For more detailed information about exams visit the SOA website.
Exam P is a:
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:
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:
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:
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:
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:
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:
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:
Advanced Topics in Predictive Analytics has two components:
For more detailed information on the exams visit the CAS website.
MAS-I - Modern Actuarial Statistics-I
The MAS-I Exam is a:
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:
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:
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:
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:
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.
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:
Important things to know about VEE: