[[Actuarial Notes Wiki|Wiki]] / [[Actuarial Resources]] / How to / **How to become an Actuary** ## How to become an Actuary There are many different paths to become an [[Actuary]]. Your path depends on a few factors: - In which country / countries will you work? - What is your current level of education? - What is your level of mathematics / statistical education? This guide is focused on becoming a qualified actuary in Canada and the United States. Each country has different professional organizations, institutions, and educational requirements that make the qualification process unique. ### Which path is right for me? | Path | Situation | | ------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------- | | **The Standard Path** | For students pursuing an actuarial science, math, or statistics degree who plan to enter the profession directly after university/college. | | **The Career-Switcher Path** | For professionals in adjacent fields (finance, data science, engineering, accounting, etc.) who want to transition into an actuarial career. | | **The Self-Study Path** | For individuals without a technical degree who want to break into the profession through self-directed learning. | > [!example]- The Standard Path > For students pursuing an actuarial science, math, or statistics degree who plan to enter the profession directly after college. > - **==Step 1== Earn a Relevant Bachelor's Degree** Pursue actuarial science, mathematics, statistics, economics, or finance. University programs often align coursework with preliminary exam content and may satisfy VEE (Validation by Educational Experience) requirements automatically. > > - **==Step 2== Pass 1–3 Exams While in School** Start with the preliminary exams [[Exam P-1 (SOA)]] and [[Exam FM-2 (SOA)]], as these are shared by the SOA and CAS. Passing exams before graduation makes you much more competitive for entry-level roles. Many students graduate with 2–3 exams passed. > > - **==Step 3== Complete Internships / Co-ops** Actuarial internships are one of the strongest predictors of landing a full-time role. Many companies hire their interns for entry level positions. Students often decide between the SOA and CAS paths at this point based on the type of work they enjoy. > > - **==Step 4== Land an Entry-Level Position** With a relevant degree and 1–3 exams passed, apply for actuarial analyst roles. Most employers offer study time, exam fee reimbursement, and raise/bonus incentives for each exam passed. > > - **==Step 5== Continue Exams on the Job** Progress through the remaining exams toward your Associate ([[Exams/Certifications/Associate of the Society of Actuaries (ASA)|ASA]] or [[Associate of the Casualty Actuarial Society (ACAS)|ACAS]]) and ultimately Fellow ([[Fellow of the Society of Actuaries (FSA)|FSA]] or [[Fellow of the Casualty Actuarial Society (FCAS)|FCAS]]) designation, leveraging employer support along the way. > [!example]- The Career-Switcher Path > For professionals in adjacent fields (finance, data science, engineering, accounting, etc.) who want to transition into an actuarial career. > > - **==Step 1== Assess Your Transferable Skills** Career switchers often have strong quantitative backgrounds already. Identify gaps by comparing your experience against preliminary exam topics (probability, financial math, statistics, and modeling). > > - **==Step 2== Pass Your First Exam to Signal Commitment** Employers take career switchers seriously once they see at least one passed exam. Start with Exam P or Exam FM — whichever aligns better with your existing knowledge. Self-study using official syllabi and third-party prep courses (e.g., ACTEX, ASM, Coaching Actuaries) is the standard approach. > > - **==Step 3== Check VEE Requirements Against Your Prior Education** > Many career switchers already satisfy some or all VEE topics through prior degrees or professional courses. Review the SOA and CAS approved course lists to identify what you can claim and what gaps remain. > > - **==Step 4== Target Entry-Level or Transitional Roles** Look for actuarial analyst positions, but also consider roles that bridge your current experience. For example, a data analyst at an insurance company or a financial analyst in a benefits consulting firm. Networking through local actuarial clubs and LinkedIn can open doors that job boards won't. > > - **==Step 5== Continue Exams and Earn Your Credentials** Progress through the remaining exams toward your Associate ([[Exams/Certifications/Associate of the Society of Actuaries (ASA)|ASA]] or [[Associate of the Casualty Actuarial Society (ACAS)|ACAS]]) and ultimately Fellow ([[Fellow of the Society of Actuaries (FSA)|FSA]] or [[Fellow of the Casualty Actuarial Society (FCAS)|FCAS]]) designation, leveraging employer support along the way. Your prior professional experience often accelerates your understanding of business applications, even if the exams themselves still require dedicated study. > [!example]- The Self-Study Path > For individuals without a technical degree who want to break into the profession through self-directed learning. > - **==Step 1== Build Your Mathematical Foundation** If your degree is in a non-quantitative field, you'll need to develop proficiency in calculus, probability, linear algebra, and statistics. Options include community college courses, online platforms, or university extension programs. You don't need a second degree, but you do need the knowledge. > > - **==Step 2== Begin Exam Preparation Independently** Use [[Actuarial Exam Study Tools|study materials]] to prepare for Exam P and Exam FM. These resources are designed for self-study and include practice problems, video lessons, and simulated exams. Budget approximately 250–350 hours of study time per preliminary exam. > > - **==Step 3== Pass Your First Exam** Without a traditional actuarial degree, a passed exam is the single most important signal to employers that you are serious and capable. It carries more weight than any coursework on a resume. > > - **==Step 4== Satisfy VEE Requirements Through Alternative Channels** > Since your degree may not cover VEE topics, use approved alternatives such as online courses or the SOA's own approved providers. Both the SOA and CAS maintain lists of accepted courses on their websites. > > - **==Step 5== Gain Relevant Experience Creatively** If you can't land an actuarial role immediately, build experience in adjacent positions insurance underwriting, data analysis, risk management, or financial analysis. Freelance projects, Kaggle competitions, or open-source contributions that demonstrate statistical and analytical skills can strengthen your profile. > > - **==Step 6== Network!** Without the built-in networks of an actuarial program, you'll need to create your own. Attend local actuarial club meetings, participate in CAS and SOA virtual events, and seek informational interviews with practicing actuaries. Mentorship from a credentialed actuary can be invaluable for navigating the non-traditional route. > > - **==Step 7== Progress Through Exams and Build Credentials** > Once employed in an actuarial or adjacent role, follow the standard exam progression. Many non-traditional candidates find that their diverse backgrounds become assets as they advance, bringing fresh perspectives. ### Tips for Success - Start exams as soon as possible. - Leverage employer support. Most actuarial employers provide study time, materials, and financial incentives to pass exams. - Network consistently. Relationships open doors, especially for career switchers and non-traditional candidates. - Stay current on exam changes. Both the SOA and CAS update syllabi regularly. Always check official sources at soa.org and casact.org. - Be patient and persistent. The credentialing journey takes years regardless of your starting point.