SOA and CAS exam paths

Why it matters

In the US and Canada, "actuary" is a career you qualify into by passing a long series of professional exams while you work. Employers hire entry-level analysts who have passed one or two exams, pay for further study time, and raise salaries as exams are passed. The exams take most people several years to finish, so planning the first two well matters more than any single lesson in this course. This lesson explains the structure and has you write a study plan.

Requirements change often. The organisations below update exam names, syllabi, fees and pathways regularly. Read the official pages for the current rules; this lesson only gives the overall shape. Links checked on 2026-10-23.

The two US actuarial societies

• Society of ActuariesThe SOA, which credentials actuaries in life, health, retirement, investments and finance (ASA, then FSA). (SOA): life insurance, health, retirement and pensions, investments, and general corporate finance. Credentials: ASA (Associate) and then FSA (Fellow); also CERA for enterprise risk management. Official requirements: SOA exam requirements and ASA requirements. Checked on 2026-10-23.
• Casualty Actuarial SocietyThe CAS, which credentials actuaries in property and casualty insurance (ACAS, then FCAS). (CAS): property and casualty insurance (auto, home, workers' compensation, liability, reinsurance). Credentials: ACAS and then FCAS. Official information: CAS exams. Checked on 2026-10-23.

In Canada the CIA (Canadian Institute of Actuaries) grants FCIA, largely recognising SOA and CAS exams. In the UK and many Commonwealth countries the IFoA (Institute and Faculty of Actuaries) runs its own exams.

The first exams: P and FM

Nearly everyone starts with two multiple-choice, computer-based exams that the SOA and CAS share:

• Exam PThe shared first exam on probability rules, distributions and insurance applications. (Probability): probability rules, discrete and continuous distributions, multivariate distributions, and insurance applications. It uses the content of the Probability & Statistical Inference course. Exam P page. Checked on 2026-10-23.
• Exam FMThe shared exam on financial mathematics: interest, annuities, loans, bonds, duration and immunization. (Financial Mathematics): interest theory, annuities, loans, bonds, duration and immunization: module 1 of this course, in more depth. Exam FM page. Checked on 2026-10-23.

Both rely heavily on calculus (integration for continuous distributions, derivatives for duration) and on fast, accurate arithmetic with an approved calculator. Read the exam page for the approved calculator list.

After P and FM

The later path depends on the society and changes over time. In broad terms:

• More exams on actuarial models (long-term and short-term), statistics for risk modelling and predictive analytics.
• VEEValidation by Educational Experience: credits for approved study in subjects such as economics, accounting and statistics. (Validation by Educational Experience) credits, earned through approved university courses or other approved options in subjects such as economics, accounting and finance, and mathematical statistics. See SOA VEE. Checked on 2026-10-23.
• E-learning modules and a professionalism course (the CAS runs a Course on Professionalism; the SOA has its own). Checked on 2026-10-23.
• Fellowship: specialised exams and modules in your practice area.

How people actually prepare

• Study hours. Candidates commonly report studying a few hundred hours for each preliminary exam, spread over two to four months. Plan for that, not for a weekend of cramming.
• Practice problems are the method. Read the theory once, then spend most of your time on timed problem sets. The SOA publishes the syllabus and learning objectives; third-party study manuals and online seminars (paid) add large problem banks.
• Calculator fluency saves minutes per question: practise with the exact model you will use in the exam.
• Pass rates are published by the societies. They show that many people fail at least once; treat a fail as information, not a verdict.
• Employer support. Actuarial employers usually provide paid study hours and cover exam fees for analysts. Internships are a common way in; ask about the study programme in interviews.

Common mistakes

• Starting without the official syllabus. Third-party material may be out of date; the syllabus defines what is tested.
• Too little time. Booking an exam date first and studying for whatever time remains rarely works.
• Passive study. Rereading notes feels productive but does not build speed. Timed practice does.
• Ignoring VEE and other requirements until late, when they could have been earned in a degree.

Quick recap

• SOA (life, health, retirement, finance) leads to ASA/FSA; CAS (property and casualty) to ACAS/FCAS.
• Exams P and FM come first and are shared; then more exams, VEE credits, modules and professionalism.
• Requirements change: always confirm on soa.org and casact.org.

Try it

The Do tab walks you through writing a dated study plan for Exam P or FM using the official pages.