Requirements for Admission to the SOA

This overview of actuarial education is written for Fellows and other interested audiences who are not pursuing an SOA designation. It is edited to be informative, not definitive. Detailed information on SOA educational requirements (e.g. syllabi, study materials, fees, exam dates, times, and locations) can be found under Education.

Credit for all SOA education requirements must be obtained by an exam or other educational component offered by the SOA or by an alternative method approved by the Board of Directors (BOD). Also, in certain circumstances, course credit may be obtained by waiver for a candidate who has examination credits in another recognized actuarial organization.

Associateship (ASA) and Chartered Enterprise Risk Analyst (CERA)

1. Who may be admitted

Anyone pursuing actuarial studies may apply for admission to the SOA. If the BOD approves the Application for Admission as Associate, the candidate will be enrolled as an Associate of the Society of Actuaries (ASA) or Chartered Enterprise Risk Analyst (CERA) after completing the educational requirements as prescribed by the BOD, subject to any further requirements that the BOD may prescribe. Membership dues are not charged until the Application is accepted and all requirements prescribed by the BOD have been satisfied.

2. When and how to apply

The Application for Admission as Associate is separate from the candidate's exam registration and will be issued to candidates at the Associateship Professionalism Course (APC). All candidates attending the APC will be required to fill out the Application for Admission as Associate and turn it in to the APC faculty prior to completing the course. Canadian candidates for Associateship in the SOA attending the CIA's Professionalism Course will also be required to fill out the Application for Admission as Associate and turn it in to the CIA Professionalism Course faculty prior to completing the course. Any questions regarding the application should be directed to the Membership Services Administrator at 847.706.3532.

3. ASA and CERA Requirements

To attain the ASA or CERA credential, the candidate must successfully complete the course requirements described below, and must have the Application for Admission as an Associate approved by the SOA Board of Directors.

Candidates earn the ASA designation by completing the following requirements:

1. All candidates must complete Exams P, FM, MLC, MFE and C, collectively known as the preliminary education component. (Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately.)
2. All candidates shall satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics. (VEE credit earned from a passing score on Course 2 and/or 4 will be converted appropriately.)
3. All candidates must complete the Fundamentals of Actuarial Practice (FAP) Modules 1–8 and all related assessments.
4. All candidates must also complete the Associateship Professionalism Course (APC). Candidates must also have an approved Application for Admission as an Associate on file, as described above.

Candidates earn the CERA credential by completing the following requirements:

1. All candidates must complete Exams P, FM, MFE, and C. (Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately.)
2. All candidates must satisfy Validation by Educational Experience (VEE) for Economics. (VEE credit earned from a passing score on Course 2 will be converted appropriately.)
3. All candidates must complete the Advanced Finance/ERM examination and the CERA Operational Risk FSA module.
4. All candidates must complete the Associateship Professionalism Course (APC). Candidates must also have an approved Application for Admission as an Associate on file, as described above.
5. The CERA credential is an Associate level credential; as such, individuals earning this credential may also refer to themselves as Associates of the SOA.

Fellowship

1. Who may be admitted

An ASA will be admitted as a Fellow of the Society of Actuaries (FSA) after completing the Fellowship educational requirements.

Candidates must complete all of the preliminary exam requirements, VEE, Fundamentals of Actuarial Practice (FAP) Modules 1–8 and both assessments and

1. Two FSA Modules*
2. Examination Company/Sponsor Perspective (CSP)*
3. Examination Design & Pricing (DP)*
4. Decision Making and Communication (DMAC) Module
5. Fellowship Admissions Course (FAC)



*The FSA modules and FSA exams must be taken within a single specialty track.

Candidates specializing in U.S. Retirement Benefits must also complete the EA2A and EA2B examinations prior to qualifying for the Fellowship Admissions Course.

2. For candidates holding the CERA credential who proceed onto Fellowship, the following educational requirements must be completed:


1. VEE for Corporate Finance and Applied Statistics
2. Exam MLC
3. Fundamentals of Actuarial Practice (FAP) Modules 1–8 and all related assessments
4. Financial Economic Theory and Engineering FSA Exam
5. Financial Economics FSA Module
6. Financial Reporting/Operational Risk Module
7. Decision Making and Communication (DMAC) Module
8. Fellowship Admissions Course (FAC)



Candidates may not attend the Fellowship Admissions Course (FAC) until they have completed all other Fellowship educational requirements. The FAC is required of all candidates for Fellowship (see Section 3c for a possible exception in limited circumstances).

Candidates who desire Fellowship in the Canadian Institute of Actuaries (CIA) must complete the Society's Fellowship requirements, including completion of the Fellowship Admissions Course, as well as any other CIA requirements. Complete details are in the CIA Yearbook.

Candidates who desire Fellowship in the Canadian Institute of Actuaries (CIA) must complete the Society's Fellowship requirements, including completion of the Fellowship Admissions Course, as well as any other CIA requirements. Complete details are in the CIA Yearbook.

3. Mutual Recognition: The FSA designation may also be granted to Fellows of the Institute of Actuaries, Faculty of Actuaries, Institute of Actuaries of Australia and the Society of Actuaries in Ireland via the terms of our Mutual Recognition agreements with these organizations. Individuals seeking Fellowship via Mutual Recognition must meet the following requirements:


1. have attained Fellowship in the Institute, the Faculty, the Institute of Australia or the Society of Actuaries in Ireland by examination and not in recognition of membership of another actuarial association;
2. be a Fellow in good standing of the Canadian Institute of Actuaries (CIA), or Member in good standing of the American Academy of Actuaries (AAA), or full member in good standing of other actuarial associations designated from time to time by the Society of Actuaries Board of Directors;
3. have attended and passed the Society of Actuaries Fellowship Admissions Course (FAC), or its equivalent as recognized by the Society of Actuaries, in the five years prior to application;
4. have satisfied the Society of Actuaries Professional Development (PD) requirements, or its equivalent as recognized by the Society of Actuaries, in the five years prior to application.



Individuals seeking additional information regarding Mutual Recognition should contact Brett Rogers.

Correspondence

Inquiries regarding exams, study materials, registration, etc., should be sent to:

• customerservice@soa.org
• Phone: 888.697.3900
• Fax: 847.273.8529
•  
• Society of Actuaries
• Customer Service
• 475 North Martingale Road, Suite 600
• Schaumburg, Illinois 60173–2226 U.S.A.

Individuals may also write to education@soa.org with non–routine Education related inquiries. These inquiries will be directed to the appropriate staff member or department.