCAS) status. MAS-I is the transition point where the CAS path diverges from the SOA path.

What is the difference between MAS-I and SOA Exam SRM?

MAS-I and SOA Exam SRM have meaningful content overlap, especially in the GLM section. Both cover the foundations of statistical learning, regression, and model selection. The differences: MAS-I is calibrated to P&C insurance applications (ratemaking, classification, loss modeling) where SRM is calibrated to broader actuarial applications. MAS-I has more emphasis on Bayesian statistics and Monte Carlo simulation. SRM has more emphasis on time series and decision trees. A candidate who has passed SRM has a head start on the GLM section of MAS-I but still needs targeted study on the P&C calibration and the probability/statistics sections.

What free MAS-I resources does FreeFellow offer?

445 practice questions across the three MAS-I topic areas, with detailed step-by-step solutions and per-choice notes. A dedicated MAS-I formula sheet (downloadable PDF). Written lessons with AI-narrated audio. Plus a reproduction of CAS-published Sample Question PDFs (verbatim, with attribution), which is the canonical training set for the exam's question style. The full bank is free with no trial period, no question cap, and no credit card. FreeFellow is not affiliated with the Casualty Actuarial Society.

CAS Exam MAS-I Study Guide (Modern Actuarial Statistics I, 2026)

CAS Exam MAS-I (Modern Actuarial Statistics I): 2026 Study Guide

MAS-I is the third preliminary exam in the CAS credentialing path. It is the first CAS-only exam after the jointly-administered Exam 1/P and Exam 2/FM, and the point where the CAS and SOA paths fully diverge. MAS-I tests modern statistical methods applied to property and casualty insurance: probability models, statistical inference, and generalized linear models.

FreeFellow now hosts the entire MAS-I question bank free: 445 practice questions across the three topic areas, with detailed step-by-step solutions and per-choice notes, plus written lessons with AI-narrated audio, a downloadable formula sheet, and a reproduction of the CAS-published Sample Question PDF (verbatim, with attribution). No trial, no signup required to browse, no credit card.

Start practicing MAS-I (445 free questions)

Note

FreeFellow is not affiliated with the Casualty Actuarial Society. CAS does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services. The CAS Sample Questions reproduced on FreeFellow are presented verbatim under the de-facto industry posture established by major P&C prep providers, with attribution to the CAS-published source.

Where MAS-I Sits in the CAS Path

The Casualty Actuarial Society credentialing path for the Associate (ACAS) and Fellow (FCAS) designations:

Exam	Administered by	Format
Exam 1/P (Probability)	Joint SOA & CAS	3 hours, 30 MCQ
Exam 2/FM (Financial Mathematics)	Joint SOA & CAS	3 hours, 35 MCQ
MAS-I (Modern Actuarial Statistics I)	CAS only	4 hours, 45 MCQ
MAS-II (Modern Actuarial Statistics II)	CAS only	4 hours, 45 MCQ
Exam 5 (Basic Techniques for Ratemaking and Estimating Claim Liabilities)	CAS only	Written-answer
Exam 6 (Regulation and Financial Reporting)	CAS only	Written-answer
Exam 7 (Estimation of Policy Liabilities, Insurance Company Valuation, and ERM)	CAS only	Written-answer
Exam 8 (Advanced Ratemaking)	CAS only	Written-answer
Exam 9 (Financial Risk and Rate of Return)	CAS only	Written-answer

MAS-I is the first all-MCQ CAS-only exam. From this point forward, the syllabus is calibrated specifically to P&C insurance practice rather than the broader actuarial sciences. Candidates who fail to pass MAS-I within their planned timeline often switch to the SOA path, where Exam FAM and Exam SRM cover similar foundational material with a broader actuarial calibration.

What MAS-I Tests

The CAS-published Syllabus of Basic Education breaks MAS-I into three sections with the following approximate weights:

Section	Weight	Topics
Probability Models	25%	Parametric loss distributions (exponential, Pareto, lognormal, gamma, Weibull), severity vs frequency, mixture distributions, MLE applied to P&C insurance data, compound Poisson and Panjer recursion
Statistical Inference	25%	Hypothesis testing, confidence intervals, p-values, Bayesian estimation, conjugate priors, Monte Carlo simulation, bootstrap methods
Extended Linear Models (GLMs)	50%	Generalized linear models, link functions (identity, log, logit, inverse), error distribution families, model selection (AIC, BIC, deviance), residual diagnostics, applied ratemaking and classification

The heavy GLM weighting is the signature of MAS-I. Candidates who breezed through Exam 2 on actuarial math intuition often hit a wall on GLMs because the conceptual frame shifts from "calculate this PV" to "specify a model, fit it, diagnose it, and interpret the coefficients in P&C insurance context."

MAS-I vs SOA Exam SRM: How They Compare

For candidates who haven't committed to the CAS path yet, MAS-I and SOA Exam SRM are the natural comparison point. Both cover statistical learning foundations applied to actuarial problems, and both run 4 hours, 35 to 45 MCQ.

Dimension	MAS-I (CAS)	SRM (SOA)
GLM coverage	Heavy (50%)	Moderate (~25-30%)
Time series	Not covered	Covered (~15-20%)
Decision trees / random forests	Light coverage	Covered (~15-20%)
Bayesian / Monte Carlo	Heavy (most-missed topic in post-mortems)	Light coverage
Calibration	P&C insurance (ratemaking, classification)	Broader actuarial (any line of business)
Path	CAS only	SOA only

A candidate who has passed SRM has a head start on the GLM section of MAS-I but still needs targeted study on the P&C calibration, the Bayesian/Monte Carlo section, and the absence of time-series coverage. A candidate who has passed MAS-I has the same observation in reverse: GLMs are familiar, but SRM's tree-based methods and time series are not.

How Many Hours You Need

The CAS does not publish an official hour recommendation. Industry consensus from candidates and prep providers is:

Strong stats background (statistics or applied math degree): 150 to 200 hours
Solid math background, light stats (engineering, econ, finance): 250 to 300 hours
Limited stats exposure (most career changers): 300 to 400 hours

Most candidates take 16 weeks at 15 to 25 hours per week. Consistency beats volume; passing candidates typically maintain a daily study habit rather than cramming.

Common Trap

Underestimating the Bayesian and Monte Carlo subsections. They are only ~10% of the exam by weight, but they are the most-missed by candidates because the typical CAS path candidate has more frequentist training than Bayesian. Budget extra time for conjugate prior tables and posterior derivations.

What's Free on FreeFellow

Question bank (entirely free). 445 practice questions across all three MAS-I topic areas, with detailed step-by-step solutions and per-choice notes. Browsable without an account.

Lessons with AI-narrated audio. Written lessons covering the syllabus, each with an audio track narrated by ElevenLabs voice synthesis. Study during commutes or workouts.

Formula sheet. A dedicated MAS-I formula reference at /free/cas-masi/formula-sheet/, downloadable as a print-ready PDF.

CAS Sample Question PDF reproduction. The CAS publishes a Sample Question PDF on casact.org as the canonical training set for the MAS-I question style. FreeFellow reproduces this verbatim with attribution under the de-facto industry posture established by major P&C prep providers. Use this as the highest-fidelity training set in the final 2 to 3 weeks of study.

Fellow tier (optional, $59 / quarter or $149 / year per track). Timed mock exams, spaced-repetition flashcards, topic-level performance analytics, personalized study plan. The free tier covers everything needed to pass.

A 16-Week Plan

Weeks 1-4: Probability Models. Lessons + 30 to 40 questions per day. Drill distribution identification (Pareto vs gamma vs Weibull in tail behavior) and MLE setup.

Weeks 5-8: Statistical Inference. Hypothesis testing, confidence intervals, Bayesian methods. The Bayesian section deserves extra time; conjugate prior tables and posterior derivations are most-missed.

Weeks 9-13: GLMs. The largest topic at 50%. Cover link functions and error distribution families systematically. Practice fitting and interpreting GLMs in ratemaking and classification contexts.

Weeks 14-15: Mixed Practice. Timed mixed-topic practice. Target 70% or better on the FreeFellow practice questions across all three sections.

Week 16: Sample Exams. Take at least 2 full practice exams under realistic conditions. Use the CAS Sample Question reproduction as the final calibration check.

Start Practicing

CAS Exam MAS-I free practice questions (445 questions, 3 topics)
SOA vs CAS: which actuarial path is right for you for candidates still choosing
Best free actuarial exam prep resources for 2026 for the cross-actuarial overview

FreeFellow is not affiliated with the Casualty Actuarial Society. CAS does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services.