Similar to many other careers, becoming a professional in the field of actuarial sciences involves taking exams for accreditation. The largest professional societies in the field, The Society of Actuaries (SOA) and Casualty Actuarial Society (CAS), require students to pass a series of preliminary exams to become an Associate Actuary. These include Probability (Exam P), Financial Mathematics (Exam FM), Investments and Financial Markets (Exam IMF), Short-Term Actuarial Mathematics (Exam STAM), Long-Term Actuarial Models (Exam LTAM), Predictive Analytics (Exam PA), and Statistics for Risk Modeling (Exam SRM). This LibGuide offers a collection of resources offered online and through the Mathematics Library to help you prepare for these exams.
A timeline of Actuarial Exams for certification in the Casualty Actuarial Society can be found at https://www.casact.org/admissions/process/.
In 2016, the Society of Actuaries announced revisions to their curriculum as part of an ongoing effort to support and enhance the actuarial profession. Effective beginning July 2018, the changes introduce three new exams. Investments and Financial Markets (IFM) to replace Models for Financial Economics (MFE). Short-Term Actuarial Mathematics (STAM) to replace Construction and Evaluation of Actuarial Models (C), and finally, Long-Term Actuarial Models (LTAM) to replace Models for Life Contingencies (MLC). For more information about changes to cirriculum and exam requirements visit the SOA website.
In 2017, the Casualty Actuarial Society released the syllabi for two new exams that will be offered as part of the CAS’s revised credentialing requirements in 2018. The new exams, Modern Actuarial Statistics I and II (MAS-I and MAS-II), will address the emerging needs of future actuaries and their employers. The syllabi outline the learning objectives, knowledge statements, and readings that will be covered by the exams. MAS-I is largely a modification of current CAS Exam S, which it will replace when it is first offered in the spring of 2018. MAS-II will replace the current CAS Exam 4 requirement that is typically fulfilled by most candidates through completion of SOA Exam C, which is being discontinued. MAS-II will first be offered in the fall of 2018.
