All actuaries must be certified; however, you are not expected to complete the entire certification process before starting your first job as an actuary. There are two professional organizations that certify actuaries: the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA).
You should plan on joining the CAS and earning your certification through this organization if you intend to work in the property and casualty field, which includes the following types of insurance carriers:
- Auto insurance
- Homeowner’s insurance
- Workers’ compensation insurance
- Medical malpractice insurance
You should plan on joining the SOA if you would like to work in any of the following specialty fields:
- Life insurance
- Health insurance
- Finance
- Investments
- Retirement benefits
Both the CAS and the SOA offer two levels of certification. You’ll start by working toward your associate certification. Later, you can earn your fellowship certification, which may help you advance within your company.
Many employers prefer that new graduates have already progressed toward certification when applying to actuarial jobs. You have two options for meeting this preference. The first is to take the first exam during your senior year of college. The second would be to land an internship immediately after graduation and gain practical experience while studying for your first exam. In total, there are seven exams you will need to pass to obtain this certification. Expect to spend several months studying in advance of each exam.
It can take up to seven years to become a fully certified associate actuary. Although it’s a long process, actuaries are well-compensated, and it’s not uncommon for employers to allow actuaries to study for the exams on company time. You can also generally expect your employer to pay for study materials and exam fees, and it’s customary for employers to give bonuses or raises for each exam passed.
In addition to earning your associate certification, both the CAS and the SOA will require you to complete e-learning courses, including seminars that discuss topics such as professionalism in the actuarial field. Once you obtain your certification, you’ll be required to complete continuing education credits periodically in order to renew it.
You can also begin working toward your fellowship certification once you are an associate. In contrast to your first certification, your second won’t take nearly as long. It’s possible to earn a fellowship certification in just two to three years.
Actuaries who are earning a fellowship certification from the CAS do not have specialization options. However, those who belong to the SOA do. For example, you could choose to earn your fellowship certification in one of the following tracks:
- Finance/enterprise risk management
- Life and annuities
- Group and health benefits
- Investments
- Pensions
- Retirement benefits
Note that if you opt to specialize in pensions, your employer may require you to obtain licensure as well. This is accomplished through the Joint Board for the Enrollment of Actuaries from the U.S. Department of the Treasury and the U.S. Department of Labor. For this licensure, you’ll need to pass two exams through the SOA and meet work experience requirements.