Society of Actuary Exams

For more detailed information about exams visit the SOA website. 

Exam P - Probability

Exam P is a:

• 3 hour multiple–choice examination 
• Offered via computer–based testing (CBT)
• Exam P is typically the first or second exam students take
• Exam P is offered 6x per year (Every other month starting in January)

Exam P is focused on mastering probability concepts used in assessing financial risk. Knowledge of calculus and basic knowledge of insurance and risk management is assumed. There are 3 topics on the exam: General probabilities, Univariate random variables, and Multivariate random variables.

Exam FM - Financial Mathematics

The Exam FM is a:

• 2.5 hour multiple–choice examination with 30 questions
• Offered via computer-based testing (CBT)
• Exam FM is typically the first or second exam students take
• Exam FM is offered 6x per year (Every other month starting in February)

The FM Exam covers in depth topics pertaining to interest theory and financial economics. Actuary candidates are expected to understand the meaning of financial terms like simple interest, compound interest, interest period of time, future value of money, inflation and present value of money.

Exam FAM - Fundamentals of Actuarial Mathematics

The FAM exam is a:

• 3.5 hours in length and consists of 40 multiple-choice questions. It is offered via computer–based testing (CBT).
• FAM is offered 3x per year (March, July & November)
  • FAM-L (Fundamentals of Actuarial Mathematics – Long-Term)
  • FAM-S (Fundamentals of Actuarial Mathematics – Short-Term)

The short-term section of the examination provides an introduction to modeling and covers important actuarial methods that are useful in modeling. It will also introduce candidates to the foundational principles of ratemaking and reserving for short-term coverages. A thorough knowledge of calculus, probability (as covered in Exam P), and mathematical statistics (as covered in VEE Mathematical Statistics) is assumed.

The long-term section of the examination develops the candidates knowledge of the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics) and interest theory (as covered in Exam FM) is assumed.

ALTAM Exam - Advanced Long-Term Actuarial Mathematics

The ALTAM Exam is a:

• 3 hour exam consisting of 60 points of written-answer questions
• The exam will be taken at Prometric testing centers 
• ALTAM is offered 2x per year (April/May & October/November)

The Exam ALTAM continues to develop the candidate's knowledge of the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics) interest theory (as covered in Exam FM), and the fundamentals of long-term actuarial mathematics (as covered in FAM) is assumed.

ASTAM Exam - Advanced Short-Term Actuarial Mathematics

The ASTAM Exam is a:

• three-hour exam consisting of 60 points of written-answer questions
• The exam will be taken at Prometric testing centers 
• ASTAM is offered 2x per year (April/May & October/November)

The Exam ASTAM continues to develop the candidate’s knowledge of modeling and important actuarial methods that are useful in modeling, as well as ratemaking and reserving for short-term coverages. A thorough knowledge of calculus, probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics), and the fundamentals of short-term actuarial mathematics (as covered in FAM) is assumed.

SRM Exam - Statistics for Risk Modeling

The SRM exam is a:

• 3.5 hour exam that consists of 35 multiple-choice questions
• It is offered via computer–based testing (CBT)
• SRM is offered 3x per year (January, May & September)

Exam SRM tests students' knowledge of methods and models for analyzing data including regression models, time series models, decision trees, and cluster analysis. Apply methods for selecting correct models for data analysis.

PA Exam - Predictive Analytics

The PA Exam is a:

• 3 hour and 30-minute exam requiring analysis of a data set in the context of a business problem and submission of responses to questions
• PA is offered 2x per year (April & October)
• Grading of the exam will follow the protocols used for SOA fellowship exams
• The PA Exam presents candidates with a data set and a realistic business problem. Candidates respond to specific questions related to the data and problem

Exam PA provides candidates with the ability to employ selected analytic techniques to solve business problems. A thorough knowledge of probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics), selected models and methods for analyzing data (as covered in Exam SRM) is assumed. 

ATPA Exam - Advanced Topics in Predictive Analytics Assessment

The PA Exam is a:

• ATPA is a take home assessment
• Offered 3x per year

Advanced Topics in Predictive Analytics has two components:

• Modules

• The ATPA e-Learning modules provide support designed to enhance candidates’ knowledge from the SRM and PA Exam learning objectives and readings and to clarify the SOA’s expectations regarding a successful ATPA Assessment submission.
• Candidates receive access to the ATPA modules by registering for the ATPA Assessment. Candidates will have access to the modules until the end of the period in which the assessment is administered.

• Assessment

• The ATPA assessment presents candidates with a data set and a realistic business problem. Candidates prepare a report that presents and supports their solution. Candidates may use resources such as textbooks and the internet, similar to a work environment. The only required deliverable will be a Word document with your responses.
• Candidates will have 96 hours to complete the assessment.
• Grading of the assessment will be completed and results released on a preset schedule.

Casualty Actuarial Society

For more detailed information on the exams visit the CAS website.

MAS-I - Modern Actuarial Statistics-I

The MAS-I Exam is a:

• 4 hour exam 
• Offered 2x per year

This examination covers Probability Models (Stochastic Processes and Survival Models), Statistics, Extended Linear Models, and Time series with Constant Variance.

MAS-II - Modern Actuarial Statistics-II

The MAS-II Exam is a:

• 4 hour exam 

This examination covers Introduction to Credibility, Linear Mixed Models, Bayesian Analysis and Markov Chain Monte Carlo, and Statistical Learning.

Exam 5 - Basic Techniques for Ratemaking and Estimating Claim Liabilities

The Exam 5 is a:

• 4 hour exam
• This exam is offered 2x per year (Spring and Fall)

This exam is a short answer style exam. The questions are broader and may require interpretation of calculations and concepts. The concepts covered on the exam are Ratemaking Process, Exposure Base, Premiums in Ratemaking, Loss Adjustment, Reinsurance, Underwriting Expense, Retention Ratios, Rating Differentials, Coinsurance Provision, Development Triangle, Estimating Unpaid Claims, Cape Cod Technique, Bornhuetter-Ferguson Technique, Estimate Recoveries.

Exam 6C - Regulation and Financial Reporting (Canada)

The Exam 6C is a:

• 4 hour exam 
• This exam is offered 2x per year (Spring and Fall)

This exam covers Regulation of Insurance and Canadian Insurance Law, Government and Industry Insurance Programs, Financial Reporting and Solvency, and Professional Responsibilities of the Actuary in Financial Reporting. 

Exam 6U - Regulation and Financial Reporting (US)

The Exam 6U is a:

• 4 hour exam 
• This exam is offered 2x per year (Spring and Fall)

This exam covers Regulation of Insurance and United States Insurance Law, Government and Industry Insurance Programs, Financial Reporting and Taxation, Professional Responsibilities of the Actuary in Financial Reporting, and Reinsurance Accounting Principles. 

VEE: Validation by Educational Experience

For more information about VEE visit https://www.casact.org/exams-admissions/validation-educational-experience or https://www.soa.org/education/exam-req/edu-vee/

There are three required VEE topics for the ASA pathway:

• Economics
• Accounting and Finance
• Mathematical Statistics
• These VEE credits are earned at your own pace

Important things to know about VEE:

• VEE topics are not formal prerequisites for the preliminary exams and are fulfilled independently of the exam process, usually from university coursework or online courses.
• You must pass two SOA, CAS or CIA actuarial exams before applying for VEE credit

Institute and Faculty of Actuaries

For more detailed information on the exams visit the IFoA website.

Note that:

• All these 6 Core Principles exams are also used by IAI - see full details here Core Principles | Institute of Actuaries of India.
• All these exams except CM1 are also used by ASSA: Curriculum page - The Actuarial Society of South Africa

Exam CB1 - Business Finance

• The exam format is a 3 hours and 20 minutes computer-based exam (Word)
• Recommended study hours: 150

Business Finance (CB1) provides the theory and application of corporate finance as well as the main elements of companies’ financial statements. Candidates will gain knowledge of corporate governance, different types of company structure, management goals and maximising shareholder wealth, traditional and new methods of raising short and long-term finance, use of leverage, growth and profitability, and mergers and acquisitions. In financial statements analysis, regulation and regulatory bodies for financial reporting, the company’s balance sheet, income, and cash flow statements, and elements of management accounting are considered.

Exam CB2 - Business Economics

• The exam format is a 3 hours and 20 minutes computer-based exam (Word)
• Recommended study hours: 150

Business Economics (CB2) introduces the main principles of economics and their application in a business context. In microeconomics it covers the operation of single markets, market price and output determination, decisions made by consumers on allocating their budget and by producers on price and output, and different types of market structures and the implication of each for social welfare. In macroeconomics candidates will gain knowledge of the working of the economic system, governments’ macroeconomic objectives, unemployment, inflation, economic growth, international trade and financial systems and financial crises.

Exam CM1 - Actuarial Mathematics for Modelling

• The exam format is a 3 hours and 20 minutes theoretical computer-based exam (Word), plus 1 hour and 50 minute computer-based exam, (Excel)
• You must sit A + B papers in the same session
• Recommended study hours: 250

Actuarial Mathematics for Modelling (CM1) provides a grounding in the principles of actuarial modelling, focusing on deterministic models and their application to financial products. It equips the student with a knowledge of the basic principles of actuarial modelling, theories of interest rates and the mathematical techniques used to model and value cash flows which are either certain or are contingent on mortality, morbidity and/or survival. The subject includes theory and application of the ideas to real data sets using Microsoft Excel.

Exam CM2 - Economic Modelling

• The exam format is 3 hours 20 minutes theoretical computer-based exam (Word), 1 hour 50 minutes computer-based exam (Excel)
• You must sit A + B papers in the same session
• Recommended study hours: 250

Economic Modelling (CM2) provides a grounding in the principles of actuarial modelling, focusing on stochastic asset-liability models and the valuation of financial derivatives. It equips the student with a knowledge of the theories of behaviour of financial markets, measures of risk, determining reserves for a non-life insurer and price options. The subject includes theory and application of the ideas to real data sets using Excel.

Exam CS1 - Actuarial Statistics

• The exam format is 3 hours and 20 minutes theoretical computer-based exam (Word), plus 1 hour and 50 minutes computer-based exam (Word and R)
• You must sit A + B papers in the same session
• Recommended study hours: 200

The aim of Actuarial Statistics (CS1) is to provide a grounding in mathematical and statistical methods that are of relevance for actuarial work. It equips the student with knowledge of statistical distributions, methods to summarise data, the principles of statistical inference, regression models (including generalised linear models) and the fundamental concepts of Bayesian statistics. The subject includes both theory and application of the ideas using R.

Subject CS2 builds directly on the material in this subject. The material in this subject is also applied to actuarial modelling in subjects CM1 and CM2.

Exam CS2 - Risk Modelling and Survival Analysis

• The exam format is 3 hours and 20 minutes theoretical computer-based exam (Word), plus 1 hour and 50 minutes computer-based exam (Word and R)
• You must sit A + B papers in the same session
• Recommended study hours: 250

Risk Modelling and Survival Analysis (CS2) develops knowledge of and the ability to apply statistical methods for risk modelling, time series analysis methods, stochastic processes (especially Markov chains and Markov jump processes), survival analysis (including regression methods applied to duration data), and graduation methods It also includes a high-level introduction to machine learning. The subject includes both theory and application of the ideas to real data sets using R.

CS2 builds directly on CS1. Material in this subject is applied to actuarial modelling in subjects CM1 and CM2.