Starting your career in actuarial science means facing an important question early on: which certification path will get you to the Associate of the Society of Actuaries (ASA) designation the fastest? The ASA credential is a critical milestone that opens doors to advanced roles and better pay. With two main actuarial societies in the U.S.—the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS)—each offering different pathways and requirements, it’s essential to understand which route aligns best with your goals and timeline.
If you’re beginning fresh, your route to ASA will primarily revolve around passing a series of exams, completing Validation by Educational Experience (VEE) requirements, and finishing certain e-learning courses. But beyond just knowing the checklist, the real question is how to navigate these steps efficiently without burning out or wasting time on exams that don’t directly contribute to your desired credential.
The SOA is the organization that grants the ASA designation. For most career starters aiming for ASA, the traditional pathway includes passing preliminary exams like Exam P (Probability) and Exam FM (Financial Mathematics), followed by more specialized exams such as Exam FAM (Fundamentals of Actuarial Mathematics), SRM (Statistics for Risk Modeling), and PA (Predictive Analytics). In addition, candidates must complete VEE credits in topics like Economics, Corporate Finance, and Applied Statistical Methods, usually earned through approved college courses or online courses. Alongside these, e-learning modules and professionalism courses round out the requirements.
On the other hand, the CAS pathway focuses on property and casualty actuarial credentials, granting the ACAS (Associate of the Casualty Actuarial Society) designation, which is distinct from ASA but often sought by those targeting P&C specialties. CAS candidates face a different set of exams such as MAS-I and MAS-II (Modern Actuarial Statistics), and exams 5 and 6, which are more focused on ratemaking, reserving, and insurance operations. While the CAS does not award the ASA, many career starters wonder if starting with CAS exams might speed up their overall actuarial credentialing process.
When it comes to the fastest route to the ASA specifically, the SOA’s direct path is usually more straightforward. This is because the ASA is granted solely by the SOA, so taking SOA exams and completing its requirements directly leads to the ASA title. Starting with the SOA’s preliminary exams (P and FM) and progressing through the ASA-specific exams is generally the most time-efficient way for career starters to become ASAs.
Here’s a practical breakdown of how you might approach the path for speed and effectiveness:
Start early with Exam P and Exam FM: These two exams are foundational for both SOA and CAS. Many candidates pass these within the first year of study, often while finishing their degree or shortly after. They test probability and financial mathematics—skills used in virtually every actuarial role.
Focus on ASA-specific exams next: After clearing the preliminaries, concentrate on passing the ASA exams—Exam FAM, SRM, and PA—because these directly count towards ASA and are tailored for the SOA path.
Complete VEE credits concurrently: Don’t wait until all exams are done to tackle VEE. Since these are fulfilled through college courses or approved online classes, you can complete them alongside exam prep, shaving months off your timeline.
Utilize online e-learning modules early: The SOA requires some e-learning courses such as the Fundamentals of Actuarial Practice (FAP). These can be started as soon as you pass Exam FM, letting you advance without waiting for later steps.
Apply immediately after meeting all requirements: Once exams, VEE, and e-learning are done, apply promptly for your ASA designation. Timing your application to meet society deadlines ensures you don’t lose precious time.
Now, what about taking CAS exams first? It’s not uncommon for career starters, especially those interested in property and casualty insurance, to begin with CAS exams since the early ones overlap with SOA exams. For example, MAS-I and MAS-II cover modern actuarial statistics, which are somewhat analogous to the SOA’s SRM and PA exams but with a heavier P&C focus.
However, if your primary goal is ASA, taking CAS exams can actually slow you down. This is because the CAS exams themselves do not count toward the ASA credential, and you’ll eventually need to pass the SOA exams anyway. Additionally, some CAS exams require more time and a slightly different study approach, which might not align perfectly with the ASA curriculum.
To illustrate, imagine two recent graduates aiming for ASA in the same year:
Candidate A enrolls in the SOA path, passes Exam P and FM in their first year, then moves on to ASA exams FAM, SRM, and PA while completing VEE credits and FAP modules concurrently. They apply for ASA designation within 18-24 months.
Candidate B starts with CAS exams MAS-I and MAS-II due to an initial interest in P&C, but then decides to switch to ASA after realizing their long-term goal. They have to prepare for and pass SOA-specific exams after completing CAS ones, extending their timeline by several months or even a year.
The key takeaway is that for career starters focused on earning the ASA designation quickly, the direct SOA exam path is the fastest and most efficient route.
Some actionable advice based on this insight:
Plan your exam schedule carefully: Aim to pass two exams per year if possible, balancing work and study. This pace is challenging but realistic for motivated candidates.
Leverage study groups and online resources: Joining study groups or online forums can boost your learning efficiency and keep you accountable.
Consider your career focus early: If you’re set on P&C actuarial work, then the CAS path makes sense. But if you want the ASA credential and flexibility in roles, stick to the SOA path.
Keep track of deadlines and application windows: Both societies have specific application deadlines for credentialing, so missing these can delay your progress unnecessarily.
Statistically, many candidates take between 3 to 5 years to achieve ASA, depending on their study pace and work commitments. Those who follow a well-structured SOA path and start early tend to finish closer to the 3-year mark. However, life and work balance, exam difficulty, and retakes can affect this timeline.
Remember, actuarial certification is a marathon, not a sprint. But choosing the right path from the start can save you months or even years.
In summary, if you’re a career starter whose goal is the ASA credential, the fastest route is to follow the SOA’s direct exam and requirement path rather than detouring through CAS exams. Start with Exams P and FM, then tackle ASA-specific exams and VEE credits efficiently, and don’t delay applying once you’re eligible. This approach keeps your journey streamlined, focused, and faster to ASA achievement.