Concrete-encased steel (CES) beam, in which structural steel is encased in a reinforced concrete (RC) section, is widely applied in high-rise buildings as transfer beams due to its high load-carrying capacity, great stiffness, and good durability. However, these CES beams are prone to shear failure because of the low shear span-to-depth ratio and the heavy load. Due to the high load-carrying capacity and the brittle failure process of the shear failure, the accurate strength prediction of CES beams significantly influences the assessment of structural safety. In current design codes, design formulas for predicting the shear strength of CES beams are based on the so-called “superposition method”. This method indicates that the shear strength of CES beams can be obtained by superposing the shear strengths of the RC part and the steel shape. Nevertheless, in some cases, this method yields errors on the unsafe side because the shear strengths of these two parts cannot be achieved simultaneously. This paper clarifies the conditions at which the superposition method does not hold true, and the shear strength of CES beams is investigated using a compatible truss-arch model. Considering the deformation compatibility between the steel shape and the RC part, the method to obtain the shear strength of CES beams is proposed. Finally, the proposed model is compared with other calculation methods from codes AISC 360 (USA, North America), Eurocode 4 (Europe), YB 9082 (China, Asia), JGJ 138 (China, Asia), and AS/NZS 2327 (Australia/New Zealand, Oceania) using the available test data consisting of 45 CES beams. The results indicate that the proposed model can predict the shear strength of CES beams with sufficient accuracy and safety. Without considering the deformation compatibility, the calculation methods from the codes AISC 360, Eurocode 4, YB 9082, JGJ 138, and AS/NZS 2327 lead to excessively conservative or unsafe predictions.