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The ACTEX Study Guide for CAS Exam 9:
- Reflects the 2026 syllabus, including all published errata and recent structural changes to the upper-level exams
- Contains outlines and summaries of all required syllabus readings
- Includes relevant questions and solutions from past CAS exams (through the 2019 exam), revised where appropriate to reflect current syllabus material
(Note that the CAS no longer provides questions and solutions beginning with the 2020 exams.) - Retains selected questions from readings that have since been removed from the syllabus when they remain relevant to current material
- Includes additional original questions written by the author to reinforce key concepts
- Contains a dedicated section of integrated, multi-reading questions modeled after the style of the 2018 and 2019 exams
- Clearly identifies exam questions using the CAS numbering convention (year–exam–question–points), with indicators for author-added and modified questions
- Organizes questions and solutions by reading and topic, with page references where applicable, to support efficient and structured review
- Includes selected material reproduced with permission from the Casualty Actuarial Society to assist candidates in exam preparation
This Study Guide is intended to supplement the original source readings and is not a substitute for them. While every effort has been made to ensure accuracy and clarity, students are encouraged to consult official CAS materials and report any errors for correction.
About the Author
Margaret Tiller Sherwood, FCAS, FSA, MAAA, FCA, CPCU, ARM, ERMP, CERA
Margaret Tiller Sherwood is the President of Tiller Consulting Group, Inc.
In addition to her actuarial qualifications, she is a Chartered Property and Casualty Underwriter (CPCU) and holds an Insurance Institute of America diploma in risk management (ARM). Margaret also has earned the Insurance Educational Association's Enterprise Risk Management Professional (ERMP) designation. Margaret meets the American Academy of Actuaries' Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States, including for NAIC Property and Casualty Annual Statements.
Margaret's education includes a Master of Science in Statistics from Stanford University and both a Bachelor and Master of Arts in Mathematics from Vanderbilt University. She has over 35 years of actuarial and risk management consulting experience. She frequently speaks at AGRIP, PRIMA, RIMS, and professional (actuarial and underwriting) meetings.
Margaret served on the several Governmental Accounting Standards Board task forces, the PRIMA Pooling Accounting Task Force, and the Public Risk Database Project Products and Applications Committee. Margaret has many published articles. She is the lead co-author of the RM56 textbook, Essentials of Risk Financing, first edition. She is the author the "Individual Risk Rating" and "Risk Theory" chapters in the Foundations of Casualty Actuarial Science textbook published by the Casualty Actuarial Society. Margaret also is the author of CAS Exam 8 and 9 Study Manuals for ACTEX Learning. Several of Margaret’s publications have been on the Casualty Actuarial Society examination syllabus.
Margaret has been and continues to be very active in actuarial societies. She is a Past President of the Conference of Consulting Actuaries and a Past Chair (President) of the International Association of Consulting Actuaries. She has been on the Board of the American Academy of Actuaries and was a member of the predecessor to the North American Actuarial Council. She was the first President of the Central States Actuarial Forum. She has served on the Actuarial Standards Board Casualty Committee and has been the Chair of the Actuarial Standards Board’s General Committee.
I've used actex for all my CAS exams; they save you time and most everyone need that.
9 made much easier; solid manual, outline of the material by the author and actex
Passed, in large part because of this actex manual.
I've previously used other Actex products. This follows the syllabus closely. I'd give it a 4. Nothing missing, but could use some additional content to round it out.
Starting in college, I've used mostly Actex study manuals and only failed 1x. I've had this manual for only 3 weeks. I'm liking it and wanted to just reoommend Actex, in general.
IFoA Core Readings