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Financial Services · Insurance

Actuary: degree, SOA or CAS exams, associate then fellow

Actuaries typically need a bachelor's degree in mathematics, actuarial science, statistics or another analytical field, and pass a series of professional exams. Employers often expect one or two exams passed before graduation; the associate level may take up to 7 years.

For: Students who are very strong in calculus, probability and statistics, like programming and spreadsheets, and are ready for years of exams while working.

See the roadmap Actuary guide

Route 1: Society of Actuaries: ASA → FSA Life, health, pensions, investment

The SOA lets candidates complete the requirements in any order.

  1. Start here

    Bachelor's in math, actuarial science, statistics or another analytical field

    With coursework in economics, statistics and corporate finance.

    BLS
    Actuaries — How to Become OneU.S. Bureau of Labor Statistics (OOH)
    Checked
    20 Oct 2026

    Still describes five fellowship tracks; the SOA replaced the tracks with a flexible course pathway in fall 2025 (soa_fsa).

    View source

  2. Exam gate

    Exam P (Probability) and Exam FM (Financial Mathematics)

    SOA
    Associate of the Society of Actuaries (ASA): requirementsSociety of Actuaries (SOA)
    Checked
    20 Oct 2026
    View source

  3. VEE

    Economics, Accounting and Finance, Mathematical Statistics

    Validated from university or other coursework; you apply after passing two SOA, CAS or CIA exams.

    SOA
    Validation by Educational Experience (VEE)Society of Actuaries (SOA)
    Checked
    20 Oct 2026
    View source

  4. Exam gate

    FAM, ALTAM or ASTAM, SRM, PA and the ATPA assessment

    Plus the Pre-Actuarial Foundations and Actuarial Science Foundations modules.

    SOA
    Associate of the Society of Actuaries (ASA): requirementsSociety of Actuaries (SOA)
    Checked
    20 Oct 2026
    View source

  5. Courses

    Fundamentals of Actuarial Practice and the Associateship Professionalism Course

    SOA
    Associate of the Society of Actuaries (ASA): requirementsSociety of Actuaries (SOA)
    Checked
    20 Oct 2026
    View source

  6. ASA

    Associate of the Society of Actuaries

    May take up to 7 years. Most employers support candidates, for example by paying exam costs or giving paid study time.

    BLS
    Actuaries — How to Become OneU.S. Bureau of Labor Statistics (OOH)
    Checked
    20 Oct 2026

    Still describes five fellowship tracks; the SOA replaced the tracks with a flexible course pathway in fall 2025 (soa_fsa).

    View source

  7. Fellowship

    Four technical courses, DMAC and the Fellowship Admissions Course

    Including a 101–201 course sequence in one practice area.

    SOA
    Fellow of the Society of Actuaries (FSA)Society of Actuaries (SOA)
    Checked
    20 Oct 2026
    View source

  8. Goal

    Fellow of the Society of Actuaries (FSA)

    SOA
    Fellow of the Society of Actuaries (FSA)Society of Actuaries (SOA)
    Checked
    20 Oct 2026
    View source

Route 2: Casualty Actuarial Society: ACAS → FCAS Property and casualty insurance

The CAS credentials property and casualty actuaries.

  1. Start here

    Foundational requirements

    VEEs, Exam 1 (Probability), Exam 2 (Financial Mathematics) and the CAS DISCs. Exams 1 and 2 can be credited from SOA exams.

    CAS
    CAS Exams 1 and 2Casualty Actuarial Society (CAS)
    Checked
    20 Oct 2026
    View source

  2. Exam gate

    MAS-I, MAS-II, Exam 5, the PCPA exam and project, Exam 6

    Plus the Course on Professionalism.

    CAS
    CAS Credentialing Pathway (ACAS and FCAS requirements)Casualty Actuarial Society (CAS)
    Checked
    20 Oct 2026
    View source

  3. ACAS

    Associate of the Casualty Actuarial Society

    CAS
    CAS Credentialing Pathway (ACAS and FCAS requirements)Casualty Actuarial Society (CAS)
    Checked
    20 Oct 2026
    View source

  4. Exam gate

    Exams 7, 8 and 9

    CAS
    CAS Credentialing Pathway (ACAS and FCAS requirements)Casualty Actuarial Society (CAS)
    Checked
    20 Oct 2026
    View source

  5. Goal

    Fellow of the Casualty Actuarial Society (FCAS)

    CAS
    CAS Credentialing Pathway (ACAS and FCAS requirements)Casualty Actuarial Society (CAS)
    Checked
    20 Oct 2026
    View source

Route 3: Pension actuary: enrolled actuary Federal license

Pension actuaries typically must be licensed by the Joint Board for the Enrollment of Actuaries (U.S. Departments of Labor and the Treasury).

  1. Start here

    Actuarial training

    BLS
    Actuaries — How to Become OneU.S. Bureau of Labor Statistics (OOH)
    Checked
    20 Oct 2026

    Still describes five fellowship tracks; the SOA replaced the tracks with a flexible course pathway in fall 2025 (soa_fsa).

    View source

  2. Experience

    Required experience

    BLS
    Actuaries — How to Become OneU.S. Bureau of Labor Statistics (OOH)
    Checked
    20 Oct 2026

    Still describes five fellowship tracks; the SOA replaced the tracks with a flexible course pathway in fall 2025 (soa_fsa).

    View source

  3. Exam gate

    Joint Board exams

    BLS
    Actuaries — How to Become OneU.S. Bureau of Labor Statistics (OOH)
    Checked
    20 Oct 2026

    Still describes five fellowship tracks; the SOA replaced the tracks with a flexible course pathway in fall 2025 (soa_fsa).

    View source

  4. Goal

    Enrolled actuary

    BLS
    Actuaries — How to Become OneU.S. Bureau of Labor Statistics (OOH)
    Checked
    20 Oct 2026

    Still describes five fellowship tracks; the SOA replaced the tracks with a flexible course pathway in fall 2025 (soa_fsa).

    View source

Licenses, registrations and certifications

Each one is marked: a state or federal license is the law, a registration through an employer comes with the job, and a voluntary certification is one employers may ask for.

ASA and FSA
Society of Actuaries · Professional credential
Exams, e-learning, VEE and professionalism courses. Since fall 2025 the FSA uses a flexible course pathway instead of separate tracks.
SOA
Fellow of the Society of Actuaries (FSA)Society of Actuaries (SOA)
Checked
20 Oct 2026
View source
ACAS and FCAS
Casualty Actuarial Society · Professional credential
Exams and courses for property and casualty actuaries.
CAS
CAS Credentialing Pathway (ACAS and FCAS requirements)Casualty Actuarial Society (CAS)
Checked
20 Oct 2026
View source
Enrolled actuary
Joint Board for the Enrollment of Actuaries · Federal license
For pension actuaries; experience and exams required.
BLS
Actuaries — How to Become OneU.S. Bureau of Labor Statistics (OOH)
Checked
20 Oct 2026

Still describes five fellowship tracks; the SOA replaced the tracks with a flexible course pathway in fall 2025 (soa_fsa).

View source
More careers in Financial Services

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Back to the full Actuary guide

What the job is, BLS pay and job outlook, and how to become one.

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