About Actuarial Examinations

Actuaries in the U.S. and Canada achieve professional status by passing a set of examinations prescribed by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). Examinations are held twice each year in the Spring and Fall at various cities in the United States, Canada, and other countries around the world. Exams 1/P, 2/FM, and 4/C are jointly administered by the CAS and SOA.

Many prospective actuaries begin taking exams while in college with the aid of self-study courses jointly offered by the CAS and SOA. Most achieve Associateship in three to five years. All students acquire a core set of knowledge from required courses before following the CAS or SOA career path. A student's selection to pursue the SOA or CAS career path is frequently influenced by personal interest, set of skills, and acceptance of a particular entry-level job.

The SOA offers required and elective self-study courses. Prospective actuaries must earn credits from several course exams to become an Associate. In the CAS, successful completion of Exams 1/P through 7, and attendance at the CAS Course on Professionalism, satisfy the membership requirements for an Associate.

After achieving Associateship status, and usually after gaining a few years of work experience, most actuaries complete the Fellowship exams. SOA candidates choose one of five specialty tracks: group and health benefits, individual life and annuity, pensions, investments, or finance. Several required and elective courses make up each track. Fellowship candidates will also fulfill Professional Development activities. These are very flexible study plans; allowing the candidate to choose form areas of personal interest and ways to gain that knowledge.

To achieve Fellowship in the Casualty Actuarial Society, candidates must complete an additional two exams covering such topics as investments, financial analysis, advanced ratemaking, and individual risk rating plans. In summary, satisfactory completion of all nine Exams is required for CAS Fellowship, the highest mark of distinction a CAS member can achieve.

Both Associate and Fellowship level exams are difficult, and becoming an actuary requires a fair amount of study and preparation. Depending on which course of study you choose, you'll prepare for exams by studying material required by the CAS or the SOA.

Unlike other professions, such as law and medicine, in the actuarial profession you can earn while you learn. Many students receive on-the-job training while enrolled in the examination process. Employers are generally supportive and may give students study time during working hours, pay exam fees, and award raises for each exam passed. However, most employers prefer to hire people who have started the series of examinations on their own and have already passed at least two or three.

Many insurance companies and consulting firms have summer or part-time jobs for actuarial students. Besides offering on-the-job experience, these positions are a good way to see whether you're suited to an actuarial career. Check with your college placement officer, advisor, or academic department head for placement opportunities.

The CAS Syllabus of Examinations and the SOA Basic Education Catalog contain a description of the education and examination system for the Preliminary Actuarial Examinations, including the material to be covered for each examination, instructions, schedules, and applications.

Click here to link to the Syllabus on the CAS Web Site.
Click here to link to the Basic Education Catalog on the SOA Web Site.