Actuarial Career Roadmap
The step-by-step path from a math or actuarial-science degree to ASA/FSA (SOA) and ACAS/FCAS (CAS) — plus a CPCU side-track for property & casualty professionals.
Degree & early exams
Most actuaries start with a bachelor's in actuarial science, math, statistics, economics or a related quantitative field. Internships and passing 1–2 preliminary exams before graduation make candidates far more competitive for entry-level roles.
- ✓ExamExam P (Probability)Shared SOA/CAS preliminary exam — calculus-based probability.
- ✓ExamExam FM (Financial Mathematics)Shared SOA/CAS preliminary exam — interest theory and derivatives.
- ✓VEEVEE: EconomicsValidation by Educational Experience — approved coursework or exam credit, no seated exam.
- ✓VEEVEE: Accounting & FinanceApproved coursework covering corporate finance and financial accounting.
- ✓VEEVEE: Mathematical StatisticsApproved coursework in mathematical statistics.
- ✓ExperienceInternshipsOne or more actuarial internships strongly preferred before graduation.
- Passing P and FM before graduating is the single biggest lever for landing a first offer.
- Confirm VEE credit is on the SOA/CAS approved course list before enrolling — not every stats or finance class qualifies.
- Join your school's actuarial club and attend SOA/CAS student events for recruiting access.
- Typical roles
- Actuarial intern, student actuary
- Typical salary band
- $45,000–$65,000 (internship stipend or new-grad base)
Entry-level analyst
First job as an actuarial analyst, usually under a formal rotational or exam-support program. From here candidates choose (or are guided toward) the SOA path (life, health, retirement, general insurance, finance) or the CAS path (property & casualty).
- ✓ExamExam PCompleted before or shortly after starting.
- ✓ExamExam FMCompleted before or shortly after starting.
- ✓ExperienceEmployer study programMost employers give paid study time, exam fee reimbursement and raises/bonuses per exam passed.
- Ask about exam-support policy (study hours, fee coverage, salary bumps) when comparing offers — it materially affects total comp.
- Rotational programs that expose you to multiple practice areas make it easier to pick a fellowship track later.
- Typical roles
- Actuarial analyst, actuarial associate
- Typical salary band
- $60,000–$85,000 base
SOA route to Associate (ASA)
The SOA Associateship requires the preliminary exams, a set of Associate-level exams (with FAM split into FAM-S/FAM-L for some tracks), the FAP e-learning modules and Final Assessment, the three VEE credits, and the Associateship Professionalism Course (APC).
- ✓ExamFAM (Fundamentals of Actuarial Mathematics)Or the FAM-S / FAM-L split versions depending on intended track.
- ✓ExamSRM (Statistics for Risk Modeling)Predictive analytics and statistical learning.
- ✓ExamALTAM or ASTAMAdvanced Long-Term or Short-Term Actuarial Mathematics, per track.
- ✓ExamPA (Predictive Analytics)Applied predictive-modeling exam with a case-study component.
- ✓VEEVEE requirementsEconomics, Accounting & Finance, Mathematical Statistics — completed by this stage.
- ✓ModuleFAP modulesFundamentals of Actuarial Practice e-learning modules plus the FAP Final Assessment.
- ✓Ethics/ProfessionalismAPC — Associateship Professionalism CourseIn-person/virtual capstone professionalism seminar; last requirement before ASA is conferred.
- ALTAM vs ASTAM depends on whether you're headed toward long-term (life/annuities/retirement) or short-term (health/general insurance) fellowship tracks — pick based on intended FSA track.
- FAP modules can be worked on in parallel with exams; don't leave them all until the end.
- Typical roles
- Associate actuary (ASA), senior analyst
- Typical salary band
- $85,000–$120,000 base
CAS route to Associate (ACAS)
The CAS Associateship covers the shared preliminary exams (taken as SOA P/FM), two modern-statistics exams, two P&C-specific exams, the online professionalism and data-science courses, VEE, and a course on professionalism.
- ✓ExamExam 1 (P)Same exam as SOA's P, administered via the SOA.
- ✓ExamExam 2 (FM)Same exam as SOA's FM, administered via the SOA.
- ✓ExamMAS-IModern Actuarial Statistics I — probability models and credibility.
- ✓ExamMAS-IIModern Actuarial Statistics II — Bayesian analysis, time series, GLMs.
- ✓ExamExam 5Basic ratemaking and reserving techniques.
- ✓ExamExam 6 (US, Canada or International)Regulation, financial reporting and professionalism for P&C; jurisdiction-specific version.
- ✓CourseOnline Course 1 (formerly CA1)Risk management and insurance operations e-learning course.
- ✓CourseOnline Course 2 (formerly CA2)Insurance accounting, reserving and the CAS Code of Conduct.
- ✓CourseCAS Data & Insurance Series Courses (DISC)Foundational data-science/insurance courses required for the newer syllabus.
- ✓VEEVEE: EconomicsApproved coursework, shared VEE structure with SOA.
- ✓VEEVEE: Accounting & FinanceApproved coursework, shared VEE structure with SOA.
- ✓Ethics/ProfessionalismCourse on ProfessionalismCapstone professionalism requirement completed near the end of the ACAS syllabus.
- CAS Exams 1 and 2 are literally the SOA's P and FM — no need to take separate versions if you're undecided between CAS and SOA early on.
- MAS-I/MAS-II can be taken in either order relative to Exam 5, but most candidates find MAS-I easier before Exam 5's ratemaking depth.
- Typical roles
- Associate actuary (ACAS), pricing/reserving actuary
- Typical salary band
- $90,000–$125,000 base
SOA route to Fellow (FSA)
Fellowship builds on the ASA with a chosen specialty track — Corporate Finance & ERM, Quantitative Finance & Investment, Individual Life & Annuities, Retirement Benefits, Group & Health, or General Insurance — plus modules and a capstone course.
- ✓Exam2–3 track-specific examsE.g. GIADV/GIFREU/GIRR for General Insurance; ERM for Corporate Finance & ERM; content varies by chosen track.
- ✓ModuleFellowship e-learning modulesTrack-specific applied modules covering practice-area context.
- ✓ModuleDMAC — Decision Making and CommunicationRequired module on business communication and decision framing for all FSA tracks.
- ✓Ethics/ProfessionalismFAC — Fellowship Admissions CourseCapstone in-person/virtual course; final requirement before FSA is conferred.
- Pick a track based on the work you're already doing day-to-day — transferring mid-track costs time since track exams don't overlap much.
- The General Insurance track (GIRR, GIFREU/GIADV) is the SOA's closest analogue to CAS work, useful if you're in P&C but credentialed through SOA.
- Typical roles
- Fellow actuary (FSA), actuarial manager, chief actuary (track-dependent)
- Typical salary band
- $130,000–$220,000+ base, senior/chief roles higher
CAS route to Fellow (FCAS)
CAS Fellowship adds three advanced exams covering reinsurance, advanced ratemaking/reserving, and financial risk & rate of return — no separate specialty tracks the way SOA has.
- ✓ExamExam 7Estimation of policy liabilities, insurance company valuation, and enterprise risk management.
- ✓ExamExam 8Advanced ratemaking, including excess/reinsurance pricing and catastrophe modeling.
- ✓ExamExam 9Financial risk and rate of return — asset-liability management and risk/return analysis.
- Exams 7–9 are heavily written-answer — practice full-length timed writeups, not just formula recall.
- Many candidates take Exam 9 last since it draws on concepts reinforced by 7 and 8.
- Typical roles
- Fellow actuary (FCAS), chief actuary, VP of pricing/reserving
- Typical salary band
- $140,000–$230,000+ base, senior/chief roles higher
CERA — Chartered Enterprise Risk Analyst (optional, SOA)
The CERA credential can be pursued alongside or after ASA/FSA for actuaries specializing in enterprise risk management, via the SOA's ERM exam and ERM module.
- ✓ExamERM ExamEnterprise risk management concepts, quantification and governance.
- ✓ModuleERM e-learning moduleApplied ERM module required alongside the exam.
- CERA is a strong complement to the Corporate Finance & ERM FSA track but can also be earned as a standalone credential.
- Typical roles
- Enterprise risk analyst/manager, CRO-track roles
- Typical salary band
- Comparable to ASA/FSA band for equivalent seniority
Experience, MAAA & continuing education
There is no formal minimum work-experience requirement to earn ASA, FSA, ACAS or FCAS — the credentials are exam- and course-based. In practice, most candidates reach Associateship in 3–5 years and Fellowship in 6–10 years while working full-time. US actuaries who sign statements of actuarial opinion typically also join the American Academy of Actuaries (MAAA), which does require 3 years of responsible actuarial experience, and all credentialed actuaries must meet ongoing Continuing Professional Development (CPD) obligations under the US Qualification Standards (USQS).
- ✓Experience3–5 years typical to AssociateNot a formal rule — reflects typical full-time exam pace.
- ✓Experience6–10 years typical to FellowVaries with exam load, employer support and track chosen.
- ✓ExperienceMAAA — 3 years responsible actuarial experienceRequired for Academy membership, generally needed to sign US statements of actuarial opinion.
- ✓CourseContinuing Professional Development (CPD)Ongoing annual/biennial CPD hours required under the USQS to keep credentials active.
- Track CPD hours as you go — audits do happen and the requirement is cumulative over a rolling period.
- MAAA membership matters mainly for US-based actuaries who need to sign statutory opinions; it's separate from ASA/FSA/ACAS/FCAS.
- Typical roles
- Actuary, MAAA (US), senior actuary
- Typical salary band
- Varies by credential stage — see stages above
CPCU side-track (P&C professionals)
The Chartered Property Casualty Underwriter (CPCU) designation from The Institutes is a widely respected credential for underwriters, claims professionals and product managers — a complement to, not a replacement for, ACAS/FCAS. It requires eight courses (including a required ethics course) and does not require passing actuarial preliminary exams.
- ✓CourseCPCU 500Foundations of risk management, insurance, and professionalism.
- ✓CourseCPCU 520Insurance operations.
- ✓CourseCPCU 530Business law for insurance professionals.
- ✓CourseCPCU 540Finance and accounting for insurance professionals.
- ✓CourseCPCU 550Commercial property risk management and insurance.
- ✓CourseCPCU 551Commercial liability risk management and insurance.
- ✓CourseCPCU 552Personal risk management and insurance.
- ✓CourseElective (one of several)One elective course chosen from The Institutes' approved list.
- ✓Ethics/ProfessionalismEthics requirement (Course 311 / matriculation)Required ethics course and matriculation into the CPCU Society upon completion.
- CPCU pairs well with an ACAS/FCAS for candidates who move between actuarial and underwriting/product roles.
- No calculus-based exams are required — the credential focuses on insurance operations, law, finance and ethics rather than actuarial mathematics.
- Typical roles
- Underwriter, claims director, product manager, risk manager
- Typical salary band
- $70,000–$140,000 base, wide range by role and seniority
SOA vs CAS at a glance
| SOA | CAS | |
|---|---|---|
| Practice areas | Life, health, retirement, investments, general insurance | Property & casualty only |
| Preliminary exams | P, FM | Exam 1 (P), Exam 2 (FM) — same exams via SOA |
| Associate-level exams | FAM, SRM, ALTAM/ASTAM, PA | MAS-I, MAS-II, Exam 5, Exam 6 |
| Associate professionalism | FAP modules + Final Assessment, APC | Online Courses 1 & 2, DISC, Course on Professionalism |
| Fellowship structure | Six specialty tracks, 2–3 exams each + DMAC + FAC | Single path: Exams 7, 8, 9 |
| VEE | Economics, Accounting & Finance, Math Statistics | Economics, Accounting & Finance (Math Stats covered by exams) |
| Typical time to Associate | 3–5 years | 3–5 years |
| Typical time to Fellow | 6–10 years | 6–10 years |
Typical timeline
Approximate, full-time pace with typical employer study support. Faster or slower pacing is common depending on exam load per sitting, job changes and life circumstances.
FAQ
Salary bands are approximate, US-market, pre-tax base ranges as of 2025 — actual pay varies widely by employer, region, practice area and bonus structure.