The examination for this material consists of three hours of multiple-choice questions and is now being offered as a computer-based test. The purpose of this exam's course of reading is to develop knowledge of the fundamental probability tools for quantitatively assessing risk.The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of probability topics and the supporting calculus is assumed.

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The Financial Mathematics exam for this material consists of three hours of multiple-choice questions. The goal of the Financial Mathematics course of reading is to provide an understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. The candidate will also be given an introduction to financial instruments, including derivatives, and the concept of no-arbitrage as it relates to financial mathematics.

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The topic of Economics requires Validation by Education Experience which is typically gained by taking approved college courses or standardized examinations. CERA credential candidates may apply for VEE credit after they have passed two examinations.

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The Actuarial Models Financial Economics exam for this material consists of two hours of multiple-choice questions. This material develops the candidate’s knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability and interest theory is assumed. Knowledge of risk management at the level of Exam P is also assumed. In addition, candidates are assumed to be familiar with the earlier chapters of the McDonald text, which are in the syllabus of Exam FM.

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The Construction of Actuarial Models exam for this material consists of four hours of multiple-choice questions. This material provides an introduction to modeling and covers important actuarial methods that are useful in modeling. A thorough knowledge of calculus, probability and mathematical statistics is assumed.

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The Advanced Finance/Enterprise Risk Management examination consists of six hours of written-answer questions on product knowledge, capital funding and structure, financial reporting, measuring value, risk management, enterprise risk management framework, ERM fundamentals, and credit risk.

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The Operational Risk Module is an e-Learning module where candidates acquire and use knowledge that is distributed and facilitated electronically. Candidates working towards the CERA credential will need to complete the Operational Risk Module in addition to the other CERA credential requirements. The current version of this module was available starting September 14, 2009. It replaces the CERA Operational Risk Module. Candidates who had registered for the earlier version may complete that module and use it to meet the CERA requirements.

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The Associateship Professionalism Course is one-half day seminar which covers professionalism, ethics and legal liability and makes extensive use of the case study method.