Requirements for Admission to the SOA

This overview of actuarial education is written for Fellows and other interested audiences who are not taking exams. It is edited to be informative, not definitive. Detailed information on courses, syllabus, study materials, fees, and examination dates, times, and locations can be found under Education & Jobs.

Credit for all courses must be obtained by examinations offered by the SOA or by an alternative method approved by the Board of Governors. Also, in certain circumstances, course credit may be obtained by waiver for a candidate who has examination credits in another recognized actuarial organization.

Associateship (ASA) and Chartered Enterprise Risk Analyst (CERA)

1. Who may be admitted

Anyone pursuing actuarial studies may apply for admission to the SOA. If the Board of Governors (BOG) approves the Application for Admission as Associate, the candidate will be enrolled as an Associate of the Society of Actuaries (ASA) or Chartered Enterprise Risk Analyst (CERA) after completing the educational requirements as prescribed by the BOG, subject to any further requirements that the BOG may prescribe. Membership dues are not charged until the Application is accepted and all requirements prescribed by the BOG have been satisfied.

2. When and how to apply

The Application for Admission as Associate is separate from the candidate's exam registration and will be issued to candidates at the Associateship Professionalism Course (APC). All candidates attending the APC will be required to fill out the Application for Admission as Associate and turn it in to the APC faculty prior to completing the course. Canadian candidates for Associateship in the SOA attending the CIA's Professionalism Course will also be required to fill out the Application for Admission as Associate and turn it in to the CIA Professionalism Course faculty prior to completing the course. Any questions regarding the application should be directed to the Membership Services Administrator at 847.706.3532.

3. ASA and CERA Requirements

To attain the ASA or CERA credential, the candidate must successfully complete the course requirements described below, and must have the Application for Admission as an Associate approved by the SOA Board of Governors.

Candidates earn the ASA designation by completing the following requirements:

1. All candidates must complete Exams P, FM, MLC, MFE and C, collectively known as the preliminary education component. (Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately.)
2. All candidates shall satisfy Validation by Educational Experience (VEE) for three subjects: economics, corporate finance and applied statistics. (VEE credit earned from a passing score on Course 2 and/or 4 will be converted appropriately.)
3. All candidates must complete the Fundamentals of Actuarial Practice (FAP) Modules 1–8 and all related assessments.
4. All candidates must also complete the Associateship Professionalism Course (APC). Candidates must also have an approved Application for Admission as an Associate on file, as described above.
5. The CERA credential is an Associate level credential; as such, individuals earning this credential may also refer to themselves as Associates of the SOA.

Candidates earn the CERA credential by completing the following requirements:

1. All candidates must complete Exams P, FM, MFE, and C. (Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately.)
2. All candidates must satisfy Validation by Educational Experience (VEE) for Economics. (VEE credit earned from a passing score on Course 2 will be converted appropriately.)
3. All candidates must complete the Advanced Finance/ERM examination and the Financial Reporting/Operational Risk FSA module.
4. All candidates must complete the Associateship Professionalism Course (APC). Candidates must also have an approved Application for Admission as an Associate on file, as described above.

Fellowship

1. Who may be admitted

An ASA will be admitted as a Fellow of the Society of Actuaries (FSA) after completing the Fellowship educational requirements.

2. Fellowship Requirements

In 2008, candidates may earn their FSA in one of two ways:

1. Under the 2000 system requirements, candidates must complete Courses 1–8 and Professional Development (PD) followed by the Fellowship Admissions Course (FAC). The FAC is required of all candidates for Fellowship, and candidates may not attend the FAC until they have completed all requirements. Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately and can be applied towards these requirements.
2. Effective January 1, 2008 , candidates must complete the preliminary exam requirements, VEE, Fundamentals of Actuarial Practice (FAP) Modules 1–8 and both assessments and
1. Two FSA Modules*
2. Examination Company/Sponsor Perspective (CSP)*
3. Examination Design & Pricing (DP)*
4. Decision Making and Communication (DMAC) Module
5. Fellowship Admissions Course (FAC)



In the new system, candidates may not register for the DMAC module until all other educational requirements are completed. Successful completion of the DMAC module will qualify the candidate to attend the FAC.

* The FSA modules and FSA exams must be taken within a single specialty track.

Candidates specializing in U.S. Retirement Benefits must also complete the EA2A and EA2B examinations prior to qualifying for the DMAC Module and the Fellowship Admissions Course.

3. For candidates holding the CERA credential who proceed onto Fellowship, the following educational requirements must be completed:
1. VEE for Corporate Finance and Applied Statistics
2. Exam MLC
3. Fundamentals of Actuarial Practice (FAP) Modules 1-8 and all related assessments
4. Financial Economic Theory FSA Exam
5. Financial Economics FSA Module
6. Decision Making and Communication (DMAC) Module
7. Fellowship Admissions Course (FAC)

Candidates may not register for the DMAC module until all other educational requirements are completed. Successful completion of the DMAC module will qualify the candidate to attend the FAC.

Candidates may not attend the Fellowship Admissions Course (FAC) until they have completed all other Fellowship educational requirements. The FAC is required of all candidates for Fellowship (see Section 3b.3 for a possible exception in limited circumstances).

Candidates who desire Fellowship in the Canadian Institute of Actuaries (CIA) must complete the Society's Fellowship requirements, including completion of the Fellowship Admissions Course, as well as any other CIA requirements. Complete details are in the CIA Yearbook.

a. Fellowship Admissions Course The Fellowship Admissions Course is the final requirement for Fellowship and is required of all candidates for Fellowship. It is offered several times a year.

b. Mutual Recognition The FSA designation may also be granted to Fellows of the Institute of Actuaries, Faculty of Actuaries, Institute of Actuaries of Australia and the Society of Actuaries in Ireland via the terms of our Mutual Recognition agreements with these organizations. Individuals seeking Fellowship via Mutual Recognition must meet the following requirements:

1. have attained Fellowship in the Institute, the Faculty, the Institute of Australia or the Society of Actuaries in Ireland by examination and not in recognition of membership of another actuarial association;
2. be a Fellow in good standing of the Canadian Institute of Actuaries (CIA), or Member in good standing of the American Academy of Actuaries (AAA), or full member in good standing of other actuarial associations designated from time to time by the Society of Actuaries Board of Governors;
3. have attended and passed the Society of Actuaries Fellowship Admissions Course (FAC), or its equivalent as recognized by the Society of Actuaries, in the five years prior to application;
4. have satisfied the Society of Actuaries Professional Development (PD) requirements, or its equivalent as recognized by the Society of Actuaries, in the five years prior to application.

Individuals seeking additional information or an application should contact Brett Rogers.

3. Correspondence
Requests for application forms or other correspondence regarding examinations, study notes, study groups or classes or other matters should be addressed to:

• Society of Actuaries
• 475 N. Martingale Road, Suite 600
• Schaumburg, IL 60173–2226
• ph: 847.706.3500
• f: 847.706.3599
• e–mail: inforequest@soa.org