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Certified Annuity Specialist (CAS)

Certified Annuity Specialist (CAS)

What Is a Certified Annuity Specialist (CAS)?

A certified annuity specialist (CAS) is a professional who holds a certification demonstrating expertise in fixed-rate and variable annuities. Individuals with the CAS assignment can offer clients expert counsel concerning investment opportunities in annuities that give a flood of income to the people who are approaching or in retirement. The cost of the CAS is $1,365, which incorporates registration, course books, and exams.

Grasping Certified Annuity Specialist (CAS)

The CAS assignment is issued by the Institute of Business and Finance (IBF) through a six-module self-study program and requires 30 hours of continuing education like clockwork. The course incorporates three exams and a case study administered by the Financial Industry Regulatory Authority (FINRA). As indicated by FINRA, a candidate must complete the accompanying requirements to get the CAS assignment:

  • Essential — a four year college education or 2,000 hours of financial services work experience
  • Complete a self-study program of six modules
  • Finish three exams and a case study
  • Complete continuing education requirements of 30 hours like clockwork

The IBF made the assignment in 2006 to zero in on building financial advisors' information on annuities. The certification supports an individual's information on fixed and variable annuities, as well as annuity contracts, naming options, living benefits, and litigation issues.

The IBF calls the course halfway to-cutting edge and can be beneficial for financial advisors, as well as financial planners, bankers, brokers, accountants, or money managers. The course likewise centers around portfolio theory, which can be helpful for breaking down annuity products.

Requirements for Selling Annuities

While the CAS certificate addresses a high level of expertise, it's anything but a requirement for the sale of annuities. Just licensed insurance brokers might sell fixed-rate annuities. Each state has various regulations for fixed-rate annuities, and these rules are many times in light of the proposals of the National Association of Insurance Commissioners.

Variable-rate annuities are additionally regulated by the SEC and FINRA, and brokers are required to have both the Series 6 and Series 63 securities licenses notwithstanding state life insurance requirements.

Variable-rate annuities are legally considered securities and are regulated by both the SEC and FINRA. To sell variable rate annuities, an insurance broker must likewise have a suitable securities license.

Special Considerations

An annuity contract is a written agreement between an insurance company and a customer framing each party's obligations in an annuity agreement. Such a document will incorporate the specific subtleties of the contract, like the structure of the annuity (variable or fixed), any punishments for early withdrawal, spousal and beneficiary arrangements — like a survivor clause and rate of spousal coverage, and that's only the tip of the iceberg. All the more comprehensively, an annuity contract may just allude to any annuity.

An annuity contract is beneficial to the individual investor as in it legally ties the insurance company to give a guaranteed periodic payment to the annuitant when the annuitant comes to retirement and solicitations beginning of payments. Basically, it guarantees risk-free retirement income.

Annuities can be especially hard for consumers to comprehend. They're not insured by the government and on second thought backed by the insurance companies who sell them. This means your flood of income is just on par with the company that issues the annuity. Several independent companies, like A.M. Best and Moody's, give [insurer financial stability ratings](/insurance-company-FICO score) and give the public free access to this data.


  • To sell annuities, brokers must be qualified life insurance agents. Variable-rate annuities likewise require a suitable securities license.
  • A certified annuity specialist (CAS) is a certified expert in fixed-rate and variable annuities.
  • The CAS requirements incorporate either a four year college education or 2,000 hours of work experience in financial services.
  • The current cost for the CAS assignment is $1,365, charged by the Institute of Business and Finance (IBF). This incorporates registration, reading material, practice tests, and exams.
  • To receive the CAS assignment, individuals must pass a six-module self-study program and finish three exams and a case study administered by FINRA.