How to Become a Certified Actuary
Actuaries use mathematics and statistics to analyze risk and find ways to minimize it for their employers. The majority of actuaries work in insurance companies or for government, but some work in business or finance. Most actuarial jobs require a bachelor's degree in actuarial science, mathematics or a related subject. In addition, a prospective actuary must pass a series of examinations to become certified. The Society of Actuaries and the Casualty Actuarial Society both certify actuaries, depending on their specialty.
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Instructions
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Research colleges and universities with majors in actuarial science, mathematics or business, and take the high school classes required by the college you choose. Emphasize high school math, computer and accounting classes. According to the Bureau of Labor Statistics, more than 100 secondary institutions offer a specific program in actuarial science.
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Complete a four-year degree in actuarial science, finance, mathematics, business, economics or a similar major, including classes necessary for certification. Actuarial certification exams require classes in actuarial statistics, corporate finance and economics, as well as in mathematics. Along with these basic classes, you need to study interest, depreciation, reinvestment, valuation of investments and insurance in preparation for the actuarial exams.
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Begin the first four professional certification exams during college. Passing at least the first two before graduation gives you an advantage in the job market. The two certifying professional societies, the Society of Actuaries or SOA and the Casualty Actuarial Society or CAS, cooperate for the first four exams. These four exams cover probability, financial math, financial economics and life contingencies.
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Start a job in your chosen specialty, and continue with the remaining exams to complete the associate level. Those working in casualty or property, such as home or auto insurance, receive certification through the CAS. The CAS requires a total of seven examinations, plus courses on economics, finance, statistics and professional ethics. Actuaries in health insurance, life insurance, retirement, investment or finance receive certification through the SOA. The SOA associate level entails a total of five exams plus the same required classes as for the CAS. In addition, the SOA requires completion of eight computer modules and two essays. In either case, the process begun in college takes four to eight years to complete.
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Complete the requirements for fellowship certification by the CAS or SOA. The CAS certification, FCAS, requires two additional exams on advanced subjects, such as valuation of insurance and financial analysis. The SOA certifies its fellows as FSA after they pass two more exams in their specialty plus three computer modules and courses on professionalism. After reaching the associate level, it usually takes two or three more years to attain certification as a fellow.
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