In order to become credentialed, actuaries in the U.S. must follow educational pathways either through the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). In both societies, students are required to pass a certain number of exams, modules, and other educational enrollments. This page provides a general guideline of how to achieve each credential through the CAS and SOA, as well as the resources and courses offered at UT that correspond to each credential.
Sections on this page:
The SOA offers three types of actuarial credentials:
The following is a list of courses offered at UT that help prepare for SOA exams. Keep in mind that the courses are designed to help with the material, but additional self-studying over material not covered in class is almost always necessary.
|Exam P (Probability) – Offered every odd month, computer based multiple choice||M 362K (Probability)|
We recommend: Professor Maxwell
|Exam FM (Financial Mathematics) – Offered every even month, computer based multiple choice||M 329F (Theory of Interest)|
|Exam IFM (Investment and Financial Markets), previously known as MFE|
Offered every 4 months, typically March, July, and November, computer based multiple choice
|1. M 339D (Intro to Financial Mathematics for Actuaries)|
2. M 339W (Financial Math for Actuarial Applications)
|Exam LTAM (Long-Term Actuarial Mathematics), previously known as MLC|
Offered twice a year, computer based free response and multiple choice
|1. M 339U (Actuarial Contingent Payments I) |
2. M 339V (Actuarial Contingent Payments II) *Offered Spring only
|Exam STAM (Short-Term Actuarial Mathematics)||1. M 339J (Probability Models with Actuarial Applications)|
2. M 349P (Actuarial Statistical Estimates) *Offered Fall only
|Exam SRM (Statistical Risk Modelling)||M 349R (Applied Regression and Time Series)|
|Exam PA (Predictive Analytics)||M 375T (Predictive Analytics)|
- The first 3 exams offered by the SOA are also accepted as exam credit for the first 3 CAS exams.
- The exams can be taken in any order, but it is recommended and most common for people to take Exam P and FM first, since material from the other exams build off of this foundation. The general consensus is that IFM should be taken third since it is the last exam that is accepted for credit in both the SOA and the CAS.
- One should consult the exam schedule several months in advance of the intended sitting date in order to check the registration and exam dates.
- **Covid-19 Update: All SOA Exams (with 2 exceptions) have been moved to CBT (Computer-based testing). A statement from the SOA can be found here.**
Validation by Educational Experience (VEE):
These are courses that you must take at university or elsewhere and show proof of having passed the requirement. You must pass the first 2 exams (P and FM) before you can claim credit for VEEs. There are 3 VEEs:
|Economics – Micro and Macro (choose 1 of these options)||– College Board AP Micro and Macro exams: Score of 4 or 5|
– ECO 304K and ECO 304L (recommended): Grade of B- or above
– ECO 420K and ECO 320L (the courses listed above are prerequisites): Grade of B- or above**
|Mathematical Statistics||M 378K – Math Stats|
You must earn a B- or above to get credit**
|Accounting and Finance||ACC 310F (Foundations of Accounting) and |
FIN 357 (Business Finance): You must be put on a special list by your advisor to take this course since it is restricted to business students
You must earn a B- or above to get credit for both**
**Due to Covid-19, the SOA is currently accepting Pass/Fails or a passing grade for credit**
If you don’t take a particular VEE credit listed above, check to see if your alternative credit qualifies here: https://store.soa.org/VEESchoolSearch.aspx?VEE=displayonly
To claim credit for VEEs, go to https://www.soa.org/education/exam-req/edu-vee
(Word of advice: Situations may differ, but many people choose to wait to claim VEE credits until they are employed by a company who will pay it for them)
The CAS focuses on property and casualty insurance.
The CAS offers three types of credentials:
- Associate of the Casualty Actuarial Society (ACAS)
- Fellow of the Casualty Actuarial Society (FCAS)
- Chartered Enterprise Risk Analyst (CERA) – separate pathway from ACAS and FCAS
The following is a list of courses offered at UT that help prepare for CAS exams. Keep in mind that the courses are designed to help with the material, but additional self-studying over material not covered in class is almost always necessary.
|Exam 1: Probability (Can use SOA Exam P for credit)||M 362K (Probability)We recommend: Professor Maxwell|
|Exam 2: Financial Mathematics (Can use SOA Exam FM for credit)||M 329F (Theory of Interest)|
|Exam 3F: Financial Economics (Can use SOA Exam IFM for credit)||1. M 339D (Intro to Financial Mathematics for Actuaries)|
2. M 339W (Financial Math for Actuarial Applications)
|Exam MAS-I: Modern Actuarial Statistics I||The topics are covered over multiple classes:|
Probability Models: M 339U (Actuarial Contingent Payments I), M 339V (Actuarial Contingent Payments II) *Offered Spring Only, M 339J (Probability Models with Actuarial Applications), M 349P (Actuarial Statistical Estimates) *Offered Fall Only
Statistics: M 378K (Mathematical Statistics)
Extended Linear Models: M 378N (Generalized Linear Models)
Time Series: M 349R (Applied Regression and Time Series)
|Exam MAS-II: Modern Actuarial Statistics II||Credibility section: M 339J (Probability Models with Actuarial Applications), M 349P (Actuarial Statistical Estimates)|
Markov Chain, Monte Carlo: M 378N (Generalized Linear Models)
Some material covered in M375T (Predictive Analytics)
The CAS has the same requirements for VEEs as the SOA with the exception of Mathematical Statistics. See above SOA VEE section for SOA’s Accounting and Finance and Economics requirements.