The Pennsylvania Compensation Rating Bureau (PCRB) is pleased to announce that Jesse Marass has successfully fulfilled the examination requirements to become an Associate of the Casualty Actuarial Society (ACAS). As a result, PCRB has promoted Marass to Director of Actuarial Services.
Marass passed seven exams and fulfilled numerous other coursework requirements throughout his seven-year journey to earn his ACAS. The ACAS examination process is self-directed and highly competitive, with only two opportunities annually to take each exam.
“This is a proud moment for me and PCRB,” said Marass. “I was just one of hundreds of actuarial students taking the tests, and we were all just grinding away, spending 300 hours or more in a given three-month period studying for the next exam.”
Marass earned his B.S. in Actuarial Science from Arcadia University and joined PCRB in 2018 as an Actuarial Analyst. By 2021, he was promoted to Director of Internal Audit and Advisory. The move helped him better understand the insurance industry in preparation for a more significant role and eventual return to Actuarial Services fueled by his ACAS journey.
In his new role as a Director, Marass will ensure PCRB’s processes for developing loss
costs for the workers compensation industry in Pennsylvania are running smoothly and a high level of data quality is maintained through the use of actuarial standards and principles.
“PCRB prioritizes continuing education and training, as it is a pillar of our industry. We are so proud of the hard work and responsibilities Jesse has taken on during his time here, and our organization is stronger for it,” says PCRB President Bill Taylor.
PCRB paid for exam fees and study materials through its Actuarial Development Program, which promotes the ongoing development of professional casualty actuaries by:
—Assisting with successfully completing the examination process toward attaining professional credentials.
—Providing a challenging work environment, entailing exposure to all actuarial disciplines contributing to PCRB operations.
—Providing a healthy and challenging mentor relationship with other practicing actuaries.
“I asked (PCRB Chief Actuary and VP of Actuarial Services Brent Otto) to be an accountability partner for me, someone to check in with and make sure I’m doing what I need to do,” said Marass. “I could really tap into his expertise and knowledge. (PCRB President Bill) Taylor has always supported me continuing this journey, and my family sacrificed a lot to enable me to pursue this opportunity.”
The ACAS designation represents one of two highly coveted CAS membership levels. The next level of achievement is Fellow of the Casualty Actuary Society (FCAS), a designation Otto holds. FCAS requires successfully passing at least three more exams.
According to its most recent annual report, Casualty Actuary Society membership has grown 3% each of the last two years. Last year, there were 416 new Associates, and the total pass ratio for all exams was 45%.