Actuaries in the United States (and Canada) must be credentialed. Generally, actuaries are credentialed by one of two organizations: CAS and SOA. In both societies, actuaries complete tests in a determined order, reaching Associate status and later Fellow status, which is the end goal for an actuary.
Taking all tests involved to reach Fellow status takes several years (we’re talking 7+ years), so you should not feel pressured to take too many yet. 1, 2 or even 3 tests passed in undergrad is a great goal to hold yourself to, though any more exams without relevant experience may price you out of the entry level market. Regardless of society, we recommend that students who are considering a career as an actuary should pass at least 1 actuarial exam before graduating.
We’d also like to note that CAS and SOA have the same preliminary exams (P and FM) but their paths diverge after these, as of 2022. You’re encouraged to do research and figure out which organization better fits your goals, but feel free to contact us with questions.
Below you will find some organization-specific information.
CAS
Actuaries in the Casualty Actuarial Society (CAS) primarily work in auto insurance, home insurance, medical malpractice, workers compensation, and more. The general industry of insurance they specialize in is property and casualty (P&C).
Below is only the beginning of the CAS Path, and the full path is found here.
Click here for more information on CAS. Also consider joining CAS Student Central and the CAS Summer Program!
SOA
Actuaries in the Society of Actuaries (SOA) primarily work in healthcare, life insurance, pensions, and more. This career is generally more diverse industry-wise when compared to CAS, as SOA exams cover topics ranging from financial investments to health to retirement benefits.
The SOA path is reflected below. Focus on exams and VEE in the leftmost column. Actuarial I and beyond are generally completed after graduation.
Find more information of SOA here!