To Be An Actuary

To be an Actuary you must become an Associate, and ultimately a Fellow, of one of the professional societies by passing a series of examinations. The largest of the professional groups is the Society of Actuaries (SOA), the organization for actuaries working in life and health insurance, employee benefits, and pensions. The Casualty Actuarial Society (CAS) is the organization for actuaries working in automobile, fire, and liability insurance and workers’ compensation.

The actuarial exams are administered by the SOA and the CAS, and cover a variety of important subjects in the insurance industry. These subjects include calculus, linear algebra, differential equations, probability and statistics, operations research, numerical methods, interest theory, life contingencies, economics, finance, insurance law, etc. Many prospective actuaries start taking exams while in college and then continue on taking them while working. Employers are generally supportive and may give students study time during working hours and pay exam fees. Most employers prefer to hire people who have already passed a couple of exams.

The Department of Mathematics and Statistics at Charlotte offers several actuarial courses to prepare students/candidates for the actuarial exams, satisfy Validation by Educational Experience (VEE) credits, and help them on their pathway to earn actuarial credentials. Click on the following link to see The list of actuarial courses offered at Charlotte. 

Three Micro-Credentials – New

The SOA introduced three new micro-credentials in 2022 to recognize your significant accomplishments with exams on your journey to earn your ASA:

    • Pre-Actuarial Foundations: Candidates must complete two exams (P and FM), satisfy VEE for two subjects: Economics and Accounting/Finance, and the Pre-Actuarial Foundations e-learning Module.
    • Actuarial Science Foundations: Candidates must complete the Pre-Actuarial Foundations components, complete two exams (FAM and SRM), satisfy VEE for Mathematical Statistics, and the Actuarial Science Foundations e-learning Module.
    • Data Science for Actuaries: Candidates must complete two exams (SRM and PA) and the Advanced Topics in Predictive Analytics e-learning Module.

For more information: SOA Micro-Credentials and List of Actuarial Courses at Charlotte. 

Associate of the Society of Actuaries (ASA) designation

  • Complete Exams P, FM, FAM, SRM, PA, ALTAM or ASTAM. 
  • Satisfy VEE for three subjects: Mathematical Statistics, Economics, Accounting and Finance.
  • Complete the e-learning Modules: Pre-Actuarial Foundations, Actuarial Science Foundations, Advanced Topics in Predictive Analytics, and Fundamentals of Actuarial Practice (FAP)
  • Complete the Associateship Professionalism Course (APC).

Associate of the Casualty Actuarial Society (ACAS) designation

  • Complete Exams 1-Probability, 2-Financial Mathematics, 3F-Financial Economics, 4-Construction and Evaluation of Actuarial Models, MAS I/II-Modern Actuarial Statistics, 5-Rate Making, 6-Regulation and Financial Reporting.
  • Satisfy VEE for two subjects: economics and accounting/finance.
  • Two CAS online courses: Risk Management and Insurance Operations –  Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation.
  • Complete a CAS course on Professionalism.

Chartered Enterprise Risk Analyst (CERA)

  • Complete Exams P, FM, FAM, SRM, and ERM. 
  • Satisfy VEE for three subjects: economics, accounting/finance, and applied statistics.
  • Complete the following e-learning modules: Pre-Actuarial Foundations, Actuarial Science Foundations, ERM, and FAP modules.
  • Complete the Associateship Professionalism Course (APC).

Fellow designation

An Associate will be admitted as a Fellow of either Society after completing the Fellowship educational requirements. These requirements are listed on the SOA and CAS websites.