Course Path
A step-by-step route from an actuarial science degree to ASA/FSA (SOA) or ACAS/FCAS (CAS) — exams, VEE, curriculum courses, Scout searches and a suggested timeline for every step.
Suggested cumulative timeline from your start date and weekly pace — roughly 160 months to the fellowship designation at this pace. Actual pacing varies with exam sittings, employer support and life circumstances.
- 1
Actuarial science / math degree foundation
~month 0 (2026-09-07)Build the calculus, linear algebra and probability base every SOA exam assumes before you sit Exam P.
Start here — typically years 1–2 of a B.Sc.
Curriculum coursesMATH 101 — Calculus IMATH 111 — Linear AlgebraSTAT 201 — Probability for Risk (Exam P) - 2
VEE credit: Economics, Accounting & Finance, Math Stats
~month 2 (2026-11-07)Validation by Educational Experience — three non-exam credits that must be completed before ASA is awarded.
Can be earned any time alongside coursework, usually years 1–2.
Curriculum coursesECON 101 — Principles of MicroeconomicsECON 102 — Principles of MacroeconomicsFIN 201 — Financial Accounting & Corporate FinanceSTAT 202 — Mathematical Statistics - 3
Exam P — Probability
~month 3 (2026-12-07)Calculus-based probability: distributions, moments, joint/conditional distributions and insurance applications.
First preliminary exam, typically sophomore year.
Typical study hours: 300
Curriculum coursesSTAT 201 — Probability for Risk (Exam P)MATH 102 — Calculus II & Multivariable Calculus - 4
Exam FM — Financial Mathematics
~month 11 (2027-08-07)Time value of money, annuities, loans, bonds, duration and immunisation.
Second preliminary exam, can be taken before or after P.
Typical study hours: 250
Curriculum coursesACT 201 — Financial Mathematics (Exam FM) - 5
Exam FAM — Fundamentals of Actuarial Mathematics
~month 18 (2028-03-07)Life contingencies and short-term actuarial mathematics combined into one associate-level exam.
After P and FM, typically junior year.
Typical study hours: 350
Curriculum coursesACT 202 — Long-Term Actuarial Mathematics I: Life ContingenciesACT 301 — Short-Term Actuarial Mathematics: Loss Models - 6
Exam SRM — Statistics for Risk Modeling
~month 27 (2028-12-07)Regression, GLMs, regularisation and machine-learning basics for actuarial risk modelling.
Can be taken alongside FAM, typically junior year.
Typical study hours: 250
Curriculum coursesSTAT 203 — Regression & Statistical Learning (Exam SRM)CS 301 — Machine Learning - 7
Exam PA / ATPA — Predictive Analytics
~month 34 (2029-07-07)A modelling project exam applying predictive analytics to an insurance dataset, then the advanced ATPA track exam.
After SRM, typically senior year.
Typical study hours: 320
Curriculum coursesACT 401 — Predictive Analytics for Insurance (Exam PA)DS 310 — Data Science Lab for Actuaries (Exam PA / ATPA studio) - 8
FAP modules & APC — professionalism to Associate
~month 43 (2030-04-07)Fundamentals of Actuarial Practice online modules, a final assessment, and the Associateship Professionalism Course — the non-exam gateway to ASA.
Completed alongside or after the associate exams, before ASA is awarded.
Typical study hours: 160
Curriculum coursesACT 340 — Professionalism, Ethics & Actuarial StandardsCOMM 110 — Technical Writing & Communication for Quants - 9
ASA awarded
~month 47 (2030-08-07)With the preliminary exams, VEE, FAM, SRM, PA/ATPA and the FAP/APC professionalism sequence complete, the SOA awards the Associate of the Society of Actuaries designation.
Milestone — typically 3–5 years after starting.
- 10
Choose an FSA specialty track
~month 49 (2030-10-07)Pick a fellowship track — e.g. General Insurance, ERM, Individual Life & Annuities, Retirement or Group & Health — each with its own exam and module sequence.
After ASA, typically 2–4 more years of exams and modules.
Typical study hours: 4050
Curriculum coursesACT 410 — Enterprise Risk Management, Risk Measures & CapitalACT 420 — Health Insurance, Reinsurance & Catastrophe Modelling - 11
FSA awarded
~month 159 (2039-12-07)Completing the chosen track's exams, the Decision Making and Communication (DMAC) module and the Fellowship Admissions Course (FAC) earns the FSA designation.
Milestone — typically 6–10 years after starting.