How many exams do I need to pass in order to earn the CSPA credential?
The CSPA credential consists of five assessments. The first two assessments (Property-Casualty Insurance Fundamentals and Data Concepts and Visualization) each include online courses and one subsequent exam. The third assessment (Predictive Modeling – Methods and Techniques) has one exam, but no online course to complete in advance of the test (self-study only). The fourth assessment is a case study project. The fifth assessment is an Online Course on Ethics and Professionalism, which will have learning modules only (no formal exams) and must be taken at any time prior to the third assessment (Predictive Modeling – Methods and Techniques).
Does an ACAS or FCAS credential waive any of the 5 assessments?
Yes. ACAS and FCAS designees fully satisfy the 1st assessment – Property Casualty Insurance Fundamentals as well as the 5th assessment – Ethics and Professionalism course. 1st assessment waivers are also extended to candidates who have completed CAS online courses 1 & 2 and who have passed CAS exam 5. In addition, if a candidate has completed the CAS professionalism course, the iCAS 5th assessment is waived. See the Waivers section to download the waiver form.
Can I earn a CSPA credential based upon my work experience?
Until November 30, 2017, The CAS Institute is offering experienced practitioners the opportunity to obtain the Certified Specialist in Predictive Analytics credential based upon demonstrated experienced in the field via the Experienced Practitioner Pathway (EPP).
Applicants will first need to become a member of The CAS Institute. (Dues are waived for new members who join through September 30, 2017.) Using your new log in credentials, you will then download and complete the EPP application. You will be asked to provide details about your skills and experience in the field of predictive analytics and data science as applied to the property-casualty insurance industry.
The Institutes provide equal suggested self-study time (150 hours each) for the 1st assessment – Property Casualty Insurance Fundamentals and the 2nd assessment – Data Concepts and Visualization. Do these courses really require comparable time investments?
Total required study time will vary per individual. For a candidate familiar with Property & Casualty Insurance, for example, the self-study time for the 1st assessment may be lower than the estimates provided. For a candidate with an extensive data background, the 2nd assessment might require less than the estimated time.
Are all of the exams in multiple choice format?
The 1st and 2nd assessments are in multiple choice format. The 3rd assessment – Predictive Modeling and Techniques – will be offered using an online platform which may include some multiple choice, short answer and ”hands-on” questions. For example, you may be asked to write simple R code and run that code against a provided dataset to generate output. This assessment has a suggested self-study time of 200 hours.
How is the 4th assessment – the Case Study project – graded?
Each case study must be completed within 2 months and has an estimated completion time of 50 hours. The case study project will be reviewed by a panel of qualified Subject Matter Experts. Each project will have a minimum acceptable standard. If the subject work submitted is incomplete, it will be not be accepted. If the project work is complete but is deficient relative to the standard, a candidate will be provided with suggestions and receive one additional month to correct the deficiencies. (There will be an additional re-test fee if the additional month is required.)
What are the consequences of failing an exam or case study?
Candidates who fail to pass a CSPA assessment are able to take the assessment over again for a re-test fee. There is no limit to the number of times a candidate can attempt either an exam or project.
Can I use any computer to complete the case study project? What defines a “secure environment”?
Any computer can be used to complete the case study project. It has been recommended that candidates use a Chrome Browser for the optimal experience. Secured environment means that all of the work will be done while logged in and using the tools provided; the data set will not be downloadable.