Actuaries in the U.S. and Canada achieve professional status by passing a set of examinations and other requirements prescribed by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA).
Many prospective actuaries begin taking exams while in college through self-study courses jointly offered by the CAS and SOA. Most achieve Associateship in three to five years. All candidates acquire a core set of knowledge from required exams before following the CAS or SOA career path. A candidate'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.
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 completing 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. Most employers, however, prefer to hire people who have started the series of examinations on their own and have already passed some of them.
Many insurance companies and consulting firms have paid summer or part-time internships for actuarial students. Besides offering on-the-job experience, these positions are a good way to see if you are suited to an actuarial career. Check with your college placement officer, advisor, or academic department head for placement opportunities.
The CAS and SOA Web Sites contain complete descriptions of their education and examination systems. The preliminary exams and Validation by Educational Experience requirements are the starting points for an actuarial career.
The preliminary exams are the common foundation for becoming an actuary. No matter which actuarial practice area a person decides to enter, future actuarial education will depend on mastery of the preliminary exams.
The Preliminary Exams are sponsored by the Canadian Institute of Actuaries (CIA), Casualty Actuarial Society (CAS), and the Society of Actuaries (SOA). Details for each exam are available after the brief description.
The Probability Exam (called Exam P by the SOA and Exam 1 by the CAS) consists of three hours of multiple-choice questions offered by computer-based testing (CBT). The purpose of this exam is to develop knowledge of probability. The application of these tools to problems encountered by actuaries is emphasized. A thorough command of calculus and probability topics is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.
The Financial Mathematics Exam (called Exam FM by the SOA and Exam 2 by the CAS) consists of three hours of multiple-choice questions offered by computer-based testing. This exam covers interest theory (discrete and continuous) and an introduction to derivative securities. It assumes a basic knowledge of calculus and probability.
The Financial Economics Exam (called Exam MFE by the SOA and Exam 3F by the CAS) consists of three hours of multiple-choice questions offered by computer-based testing. This exam covers interest rate models, rational valuation of derivative securities, simulation, and financial risk management techniques.
The SOA and CAS each offer their own version of the life contingencies exam. The SOA Life Contingencies Exam (called Exam MLC) is a three-hour multiple choice exam. The CAS Life Contingencies and Statistics Exam (called Exam 3L) is a two-and-a-half-hour, multiple-choice exam. Those who pass the SOA Life Contingencies Exam will be granted credit for the CAS Life Contingencies and Statistics Exam.
The Construction and Evaluation of Actuarial Models Exam (called Exam C by the SOA and Exam 4 by the CAS) consists of three and a half hours of multiple-choice questions offered through computer-based testing.
Preliminary Actuarial Examinations, the joint administrative operation of the Casualty Actuarial Society (CAS) and Society of Actuaries (SOA), administers the jointly sponsored preliminary exams.
Validation by Educational Experience (VEE) topics consist of the three subjects:
Although these topics are not tested by the actuarial societies, they are required in addition to the preliminary exams. The VEE subjects may be fulfilled independently of the preliminary exam process.
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. Details may be found on the CAS education page.
Both Associateship and Fellowship level exams are difficult, and becoming an actuary requires a significant amount of study and preparation but an actuarial career can be very rewarding.
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