Route to Becoming an Actuary – SOA
1. Preliminary Education Component
Consists of five papers:
- Exam P Probability (same as CAS Exam 1)
- Exam FM Financial Mathematics (same as CAS Exam 2)
- Exam MLC Actuarial Models – Life Contingencies Segment
- Exam MFE Actuarial Models – Financial Economics Segment
(Completion of MLC and MFE will entitle candidate credit for CAS Exam 3)
- Exam C Construction and Evaluation of Actuarial Models (same as CAS Exam 4)
2. Validation by Educational Experience
Validation of these topics is required in addition to the four Preliminary Education examinations (P/1, FM/2, MCL, MFE and C/4). The SOA, CIA, and CAS have implemented VEE requirements for the following topics:
- VEE – Applied Statistical Methods
- VEE – Corporate Finance
- VEE – Economics
The VEE topics are no longer tested on in the preliminary exams. Candidates with credit for Course 2 earned prior to 2005 have been given credit for VEE – Economics and VEE – Corporate Finance topics.
Candidates with credit for Course 4 earned prior to 2005 have been given credit for VEE – Applied Statistical Methods.
NOTE: VEE topics are not prerequisites for the preliminary examinations. They need not be completed prior to writing any of the preliminary exams and may be fulfilled independently of the preliminary exam process.
Credit for VEE can be obtained through various courses completed from colleges or other education programs. Within Malaysia, candidates can gain credit via the following Universities:
- Universiti Malaya
- University Kebangsaan Malaysia
- University Tungku Abdul Rahman
- University Teknologi MARA
3. Fundamentals of Actuarial practice (FAP)
Web-based course comprising eight modules and two assessments:
- Module 1 – Introduction / The Role of the Professional Actuary
- Module 2 – Core External Forces
- Module 3 – Risk in Actuarial Problems
- Module 4 – Actuarial Solutions
- Module 5 – Actuarial Models
- Module 6 – Model Selection and Solution Design
- Module 7 – Selection of Initial Assumptions
- Module 8 – Monitoring Results and Completing the Control Cycle
- First Assessment upon completion of Modules 1 to 5
- Final Assessment upon completion of Modules 6 to 8
4. Associate Professionalism Course (ACP)
Half day course covering professionalism, ethics and legal liabilities.
Upon completion of the Preliminary Education Component, VEE, FAP and ACP, the candidate will obtain the title of Associate of the SOA (ASA).
5. Specialty Tracks for Fellowship Courses (Effective 1 July 2013)
To proceed from Associate to Fellow in the SOA, specific exams and modules have to be completed from one of the following specialty tracks:
- Corporate Finance and ERM (CFE)
- Quantitative Finance and Investment (QFI)
- Individual Life and Annuities
- Retirement Benefits
- Group and Health
- General Insurance
6. Decision Making and Communication (DMAC) Module
E-learning module on written and oral communication skills and decision making skills, applied in solving business problems.
7. Fellowship Admissions Course (FAC)
Final fellowship course consisting of lectures, case studies and presentations to increase awareness in professional ethical and malpractice issues, encourage problem-solving from different perspectives and facilitate coaching in oral communications.
Upon completion of all of the above, the candidate will obtain the title of Fellow of the SOA (FSA).