Choosing between the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) after passing your first two exams is a big step that shapes the direction of your actuarial career. It’s not just about which exams to take next; it’s about deciding the industry you want to specialize in, the kind of work you want to do, and the lifestyle you envision. Both paths are demanding but rewarding in their own right, so let’s walk through what this decision really means and how to make it strategically.
First, it’s important to understand what each society represents. The CAS focuses primarily on property and casualty insurance—think auto, home, commercial property, liability, and workers’ compensation insurance. The SOA, meanwhile, covers a broader range of fields including life insurance, health insurance, pensions, retirement benefits, finance, investments, and even enterprise risk management. So, your choice is largely tied to what kind of actuarial work you want to do in the long run.
If you’re leaning toward property and casualty (P&C) insurance, the CAS is generally the go-to. Most P&C actuaries in the U.S. earn their fellowship through CAS, and the exams and educational requirements are tailored specifically to that industry. On the other hand, if you find yourself fascinated by topics like mortality, longevity, health risks, retirement planning, or financial modeling, the SOA provides multiple fellowship tracks that allow you to dive deep into these areas.
One practical way to decide is to look at where you want to work or where your first actuarial job lands you. Many aspiring actuaries find that their first role influences their choice because switching between societies later is possible but challenging. Exams from one society don’t fully transfer to the other, so switching paths means additional exams and more time. For example, if you start working in a P&C company, going the CAS route makes sense. If you’re hired by a life insurance or pension consulting firm, the SOA path aligns better.
Beyond industry fit, consider your career goals and interests. CAS tends to be more focused and niche, which means you’ll gain deep expertise in P&C risks and products. SOA’s broader scope means more variety but also requires choosing a specialization later, such as health, life, or retirement. If you enjoy a wider range of actuarial topics and want flexibility to explore different domains, SOA might be more appealing.
Another factor is the exam structure and content. Both societies start with the same foundational exams—Probability (Exam P) and Financial Mathematics (Exam FM)—but then diverge. SOA offers multiple tracks with elective exams, letting you tailor your studies to your interests, while CAS follows a more streamlined track focused on P&C topics. Keep in mind that the CAS is currently updating its fellowship requirements, so staying updated on exam changes is wise.
Salary and job market trends can also influence your decision. While both CAS and SOA actuaries are well compensated, P&C actuaries with CAS credentials often find strong demand in insurance companies, consulting firms, and government roles related to risk and claims. SOA actuaries have opportunities in broader financial services, including life insurance companies, health insurers, pension funds, and even banks or investment firms. According to industry reports, actuarial roles continue to grow steadily, with demand for health and retirement actuaries rising due to an aging population and evolving healthcare systems.
Now, for some actionable advice if you’re at this crossroads:
Reflect on your internships or early job experiences. Where did you feel most engaged? What kind of projects excited you? Use those insights to guide your choice.
Talk to professionals in both fields. Reach out to actuaries working in P&C and life/health sectors. Their day-to-day experiences can give you clarity about what to expect.
Look at job postings in your desired location. What credentials are employers asking for? This can help you tailor your path to regional demand.
Consider your long-term lifestyle and work preferences. Some roles might involve more client interaction or consulting, while others focus on deep analytics or regulatory work.
Plan your exam schedule strategically. Passing your first two exams already sets a solid foundation. Decide which society’s next exams align with your schedule and study preferences.
Remember, it’s okay if you’re still unsure. Many actuaries have successfully switched paths after starting with one society, but the earlier you specialize, the smoother your journey tends to be. It’s a marathon, not a sprint, so pacing yourself and choosing a path that aligns with your interests will keep you motivated through the years of study ahead.
Ultimately, the decision between CAS and SOA is about matching your professional ambitions with the right credentialing path. Whether you choose the focused specialty of P&C through CAS or the broader opportunities with SOA, each offers a respected, challenging, and fulfilling career in actuarial science. Your first two exams are a strong foundation—now it’s time to build on it with a plan that fits you.