Actuarial Exams are administered by the Society of Actuaries and the Casualty Actuarial Society – their websites contain complete descriptions of their education and examination systems, including syllabus and study materials, registration information, rules and regulations and resources of each exam.
To become a credentialed actuary, you complete the following steps. Exams can be taken in any order, but some of the later exams assume knowledge from the Preliminary Exams. As you progress through the exam pathway, topics become more tailored to your specific area of practice.
STEP 1: College Coursework
Many candidates take courses such as Macroeconomics, Microeconomics, Accounting, Finance, and Statistics during their college years and can receive credits for these courses through the SOA and CAS Validation by Educational Experience (VEE) program. No additional exam required! If you didn’t take these courses in college, there are several alternative options to help you satisfy these credits. Check out the courses that are eligible for VEE Credit here.
STEP 2: Preliminary Exams and Online Courses
Most candidates start on their actuarial exam journey by taking either the Probability or Financial Mathematics multiple choice exams. After that, candidates can choose whether to pursue credentials with the SOA or CAS, where topics include Long-Term Actuarial Mathematics or Modern Actuarial Statistics (I/II). Many candidates will take at least one exam during their college years and continue taking exams once they start working in an actuarial role. Some colleges with actuarial science programs may also offer courses that help students prepare for preliminary exams. There are also many resources, like online study programs, seminars, etc. that can help exam-takers prepare for most actuarial exams, including Associateship and Fellowship exams (described below).
STEP 3: Associateship Exams
There are two levels of credentials for actuaries – Associate and Fellow – with Associate being the first major achievement in your actuarial exam journey. After completing the preliminary exams, Associateship exams will help you learn the foundational tools and methods that actuaries apply in their day-to-day work.
Candidates for the Associateship credential must also complete a Professionalism course. This course familiarizes candidates with the Actuarial Profession’s Code of Conduct, Standards of Practice, and other ethical considerations that allow actuaries to remain a self-governing profession. These guidelines help actuaries make a positive difference in the world.
STEP 4: Fellowship Exams
After achieving the Associateship credential (ASA or ACAS), many actuaries go on to study advanced topics to achieve the Fellowship Credential (FSA or FCAS). While you can continue to practice as an actuary for your entire career with an Associateship, earning your Fellowship opens up many additional career opportunities and higher earning potential.
Check out these Frequently Asked Questions (FAQ’s) about actuarial exams.