Actuarial Science Exams

Instructor: Laura Melega
Passing scores on a series of actuarial science exams are among the requirements for professional recognition from the Society of Actuaries and the Casualty Actuary Society. Find out about actuarial science exams given by these two organizations and learn how to earn credentials in this field.

Actuarial Science Exams - Society of Actuaries

The Society of Actuaries (SOA) offers several exams for people wishing to earn the Associate of the Society of Actuaries (ASA) or the Fellow of the Society of Actuaries (FSA) designations. Actuaries who pursue these credentials typically work for insurance carriers and businesses to develop insurance policies or pension and benefits plans.

ASA Requirements

To earn certification as an ASA, an actuary must submit proof of college coursework in economics, corporate finance, and applied statistics; complete a 6-hour seminar and an e-learning course; and earn passing scores on the following exams:

  • Exam P - Probability
  • Exam FM - Financial Mathematics
  • Exam MFE - Models for Financial Economics
  • Exam MLC - Models for Life Contingencies
  • Exam C - Construction and Evaluation of Actuarial Models

FSA Requirements

Actuaries wishing to earn the FSA designation must complete between six and seven additional exams and seminars in one of the following specialty tracks:

  • Corporate finance and enterprise risk management (ERM)
  • Quantitative finance and investment
  • Individual life and annuities
  • Retirement benefits
  • Group and health
  • General insurance

FSA candidates must also complete the Decision Making and Communication (DMAC) module and a 3-day Fellowship Admissions Course (FAC).

Actuarial Science Exams - Casualty Actuary Society

The Casualty Actuary Society offers professional credentials to actuaries specializing in casualty and property insurance. The associate-level designation (ACAS) requires applicants to complete required coursework in corporate finance and economics, three online courses, and an on-site class in professionalism. Passing scores on the following exams are also required:

  • Exam 1 - Probability
  • Exam 2 - Financial Mathematics
  • Exam 3F - Models for Financial Economics
  • Exam S - Statistics and Probabilistic Models
  • Exam 5 - Basic Techniques for Ratemaking and Estimating Claim Liabilities
  • Exam 6 - Regulation & Financial Reporting

Certification as a Fellow of the Casualty Actuary Society (FCAS) is available to professionals who complete additional exams, which are listed below:

  • Exam 7 - Estimation of Policy Liabilities, Insurance Co. Valuation, & ERM
  • Exam 8 - Advanced Ratemaking
  • Exam 9 - Financial Risk & Rate of Return

Preparing for the Exams

Study.com offers lessons that can provide you with a basic review before you take on the more challenging tests, seminars, and modules that you will complete while pursuing professional actuary certification.

The Principles of Statistics course can help you brush up on discrete and continuous probability distributions as well as statistical estimation, while lessons in an introductory finance course cover topics ranging from valuation methods and project analysis to accounting risk and return. Lessons in both of these courses are available 24 hours a day and can be accessed on any mobile device, making the review resources on Study.com convenient to use whenever and wherever you like.

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