How to qualify as an Actuary

Sep 24, 2026

Uploaded by Aldword

A practical guide to qualifying as an actuary by outlining membership pathways offered by the Society of Actuaries (SOA) and the Institute and Faculty of Actuaries. It describes three SOA associate-to-fellow tracks (ASA, CERA, FSA), the required exam and VEE components, and how candidates progress exam-by-exam through structured modules. It also lists SOA requirements by designation and maps Institute/Faculty Core Technical, Core Application, Specialist Technical, and Specialist Application subjects.

LanguageEnglish

CategoryExam

FormatPDF

Pages8

Reading Time20 min

AccessFree to download

Overview

SOA Membership Pathways

ASA Pathway

CERA Pathway

FSA Pathway

Institute and Faculty of Actuaries Pathways

Subject Structure

SOA Requirements by Designation

ASA Requirements

CERA Requirements

FSA Tracks

How to qualify as an Actuary To become an actuary, one must successfully pass certain requirements by Society of Actuary (SOA) or Institute of Actuary. For those who wonder how the system works, there are three pathways of which an actuary could be fall into those categories; below are diagrams showing the membership path: 1. Associated of the Society of Actuaries – ASA/ Associated of Institute and Faculty of Actuaries – AIA The Associates are required to have broad knowledge of fundamental concepts, modelling techniques to address the problems associate with uncertain future events both life and non-life contingencies, which primarily in financial matters. 2. Chartered Enterprise Risk Analyst of Society of Actuaries – CERA/ Chartered Enterprise Risk Analyst of Institute and Faculty of Actuaries – CERA The Chartered Enterprise Risk Analyst are those who expertise in risk management within riskbearing enterprise. 3. Fellow of the Society of Actuaries – FSA/ Fellowship of Institute and Faculty of Actuaries – FIA An extension of Associates, the Fellows are more specialise in either of the one or more of the areas of actuarial practices, which corresponds to financial decision concern. Pathways to Membership for SOA Each pathway must go through exam by exam, module by module in order to meet the requirements to become membership of actuaries. Below are the step charts representing the recommended exam process that should be taken in order to be the membership of actuaries: ASA pathway: Exam P Exam FM VEE CERA pathway: Exam P Exam FM VEE Pathways to Membership for Institute and Faculty of Actuaries The demonstration can be shown similarly to SOA recommended pathways: AIA member: CT1 to CT9 CA1 to CA3 CERA member: FIA member: AIA Pick two ST subjects Pick one SA subject Note: 1) As recommended, candidate should complete all the Core Technical subjects first in order to move into Core Applications and this is also applied to Specialist Technical and Specialist Application. 2) Candidate is freely to take any exams as long as candidate able to complete all subjects. List of requirements available for SOA: ASA requirement: 􀁸 Exam P – Probability 􀁸 Exam FM – Financial Mathematics 􀁸 VEE – Validation by Education Experience (consist of Economics, Corporate Finance, Applied Statistics) 􀁸 Exam MFE – Actuarial Model – Financial Economics 􀁸 Exam MLC – Actuarial Model – Life Contingencies 􀁸 Exam C – Construction and Evaluation of Actuarial Model 􀁸 FAP – Fundamentals of Actuarial Practice 􀁸 APC – Associated Professionalism Course CERA requirement: 􀁸 Exam P – Probability 􀁸 Exam FM – Financial Mathematics 􀁸 VEE – Validation by Education Experience ( consist of Economics and Corporate Finance ) 􀁸 Exam MFE – Actuarial Model – Financial Economics 􀁸 Exam C – Construction and Evaluation of Actuarial Model 􀁸 FAP – Fundamentals of Actuarial Practice (Module 1-8, Interim Assessment, and Final Assessment) 􀁸 APC – Associated Professionalism Course 􀁸 ERM Module – Enterprise Risk Management Module 􀁸 ERM Exam- Enterprise Risk Management Exam FSA requirement: Candidate must complete all ASA requirements and only able to select one of the following tracks given below: 􀁸 Finance/ ERM 􀁸 Individual Life and Annuities 􀁸 Group and Health 􀁸 Investment 􀁸 Retirement Benefits Each of the tracks consists of modules and exams, which cover in its relative field and ending with the Decision Making and Communication (DMAC) and Fellowship Admission Course (FAC) . Below is table of subjects with each track before qualifying as Fellowship: | Tracks | | Subjects | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Finance/ERM | Financial and Health Economics Module | Financial
Reporting Module | Enterprise Risk Management Module | Financial Economics Theory and Engineering Exam | Enterprise Risk Management Exam | Advance
Finance Exam

FAQs

What are the main pathways to become an actuary in the SOA system?

The SOA system uses three main membership routes: ASA (Associated of the Society of Actuaries), CERA (Chartered Enterprise Risk Analyst), and FSA (Fellow of the Society of Actuaries). Each route has specific exam and education experience requirements.

Do candidates have to take exams in a specific order?

Yes. Each pathway requires progressing exam-by-exam and module-by-module in order. The guide also recommends completing Core Technical subjects first before moving into Core Applications and onward specializations.

What core technical and core application subject groups are listed for the Institute and Faculty of Actuaries?

The document lists Core Technical subjects CT1–CT9 (e.g., Financial Mathematics, Probability and mathematical statistics, Contingencies). It also lists Core Application subjects CA1–CA3, covering Actuarial Risk Management, model documentation/analysis/reporting, and Communications.

Sep 24, 2026

Uploaded by Aldword