CAS and SOA Announce New Actuarial Exam Support Program
The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) announce a new jointly-sponsored exam reimbursement program. The new Actuarial Exam Support Program, based on qualifications of need, is available to candidates as of May 1, 2024.
The program is an expanded version of the current in-force Needs-Based Exam Reimbursement program and aims to extend support to a broader range of candidates, ensuring equitable access to actuarial education and opportunities. This change reflects a commitment to inclusivity, expands eligibility criteria to address various forms of need, including provisions for students and career-changers. Additionally, the program considers exam scores of four and above, broadening the scope of support of the prior Needs-Based program. Candidates can still apply for reimbursement to the current Needs-Based Exam Reimbursement Program through the end of April. The SOA and CAS recognize that every candidate’s journey is unique and are committed to helping candidates overcome financial obstacles that create barriers of entry to the actuarial profession. For more information on the new program, eligibility criteria, and application details, please visit BeAnActuary.org starting May 1.
The Casualty Actuarial Society/Society of Actuaries Needs-Based Exam Reimbursement Program is a pilot program designed to provide assistance to actuarial candidates who demonstrate financial need, aiding them in their actuarial journey. living in Canada or the United States. This reimbursement program is currently limited to students living in the United States or Canada and is not designed for individuals employed full-time in an actuarial position.
Beginning with January 1, 2022:
The Needs-Based Exam Reimbursement pilot program will cover a study material stipend and reimbursement for passed exams P, FM, IFM, LTAM and MAS-I, for students living in the U.S. and Canada who meet one of the following criteria:
- Previously received a Pell Grant.
- Have an income level that falls below the living wage requirement based on location and family members per household, as shown in the MIT Living Wage Calculator. For students living with guardians, or claimed on the guardians’ taxes, the guardians’ income should be used in the calculator.
- Qualify for the Supplemental Nutrition Assistance Program (SNAP) or other state programs known as Food Stamps, Food Assistance or Food Supplement Program in the U.S., and provincial social assistance in Canada.
To qualify for a reimbursement:
- Register and take exam P/1, FM/2, IFM, LTAM, or CAS MAS-I
- If you pass, the exam fee will be reimbursed to you once your official score has been posted. You are also eligible for a stipend for study materials totaling $175.
- Once you receive your official score, please fill out the electronic request for reimbursement.
- If you score 5 or lower (not a passing score), the exam fee will NOT be reimbursed or refunded to you. Requests are processed once a month and you’ll get an email confirmation once the request has been approved.
- You have up to 12 months after receiving an official qualifying score from the SOA/CAS to be reimbursed for exam fees.
You may receive reimbursement from this program if you DO NOT receive reimbursement from another source – such as the Diversity Exam Reimbursement Program, your school, and employer, or another actuarial organization.
All candidates who take an exam starting in 2024 and meet the financial need criteria should apply for the Needs-Based Exam Reimbursement Program. For candidates who took an exam prior to January 1, 2024, and have not yet submitted their application for reimbursement, if you are an African American, Black, Hispanic/Latinx, or Native North American or Indigenous resident, and are either a Canadian or U.S. citizen, asylum seeker, or have a permanent resident or educational visa in Canada or the U.S. (from those above groups), qualified candidates may apply for the Diversity Exam Reimbursement Program until March 31, 2024.
For further information view the Diversity Exam Reimbursement Program Frequently Asked Questions or contact:
Lucrecia Graciano
Society of Actuaries
475 N. Martingale Road, Suite 600
Schaumburg, IL 60173-2226
lgraciano@soa.org
Margaret Kerr
Casualty Actuarial Society
4350 North Fairfax Drive, Suite 250
Arlington, VA 22203
mkerr@casact.org