| Society of Actuaries – United States |
| Casualty Actuarial Society – United States |
| Institute of Actuaries / Faculty of Actuaries – United Kingdom |
| Institute of Actuaries of Australia
Society of Actuaries (SOA) – United States 1. Preliminary Education Component – Consists of five papers:
2. Validation by Educational Experience (VEE)- Validation of these topics is required in addition to the four Preliminary Education examinations (P/1, FM/2, MCL, MFE and C/4). The SOA, CIA, and CAS have implemented VEE requirements for the following topics:
The VEE topics are no longer tested on the preliminary exams. Candidates with credit for Course 2 earned prior to 2005 have been given credit for VEE-Economics and VEE-Corporate Finance topics. Candidates with credit for Course 4 earned prior to 2005 have been given credit for VEE-Applied Statistical Methods. NOTE: VEE topics are not prerequisites for the preliminary examinations. They need not be completed prior to writing any of the preliminary exams and may be fulfilled independently of the preliminary exam process. Credit for VEE can be obtained through various courses completed from colleges or other education programs. Within Malaysia, candidates can gain credit via the following Universities:
For information on courses in the U.S., click here. 3. Fundamentals of Actuarial Practice (FAP) – Web-based course comprising eight modules and two assessments: Modules: a) Module 1 – Introduction/The Role of the Professional Actuary Assessments: 4. Associate Professionalism Course (ACP) – Half day course covering professionalism, ethics and legal liabilities. Upon completion of the Preliminary Education Component, VEE, FAP and ACP, the candidate will obtain the title of Associate of the SoA (ASA). 5. To proceed from Associate to Fellow in the SoA, additional courses have to be completed:
Casualty Actuarial Society (CAS) – United States In general, CAS has a similar preliminary exam structures as SOA. Candidates are required to complete the following three VEE subjects:
Credit for VEE can be obtained through various courses completed from colleges or other education programs. Within Malaysia, candidates can gain credit via the following Universities:
For information on courses in the U.S., click here. There are 9 exams to be taken with the first three (Exam 1, 2 and 4) being equivalent to SOA.
Please follow the link provided for information on discounts for SOA and CAS Examination and Study Material Fee Discount Program. Institute of Actuaries / Faculty of Actuaries – United Kingdom Core Technical (CT) Stage – Comprises of eight papers and a business awareness module:
Core Applications (CA) Stage – Comprises of three papers and a software application module:
Specialist Stage – Choice of two Specialist Technical (ST) papers and one Specialist Applications (SA) paper: Each of the specialist areas below consist of one ST and one SA paper a) Health and Care (ST1/SA1) UK Practice Modules – A multiple choice examination testing the candidate’s knowledge in the general principles of UK Financial Services, business practices, regulation, legislation and professional guidance notes. Work-Based Skills (WBS) – Practical experience requirement monitoring the development of the candidate in several key areas, supervised by an approved mentor. Candidates may obtain exemptions from some of the above examinations through university courses from:
The list above is by no means exhaustive. Please inform us of other institution recognized by IA/FA by emailing the webmaster. Institute of Actuaries of Australia (IAA) – Australia Part I – Identical to the CT1-CT8 of the Core Technical Stage in the Institute of Actuaries / Faculty of Actuaries – United Kingdom program. They can either be completed by sitting for examinations directly from the institute or via courses from the following universities:
Part II: The Actuarial Control Cycle – This part comprises of two papers. They can only be completed through courses from the abovementioned universities. Upon completion of Part I and Part II, the candidate will gain the status of Associate of the IAAust (AIAAust). Part III – Four papers which have to be taken directly from the institute:
Professionalism Course – Two-day residential course, highlighting the obligations, risks and legal responsibilities of being a member of the IAAust. Practical Experience & Mentor Program – To fulfil the one-year practical experience requirement under the supervision of an approved mentor. |
Route to Become an Actuary
Route to Become an Actuary
The path to becoming an actuary involves going through a well-structured education plan. This involves university-level education and post-university examinations, as well as other requirements. Typical questions always raised by school leavers interested in actuarial science are what is the next step, and what’s up with the different societies/institutes? Currently, in ASM, we have many actuarial graduates in the midst of examinations from the major professional bodies stated below. Apart from passing the examinations, there are also practical experience requirements and residential courses to be attended. These ensure that actuaries are not only technically capable, but are also aware of other professional requirement such as Code of Conduct and ethical workplace behaviour. We hope the short description here would help school leaver to understand more of the different options they have. The road to being a qualified actuary is long, but incredibly rewarding!
