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ACTEX Study Manual for CAS Exam MAS-II 9th Edition Author: Pai/Walch/Li/Lo

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Our Interactive Study Manual offers personalized learning on a schedule that works for you.

The Exam CAS MAS-II study guide will allow you to:

  • Review 850+ pages of comprehensive, exam-focused information with full syllabus coverage
  • Refine your understanding with almost 200 examples and questions
  • Practice until you're confident with nearly 400 exercises and 3 Case Studies

GOAL: Practice. Predict. Pass. 

Reach your target GOAL Score with our proven system.

GOAL offers:

  • 900+ exam practice problems with detailed solutions
  • A variety of learning modes and difficulty levels
  • Customized quizzes: You set the topic, difficulty, number of questions, and a timer
  • Simulated exams: Choose from 5 comprehensive exams
  • Measure your preparedness with GOAL Score


Master key topics and formulas with our flashcards, which are rated by exam importance.

  • 200+ Virtual Flashcards—great for on-the-go studying!
  • An accessible way to cover critical syllabus material you'll need to pass

About the Authors

Jeffrey Pai, Ph.D., ASA, ACIA

Dr. Pai is a Full Professor of Actuarial Mathematics at the Asper School of Business, University of Manitoba. He has an M.S. degree in Actuarial Science and a Ph.D. degree in Statistics from the University of Connecticut, USA. Dr. Pai has taught courses at the Undergraduate, Master, and Ph.D. levels, including most of the actuarial courses offered at the University of Manitoba. He has also taught courses in many countries including the USA (UConn and UC Santa Barbara), Switzerland (University of Basel), Taiwan, Thailand, and China. Dr. Pai has given seminars and published many study manuals in helping students prepare and pass actuarial examinations. He has been serving as an independent reviewer for SOA Exam P since 2013. Dr. Pai has received many congratulation letters from the Dean Office based on his teaching performances. He has also received two outstanding teaching awards in his teaching career. In research, Dr. Pai has published over 40 referred journal papers and received two best paper awards, including the CAS Best Paper Award in 2016.

Hong Li, Ph.D., FSA, ACIA

Dr. Li is an Associate Professor of Economics and Finance at the Gordon S. Lang School of Business and Economics, University of Guelph. He is a fellow of the Society of Actuaries and an associate fellow of the Canadian Institute of Actuaries. Dr. Li has taught various actuarial science and statistics courses at the undergraduate and graduate levels. He has been serving as a grading volunteer and question writer for the SOA QFIPM exam since 2021. Dr. Li has published over 20 refereed journal papers since he obtained his Ph.D. degree in 2015, and has participated in various research projects sponsored by CAS, SOA, and CIA in recent years. He received the 2018 Bob Alting von Geusau Prize for the best paper published in ASTIN Bulletin with a Financial Risk or Enterprise Risk Management focus.

Alisa Walch, M.A., FCAS

Professor Walch is an Associate Professor of Instruction & Actuarial Program Assistant Director at University of Texas at Austin. Professor Walch teaches actuarial science classes, is responsible for semesterly case competitions and serves as faculty advisor for their Actuarial Science Club and Gamma Iota Sigma chapter. Professor Walch also volunteers with the Casualty Actuarial Society and won the New Member Award in 2020. Professor Walch graduated from TCU in 2005 with a Bachelors in Mathematics, then graduated from the UT at Austin in 2008 with a Masters in Actuarial Science. Subsequently, she worked as a Property & Casualty actuary for three years at The Hartford before deciding to switch to academia.

Ambrose Lo Ph.D., FSA, CERA

Professor Lo is currently Associate Professor of Actuarial Science with tenure at the Department of Statistics and Actuarial Science, The University of Iowa. He earned his B.S. in Actuarial Science (first class honors) and Ph.D. in Actuarial Science from The University of Hong Kong in 2010 and 2014, respectively. He joined The University of Iowa as Assistant Professor of Actuarial Science in August 2014 and was tenured and promoted to Associate Professor in July 2019. His research interests lie in dependence structures, quantitative risk management as well as optimal (re)insurance. His research papers have been published in top-tier actuarial journals, such as ASTIN Bulletin: The Journal of the International Actuarial Association, Insurance: Mathematics and Economics, and Scandinavian Actuarial Journal. In addition to coauthoring the ACTEX Study Manual for SOA Exam SRM, he is also the sole author of the ACTEX Study Manual for CAS Exam MAS-I, ACTEX Study Manual for SOA Exam PA, and the textbook Derivative Pricing: A Problem-Based Primer (2018) published by Chapman & Hall/CRC Press.

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