The process of becoming a fully-credentialed actuary typically involves passing a series of professional exams. The specific exams required and the number of exams can vary depending on the professional organization you choose to become a member of. However, the most common professional organizations in the United States are the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), and the exams they offer are widely recognized and accepted.
The exams offered by the SOA are:
- Exam P/1 – Probability
- Exam FM/2 – Financial Mathematics
- Exam MFE/3F – Models for Financial Economics
- Exam MLC – Life Contingencies
- Exam C – Construction and Evaluation of Actuarial Models
- Exam STAM – Short-Term Actuarial Mathematics
- Exam SRM – Statistical & Risk Modeling
The exams offered by the CAS are:
- Exam 1 – Probability and Statistics
- Exam 2 – Financial Mathematics
- Exam 3 – Loss Models
- Exam 4 – Credibility and Rate-making
- Exam 5 – Modeling and Estimation
- Exam 6 – Regulation and Financial Reporting
- Exam 7 – Business Applications of Statistics
It’s important to note that not all exams are mandatory for all actuaries. The exams that an actuary is required to pass will depend on the field in which they wish to specialize. For example, an actuary working in life insurance would be required to pass a different set of exams than an actuary working in property and casualty insurance.
It’s also important to mention that passing the exams is only one of the requirements to become an actuary, gaining work experience and completing continuing education are also important requirements in order to become fully-credentialed actuary.