Starting your actuarial career comes with one of the first big questions that can feel overwhelming: should you pursue the SOA (Society of Actuaries) or the CAS (Casualty Actuarial Society) certification path? This choice shapes not only your exam journey but also the industries you’ll work in and the kind of problems you’ll solve daily. As someone who’s seen many actuaries navigate this decision, I want to share a step-by-step guide that breaks down the essentials, offers practical advice, and helps you make an informed choice that fits your interests and goals.
Imagine you’ve passed your initial actuarial exams—probably Exam P (Probability) and Exam FM (Financial Mathematics)—and now you’re looking ahead to your specialization. The SOA and CAS are the two primary professional bodies in the U.S. that certify actuaries, but they serve different sectors and have distinct exam tracks. Here’s how to think about it.
First, let’s talk about what each society focuses on. The CAS is all about property and casualty insurance. This means working with risks involving cars, homes, businesses, and similar types of insurance where losses are related to property damage or liability. The SOA, on the other hand, covers a broader range of fields including life insurance, health insurance, pensions, retirement benefits, finance, and enterprise risk management. While both societies offer some overlap—like SOA offering a general insurance track—most property and casualty actuaries in the U.S. hold CAS credentials.
So, if you find yourself fascinated by analyzing risks tied to car accidents, natural disasters, or business liabilities, the CAS might be your natural fit. Conversely, if you’re drawn to understanding how people’s lives, health, and financial futures are insured and managed, the SOA would likely be more aligned with your interests.
Now, let’s move into the practical steps to decide which path is right for you.
Evaluate Your Interests and Career Goals
Take a moment to consider what excites you. Do you enjoy crunching numbers to predict the likelihood of natural disasters or car accidents? Or are you more intrigued by modeling life expectancy, health trends, or retirement savings? This is a critical starting point because the day-to-day work of a CAS actuary versus an SOA actuary can be quite different.
For example, a CAS actuary might spend time pricing insurance policies for a new auto insurance product, analyzing claim trends and setting premiums. An SOA actuary might be building models to forecast pension plan costs or assessing mortality risks for life insurance products.
If you’re unsure, try to get internships or entry-level roles in both areas. Industry exposure is invaluable in clarifying what suits your strengths and interests. According to Jim Blair, a former head of actuarial recruiting, internships in both life/health and property/casualty fields can help you find your passion early on[8].
Consider Your Current Job or Internship
Your first actuarial job often nudges you toward one path or the other. Most employers prefer candidates to pursue credentials aligned with their business lines. For instance, if you land a role at a P&C insurance company, the CAS path is usually the way to go. If your role is in life or health insurance, then the SOA path makes more sense.
Switching later is possible but not easy. The exams don’t fully overlap, so changing societies mid-career means extra studying and exams[1]. Getting started in the right track saves time and energy in the long run.
Understand the Exam Structure and Content
Both societies require passing a series of challenging exams, but their focus areas differ. Early exams—like Probability and Financial Mathematics—are shared prerequisites. After these, the SOA’s exams broaden into topics like life contingencies, health benefits, and finance, while the CAS exams dive deeply into property and casualty-specific topics such as loss models and ratemaking[4][7].
For example, the SOA offers various fellowship tracks including Enterprise Risk Management (ERM), Finance & Investments, and Retirement Benefits, offering flexibility if you want to keep options open. The CAS, by contrast, has a single fellowship track focused specifically on P&C actuarial science[2][6].
Think About Industry Demand and Salary
Actuaries across both paths enjoy lucrative salaries. According to available data, both SOA and CAS certified actuaries have strong earning potential, but salaries can vary based on location, experience, and industry. P&C actuaries, those certified through CAS, often work in insurance companies, consulting firms, or government agencies focused on property-related risks. SOA actuaries might work in life insurance, health insurance, or retirement sectors[1][8].
While salary differences aren’t typically huge enough to be the sole deciding factor, knowing the job market in your area and your lifestyle preferences can help. For example, urban centers with large P&C insurers might offer more CAS opportunities.
Use Validation by Educational Experience (VEE) to Your Advantage
Both societies allow you to earn credit for college coursework in subjects like economics, finance, and statistics through VEE programs. If you haven’t completed these courses yet, you can plan your electives strategically to fulfill these requirements early, giving you a head start on your exam journey[7].
Plan Your Exam Timeline with Realism
Actuarial exams are challenging and require consistent study over months. It’s common for candidates to pass an exam every 6 to 12 months. Many take several years to complete all requirements for fellowship.
A practical approach is to pass the preliminary exams while in college or early in your career, then decide your path based on job placement and interest. It’s also worth noting that both societies update their exam requirements periodically, so stay informed through their official websites[4].
Know You Can Pivot But Prepare for Extra Work
If you start on one path and realize it’s not for you, switching is possible but involves additional exams. Many actuaries have made successful transitions, but it demands significant extra effort and planning. Early specialization is generally easier and helps you build expertise faster[1].
Let me share a quick story from a colleague who initially started studying for the SOA exams because they thought life insurance was interesting. After an internship in a P&C company, they realized their passion was in property and casualty risks. They switched to the CAS path, but it took extra exam sittings to catch up. If they’d known earlier, they would have saved a lot of time and stress.
On the flip side, I know someone who started with the CAS but found the narrower focus limiting. They switched to the SOA track to explore broader finance and risk management roles. Both stories show it’s doable but smoother to choose wisely early on.
In short, the SOA path is broader and offers more variety, including life, health, pensions, and finance, while the CAS path is specialized and focused on property and casualty insurance. Your choice depends on your personal interests, the type of work you want to do, and where your first job places you.
If you’re still undecided, here’s a quick checklist to help:
Do you want to work mostly with property, auto, and liability insurance? CAS is your go-to.
Are you interested in life insurance, health benefits, pensions, or finance? SOA is probably better.
Have you secured an internship or job? Follow the society aligned with that role.
Want flexibility and multiple career options? SOA provides more tracks.
Ready to specialize early and dive deep into P&C? CAS fits that bill.
Remember, whichever path you choose, becoming a certified actuary is a marathon, not a sprint. It requires dedication, consistent study, and a passion for problem-solving. The exams are tough, but with the right mindset and planning, you’ll find the journey rewarding.
Actuarial careers are among the most respected and well-compensated professions today, with median salaries often exceeding six figures as you gain experience[8]. Your choice between SOA and CAS sets the foundation, so take the time to assess your preferences, seek advice from mentors, and explore practical experiences before committing.
Finally, keep in mind the actuarial community is supportive. Reach out to current SOA and CAS members, join student actuarial clubs, and attend industry events to get firsthand insights. The more you learn about each path, the easier your decision will be.
Choosing between SOA and CAS isn’t just an exam choice—it’s your doorway to a fulfilling actuarial career tailored to your strengths and passions. Take it step by step, and you’ll be on a clear path to success.