Needs-Based Exam Reimbursement Program

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 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 guardian 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 refunded to you. Request 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.

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) please apply to the Diversity Reimbursement Program instead.

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

Margaret Kerr
Casualty Actuarial Society
4350 North Fairfax Drive, Suite 250
Arlington, VA 22203