This overview of actuarial education is written for Fellows and other interested audiences who are not taking exams. It is edited to be informative, not definitive. Detailed information on courses, syllabus, study materials, fees, and examination dates, times, and locations can be found under Education & Jobs.
Credit for all courses must be obtained by examinations offered by the SOA or by an alternative method approved by the Board of Governors. Also, in certain circumstances, course credit may be obtained by waiver for a candidate who has examination credits in another recognized actuarial organization. 1. Requirements for Associateship and Fellowship
The following list shows the required Associateship and Fellowship courses. Course 1 Mathematical Foundations of Actuarial Science Course 2 Interest Theory, Economics and Finance Course 3Actuarial Models Course 4Actuarial Modeling Course 5 Application of Basic Actuarial Principles Course 6 Finance and Investments Course 7Applied Actuarial Modeling Course 8Advanced Specialized Actuarial Practice Candidates must choose one of the following: Finance and Enterprise Risk Management Health, Group Life & Managed Care Individual Insurance Investments Retirement Benefits Professional Development
2. Requirements for Admission to the Society of Actuaries as an Associate
Anyone pursuing actuarial studies may apply for admission to the Society. If the Board of Governors approves the Application for Admission as Associate, the candidate will be enrolled as an Associate of the Society of Actuaries (ASA) after completing the Associateship education and examination requirements prescribed by the Board of Governors, subject to any further requirements that the Board may prescribe. A candidate must complete Courses 1-4 plus two additional components, as well as the Associateship Professionalism Course to satisfy the Associateship requirements. ASA Requirements As announced in February 2003, the Society of Actuaries Board of Governors amended the educational requirements for Associateship (ASA). This change in requirements provides flexibility and choice, and allows candidates and their employers to incorporate more specialized and practical requirements into their path to ASA. The following requirements for the ASA are effective May 1, 2003:
All candidates for Associateship must complete Society of Actuaries Courses 1-4*; the Associateship Professionalism Course (APC); and two additional components. The additional components, from which candidates may select, are Courses 5, 6, 7, 8 and Professional Development (PD), subject to stated restrictions. The SOA Board of Governors must also approve an Application for Admission as an Associate.
Course selections from among Courses 5, 6, 7, 8 and PD are subject to the following restrictions: The combination of Course 7 and PD is NOT an acceptable option.
