Actuarial Science Major (USA): SOA/CAS Exams, VEE and the Path to Fellowship

What makes actuarial science different from a math or stats major

Actuarial science is one of the few US undergraduate paths where your professional standing is built on a sequence of external professional exams, not just your coursework and GPA. Actuaries measure and price risk — for life insurance, health, pensions, and property-and-casualty insurance — and employers care most about how far you have progressed through the credentialing exams administered by the profession's two main bodies.

The two credentialing organizations are the Society of Actuaries (SOA), which covers life, health, retirement, and enterprise risk, and the Casualty Actuarial Society (CAS), which covers property and casualty insurance. A degree teaches you the mathematics, probability, and finance; the credentials come from passing the profession's exams. This is why an actuarial major reads very differently from a general mathematics-and-statistics program — the whole path is structured around exam progress.

You do not strictly need a degree titled "actuarial science" to become an actuary. Many practicing actuaries hold degrees in mathematics, statistics, economics, or finance and simply sat the exams. A dedicated actuarial program, however, is usually built around the exam syllabus and often provides support in getting the required VEE credits (explained below).

The exam pipeline: preliminary exams and VEE

The path begins with preliminary exams. Most candidates start with the Probability exam or the Financial Mathematics exam, per the profession's official pathway guidance. These early exams are shared between the SOA and CAS, so passing them counts toward both tracks and lets you delay choosing a specialty.

Alongside the exams, candidates complete Validation by Educational Experience (VEE) — approved college coursework in specific business areas that the actuarial bodies recognize instead of a separate exam. The SOA lists VEE areas including Economics, Accounting and Finance, and Mathematical Statistics; the CAS also uses VEE (in areas such as economics and corporate finance) within its Associateship requirements. Taking these courses during your degree is a common way to knock out VEE early.

• Preliminary exams (e.g. Probability, Financial Mathematics) are shared by SOA and CAS
• VEE = approved coursework, not extra exams — often completed during your degree
• Exam numbers, fees, VEE areas and syllabi are set by the SOA/CAS and change — always verify the current requirements on their official sites

Associateship: ASA vs ACAS

The first professional credential is the Associateship. On the SOA track this is the ASA (Associate of the Society of Actuaries); on the CAS track it is the ACAS (Associate of the Casualty Actuarial Society). Reaching Associateship typically requires a defined set of preliminary exams, the VEE requirements, e-learning or online modules, and a professionalism course.

The two Associateships differ in focus. The SOA's ASA leans toward life, health, retirement, and general risk; the CAS's ACAS is built around property-and-casualty topics such as ratemaking and reserving. You usually commit to one society as you move past the shared preliminary exams.

Because the exam list, module names, and order are periodically restructured by each body, treat any specific exam sequence you read elsewhere as a snapshot. Confirm the current ASA requirements on soa.org and the current ACAS requirements on casact.org before you plan your sequence.

Fellowship: FSA and FCAS

Fellowship is the profession's highest credential. The SOA awards the FSA (Fellow of the Society of Actuaries) and the CAS awards the FCAS (Fellow of the Casualty Actuarial Society). Fellowship builds on the Associateship with advanced, specialty-specific exams and additional professional education.

On the SOA path, Fellowship also involves the Decision Making and Communications (DMAC) course and the Fellowship Admissions Course (FAC). On the CAS path, Fellowship requires additional upper-level exams beyond the ACAS. The SOA additionally offers the CERA (Chartered Enterprise Risk Analyst) credential for those specializing in enterprise risk management.

Most candidates earn credentials while working — employers commonly give paid study time and cover exam fees. Reaching Fellowship often takes several years of combining a full-time actuarial job with ongoing study. Because it is a multi-year professional journey, no program or course can "guarantee" that you will complete it.

Choosing a program and getting exam-ready

When you evaluate a US actuarial program, look at how closely its curriculum maps to the exam syllabus, whether it offers or covers VEE-approved courses, and whether it has internship and recruiting connections to insurers and consulting firms. A program that helps you pass your first one or two exams before graduation gives you a meaningful head start in hiring.

Strong quantitative preparation matters — calculus, probability, statistics, and finance are the backbone. Comfort with a programming or data language (such as R, Python, SQL, or Excel modeling) is increasingly expected because modern actuarial work is data-heavy.

Internships are the practical on-ramp: they let you experience life, health, or property-and-casualty work before committing to a society, and they frequently convert into full-time offers. Aim to have at least one exam passed when you start applying for internships, as this is a common signal recruiters look for.

Careers, work authorization and the road ahead

Actuaries work at insurance companies, consulting firms, reinsurers, government programs, and increasingly in broader risk and data roles at banks and tech firms. Career progression is closely tied to exam progress: many roles and pay bands are structured around whether you are an exam-taking student, an Associate, or a Fellow.

For international students, note that whether a specific US degree qualifies for STEM OPT depends on the program's official CIP code classification, which the university assigns — confirm this with the university's designated school official rather than assuming. Actuarial roles at US insurers are generally open to work-authorized graduates, but any given employer's sponsorship policy is its own decision.

This section is general information, not immigration or career advice; immigration rules change. Verify F-1, OPT, and STEM OPT details on the official US government sources (studyinthestates.dhs.gov and uscis.gov) and confirm each employer's hiring policy directly.