CAS Exam 9Financial Risk & Rate of Return
Fellowship (FCAS)
4 hours·25 written-answer items·≈450 study hoursWhat is officially available
The CAS publishes past exam papers, examiner's reports (model solutions with common errors) and pass marks for its upper-level exams. Actuarium does not reproduce copyrighted papers; use the official archive below and the practice set on this page, which is original and written in the same style.
Sittings worth mining
2012–2019
Ferrari/Robbin/Feldblum calculation questions with published model solutions.
2020–2025
Updated BKM edition and new risk-measure readings; Kreps and Mango remain staples.
Recurring question patterns
- CAPM/SML computations and interpretation of alpha.
- Ferrari or Robbin return-on-equity leverage computations.
- VaR/TVaR under a stated distribution plus a coherence discussion.
- Duration/convexity and surplus-immunization problems for an insurer balance sheet.
The practice tab reproduces these patterns with original numbers — work a pattern here, then confirm against the official paper.