Actuarial Notes

Credential Path

A Credential Path is the sequence of exams, courses and experience an actuarial society requires before it awards a designation. Three societies set the paths most actuaries in North America follow: the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA).

Choosing a society

Choose by the kind of work you want. The SOA's path leads to life and health insurance, pensions and investments. The CAS's leads to property and casualty insurance: auto, home, commercial liability, workers' compensation and the reinsurance behind them.

The SOA and the CAS share their first two exams, Probability and Financial Mathematics, and a pass counts toward either, so you can start before you choose. Many candidates choose once they are hired, since an employer usually works in one or the other.

Associate, then Fellow

Each society awards an associateship first and a fellowship on top of it:

The SOA's fellowship is where a candidate picks a practice area, general insurance among them. The CAS's whole path is property and casualty, so its fellowship goes deeper into the same material.

Practising in Canada

The CIA's own path starts from a CIA-accredited degree. An associate-level credential from the SOA or CAS carries credit toward the ACIA, and a fellowship toward the FCIA, so many Canadian actuaries hold two designations. Some roles in Canada, such as the Appointed Actuary, require the FCIA.

Keeping a credential

CAS members who provide actuarial services meet its continuing-education policy and attest each year, and SOA members attest each year to its CPD requirement. The CIA asks for 80 hours of continuing professional development over a rolling two years, at least 30 of them guided.

Further Reading

Actuarial Notes