As I write this, the redesigned FSA pathway exams have been administered in November 2025 and March 2026 (and the July 2026 exams are just around the corner). Everything appeared to go well in the first two administrations with results being sent out on schedule. I’m sure candidates appreciate receiving results in a much shorter period.
Registration for the July 2026 exams is closed and over 100 candidates registered for Exam GI 101. As was expected, there was significant growth in the number of candidates registering for GI exams. This can be attributed to the redesigned pathway that now permits actuarial candidates to take exams from different practice areas. Candidates can now tailor their pathway to the FSA credential based upon their own circumstances. While the option still exists for candidates to take all fellowship exams in one practice area, the flexibility to take exams in different practice areas is quite important for those that expect to be working in more than one practice area.
Under the redesigned pathway, all exams are to be offered two or three times a year depending upon demand. GI 101 is by far the most popular choice. For this reason, it is offered three times a year. Currently, exams GI 201 and GI 301 are being offered twice a year. At every exam cycle, we will review whether these exams should be offered three times a year. GI 201 is likely to be the next exam offered three times a year. Note that this will be driven by demand, so there is no timeline for when this may occur.
An exam cycle consists of November exams administered in one year and March and July exams administered in the following year. Exams for all three exam administrations are created at the same time so any changes to exam offerings cannot change within an exam cycle. The following table outlines the 2025–2026 and 2026–2027 exam cycles for GI exams.
| Exam Administration | 2025–2026 Cycle | 2026–2027 Cycle | ||||
|---|---|---|---|---|---|---|
| Nov 2025 | Mar 2026 | Jul 2026 | Nov 2026 | Mar 2027 | Jul 2027 | |
| GI 101 | X | X | X | X | X | X |
| GI 201 | X | X | X | X | ||
| GI 301 | X | X | X | X | X | |
Up to this point, I have not mentioned exam GI 302. This is because exam GI 302 is a special type of exam. When the FSA pathway was redesigned, there was a conscious effort to shift U.S.-focused material to either an optional U.S.-specific exam or off the syllabus. Furthermore, content specific to those who need to sign the Statement of Actuarial Opinion (SAO) in the United States was to be included in a separate certificate as an addition to earning the FSA designation. This was done for all practice areas except GI.
For GI, a determination was made that this content should be offered in an elective exam based upon various factors.[1] Relatively few U.S. actuaries sign the U.S. P&C SAO. As such, we do not expect many candidates for this exam as not all U.S.-based GI actuaries will need this. For context, I recall from an unpublished American Academy of Actuaries presentation that well under 10% of qualified property and casualty actuaries[2] signed the U.S. P&C SAO. Seeing as just those few that will need to sign the P&C SAO require this exam, it will be offered only once a year, in July.[3] Consideration may be given to offering it twice a year if demand increases.
Generally, fellowship exams may be taken in any order. There are no prerequisites, although there is a recommended order. Exam GI 302 is now the exception. Beginning in 2027, candidates will be required to pass exam GI 201 before registering for exam GI 302. Understanding the content from GI 201 is essential to being able to understand much of the content in GI 302. Furthermore, while not a prerequisite, it is highly recommended that candidates should also pass GI 101 prior to taking GI 302 as the content of this exam is relevant to properly understanding some of the GI 302 content.
This article is provided for informational and educational purposes only. Neither the Society of Actuaries nor the respective authors’ employers make any endorsement, representation or guarantee with regard to any content, and disclaim any liability in connection with the use or misuse of any information provided herein. This article should not be construed as professional or financial advice. Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.
Anthony Cappelletti, FSA, FCIA, FCAS, is a staff fellow for the SOA. He can be contacted at acappelletti@soa.org.
Endnotes
[1] Issues that were considered included: (1) Some of the U.S. material is relevant to all U.S. actuaries, not just those that will sign a SAO, (2) The number of changes that would be needed in the instructions to the Annual Statement, (3) Time and effort required to create and maintain the system, (4) Maintaining NAIC recognition to sign the U.S. P&C SAO, and (5) Market acceptance.
[2] The presentation was back in 2015. I do not recall the exact numbers, but I do recall that it is well under 10%. This was based upon the number of members of the Casualty Actuarial Society and the number of them signing SAOs.
[3] This was the plan from the start. However, the SOA was committed to offering every exam in November 2025 and March 2026. This resulted in GI 302 being offered twice in 2026 (March and July).