Exams
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Actuarial Exams and VEEs
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Introduction to SOA/CAS Exams & Validation by Educational Experience (VEE)
what are the soa/cas exams?
Actuaries achieve professional status by passing a set of examinations prescribed by the Casualty Actuarial Society (CAS) or Society of Actuaries (SOA). The first two exams are jointly administered by the CAS and SOA.
Many prospective actuaries begin taking exams while in college with the aid of self-study courses. Most achieve Associateship in three to five years. All students acquire a core set of knowledge from required courses before following the CAS or SOA career path. A student's selection to pursue the SOA or CAS career path is frequently influenced by personal interest, set of skills, and acceptance of a particular entry-level job. After achieving Associateship status and usually after gaining a few years of work experience, you can complete the Fellowship exams with a focus on the area in which you work.
Both Associate and Fellowship level exams are difficult, and becoming an actuary requires a fair amount of study and preparation. Depending on which course of study you choose, you'll prepare for exams by studying material required by the CAS or the SOA.
Many prospective actuaries begin taking exams while in college with the aid of self-study courses. Most achieve Associateship in three to five years. All students acquire a core set of knowledge from required courses before following the CAS or SOA career path. A student's selection to pursue the SOA or CAS career path is frequently influenced by personal interest, set of skills, and acceptance of a particular entry-level job. After achieving Associateship status and usually after gaining a few years of work experience, you can complete the Fellowship exams with a focus on the area in which you work.
Both Associate and Fellowship level exams are difficult, and becoming an actuary requires a fair amount of study and preparation. Depending on which course of study you choose, you'll prepare for exams by studying material required by the CAS or the SOA.
Why do i need to take the soa/cas exams?
Unlike other professions, such as law and medicine, in the actuarial profession you can earn while you learn. Many students receive on-the-job training while enrolled in the examination process. Employers are generally supportive and may give students study time during working hours, pay exam fees, and award raises for each exam passed. However, most employers prefer to hire people who have started the series of examinations on their own and have already passed one or two exams.
How do i choose between cas and soa?
If you want to learn more about the differences between SOA and CAS, click here to view valuable information and insight on many actuarial concepts.
Exam Registration process
what is validation by educational experience (vee)?
VEE allows students to get credit for CAS/SOA exams simply by taking college courses. There are 3 VEE topics: Economics, Corporate Finance, and Applied Statistical Methods. The minimum grade to receive credit for a VEE course is a "B-". VEE is a great way to avoid having to take more exams so it is STRONGLY SUGGESTED that you work the following courses into your Penn State semester schedule:
Required Classes for SOA VEE's |
Required Classes for CAS VEE's |
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Required classes for VEE Economics:
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Required classes for VEE Economics:
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To formally receive credit for passing VEE courses, you must first pass 2 SOA/CAS exams, and then you can apply on the SOA website or the CAS website.
Many companies will cover this expense for their employees, so it is recommended to wait until you have a full time position to formally apply for these credits (but still take the courses while you're here).
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Exam Dates |
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To find out when future exams may be, check out these websites to find when and where the specific exams that you need will be held!
SOA Exam Registration Schedule
Computer Based Testing (CBT)
*Remember that the new Prometric Center is officially open in State College! Be sure to take advantage of this new location as you register for exams. It is located at 204 East Calder Way, Suite 206A.
CAS Exam Schedule
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Study Strategies |
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- The SOA and CAS recommend 100 hours of studying per hour of exam (3 hour exam = 300 hours of studying)
- This may be a bit overkill for some but at a bare minimum we recommend 50 hours of studying per hour of exam (3 hour exam = 150 hours of studying)
- A class counts as around 75 hours of exam prep
- It is recommended that you begin studying about 3 months before a sitting. Make sure to leave 2-4 weeks at the end to focus on practice problems to reinforce understanding and improve speed.
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Study Materials |
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Coaching Actuaries |
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Coaching Actuaries Informative Video
Coaching Actuaries is a helpful tool for passing any actuarial exam. This tutorial (to the left) covers the different features of the website, including full-length practice exams, customized quizzes, formula sheets, video lessons, and more!
Act Sci Club Member Discount
As an Actuarial Science Club member here at Penn State, you can receive a discount on your Coaching Actuaries purchases:
Contact our director of communications, Lauren Lavis, with any questions. |
ACTEX Learning |
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ACTEX now has an exam learning interface called Actuarial University that includes the exam manual, videos, practice exams and quizzes, and more!
ACTEX Offers:
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The Infinite Actuary (TIA) |
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Similar to the first two, TIA offers a great range of products for the actuarial exams. Many of their products will be available concurrent with RM classes like RM 410, 411, etc. TIA offers free practice exams and questions for actuarial exams like P and FM. If you are interested, check their website out.
Reach out to Lauren Lavis, with any questions. |
Exam Progression
Welcome to your exam journey!
Below shows recommended exam order progressions and at the bottom has links to advice for nearly all preliminary (ASA) exams. Some exams can be earned with UEC credit (University Earned Credit) where you take the Penn State class for the specific exam and if you get over the threshold you get credit for the exam!
Below shows recommended exam order progressions and at the bottom has links to advice for nearly all preliminary (ASA) exams. Some exams can be earned with UEC credit (University Earned Credit) where you take the Penn State class for the specific exam and if you get over the threshold you get credit for the exam!
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SOA ASA Exams |
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Here are a few recommended SOA ASA exams order:
P → FM → SRM → FAM → A-LTAM/A-STAM → PA → ATPA
P → FM → SRM → PA → FAM→ A-LTAM/A-STAM → ATPA
Notes:
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CAS ACAS EXAMS |
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There is not much variation between exam paths for CAS, so we recommend following the suggested path on the CAS website.
Exam Information
Preliminary/Shared |
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Length: 3 hour exam with 30 questions
The syllabus for Exam P develops the candidate's knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.
Courses to help: STAT 414, RM 214
The syllabus for Exam P develops the candidate's knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.
Courses to help: STAT 414, RM 214
Length: 2.5 hour exam with 30 questions
The syllabus for Exam FM develops the candidate's understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. A basic knowledge of calculus and an introductory knowledge of probability is assumed.
Courses: RM 410 (UEC Credit Class)
The syllabus for Exam FM develops the candidate's understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. A basic knowledge of calculus and an introductory knowledge of probability is assumed.
Courses: RM 410 (UEC Credit Class)
Length: 3.5 hour exam with 40 questions The syllabus for 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 candidate 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 syllabus for the long-term section of the examination develops 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) and interest theory (as covered in Exam FM) is assumed. Courses: RM 411 and RM 421 (Both UEC Credit Classes) Length: 3.5 hour written exam The syllabus for 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. Length: 3.5 hour exam with 35 questions The syllabus for Exam SRM provides an introduction to methods and models for analyzing data. Candidates will be familiar with regression models (including the generalized linear model), time series models, principal components analysis, decision trees, and cluster analysis. Candidates will also be able to apply methods for selecting and validating models. A thorough knowledge of calculus, probability (as covered in Exam P) and mathematical statistics (as covered in VEE Mathematical Statistics) is assumed. Courses to help: STAT 380, STAT 461, STAT 462, STAT 463 |
Length: 4 hour exam with 40-45 questions The syllabus for Exam MAS-I provides candidates an introduction to probability models, statistics, and extended linear models. Candidates should be able to utilize stochastic processes to solve probability related questions, apply statistical concepts covered in undergraduate courses, and determine/apply the appropriate extended linear model for a given problem. This exam assumes prior knowledge from Exam P and Exam FM. 4 hour exam with 40-45 questions The syllabus for Exam MAS-II provides candidates an introduction to credibility, linear mixed modeling, statistical learning, and time series. Candidates should be able to calculate different types of credibility, understand the structure of linear mixed models, determine the appropriate statistical learning procedure for a task at hand, and apply basic time series models. This exam assumes prior knowledge from Exam P and Exam MAS-I. |
Reimbursements
Actuarial Lookup
Exam Reporting and Reimbursement
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Exam Reimbursement Reporting Form: Immediately report passing your exam once you can access your SOA/CAS Exam formal pass slip with your grade. You must provide at least 2 weeks before the semester end. Seniors may provide a pass slip without the grade if it will not be out in time, as long as you email your grade to Mandy when it is released.
Submitting passed exams helps us be a Center of Actuarial Excellence (CAE). Also, update your resume (if you want a job or internship). |
Reimbursements will appear in the Financial Account under the Financial tab on LionPATH at the end of the semester. African American, Hispanic, and Native American students can also be fully reimbursed by the SOA/CAS.
Reimbursement amounts will be different based on attendance points:
Standard Tier (0-7.99 Current Semester Attendance Points)
Reimbursement amounts will be different based on attendance points:
Standard Tier (0-7.99 Current Semester Attendance Points)
- $50 - P, FM
- $75 - SRM, FAM
- $100 - A-LTAM/STAM, PA, MAS-I, MAS-II
- $200 - P, FM
- $250 - SRM, FAM
- $300 - A-LTAM/STAM
- $350 - PA, MAS-I, MAS-II
Want to see how many exams someone has passed? Just lookup their name below! Try searching for Chad Stein (Former Act Sci President) to see how many exams he is up to nowadays!
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Exam Requirement:
- For an internship between Sophomore and Junior year, most companies don't require an exam pass but having sat for an exam or having at least one exam passed would set you apart from most of the other candidates
- For an internship between Junior and Senior year, most companies require that you have at least one exam passed but exceptions to rule have been made before
- For a job after college, most companies require that you have at least one exam passed (sometimes even at least two exams passed) and usually like to see that you completed at least one actuarial related internship
- Balance of Taking Exams in College:
- On top of needing exam passes to get hired, more exams passes in college will generally lead to a higher starting salary
- Exams and study materials are not cheap so keep that in mind when taking exams while in college (most study materials offer a student discount which helps!)
- Taking Exams when Working:
- Most employers provide their exam takers paid study hours
- Usually between 90-120 per exam for the first one or two attempts at each exam
- Varies on following attempts for each exam
- Most employers will pay for the first sitting or two for each exam
- Varies on following attempts for each exam
- Generally, companies increase pay with each exam passed and promote employees based on the number of exams passed
- However, it is worth noting that some companies also require a certain amount of years of industry experience for promotions and not just number of exams passed for
- Some companies also provide first pass bonuses for passing exams on the first try
- Most employers provide their exam takers paid study hours