Actuarial Examinations

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 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 Society of Actuaries offers required and elective self-study courses. Prospective actuaries must earn credits from several course exams to become an Associate. In the Casualty Actuarial Society, successful completion of Exams 1/P through 7, and attendance at the CAS Course on Professionalism, satisfy the membership requirements as 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. Fellowship candidates will also fulfill 50 hours of Professional Development activities.

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.

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.