How do you become an Actuary?

To become an Actuary you need to get training in mathematics, probability, business, finance and economics. Professional certification results from passing a series of examinations administered by the actuarial societies, including the Society of Actuaries(SOA) and the Casualty Actuarial Society(CAS). More specialized organizations are the American Society of Pension Actuaries and the Conference of Consulting Actuaries.

Actuaries earn professional designations based on the organization they belong to and their status in the professional exam system. Common credentials are Associate and Fellow. For example, FSA means Fellow of the Society of Actuaries. ASA means Associate of the Society of Actuaries. To obtain these designations, an actuary has to meet certain professional educational standards by passing a series of exams. The early exams are jointly administered by SOA and CAS.

Get to get associateship

To attain the Associate of the Society of Actuaries (ASA) designation, candidate needs to successfully complete

CAS is a little different. To become an Associate member of the Casualty Actuarial Society (ACAS), a candidate must fulfill the following requirements

The requirements in bold faces are common between these two societies, and they would be the pursuit of most undergraduate students.

* Note that the Exam MLC and 3L are two different exams. MLC is honored by both societies. 3L is not honored by SOA.

VEE requirements

The actuarial societies allow to have requirements to be Validated by Educational Experience(VEE). Please see the VEE requirements for more information.

Study during / after college

The completion of all these exams take several years. Most of the preparation for the exams is done through self-study while attending college and then while working. Candidates must being able to motivate themselves. Students wishing careers in this field are encouraged to complete Exam P/1 before the in the sophomore year, complete Exam FM/2 in the junior year and have some preparation toward a third exam (MLC, 3L, or MFE/3F) before they complete their undergraduate studies. For most students, it is easier to pass these exams while the college curriculum is fresh. At the very least, students pursuing this career should pass Exam P/1 within a few months of graduation in order to have a position in the job market.

The completion of the rest of the professional credentials is done while working as an actuary after college. Most employers hire college graduates who have shown some interest in passing these series of examinations. Most employers have established programs to assist students in preparing for these examinations (often paying exam fees, study materials, study time, on-the-job training for the exams, award raises for each exam passed. At the same time, the job provides a broad experience in actuarial work.

Fellowship

Requirements for fellowship usually include additional examinations and training on a candidate's chosen track. Please refer to the societies' website for more information (SOA and CAS).
Association 1