Actuarial Science Program

 

To be an Actuary 

 

Actuarial Exams

Courses/prerequisites

Program of study

VEE Courses

TIAA-CREF scholarship

Jobs - Internships

Announcements

Links 

 

     To Become an Actuary

To become an Actuary you must become an Associate, and ultimately a Fellow, of one of the professional societies by passing a series of examinations.

 

The largest of the professional groups is the Society of Actuaries (SOA), the organization for actuaries working in life and health insurance, employee benefits, and pensions. The Casualty Actuarial Society (CAS) is the organization for actuaries working in automobile, fire, and liability insurance and workers' compensation.

 

The actuarial exams are administered by the SOA and the CAS, and cover a variety of important subjects in the insurance industry. These subjects include calculus, linear algebra, differential equations, probability and statistics, operations research, numerical methods, interest theory, life contingencies, economics, finance, insurance law, etc.

 

Many prospective actuaries start taking exams while in college and then continue on taking them while working. Employers are generally supportive and may give students study time during working hours and pay exam fees. Most employers prefer to hire people who have already passed a couple of exams.

 

Associate (ASA) designation

Effective January 1, 2007 the following requirements for Associateship will be applicable.

  1. All candidates must complete Exams P, FM, MLC, MFE, and C, collectively known as the preliminary education component.

  2. All candidates shall satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics.

  3. Fundamentals of Actuarial Practice (FAP) Modules 1-8 including both FAP assessments

  4. All candidates must also complete the Associateship Professionalism Course (APC).

Chartered Enterprise Risk Analyst (CERA)

Candidates earn the CERA credential by completing the following requirements:

  1. All candidates must complete Exams P, FM, MFE, and C.

  2. All candidates must satisfy Validation by Educational Experience (VEE) for Economics.

  3. All candidates must complete the Advanced Finance/ERM examination and the CERA (Operational Risk) module.

  4. All candidates must complete the Associateship Professionalism Course (APC).

Fellow (FSA) designation

  1. An ASA will be admitted as a Fellow of the Society of Actuaries (FSA) after completing the Fellowship educational requirements. Candidates must complete all of the preliminary exam requirements, VEE, Fundamentals of Actuarial Practice (FAP) Modules 1-8 and both assessments and

    1. Two FSA Modules*

    2. Examination Company/Sponsor Perspective (CSP)*

    3. Examination Design & Pricing (DP)*

    4. Decision Making and Communication (DMAC) Module

    5. Fellowship Admissions Course (FAC)

     

  2. For candidates holding the CERA credential who proceed onto Fellowship, the following educational requirements must be completed:

    1. VEE for Corporate Finance and Applied Statistics

    2. Exam MLC

    3. Fundamentals of Actuarial Practice (FAP) Modules 1-8 and all related assessments

    4. Financial Economic Theory FSA Exam

    5. Financial Economics FSA Module

    6. Financial Reporting/Operational Risk Module

    7. Decision Making and Communication (DMAC) Module

    8. Fellowship Admissions Course (FAC)

For more details check Admission Requirements to the SOA