Effective for examinations and modules completed after July 1, 2011

The fellowship-level examinations will be offered two times per year beginning in the Fall of 2011. With this increased frequency the SOA can now provide candidates with the benefit of a recommended order for the completion of fellowship-level requirements. The recommendations are effective for all exams and modules completed after July 1, 2011.

There remain no formal prerequisites for taking the Society of Actuaries' fellowship-level examinations and modules.¹ Candidates are permitted to choose the order in which the requirements are attempted. However, the Education committees believe that these recommendations provide the most effective guide for candidate success. After July 1, 2011 an examination/module may assume familiarity with material that is covered in any requirement that is recommended to come before that examination or module.

The recommended order of requirements for each track is shown below.

Note: The following recommendations address only the two FSA examinations and three FSA modules required for each track.

Finance/Enterprise Risk Management Track Recommendations

• Financial Reporting Module may be taken at any time
• Operational Risk Module should be taken before the AFE Examination
• Financial and Health Economics Module should be taken before the FETE examination

Investment Track Recommendations

• Your choice of the Operational Risk Module or the Financial Reporting Module may be taken at any time
• Financial and Health Economics Module should be taken before the APMV and FETE Examinations
• Investment Strategy Module should be taken after both the APMV and FETE Examinations

Individual Life and Annuities Track Recommendations

• Financial and Health Economics Module may be taken at any time
• Regulation and Taxation Module should be taken before the DP Examination and before your choice of the Operational Risk Module or Financial Reporting Module
• DP Examination and your choice of the Operational Risk Module or Financial Reporting Module should be taken before the CSP Examination

Retirement Benefits Track Recommendations

There is a specific recommended order for the five requirements:

1. Social Insurance Module
2. Financial and Health Economic Module
3. Operational Risk Module or Investment Strategy Module
4. DP Examination
5. CSP Examination

Group and Health Track Recommendations

There is a specific recommended order for the five requirements:

1. Financial and Health Economics Module
2. Health Foundations Module
3. DP Examination
4. CSP Examination
5. Pricing, Reserving and Forecasting Module

¹The Decision Making and Communication Module (DMAC) and the Fellowship Admissions Course (FAC) each have their own unique requirements.