Exams, exams, exams. Actuarial exams are an integral part of actuarial students' careers. Exam-based accreditation by organizations like the Society of Actuaries and the Casualty Actuarial Society ensure that students in the industry are highly qualified for the work they do. In college, students should study for and begin to take the first few exams. Additionally, students should be aware of VEE (Validation by Education Experience) requirements by the SOA and CAS, as some can be completed with UCLA courses.
Society of Actuaries Exams
The Society of Actuaries is the premier professional organization of health & retirement actuaries in the United States. The ASA exam requirements are:
ASA designation also requires completion of the Validation by Educational Experience (VEE) requirements in (1) Mathematical Statistics, (2) Economics, (3) Accounting and Finance, a Fundamentals of Actuarial Practice (FAP) e-Learning course, and an Associateship Professional Course (APC). You can read about the ASA requirements in detail here.
Casualty Actuarial Society Exams
The Casualty Actuarial Society considers itself "the gold standard for the property and casualty actuarial profession. As of the end of 2016, the transition has been completed to a new set of exam requirements for the Associate of the Casualty Actuarial Society (ACAS) designation featuring the exams below:
Exam 1: Probability
(This exam requirement is met by passing SOA Exam P.)
Exam 2: Financial Mathematics
(This exam requirement is met by passing SOA Exam FM.)
Exam 3F: Models for Financial Economics
(This exam requirement is met by passing SOA Exam IFM.)
Exam 4: Construction & Evaluation of Actuarial Models
Exam 5: Basic Techniques for Ratemaking and Estimating Claim Liabilities
Exam 6: Regulation & Financial Reporting
(Distinct, nation-specific exams for candiates in the
To achieve the ACAS credential, candidates must also complete the VEE Requirements for (1) Corporate Finance (2) and Economics, two Online Courses in (1) Risk Management and Insurance Operations and (2) Insurance Accounting, Coverage Analysis, Insurance Law and Insurance Regulation, and a course on professionalism. You can read about the ACAS requirements in detail here.