Society of Actuaries (SOA) – A Guide on ASA, CERA & FSA

Society of Actuaries (SOA) was founded in 1949 as a merger of two major actuarial organizations in the United States: The Actuarial Society of America and the American Institute of Actuaries. There are 3 different pathways that SOA provides to call yourself an Actuary from SOA! This is in the form of certification of Associate of Society of Actuaries (ASA), CERA (Chartered Enterprise Risk Analyst) and Fellow of Society of Actuaries (FSA).

Society of Actuaries is one of the most followed societies for candidates to become an Actuary across the world. The SOA represents actuaries from all major areas of practice, including life and health insurance, retirement and pensions, investment and finance, enterprise risk management, and general insurance (property and casualty) insurance.

The Casualty Actuarial Society also represents actuaries working with property and casualty. Some facts about SOA:

Formation	1949
Headquarters	Schaumburg, Illinois
Location	United States of America
Total Members	33,512 (as of 2023)
President	Amanda Hug
Website	https://www.soa.org/Asia

There are 3 different pathways: Associate, CERA (Chartered Enterprise Risk Analyst) and Fellow of SOA.

Associate of the Society of Actuaries(ASA)

To become an Associate of the Society of Actuaries (ASA) you must clear these exams. It usually takes 4 – 5 years to complete the pathway. Some important things to consider are:

• Most SOA exams are delivered by Computer-Based Testing (CBT) at Prometric test centers. For candidates without access to a Prometric center, select exams may be offered in paper/pencil (P/P) format. Written answer (WA) exams are now primarily at the advanced level, such as Predictive Analytics (PA), Advanced Long-Term Actuarial Mathematics (ALTAM), and Advanced Short-Term Actuarial Mathematics (ASTAM).
• Exam P (Probability), Exam FM (Financial Mathematics), Exam SRM (Statistics for Risk Modeling), Exam STAM (Short-Term Actuarial Mathematics), and Exam FAM (Financial and Actuarial Mathematics) are CBT and multiple-choice.
  • The IFM and LTAM exams have been discontinued. Their content has been incorporated into the new FAM, ALTAM, and ASTAM exams.
• For the CERA designation:
  • You must complete all ASA requirements plus the Enterprise Risk Management (ERM) Exam and the ERM Module.
  • Starting in fall 2025, the ERM Exam will be replaced by Course CFE 101 (Enterprise Risk Management), and a revised ERM Module will be introduced.
  • The CERA pathway is separate from ASA; you do not simply add one extra exam to ASA. You must fulfill all CERA-specific requirements, which include the ERM components.
• Exam durations vary:
  • Exam P and FM are 3 hours each.
  • FAM, SRM, and STAM are 3.5 hours.
  • ALTAM and ASTAM are 3 hours (with written answer).
  • Predictive Analytics (PA) is 5.25 hours and includes a written assessment3.
• Exam frequency:
  • Exams P and FM are offered multiple times a year (typically 5–6 times).
  • Other exams, such as FAM, SRM, STAM, ALTAM, and ASTAM, are offered 2–3 times a year.
  • PA and some advanced exams are offered less frequently.
• To earn the FSA (Fellow of the Society of Actuaries) designation, you must first complete the ASA (Associate of the Society of Actuaries) pathway. Only then can you pursue a specialty FSA track and complete its requirements.
• Gaining the CERA credential is optional and not required for ASA or FSA. It is a globally recognized risk management credential for actuaries who wish to specialize in enterprise risk management.

Summary Table: Exam Formats and Durations

Exam	Format	Duration	Frequency (per year)
P	CBT	3 hours	5–6
FM	CBT	3 hours	5–6
FAM	CBT	3.5 hours	2–3
SRM	CBT	3.5 hours	2–3
STAM	CBT	3.5 hours	2–3
ALTAM	WA (P/P)	3 hours	2
ASTAM	WA (P/P)	3 hours	2
PA	CBT & WA	5.25 hours	2

For the most current details, always refer to the official SOA website and exam schedule pages

In India, Candidates must have passed 12^th grade or equivalent and must have maths in 12^th grade.

Chartered Enterprise Risk Analyst (CERA)

Are you considering the CERA credential to boost your actuarial career? The Chartered Enterprise Risk Analyst (CERA) designation, offered by the Society of Actuaries (SOA), is a globally recognized credential that opens doors to enterprise risk management (ERM) roles across industries. Here’s everything you need to know about CERA, its value, and how to earn it through the SOA.

What is the CERA Credential from SOA?

• Introduced by the SOA in 2007, the CERA credential is designed for actuaries who want to specialize in enterprise risk management.
• CERA is recognized worldwide and governed by the CERA Global Association, ensuring international standards and transferability.
• The credential demonstrates expertise in identifying, measuring, and managing risk, making CERAs highly sought after in insurance, finance, consulting, energy, technology, and beyond.

Why Pursue the CERA Designation?

• Global Recognition: The CERA is a global risk management qualification, respected by employers internationally.
• Career Flexibility: Holders can work in traditional actuarial roles or transition to broader risk management positions, such as risk manager or chief risk officer.
• Cutting-Edge Skills: The CERA syllabus covers ERM frameworks, risk modeling, capital assessment, and more, aligning with the latest industry standards.

How to Earn the CERA Credential through the SOA

Complete ASA Requirements

• You must first fulfill all requirements for the Associate of the Society of Actuaries (ASA) designation.

ERM-Specific Components

• Pass the Enterprise Risk Management (ERM) Exam and complete the ERM Module.
• Important Update:
  • Starting in fall 2025, the ERM Exam will be replaced by Course CFE 101 (Enterprise Risk Management), and the ERM Module will be revised to align with global standards17.

Apply for the CERA Credential

• After completing the above steps, submit your application to the SOA to receive your CERA designation.

CERA Syllabus: What You’ll Learn

The CERA pathway covers seven core ERM learning areas:

• ERM concepts and frameworks
• ERM processes
• Risk categories and identification
• Risk modeling and aggregation
• Risk measurement and assessment
• Risk management tools and techniques
• Capital assessment and allocation

Why SOA’s CERA Matters for Your Career

• The SOA CERA credential is ideal for actuaries seeking to expand their expertise beyond traditional insurance and into enterprise risk management.
• SOA CERA actuaries are equipped for leadership roles in risk management, making them valuable assets to employers worldwide.
• As the SOA updates its credentialing to align with the global CERA standard, earning your CERA ensures your skills remain relevant and in demand.

Final Thoughts on SOA’s CERA

The Chartered Enterprise Risk Analyst (CERA) designation from the SOA is more than just a credential, it’s a gateway to a dynamic, global career in risk management. With upcoming enhancements to the pathway, now is the perfect time to start your journey toward becoming a CERA.

Ready to advance your actuarial career? Explore the SOA CERA pathway today.

Fellow of the Society of Actuaries (FSA)

After Completing your ASA or CERA, one can choose his/her specialty track from SOA There are 6 tracks for which one can register. Generally, it takes 2-3 years to complete the FSA Pathway. The pathway of FSA is:

The Fellow of the Society of Actuaries (FSA) is the highest professional credential offered by the SOA. It represents a deep level of expertise in a specific actuarial specialty and is widely respected in the insurance, finance, and risk management industries.

Why Get the FSA from SOA?

• The FSA credential shows you have advanced skills and knowledge in your chosen field.
• It opens doors to leadership roles and higher-paying positions.
• It’s recognized not just in the U.S., but globally, making it valuable if you want to work internationally.

How to Become an FSA

Before you can earn the FSA, you need to complete the Associate of the Society of Actuaries (ASA) requirements. Once you have your ASA, you pick a specialty track and complete the additional requirements for that track.

Here’s a quick overview of the process:

1. Finish ASA Requirements: Pass the preliminary exams, complete the Fundamentals of Actuarial Practice (FAP) modules, and meet VEE (Validation by Educational Experience) requirements.
2. Choose a Specialty Track:
   • Corporate Finance and Enterprise Risk Management (CFE)
   • Quantitative Finance and Investment (QFI)
   • Individual Life and Annuities (ILA)
   • Retirement Benefits (RET)
   • Group and Health (GH)
   • General Insurance (GI)
3. Pass Advanced Exams and Modules: Each track has specific exams and modules you must complete.
4. Complete the Fellowship Admissions Course (FAC): This course focuses on professionalism and ethics.
5. Submit a Proctored Project Assessment: Depending on your track, you’ll complete a final project to demonstrate your skills.

What Are the Specialty Tracks?

Each track focuses on a different area of actuarial practice:

Track	Focus Area
Corporate Finance and ERM	Enterprise risk and finance
Quantitative Finance & Investment	Investments and financial modeling
Individual Life & Annuities	Life insurance and annuities
Retirement Benefits	Pension and retirement plans
Group and Health	Health insurance and group benefits
General Insurance	Property and casualty insurance

What Does an FSA Do?

FSAs use their advanced skills to analyze and solve complex financial and risk problems. They often hold senior roles in insurance companies, consulting firms, pension funds, and other financial organizations. The FSA credential also allows you to participate fully in the SOA community, including voting in elections and contributing to the profession’s future.

Final Thoughts

Earning your FSA is a big commitment, but it’s a key step if you want to reach the top of the actuarial profession. The SOA keeps updating the pathway to make sure it stays relevant and valuable, so it’s a good idea to check their website regularly for the latest information.

If you’re serious about advancing your actuarial career, the FSA is the credential to aim for.

The purpose of this article was just to provide a brief overview of the Society of Actuaries (SOA), hope you find it helpful. Let us know your thoughts in the comment section below.