Tests and Credentials Pivotal for Aspirant Actuaries
Actuaries are not just number crunchers; they are lifelong learners who strive for continuous professional development. The journey doesn't end at certification. In fact, it's just the beginning.
Actuaries are expected to accumulate a certain number of continuing professional education (CPE) credits every year to keep their skills sharp and knowledge updated. These credits can be earned through various means, such as attending conferences, workshops, online courses, and self-study programmes.
Staying engaged with the actuary community is crucial for career advancement. Building relationships within the industry can open up opportunities and provide valuable insights and guidance. Networking events, both online and offline, are great platforms for actuaries to connect and learn from each other.
Engaging in additional training helps actuaries stay updated on industry trends and emerging technologies. Topics for CPE courses might include finance, risk management, or data analytics. Different regions may have varied requirements for professional development, such as ongoing educational credits for maintaining certifications.
The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) offer valuable resources for ongoing growth. Both societies offer international actuarial exams tailored to different specialties within the field.
Becoming a Fellow of the Society of Actuaries (FSA) or a Fellow of the Casualty Actuarial Society (FCAS)
To become an FSA or FCAS, candidates must pass a series of rigorous actuarial exams, fulfill education and experience requirements, and meet specific validation criteria.
Steps and Requirements for FSA (Society of Actuaries):
- Preliminary Exams:
- Exam P (Probability)
- Exam FM (Financial Mathematics)
- Exam IFM (Investment and Financial Markets)
- Exam MLC (Modeling, Lifecycle, and Communications) or equivalent foundational exams
- Validation by Educational Experience (VEE):
- Complete college-level coursework or approved alternatives covering topics in Economics, Corporate Finance, and Applied Statistics.
- Fellowship-Level Exams:
- Specialty exams depending on the chosen track (e.g., Life Insurance, Retirement Benefits).
- Advanced exams such as Life Finance and Valuation, Life Pricing, Group & Health Insurance exams.
- Enterprise Risk Management (ERM) exam.
- Additional Requirements:
- Completion of the e-Learning modules and required SOA professional development.
- Approved actuarial work experience.
The FSA path focuses on areas like valuation, actuarial pricing, and enterprise risk management in life and health insurance.
Steps and Requirements for FCAS (Casualty Actuarial Society):
- Preliminary Exams:
- Similar foundational exams to SOA (Probability, Financial Mathematics, Investment and Financial Markets).
- Fellowship Exams Specific to Casualty:
- Exam 5 - Ratemaking and Estimating Liabilities
- Exam 6 - (not explicitly listed in results but usually required)
- Exam 7 - Estimation of Policy Liabilities
- Exam 8 - Advanced Ratemaking
- Exam 9 - Financial Risk and Rate of Return
- Validation by Educational Experience (VEE): Similar to SOA, covering Economics, Corporate Finance, and Applied Statistics.
- Professional Development:
- Completion of professionalism and ethics modules.
- Relevant actuarial work experience (usually a few years), demonstrating the application of actuarial concepts in casualty insurance or related fields.
A summary comparison of the requirements for FSA and FCAS can be found in the table below.
| Requirement | FSA (SOA) | FCAS (CAS) | |---------------------------------|------------------------------------------------------------|-------------------------------------------------------------| | Preliminary Exams | P, FM, IFM, MLC or equivalents | P, FM, IFM, and others (preliminary similar to SOA) | | Validation by Education Experience | Economics, Corporate Finance, Applied Statistics | Same VEE requirements | | Fellowship Exams | Specialty exams (Life Finance, Group & Health, ERM, etc.) | Casualty-specific advanced exams (5, 7, 8, 9) | | Work Experience | Actuarial work experience required | Actuarial work experience required | | Professional Development | Ethics and professionalism modules | Ethics and professionalism modules |
Earning either the FSA or FCAS credential is a multi-year process involving successful completion of exams, meeting educational requirements, and gaining professional experience in actuarial practice within the respective insurance fields.
If you seek detailed syllabi or study materials, consulting the official Society of Actuaries or Casualty Actuarial Society websites is recommended, as exam structures and requirements may be updated periodically. Organizations often host regional and national conferences that highlight fresh ideas and emerging trends in the actuarial field. In many nations, international actuarial exams focus on specific local practices and regulations. Higher certifications require completion of specialized courses and exams, which takes dedication and commitment. Continued learning helps keep skills sharp and knowledge updated in the field. Ongoing professional development helps actuaries stay updated on industry trends and emerging technologies. Continuing education is essential for all professionals in the field to stay updated on industry trends and emerging technologies.
[1] Society of Actuaries. (n.d.). Fellow of the Society of Actuaries (FSA). Retrieved from https://www.soa.org/membership/credentials/fellow-of-the-society-of-actuaries/
[5] Casualty Actuarial Society. (n.d.). Fellow of the Casualty Actuarial Society (FCAS). Retrieved from https://thecas.org/professional-development/fellowship/fcas/
Actuaries engaged in continuous professional development to maintain their skills and knowledge through education and self-development, such as attending conferences, workshops, online courses, and self-study programs for earning continuing professional education (CPE) credits. Pursuing additional training in topics like finance, risk management, or data analytics helps actuaries stay updated on industry trends and emerging technologies.
Actuaries seeking career advancement and long-term success in their field should stay connected with the actuarial community, building relationships within the industry through networking events and learning from others. Organizations such as the Society of Actuaries (FSA) and the Casualty Actuarial Society (FCAS) offer valuable resources for ongoing growth and professional development, including international actuarial exams tailored to different specialties within the field.
