Whether you choose the SOA or CAS designation, success starts with the right tools and support. At Coaching Actuaries, we are your partners in passing actuarial exams and building a fulfilling career.
If you’re passionate about measuring and managing risks using a deep understanding of mathematics and statistics, being an actuary might be your dream job.
Actuaries help businesses grow and protect their futures, leveraging data to reduce uncertainty and design valuable solutions. In a world of constant change, the role of an actuary is pivotal.
To become an actuary, you must choose between two organizations: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). What are the differences between the two?
What Is the SOA Exam?
The Society of Actuaries (SOA) is a leader in actuarial education and research. With its origins dating back to the 1800s, it has grown into the most prominent professional actuarial organization, with more than 31,000 members worldwide.
The SOA supports actuaries by offering exams, continuing education, research opportunities, and networking. You get everything you need to become an Associate of the Society of Actuaries (ASA). You will follow the SOA exam structure:
- Foundations: Exam P (Probability) covers probability tools for assessing risk, while Exam FM (Financial Mathematics) focuses on financial instruments.
- Actuarial I: FAM (Fundamentals of Actuarial Mathematics) introduces modeling and pricing for insurance and annuities, and SRM (Statistics for Risk Modeling) is all about statistical methods and modeling techniques.
- Actuarial II: ASTAM (Advanced Short-Term Actuarial Mathematics) focuses on modeling, ratemaking, and reserving for short-term coverages, while ALTAM (Advanced Long-Term Actuarial Mathematics) is for contingent payment models. The PA (Predictive Analytics) Exam assesses your analytic techniques for solving business problems.
What Is the CAS Exam?
The Casualty Actuarial Society (CAS), founded in 1914, is another well-respected organization that certifies actuaries. It is smaller than the SOA but still has over 10,000 members worldwide.
To earn a CAS designation, pursue the Associate (ACAS) or Fellow (FCAS) credential through the following exams:
- ACAS Pathway: Exams 1 and 2 for Probability and Financial Mathematics, MAS-I and MAS-II for Modern Actuarial Statistics, Exam 5 for Basic Ratemaking and Estimating Claim Liabilities, and Exam 6 for Regulation and Financial Reporting.
- FCAS Pathway: Exam 7 for Advanced Estimation of Claims Liabilities, Exam 8 for Advanced Ratemaking, and Exam 9 for Risk Management for Actuaries.
SOA vs. CAS Actuarial Designations
Generally, actuaries are professionals who evaluate the likelihood of future events using numbers. Should adverse events happen, these professionals minimize the financial impact. Whether you are leaning toward SOA or CAS, both lead to rewarding careers.
Let’s compare the industries, exam processes, and courses.
1. Industry
If the SOA points toward life insurance and retirement benefits, the CAS specializes in property and casualty (P&C) insurance. Those who are drawn to finance, health, or retirement planning, the SOA is your lane. House, personal, and vehicle insurance? The CAS might be your fit.
2. Exam Processes
The SOA offers multiple fellowship tracks, allowing you to delve into enterprise risk management, finance and investments, general insurance, and more. In contrast, the CAS has a single fellowship track for P&C.
For flexibility and a wide range of sectors to grasp, the SOA might be a more interesting option.
3. Type of Courses
The SOA leans heavily on life contingency, with materials reflecting the nature of long-term products. The CAS, on the other hand, emphasizes statistics, which are more relevant to short-term risk models.
Choosing between the SOA and CAS is not a matter of which is better, but about which is right for you. As such, consider your interests, preferred industries, and strengths. And since actuaries work with numbers and people, getting a designation is a long, demanding journey.
How to Succeed Without Burning Out
Here are three tips from the Coaching Actuaries team.
1. Schedule Your Study Times
Always remember that structure is everything. There are diverse topics to cover, so create a calendar that breaks down your material into manageable weekly chunks. Treat your study time like a class or job; non-negotiable and distraction-free.
Of course, you deserve breathers, too. Schedule your breaks and refuel physically and mentally. Meet up with your friends and continue enjoying your hobbies! Studying is most effective when it is not the only thing you do.
2. Choose Active Learning
Instead of just reading, practice what you learn. Use tools like an SOA Exam P practice exam or a MAS-I quiz!
Mock tests under timed conditions improve retention and expose you to the pressure in real exam environments, teaching you how to handle it confidently and gracefully.
3. Monitor Your Development
Lastly, track your progress. Are you hitting your targets? Do you understand the material, or are you just memorizing formulas?
Reflect weekly and adjust your strategies as needed. Whenever you’re struggling with one type of exam question, exert more effort mastering it.
The more you determine where you’re excelling and where you’re falling behind, the more you know how to move forward.
Prepare With Coaching Actuaries
So, are you going for an SOA or CAS designation? Regardless of your path, success starts with the right tools and support.
At Coaching Actuaries, we are your partners in passing actuarial exams and building a fulfilling career. We know what you are up against and are here to provide industry-leading actuarial study materials, videos, adaptive learning tools, and expert guidance.
Whether taking your first SOA exam or preparing for a higher-level CAS exam, we have a full suite of courses tailored to your needs. Our team has been through the same journey; our mission is to walk with you.
Explore our courses today at Coaching Actuaries! Contact us online to learn more about our approach to acing actuarial exams.