Actuarial Exams

Actuaries achieve professional status by completing a series of exams given by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Exams P/1, FM/2, and C/4 are identical and given jointly by the SOA and CAS. SOA exam M and CAS exam 3 are different. Exam M will will be granted credit by both the SOA and CAS, but CAS exam 3 will be given credit from only the CAS.

Courses and programs are valuable, but actuarial employers generally view performance on the actuarial exams as their most reliable measure of competence and commitment. This is particularly true at the entry level where one exam is often a minimum for full-time employment. Therefore, you are encouraged to complete exams as early as possible. This will give you an opportunity to complete more exams while in school and give you extra time if you do not pass on your first attempt (not everyone does).

SOA Associateship and Fellowship Requirements

Starting January 1, 2006, candidates may earn the Associateship designation by completing the following requirements:

All candidates must complete Preliminary Exams P, FM, M, and C
All candidates must satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics.
All candidates must complete the Fundamentals of Actuarial Practice (FAP) Modules 1–8 and the two associated exams: FAP Exam 1 (Modules 1-5) and Exam 2 (Modules 6-8).
All candidates must also complete the Associateship Professionalism Course (APC).

For SOA Fellowship, candidates must complete all Associateship requirements plus two examinations and several modules related to the candidates chosen area of practice (chosen from investment, finance, enterprise risk management, group and health, individual life and annuity, and retirement). The Fellowship Admissions Course (FAC) is also required of all candidates.

CAS Associateship and Fellowship Requirements

To earn an Associateship designation, all candidates must:

Complete Preliminary Exams P, FM, M or CAS 3, and C.
Satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics.
Complete CAS Exams 5-7.
Complete the CAS Course on Professionalism.

For CAS Fellowship, candidates must complete all Associateship requirements and CAS Exams 8 and 9.

View more detailed information at the CAS website.

Preliminary Exams

Note: The registration deadline is the received by date, not the postmarked date.

Exam P information:

Topic: Probability
Offered: February, May, August, November
Next sitting: May 13-19, 2008
Registration deadline: March 20, 2008
Format: Computer based
Length: Three hours
Classes: Math 5651 or Stat 5101: Probability and Statistics (these classes are identical and cover the same topics)
Exam P registration info
Exam P information and sample questions
More sample questions

Exam FM information:

Topic: Interest Theory
Offered: Spring, Fall
Next sitting: May 28-June 3, 2008
Registration deadline: April 1, 2008
Format: Computer based
Length: Two hours
Classes: Math 4065: Theory of Interest
Exam FM information and sample questions
Exam FM application

Exam M information:

Topic: Actuarial Models
Offered: Spring, Fall
Next sitting: May 15, 2008
Registration deadline: April 1, 2008
Format: Paper and pencil
Length: 2 hours for MFE, 3 hours for MLC with a 2.5 hour break
Classes: Math 5652: Stochastic Processes, Math 5067-5068: Actuarial Math I, II
Exam M information and sample questions
Exam M application
Notice: Exam MFE and Exam MLC can be taken at different dates.

CAS Exam 3 information:

Topic: Statistics and Actuarial Models
Offered: Spring, Fall
Next sitting:
Registration deadline:
Format: Paper and pencil
Length: Four hours
Classes: Math 5652: Stochastic Processes, Math 5067-5068: Actuarial Math I, II
Exam 3 registration info
Exam 3 information

Fundamentals of Actuarial Practice

The Fundamentals of Actuarial Practice (FAP), required for SOA Associateship, will consist of eight internet-based modules beginning in January 2006. These will be available 24 hours a day and can be completed at a candidate's own pace. Each module consist of several exercises and activities that will need to be completed in addition to an end of module test and/or exercise. The SOA assumes candidates will have passed the four preliminary exams before beginning the modules, but this is not required. Each module is estimated to take 30-50 hours of study and they must be taken in sequence.

FAP will also include two exams. One after completion of Modules 1-5 and one after completion of Modules 6-8.

Here is the current module list:

Module 1: Role of the Professional Actuary
Module 2: External Forces
Module 3: Risk in Actuarial Problems
Module 4: Actuarial Solutions
Module 5: Actuarial Models
Module 6: Model Selection and Solution Design
Module 7: Selection of Initial Assumptions
Module 8: Monitoring Results and Completing the Control Cycle

Visit the SOA website for more details and registration information.

Since the SOA and CAS are always improving their websites, some links may be broken, please email rohd0035@umn.edu about any such links.


Home Officers/Contact Info Members/Alumni Events Exams VEE Employers/Contacts Advising Interview Preparation Other Websites	Actuarial Exams Actuaries achieve professional status by completing a series of exams given by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Exams P/1, FM/2, and C/4 are identical and given jointly by the SOA and CAS. SOA exam M and CAS exam 3 are different. Exam M will will be granted credit by both the SOA and CAS, but CAS exam 3 will be given credit from only the CAS. Courses and programs are valuable, but actuarial employers generally view performance on the actuarial exams as their most reliable measure of competence and commitment. This is particularly true at the entry level where one exam is often a minimum for full-time employment. Therefore, you are encouraged to complete exams as early as possible. This will give you an opportunity to complete more exams while in school and give you extra time if you do not pass on your first attempt (not everyone does). SOA Associateship and Fellowship Requirements Starting January 1, 2006, candidates may earn the Associateship designation by completing the following requirements: All candidates must complete Preliminary Exams P, FM, M, and C All candidates must satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics. All candidates must complete the Fundamentals of Actuarial Practice (FAP) Modules 1–8 and the two associated exams: FAP Exam 1 (Modules 1-5) and Exam 2 (Modules 6-8). All candidates must also complete the Associateship Professionalism Course (APC). For SOA Fellowship, candidates must complete all Associateship requirements plus two examinations and several modules related to the candidates chosen area of practice (chosen from investment, finance, enterprise risk management, group and health, individual life and annuity, and retirement). The Fellowship Admissions Course (FAC) is also required of all candidates. CAS Associateship and Fellowship Requirements To earn an Associateship designation, all candidates must: Complete Preliminary Exams P, FM, M or CAS 3, and C. Satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics. Complete CAS Exams 5-7. Complete the CAS Course on Professionalism. For CAS Fellowship, candidates must complete all Associateship requirements and CAS Exams 8 and 9. View more detailed information at the CAS website. Preliminary Exams Note: The registration deadline is the received by date, not the postmarked date. Exam P information: Topic: Probability Offered: February, May, August, November Next sitting: May 13-19, 2008 Registration deadline: March 20, 2008 Format: Computer based Length: Three hours Classes: Math 5651 or Stat 5101: Probability and Statistics (these classes are identical and cover the same topics) Exam P registration info Exam P information and sample questions More sample questions Exam FM information: Topic: Interest Theory Offered: Spring, Fall Next sitting: May 28-June 3, 2008 Registration deadline: April 1, 2008 Format: Computer based Length: Two hours Classes: Math 4065: Theory of Interest Exam FM information and sample questions Exam FM application Exam M information: Topic: Actuarial Models Offered: Spring, Fall Next sitting: May 15, 2008 Registration deadline: April 1, 2008 Format: Paper and pencil Length: 2 hours for MFE, 3 hours for MLC with a 2.5 hour break Classes: Math 5652: Stochastic Processes, Math 5067-5068: Actuarial Math I, II Exam M information and sample questions Exam M application Notice: Exam MFE and Exam MLC can be taken at different dates. CAS Exam 3 information: Topic: Statistics and Actuarial Models Offered: Spring, Fall Next sitting: Registration deadline: Format: Paper and pencil Length: Four hours Classes: Math 5652: Stochastic Processes, Math 5067-5068: Actuarial Math I, II Exam 3 registration info Exam 3 information Fundamentals of Actuarial Practice The Fundamentals of Actuarial Practice (FAP), required for SOA Associateship, will consist of eight internet-based modules beginning in January 2006. These will be available 24 hours a day and can be completed at a candidate's own pace. Each module consist of several exercises and activities that will need to be completed in addition to an end of module test and/or exercise. The SOA assumes candidates will have passed the four preliminary exams before beginning the modules, but this is not required. Each module is estimated to take 30-50 hours of study and they must be taken in sequence. FAP will also include two exams. One after completion of Modules 1-5 and one after completion of Modules 6-8. Here is the current module list: Module 1: Role of the Professional Actuary Module 2: External Forces Module 3: Risk in Actuarial Problems Module 4: Actuarial Solutions Module 5: Actuarial Models Module 6: Model Selection and Solution Design Module 7: Selection of Initial Assumptions Module 8: Monitoring Results and Completing the Control Cycle Visit the SOA website for more details and registration information. Since the SOA and CAS are always improving their websites, some links may be broken, please email rohd0035@umn.edu about any such links.
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Actuarial Exams

SOA Associateship and Fellowship Requirements

CAS Associateship and Fellowship Requirements

Preliminary Exams

Fundamentals of Actuarial Practice

The views and opinions expressed in this page are strictly those of the page author.The contents of this page have not been reviewed or approved by the University of Minnesota.

The views and opinions expressed in this page are strictly those of the page author.
The contents of this page have not been reviewed or approved by the University of Minnesota.