Exams

Requirements for Associateship in the Society of Actuaries (SoA) include examinations, an e-Learning course (delivered online), a proctored project assessment, validation of educational experiences outside the SoA Education system (VEE), and a professionalism seminar.  The Associateship exams are listed in the table below.

Requirements for Associateship in the Casualty Actuarial Society (CAS) include examinations, online courses, validation of educational experiences outside the CAS Education system (VEE), and a course on professionalism.  The Associateship Exams are listed in the table below.

If you pass SoA exams P, FM, and IFM, you will get credit for CAS exams 1, 2 and 3F, so there is no pressure to make an early decision on which route (SoA or CAS) you wish to follow.

See our VEE Courses page for more information on the classes you should try to take at UNC in order to fulfill the VEE requirements.

Typically you would not complete the online courses until after you graduate, so they are not addressed here.  These courses involve written assessments or computer-based tests.

Try to pass a couple of exams before you graduate.  They can be taken multiple times.  Exam calendars are available on the SoA and CAS websites.  CASO has a limited supply of study manuals that it lends to students in preparation for exams.  See our Study Materials page for more information.

SoA Associateship ExamsCAS Associateship Exams
Probability (Exam P)Probability (Exam 1)
Financial Mathematics (Exam FM)Financial Mathematics (Exam 2)
Investment and Financial Markets (Exam IFM) Financial Economics (Exam 3F)
Long-Term Actuarial Models (Exam LTAM)Modern Actuarial Statistics-I (Exam MAS-1)
Short-Term Actuarial Models (Exam STAM)Modern Actuarial Statistics-II (Exam MAS-II)
Statistics for Risk Modeling (Exam SRM)Basic Techniques for Ratemaking and Estimating Claim Liabilities (Exam 5)
Predictive Analytics (Exam PA)Regulation and Financial Reporting (Exam 6)
 

Probability Exam (SoA Exam P)

The exam consists of three hours of multiple-choice questions. The purpose of this exam is to develop knowledge of probability. The application of these tools to problems encountered by actuaries is emphasized. A thorough command of calculus and probability topics is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed. ~ BeAnActuary.org

This is often the first exam taken by prospective actuaries.  It is a 3-hour computer-based exam with a fee of $225.  STOR 435 provides a great background for this exam, though we recommend that students also study for the exam outside of class.  This exam is offered six times a year.

Financial Mathematics Exam (SoA Exam FM)

The exam consists of three hours of multiple-choice questions. The goal is to provide an 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.   It assumes a basic knowledge of calculus and probability.  

This is often the second exam taken by prospective actuaries.  Some of the material covered by this exam is included in STOR 471.  This exam is offered six times a year.

Further Exams 

Many students wish to take more than two actuarial exams before graduating.  Descriptions of other exams can be found on the SoA and CAS websites.

Registering for Exams

Registration for the SoA exams can now be done online at SOA.org.  The closest testing centers to Chapel Hill are in Raleigh (~26 miles) and Greensboro (~44 miles).  Because many students take exams around the same time, we have set up a Google Doc that students can use to coordinate study groups.

Exam Fee Reimbursement/Reductions

Diversity students – African American, Hispanic, or Native North American – who pass the Probability exam and/or the Financial Mathematics exam will be reimbursed for the fees for the passed exams.  Reduced examination fees are also available to eligible candidates of qualified countries.  Here is more information on the Diversity Exam Reimbursement Program and on the International Exam Fee Discount Program.

For undergraduate Statistics and Analytics majors who pass Exam P but do not qualify as a Diversity student, the UNC Statistics and Operations Research Department will reimburse your exam fee in the amount of $150.  Students must bring proof of passing (official pass slip or an SOA transcript), copy of receipt of payment of exam and complete a STOR Dept form.  Please contact the STOR Department Manager Samantha Radel (radel@email.unc.edu) Hanes 318 to receive the form, provide the other documentation and for any questions.

Nervous about taking your first actuarial exam?  Read this helpful article: How to Best Prepare for Your First Actuarial Exam