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How to Become an Actuary? | SOA

Let the SOA be your guide

You’ll work toward your Associate of the Society of Actuaries (ASA) designation by taking a series of scheduled exams, online modules, take-home assessments, and an ethics seminar.

The resources for becoming an actuary are found here on our website, where you can plan, study and register for every step along the way.

We’ll help make the process clear, connecting you with a community of fellow candidates.

Choose your educational pathway to become an actuary

Your path toward an ASA designation includes a set of exams taken in a flexible sequence. 

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Foundations

The Probability (P) Exam provides a comprehensive assessment of the candidate’s understanding of probability concepts and how these are applied in actuarial science. The exam topics include probability theory, random variables, and distributions. Candidates need to demonstrate an understanding of calculus, insurance, and risk management.

The Financial Mathematics (FM) Exam assesses candidates' understanding of fundamental financial mathematics concepts. Candidates apply those concepts to calculate values for various cash flow streams to use with valuing loans and bonds, asset/liability management, and investment income.

Economics is one of three Validation by Educational Experience (VEE) topics to complete on the pathway to an ASA / CERA designation or Actuarial Foundations Micro-credential.

Accounting and Finance is one of three Validation by Educational Experience (VEE) topics to complete on the pathway to an ASA / CERA designation or Actuarial Foundations Micro-credential.

The Pre-Actuarial Foundations (PAF) e-learning module introduces important concepts and skills that will help candidates in their future actuarial careers. After completing this module, candidates will understand the role of an actuary, what actuaries do in their day-to-day work, and how they incorporate soft skills such as emotional intelligence into their work.

Actuarial I

The Fundamentals of Actuarial Mathematics (FAM) Exam provides an assessment of candidates' actuarial methods in modeling, both short-term and long-term.

The Mathematical Statistics exam assesses actuaries' proficiency in applying advanced mathematical techniques and statistical theories to analyze and interpret data. This exam evaluates actuaries' ability to utilize mathematical models and statistical methods to make accurate predictions and informed decisions in various actuarial contexts.

The SRM-Statistics for Risk Modeling exam evaluates actuaries' proficiency in utilizing statistical techniques for risk modeling, including regression analysis, time series analysis, and simulation methods. This exam assesses actuaries' ability to apply statistical concepts to analyze and model risks in various domains, contributing to effective risk management strategies.

The Actuarial Science Foundations (ASF) Module emphasizes basic pricing techniques and how to manage ambiguity.

Actuarial II

One of the following exams is required to complete the ASA pathway.

Advanced Short-Term Actuarial Mathematics (ASTAM) Exam

The Advanced Short-Term Actuarial Mathematics (ASTAM) Exam provides an assessment of candidates' knowledge of actuarial methods useful in modeling, as well as ratemaking and reserving for short-term coverages.

Advanced Long-Term Actuarial Mathematics (ALTAM) Exam

The Advanced Long-Term Actuarial Mathematics (ALTAM) Exam provides an assessment of candidates' knowledge of contingent payment models and how they apply to insurance and other financial risk.

The Predictive Analytics exam challenges actuaries to demonstrate their proficiency in utilizing statistical models and data analysis techniques to make accurate predictions and informed decisions. This exam evaluates actuaries' ability to leverage data-driven insights to mitigate risks and drive strategic decision-making across various industries.

Advanced

The Fundamentals of Actuarial Practice (FAP) exam is a comprehensive assessment that covers the essential principles and practices of actuarial work. This exam evaluates actuaries' knowledge and skills in areas such as risk assessment, financial modeling, and professional ethics.

The Advanced Topics in Predictive Analytics (ATPA) Modules and Assessment provides candidates with the ability to employ selected data science and predictive analytics techniques to solve business problems and effectively communicate the solution.

Professionalism

The Associate Professionalism Course is an exam that ensures actuaries have a comprehensive understanding of professional ethics, standards, and conduct, equipping them with the skills necessary to navigate the ethical challenges and responsibilities within the actuarial profession. This exam evaluates candidates' ability to uphold and promote the highest professional standards while providing valuable insights into the ethical implications of their work.

How can I help others get started?

Influencer kits

Are you an educator looking for information to share with your students about the actuarial profession and how to get started?

View our influencer kits, with materials such as brochures and videos grouped together by audience.

Ready to get a first look at the exam process?

Fundamentals of Actuarial Practice (FAP) course trial

This e-learning program is available to prospective ASA candidates on a trial basis. It’s ideal for anyone interested in exploring what it takes to complete the exam, including high school students and their parents.

Learn more about the trial

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Start your actuarial journey

As a valued strategic thinker, an actuary’s career path often leads to upper management and executive positions. Opportunities for an actuary can be found worldwide in a global marketplace.