If you’re aiming to become a credentialed actuary in North America, you’re probably familiar with the two main actuarial organizations: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). Both offer rigorous exam pathways, but what many candidates don’t realize is that with some strategic planning, you can combine credits from both organizations to accelerate your progress. Whether you’re just starting out or already have a few exams under your belt, understanding how to leverage SOA and CAS exam overlaps—and where they diverge—can save you months, even years, of study time and stress.
Let’s break down how this works in practice, share real-world examples, and give you actionable steps to maximize your exam efficiency. Along the way, I’ll sprinkle in some personal insights from my own journey and from colleagues who’ve successfully navigated this path. By the end, you’ll have a clear roadmap for combining SOA and CAS exam credits—and a better shot at earning your credentials faster.
Understanding the SOA and CAS Exam Structures #
Both the SOA and CAS require candidates to pass a series of preliminary and advanced exams, along with completing Validation by Educational Experience (VEE) requirements. The early exams—often called the “prelims”—are quite similar between the two societies. Exams P (Probability), FM (Financial Mathematics), and IFM (Investment and Financial Markets) are jointly administered and recognized by both organizations. This means if you pass P with the SOA, the CAS will also grant you credit, and vice versa. This overlap is your first big opportunity to save time.
But after the prelims, the paths diverge. The SOA focuses on life, health, retirement, and investment risks, while the CAS specializes in property and casualty (P&C) insurance. Their upper-level exams cover different material, so you can’t double-dip beyond the prelims. However, if you’re unsure which track to pursue—or if you want to keep your options open—starting with the joint exams gives you flexibility. You can always specialize later.
Leveraging University-Earned Credit and VEE #
Here’s a practical tip: if you’re still in college, look into the SOA’s University-Earned Credit (UEC) program. Certain universities designated as Centers of Actuarial Excellence (CAE) allow students to earn credit for SOA exams by achieving a required grade in specific courses[2]. While the CAS does not have an identical program, passing these courses can still prepare you for the corresponding CAS exams, even if you don’t get automatic credit. This is a smart way to build momentum early, especially if you’re balancing coursework and exam prep.
For VEE requirements, both societies accept credits in Economics and Accounting & Finance. The SOA also requires Mathematical Statistics, but the CAS does not—this material is tested in their exams instead[6]. If you complete your VEEs through approved college courses, you can submit them to both organizations. Just remember to send your official transcripts and follow each society’s application process[5][6].
Transition Rules and Waivers: Know the Exceptions #
The actuarial world isn’t static—exam syllabi and credit policies evolve. Both the SOA and CAS have published transition rules for candidates who passed certain exams under older syllabi or through international actuarial bodies. For example, the CAS has specific policies for granting credit based on exams passed with the Institute and Faculty of Actuaries (UK), Actuaries Institute (Australia), and others[1]. If you have international exam credits, check the CAS website for detailed equivalencies—you might be pleasantly surprised by what transfers.
Similarly, if you’ve already passed upper-level SOA exams and are considering a switch to CAS (or vice versa), review the waiver rules carefully. The CAS does not automatically grant credit for all SOA exams, especially beyond the prelims. There are forums and discussion boards where candidates share their experiences with transferring credits, but always verify with the official society guidelines to avoid surprises[4].
Practical Steps to Combine Credits Effectively #
Let’s get concrete. Suppose you’re a college sophomore interested in actuarial science. Here’s a step-by-step approach to strategically combining SOA and CAS credits:
- Start with the Joint Exams: Tackle Exams P, FM, and IFM first. These are recognized by both societies, so passing them gives you a solid foundation and keeps your options open.
- Complete VEE Requirements Early: Take approved courses in Economics and Accounting & Finance during your undergraduate years. Submit your transcripts to both the SOA and CAS to fulfill these requirements efficiently[5][6].
- Consider University-Earned Credit: If your school is a CAE, aim for the grades needed to earn SOA exam credit through coursework. Even if the CAS doesn’t grant automatic credit, the knowledge will help you pass their exams[2].
- Decide on Your Specialty: After the prelims, you’ll need to choose between SOA (life/health/retirement) and CAS (P&C). If you’re undecided, you can take one or two upper-level exams from each society to get a feel for the material—but be aware that credits may not transfer, so focus your efforts where they count most.
- Stay Updated on Policy Changes: Exam syllabi and credit policies can change. Subscribe to updates from both societies and check their websites regularly for the latest information.
Real-World Examples and Insights #
I’ve seen candidates take different approaches to combining credits, with varying degrees of success. One colleague passed all three joint exams while in college, completed her VEEs through coursework, and then took a summer internship in P&C. The experience convinced her to pursue the CAS track, and she was able to transition smoothly because her prelim credits were already in place. She estimates this strategy saved her at least six months compared to starting from scratch after graduation.
Another candidate I know was less strategic. He passed several SOA upper-level exams before realizing his true interest was in P&C. Because the CAS doesn’t grant credit for most SOA upper-level exams, he had to retake several tests. It was a tough lesson, but he’s now an FCAS and mentors new candidates to avoid the same mistake.
These stories highlight the importance of early planning and flexibility. The actuarial exam process is a marathon, not a sprint, and the more you can do to streamline your path, the better.
Common Pitfalls and How to Avoid Them #
Even with the best intentions, it’s easy to stumble. Here are some common mistakes and how to steer clear:
- Assuming All Credits Transfer: Beyond the prelims, SOA and CAS exams are distinct. Don’t assume that passing an SOA exam will automatically count toward CAS requirements, or vice versa. Always check the latest society guidelines.
- Delaying VEE Completion: It’s tempting to focus solely on exams, but neglecting VEE requirements can delay your progress. Knock them out early through approved courses—it’s one less thing to worry about later.
- Ignoring Policy Updates: Actuarial societies occasionally update their exam structures and credit policies. Failing to stay informed could mean missing out on new opportunities or wasting time on exams that no longer count.
- Overcommitting to Both Tracks: While it’s possible to take exams from both societies, spreading yourself too thin can lead to burnout. Once you’ve passed the prelims, focus on the track that aligns with your career goals.
Maximizing Efficiency: Advanced Strategies #
For those who want to go the extra mile, here are some advanced tactics:
- Leverage Graduate Programs: Some graduate programs in actuarial science are explicitly designed to prepare students for both SOA and CAS exams. For example, certain courses may cover material for SOA’s Statistics for Risk Modeling, Financial Mathematics, Long-Term Actuarial Mathematics, Investment and Financial Markets, and Short-Term Actuarial Mathematics exams—all of which have significant overlap with CAS prelims[7]. If you’re considering graduate school, look for programs that highlight this dual preparation.
- Use Online Resources for VEE: If you didn’t complete your VEEs in college, don’t panic. Both societies approve online courses and seminars for these credits. This is a flexible option for career-changers or those returning to actuarial studies after a break[6].
- Network with Peers: Join actuarial clubs, attend conferences, and participate in online forums. You’ll pick up tips from others who’ve successfully combined credits and learn about pitfalls to avoid.
- Seek Employer Support: Many employers offer study materials, paid study time, and bonuses for passing exams. If you’re already working, take advantage of these benefits to accelerate your progress.
The Big Picture: Why This Matters #
Earning your actuarial credentials is a significant achievement, but it’s also a major investment of time and energy. By strategically combining SOA and CAS exam credits, you can reduce redundancy, lower stress, and reach your goals faster. This isn’t just about saving months on your timeline—it’s about building confidence, maintaining momentum, and positioning yourself for long-term career success.
In my own experience, the candidates who thrive are those who plan ahead, stay adaptable, and make informed decisions at each step. They don’t just follow the crowd; they chart their own course based on clear information and personal goals.
Final Thoughts and Actionable Next Steps #
If you’re serious about becoming an actuary, here’s what you can do right now:
- Audit Your Progress: List the exams and VEEs you’ve completed, and identify any gaps.
- Review Society Guidelines: Visit the SOA and CAS websites to confirm current credit policies and transition rules[1][3].
- Plan Your Next Moves: Based on your audit, decide which exams to tackle next. If you’re in college, explore university-earned credit options.
- Stay Flexible: Be open to adjusting your plan as you gain experience and clarity about your career interests.
- Connect with Others: Reach out to mentors, professors, or peers who’ve been through the process. Their insights can be invaluable.
Remember, there’s no single “right” way to become an actuary. The key is to make informed choices, take advantage of overlaps where they exist, and keep moving forward. With a strategic approach, you can combine SOA and CAS exam credits to fast-track your certification—and start making an impact in your actuarial career sooner than you might think.