Click here on the process of how to become an actuary.
Actuarial Science Exams
In order to be considered a fully credentialed actuary, there are a series of actuarial exams to be taken. The requirements for each credential varies depending on the actuarial organization you are seeking membership in and also the regulations of your host country.
General Exam Information:
Society of Actuaries (SOA)
The Society of Actuaries historically covers all aspects of traditional actuarial science other than property and casualty; this means health insurance, life insurance, and pensions. Recently, the Society of Actuaries have been expanding into non-traditional areas such as risk management, financial risk, and more. Also, after a recent falling out with the Casualty Actuarial Society (CAS), they have expanded into property and casualty insurance as well.
Credentials granted: FSA, ASA, CERA
Actuarial Exams: P, FM, MLC, MFE, C, Associate Modules, then depends on fellowship track
What is the SOA CERA and is it worth it?
Casualty Actuarial Society (CAS)
The Casualty Actuarial Society is focused only on property and casualty insurance, and is the main society for this in North America. While the SOA has recently created exams to cover this area of insurance, the CAS is still the dominant organization in this area from the eyes of employers.
Credentials granted: FCAS, ACAS
Actuarial Exams: 1, 2, 3L, 3F, 4, 5, 6, 7, 8, 9, Module 1, Module 2
The regional oganizations don’t have exams for you to take. Membership is usually granted to associates/fellows of the above two organizations.
Canadian Institute of Actuaries (CIA)
The Canadian Institute of Actuaries is the supervising agency for Canadian actuaries. Full membership credential is Fellow of the Canadian Institute of Actuaries (FCIA).
SOA ASA -> ACIA
SOA FSA -> FCIA
CAS ACAS -> ACIA
CAS FCAS -> FCIA
American Academy of Actuaries (AAA)
The American Academy of Actuaries is the supervising body for American actuaries. Membership credential is Member of the American Academy of Actuaries (MAAA).
CAS FCAS -> MAAA
SOA FSA -> MAAA