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).

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.

Exams 1/P, 2/FM, 3F/MFE, and 4/C are jointly administered by the CAS and SOA. Although SOA Exam MLC and CAS Exam 3L are not jointly administered, the CAS grants credit for its Exam 3L to those who pass SOA Exam MLC. Exams 1/P, 2/FM, and 4/C are offered at various times of the year by computer-based testing. Details are available on the CBT page.

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, the three Validation by Educational Experiences topics, 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 Basic Examination and the SOA online Education Area 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.

Actuarial Examination Information

Preliminary Actuarial Examinations administers the jointly sponsored Exams 1/P, 2/FM, 3F/MFE, and 4/C of the Canadian Institute of Actuaries, Casualty Actuarial Society, and the Society of Actuaries. Information about these exams is provided below.

Exam 1/P - Probability
The examination for this course consists of three hours of multiple-choice questions offered through Computer-Based Testing. The purpose of this course is to develop a knowledge of probability. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of calculus and probability topics is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.

Exam 2/FM - Financial Mathematics
The examination for this course consists of three hours of multiple-choice questions offered through Computer-Based Testing. This course covers interest theory (discrete and continuous). It assumes a basic knowledge of calculus and probability.

Exam 3F/MLC - Financial Economics
The examination for this course consists of two-and-a-half hours of multiple-choice questions. This course covers interest rate models, rational valuation of derivative securities, simulation, and risk management techniques.

Exam 4/C - Construction and Evaluation of Actuarial Models
The examination for this course consists of three and a half hours of multiple-choice questions offered through Computer-Based Testing.

The CAS Syllabus of Basic Examination and the Education Area of the SOA Web site contain descriptions of the education and examination system for the Preliminary Actuarial Examinations.

Registering for Exams

To register for Computer-Based Actuarial Exams, please visit the CBT webpage.

Sample Actuarial Examinations

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Preliminary Actuarial Examinations administers the jointly sponsored Exams 1/P, 2/FM, 3F/MFE, and 4/C of the Casualty Actuarial Society and the Society of Actuaries. Sample examinations for Exams 1/P and 2/FM are available for download below.

Exam 1/P - Probability

Exam 2/FM - Financial Mathematics