Recommended Order for FSA Track Requirements

As part of the FSA track changes new and revised exams and modules will be released through 2021. This page provides the recommended order for each track at the completion of that transition.

Fellowship candidates choose a specialty track and complete the requirements of that track (must complete all requirements in a single track). Candidates have flexibility with regard to the order requirements are completed. However, the SOA has established the following recommended order for each fellowship track.

Candidates should be aware that an examination/module may assume familiarity with material that is covered in any requirement that is recommended to come before that examination or module.


Corporate Finance and ERM (CFE) Track

  • Enterprise Risk Management (ERM) Module
  • ERM Exam
  • Introduction to CFE Module
  • Foundations of CFE Exam
  • Strategic Decision Making Exam
  • Advanced Topics in CFE Module

Quantitative Finance and Investment (QFI) Track

  • Enterprise Risk Management Module*
  • Financial Modeling Module
  • Scenario Modeling Module
  • Quantitative Finance Exam
  • Portfolio Management Exam
  • Investment Risk Management Exam or ERM Exam

*May be taken anytime but should be before the Investment Risk Management Exam.

Individual Life and Annuities (ILA) Track

  • Required modules should be completed in advance of the FSA Exams
  • ILA Fellowship Exams should be taken in the following order:
    • Life Product Management Exam
    • Life Financial Management Exam
    • Life ALM and Modeling Exam or ERM Exam

Retirement Benefits Track

  • Social Insurance Module
  • Funding and Regulation Exam (Canada)/Enrolled Actuary Exams (US)
  • Design and Accounting Exam (Canada/US)
  • Enterprise Risk Management Module
  • Retirement Plan Investment and Risk Management Exam or ERM Exam
  • Pension Projections Module


Group and Health Track

  • Health Economics Module
  • Health Foundations Module
  • Design and Pricing Exam
  • Finance and Valuation Exam
  • Group and Health Specialty Exam or ERM Exam
  • Pricing, Reserving and Forecasting Module or ERM Module*

*If electing the ERM Module, may be taken at any time.


General Insurance Track

  • Introduction to General Insurance Exam
  • Ratemaking and Reserving Exam
  • Financial and Regulatory Environment Exam
  • Financial Economics Module**
  • ERM Module*
  • Applications of Statistical Techniques Module
  • Advanced Topics in General Insurance Exam or ERM Exam

*ERM Module may be taken at any time, but should be taken prior to ERM Exam.

**May be taken before or at the same time as the previous item.