Ask Stuart

Stuart KlugmanStuart Klugman, FSA, CERA, PhD is an SOA Staff Fellow. He taught actuarial science for 35 years at two universities and has worked with hundreds of potential actuaries. Stuart has also worked for many years within the SOA’s Education system. He has been involved as author or editor of three books used on SOA exams, has served on the SOA Board as member and as Vice-President, and is a two-time recipient of the SOA Presidential Award.
With a unique perspective on the exams and modules, Stuart will provide responses to questions we have received. If you have a question for Stuart, please send it to

Can you provide information about the grading process for FAP end-of-module exercises?

Do hiring managers view passing exams differently from completing VEE requirements?

How should I choose my fellowship track?

Can you explain the role of pilot questions on the computer-based testing (CBT) exams and how they should affect my approach to the exam?

Is there value in pursuing a master’s degree for career changers or those without a job after getting a BA?

What is the significance of the recent changes to the Code of Conduct for Candidates?

Which computer skills are most important for an actuary? Will the R statistical package be incorporated into the SOA examination system?

What is the value of the CERA credential?

How do the extensions to the ERM exam work?

When discussing multiple-choice exams with others, what is permissible and what is considered cheating?

Does the MLC multiple-choice cutoff for grading depend on the performance of the other candidates?

Is there a time limit for completing the ASA or FSA?

How does the choice of major, degree, and level of program affect my chances of gaining employment?

Are there areas of actuarial work that are more math/stat oriented versus business oriented?