How to Join the Society of Actuaries
Actuaries evaluate the possibility of undesirable events happening and manage the impact of those events. Largely employed in the insurance industry, actuaries help people implement financial safeguards. They also create risk management programs for companies. The largest professional organization for actuaries is the Society of Actuaries (SOA). Joining SOA requires extensive education and you must pass exams. Follow these steps to join the Society of Actuaries.
- Difficulty:
- Challenging
Instructions
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1
Request admission to the Society of Actuaries as an Associate. All SOA members join as either Associates or Fellows. Associate is the first level of membership awarded by the Board of Governors.
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2
Pass exams in the following subject areas: Probability, Financial Mathematics, Life Contingencies, Construction and Evaluation of Actuarial Models and Financial Mathematics. You must also pursue Validation by Educational Experience for Economics, Corporate Finance and Applied Statistics. SOA offers Probability exams 4 times a year; other exams are given only in spring and fall.
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3
Take the Fundamentals of Actuarial Practice Course (modules 1-8) plus the exam and final assessment. Once you pass the exams in Step 2 and complete the first 5 modules of the Fundamentals of Actuarial Practice Course, you can enroll in the Associateship Professionalism Course. Once completed and with an approved application, you join the Society of Actuaries as an Associate member.
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4
Enroll in additional coursework to meet requirements for a Fellowship membership. You must take 2 Financial Economics Modules in one specialty track and the Strategic Business Management Module. Pass exams in Company/Sponsor Perspective, Advanced Financial Reporting/Operational Risk or Advanced Portfolio Management, Design & Pricing or Financial Economic Theory.
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Complete the fellowship requirements in Step 4 in order to enroll in the Fellowship Admissions Course and the last requirement for SOA membership.
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Tips & Warnings
The Society of Actuaries provides membership to actuaries from other countries through mutual recognition agreements with countries like Canada, Ireland and Australia.
