Choosing between the SOA (Society of Actuaries) and CAS (Casualty Actuarial Society) exam paths is one of the biggest early decisions for aspiring actuaries in 2025. Both routes lead to respected actuarial credentials, but they cater to different specialties and career goals. If you’re starting your actuarial journey this year, understanding the nuances and planning your certification strategy carefully will save you time, effort, and stress down the road.
Let’s break this down step-by-step, sharing practical advice and real-world insights so you can make an informed choice that fits your interests and career ambitions.
First, it’s important to understand the core difference between the two paths. The SOA exam track is broader, covering topics primarily related to life insurance, health insurance, pensions, and finance. It starts with foundational exams like Probability (Exam P) and Financial Mathematics (Exam FM) and progresses toward specialized fields such as life insurance or retirement benefits. On the other hand, the CAS path is more focused, zeroing in on property and casualty insurance. This includes auto, home, business insurance, and reinsurance. CAS exams dive deep into pricing, loss modeling, and risk assessment specifically for these lines of business[1][2].
If you find yourself fascinated by modeling life expectancy, health benefits, or retirement plans, SOA’s offerings will align well with your interests. Conversely, if you are intrigued by catastrophe modeling, underwriting, or the complexities of property and casualty insurance, CAS is likely the better match[1].
One important practical tip is to think about the industries and employers you want to work for. SOA actuaries often find themselves in consulting firms, insurance companies focused on life and health, government agencies, or pension funds. CAS actuaries usually land roles with insurance companies that specialize in property and casualty lines, including those that handle reinsurance or catastrophe risk[1].
From an exam structure perspective, the SOA recently revamped its Fellowship (FSA) requirements for 2025. Traditional tracks have been replaced with “practice areas,” allowing candidates more flexibility. For example, if you want to specialize in General Insurance, you’d take two courses like GI 101 and GI 201, then choose additional courses from other practice areas or cross-practice options. This modular approach lets you tailor your path without being locked into a rigid track. Plus, all SOA exams are now closed-book and roughly three hours long, with detailed scoring feedback available for those close to passing[4].
CAS, on the other hand, has made significant updates to its exams 7, 8, and 9, sharpening the focus of each exam to better align with the skills employers demand. Exam 7 now concentrates solely on Estimation of Policy Liabilities, while Exam 8 emphasizes Classification Ratemaking, and Exam 9 covers advanced actuarial topics like Enterprise Risk Management and catastrophe pricing. Starting in 2025, CAS also increased exam frequency for several tests, including MAS-I and MAS-II, offering them three times a year to improve candidate flexibility and reduce waiting times between attempts[3][5]. This is a big deal if you want to accelerate your progress or retake exams quickly.
Now, let’s talk about switching paths, which is a common concern. Yes, you can move from CAS to SOA or vice versa, but it’s challenging. The exams don’t fully overlap, meaning you’ll likely have to take extra tests to catch up on the other society’s requirements. Early specialization can make your life easier, so consider your interests carefully before committing. That said, if you’re unsure about your focus, starting with the common preliminary exams like Probability and Financial Mathematics can buy you some time before choosing[2].
Regarding compensation, data tends to show that both SOA and CAS credentialed actuaries earn competitive salaries, with variations largely dependent on experience, location, and industry. Specialty areas within each society may have different market demand and salary growth potential. For example, CAS actuaries working in catastrophe modeling or commercial lines pricing might command premium pay due to the niche expertise[2].
When mapping out your step-by-step certification strategy for 2025, here’s an actionable approach:
Assess Your Interests and Career Goals: Do you want to work in life insurance, pensions, or health? SOA is your path. More interested in property and casualty insurance? CAS fits better.
Start with Preliminary Exams: Both paths share preliminary exams like Exam P (Probability) and FM (Financial Mathematics). Use these to build a strong foundation and gain time before fully committing.
Research Industry Employers: Look at job postings and reach out to professionals in your network to understand which credential is preferred in your target roles.
Plan Exam Scheduling Strategically: SOA exams have specific offerings, while CAS exams are now more frequent. Use CAS’s increased exam frequency to your advantage if you want to move quickly.
Consider the New SOA Practice Areas: The flexibility in the SOA’s new system allows mixing practice areas, which can be valuable if you want a broader skill set.
Keep an Eye on Exam Content Changes: For example, CAS exams 7, 8, and 9 have shifted focus in 2025. Staying updated ensures you prepare efficiently.
Leverage Study Resources: Use practice exams, study manuals, and online platforms tailored to each society’s exams. For instance, the SOA’s FAM practice exams and CAS’s syllabus updates provide relevant prep material.
Factor in Long-Term Certification Requirements: Beyond exams, both societies require modules, professionalism courses, and work experience. Make sure to understand these early.
Join Actuarial Communities: Being part of forums, study groups, or local actuarial clubs can provide support, motivation, and insider tips.
Prepare for the Commitment: Both paths demand years of study and dedication. Balancing work, life, and study requires discipline and a clear plan.
To illustrate, imagine Jane, a 2025 actuarial candidate fascinated by how insurance can protect families’ financial futures through life insurance and retirement plans. She chooses the SOA path, starts with Exam P and FM, and plans to specialize in life insurance. Meanwhile, her friend Mark is captivated by the challenges of pricing auto insurance and assessing risks from natural disasters. Mark opts for CAS, preparing for the MAS-I and MAS-II exams, benefiting from the multiple exam sittings to retake exams quickly if needed.
Both Jane and Mark set realistic study schedules, use the latest prep materials, and engage with mentors who’ve walked their chosen paths. Their distinct journeys highlight how aligning your exam path with your passion and career goals makes the certification process more meaningful and manageable.
In summary, deciding between SOA and CAS in 2025 hinges on your career aspirations and interests. The SOA offers breadth and flexibility, especially with its new practice area system, while CAS provides deep expertise in property and casualty insurance with more frequent exam offerings. Take advantage of shared preliminary exams to explore your options, stay updated on exam changes, and plan strategically to keep your certification journey on track. With clear focus and steady effort, you’ll be well on your way to becoming a valued actuary in the field you love.