Actuarial exams are a series of rigorous tests designed to assess the knowledge and skills of individuals pursuing a career in actuarial science. These exams are typically administered by professional actuarial organizations or institutes such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) in the United States, or the Institute and Faculty of Actuaries (IFoA) in the United Kingdom.
The number and complexity of actuarial exams vary depending on the organization and the level of qualification being pursued. Typically, there are multiple exams that cover various aspects of actuarial science, including mathematics, statistics, probability theory, financial modeling, risk assessment, and insurance principles. The exams are often divided into preliminary exams (also known as the “prelims” or “Core Technical” exams) and advanced exams.
Passing actuarial exams is a key requirement for becoming a certified actuary. The number of exams required to achieve professional qualification varies, but it typically ranges from 5 to 10 exams. Candidates are usually required to have a combination of exam passes, work experience, and completion of other professional requirements to attain the highest level of actuarial qualification.
Preparing for actuarial exams can be demanding and time-consuming, requiring extensive study and practice. Many aspiring actuaries enroll in actuarial science programs or take preparatory courses to enhance their chances of success in these exams.