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200+ Free MAS-I Practice Questions

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Key Facts: MAS-I Exam

~45 Qs

Multiple Choice

4-hour CBT format

30-40%

Recent Pass Rate

CAS sittings

300-500 hrs

Typical Study Time

ACAS candidate average

~$1,000

Total Exam Cost

CAS fee schedule

2x/year

Sitting Windows

April-May and October-November

6-10

Pass Score Range

CAS 0-10 scale

CAS Exam MAS-I is a 4-hour, ~45-question computer-based exam administered by the Casualty Actuarial Society in the Spring (April-May) and Fall (October-November) windows. Topic weights are Probability Models 20%, Stochastic Processes 20%, Statistics & Estimation 20%, Confidence Intervals & Hypothesis Testing 15%, Linear Regression 15%, and Time Series 10%. CAS reports results on a 0-10 scale with 6-10 indicating pass. The exam fee runs roughly $1,000, and most candidates spend 300-500 hours preparing. MAS-I is required to advance toward the ACAS designation.

Sample MAS-I Practice Questions

Try these sample questions to test your MAS-I exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 200+ question experience with AI tutoring.

1Claims arrive according to a Poisson process with rate 3 per hour. What is the probability of no claims in the next 2 hours?
A.exp(-6)
B.1 - exp(-6)
C.3 exp(-6)
D.6 exp(-6)
Explanation: For a Poisson process with rate 3 per hour, the count in 2 hours is Poisson with mean 6. The probability of zero events is therefore exp(-6).
2Which statement is true for a homogeneous Poisson process?
A.Counts on disjoint time intervals are independent.
B.Interarrival times are deterministic.
C.The process can have at most one event in total.
D.Expected counts decrease as the interval length increases.
Explanation: A defining property of a homogeneous Poisson process is independent increments on disjoint intervals. The interarrival times are random and exponential, not deterministic.
3For a homogeneous Poisson process, suppose exactly one event occurs in the interval [0,4]. What is the probability that this event occurs before time 1?
A.1/4
B.1/2
C.3/4
D.It depends on the process rate.
Explanation: Conditional on exactly one event in [0,4], the event time is uniformly distributed on that interval. A uniform point on [0,4] falls in [0,1] with probability 1/4.
4A loss amount X is uniformly distributed on [0,100]. What is the limited expected value E[min(X,60)]?
A.30
B.36
C.42
D.60
Explanation: For a nonnegative loss, the limited expected value is the integral of the survival function up to the limit. Here that is integral from 0 to 60 of (1 - x/100) dx, which equals 42.
5A lifetime has constant hazard rate 0.02. Which survival function is correct?
A.S(t) = exp(-0.02 t)
B.S(t) = exp(-0.02 / t)
C.S(t) = 1 - 0.02 t
D.S(t) = 0.02 exp(-0.02 t)
Explanation: A constant hazard implies an exponential survival model. Integrating the hazard gives cumulative hazard 0.02 t, so survival is exp(-0.02 t).
6A lifetime has survival function S(t) = exp(-0.02 t). What is the median lifetime?
A.20.0
B.34.7
C.50.0
D.69.3
Explanation: The median m satisfies S(m) = 0.5. Solving exp(-0.02 m) = 0.5 gives m = ln(2) / 0.02, which is approximately 34.7.
7For 0 <= x <= 100, suppose the survival function is S(x) = ((100 - x) / 100)^2. What is the hazard rate at age x?
A.1 / (100 - x)
B.2 / (100 - x)
C.2 x / 10000
D.0.02
Explanation: The hazard is mu(x) = -S'(x) / S(x). Differentiating gives S'(x) = -2(100 - x)/10000, so the ratio simplifies to 2 / (100 - x).
8Two independent lives have one-year survival probabilities 0.96 and 0.97. What is the probability that the joint-life status survives one year?
A.0.9312
B.0.9400
C.0.0300
D.0.0676
Explanation: The joint-life status survives if both lives survive. Under independence, the probability is 0.96 times 0.97, which equals 0.9312.
9Two independent lives have constant forces of mortality 0.02 and 0.03. If the force of interest is 0.04, what is the actuarial present value of a continuous whole life insurance paying 1 at the first death?
A.0.4444
B.0.5556
C.0.8000
D.1.2500
Explanation: For independent exponential lifetimes, the time to first death is exponential with rate 0.02 + 0.03 = 0.05. The present value of a continuous whole life insurance is then 0.05 / (0.05 + 0.04) = 0.5556. This uses the standard formula for a discounted exponential waiting time.
10For a fully discrete whole life insurance and whole life annuity-due on the same life, i = 0.05 and a_double_dot_x = 12. What is A_x?
A.0.4000
B.0.4286
C.0.5714
D.0.6000
Explanation: The standard identity is A_x + d a_double_dot_x = 1, where d = i / (1 + i). Here d = 0.05 / 1.05 = 0.047619, so A_x = 1 - 0.047619 times 12 = 0.4286.

About the MAS-I Exam

CAS Exam MAS-I (Modern Actuarial Statistics I) is the first of two CAS modern statistics exams on the ACAS credentialing pathway. The 4-hour computer-based exam contains roughly 45 multiple-choice questions covering probability models, stochastic processes (Markov chains, Poisson processes), statistical estimation (MLE, method of moments), confidence intervals, hypothesis testing, linear regression, and time series analysis. Pass rates typically run 30-40%.

Questions

45 scored questions

Time Limit

4 hours (CBT)

Passing Score

Scaled (~6/10 typical)

Exam Fee

~$1,000 (Casualty Actuarial Society (CAS))

MAS-I Exam Content Outline

20%

Probability Models

Discrete and continuous distributions, moments, MGF, characteristic functions, mixture distributions, transformations, conditional expectation

20%

Stochastic Processes

Markov chains (transition matrices, classification, stationary distribution), Poisson processes (rate, inter-arrival times, thinning, superposition)

20%

Statistics & Estimation

MLE, method of moments, Fisher information, Cramér-Rao bound, asymptotic normality, invariance, unbiasedness, consistency, efficiency

15%

Confidence Intervals & Hypothesis Testing

CIs for means/proportions/variance, Type I/II errors, power, p-values, t-tests, F-tests, chi-square goodness-of-fit, contingency tables

15%

Linear Regression

OLS estimation, Gauss-Markov assumptions, residual diagnostics, R² and adjusted R², ANOVA, multicollinearity (VIF), leverage, Cook's distance

10%

Time Series Analysis

Stationarity (weak/strict), ACF/PACF, AR(p), MA(q), ARMA(p,q), ARIMA(p,d,q), unit root tests (ADF), Box-Jenkins methodology

How to Pass the MAS-I Exam

What You Need to Know

  • Passing score: Scaled (~6/10 typical)
  • Exam length: 45 questions
  • Time limit: 4 hours (CBT)
  • Exam fee: ~$1,000

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

MAS-I Study Tips from Top Performers

1Drill MLE problems until the score function and Fisher information setup is automatic — these appear in nearly every sitting
2Build muscle memory for Markov chain stationary distributions (πP=π) and Poisson process thinning/superposition; both are high-yield
3Practice OLS matrix algebra β̂ = (X'X)⁻¹X'y by hand on small examples before relying on calculator output
4Memorize ACF/PACF cutoff patterns for AR(p), MA(q), and ARMA(p,q) — pattern recognition saves time on every time-series question
5Use timed 45-question mocks at exam pace (~5.3 min/question) and track which categories burn the most clock

Frequently Asked Questions

How is the CAS MAS-I exam structured?

MAS-I is a 4-hour computer-based exam with approximately 45 multiple-choice questions delivered at Pearson VUE testing centers. The CAS administers MAS-I in two windows each year: Spring (April 22 - May 1 in 2026) and Fall (October 28 - November 5 in 2026). Results are reported on a 0-10 scale where any 6-10 score is a pass.

What is the MAS-I pass rate?

Recent CAS sittings show MAS-I pass rates of roughly 30-40%, making it one of the more challenging actuarial exams in the early ACAS pathway. The exam blends classical statistics with linear regression, time series, and stochastic process applications, so candidates who skip any single topic area struggle to clear the cut score.

How much does CAS Exam MAS-I cost?

The all-in cost for MAS-I runs approximately $1,000 once registration, syllabus material, and Pearson VUE testing-center fees are included. CAS publishes the official fee schedule on its website and adjusts pricing annually. Late registration windows generally add a surcharge, so registering during the standard window keeps total spend lower.

How long should I study for MAS-I?

Most successful MAS-I candidates report 300-500 hours of dedicated study. The exam assumes prior calculus, linear algebra, and intro probability (typically covered in CAS Exams 1 and 2), and the heavy linear-models and time-series content rewards working full problem sets rather than passive reading. Plan 3-5 months of consistent prep with timed practice sessions.

What topics carry the most weight on MAS-I?

Probability Models, Stochastic Processes, and Statistics & Estimation each carry roughly 20% of the exam. Confidence Intervals & Hypothesis Testing and Linear Regression sit at 15% each, and Time Series Analysis carries 10%. Together that means about 60% of the exam tests classical probability and inferential statistics, with the remaining 40% focused on regression and time-dependent modeling.

What credential does passing MAS-I count toward?

MAS-I is required for the Associate of the Casualty Actuarial Society (ACAS) credential. Candidates also need MAS-II, CAS Exams 5 and 6, the CAS online courses, and Validation by Educational Experience (VEE) credits in economics, accounting/finance, and mathematical statistics. MAS-I is typically taken after CAS Exams 1 and 2.