SOA Exams


 

SOA (Society of Actuaries) is an educational, research and
professional organization that is dedicated to serve the Society members and
the public. The vision of SOA is for actuaries to be recognized as leading
professionals in the management and modeling of contingent events and financial
risks.

 

The
members of this society are mostly involved in the health, life and pension
areas of the actuarial profession. The prerequisite for membership for the SOA
consists of the actuarial exam. It is a comprehensive series of competitive
exams, which includes mathematics, economics, finance, insurance, life models,
interest theory and actuarial science. Only Fellows and Associates are
considered the members of the society.

 

Fellows
are people who have demonstrated their knowledge of the business environment
within which financial decisions concerning life insurance, pensions and
investments are made. In addition, a Fellow is required to have
established a thorough expertise of the use of appropriate techniques to a
specific area of actuarial practice

 

Associates
must have an understanding of the basic mathematics underlying actuarial
science, and the use of fundamental mathematical concepts to technical
actuarial problems. “Students” or “candidates” are the terms used for
non-members who work in the actuarial profession and take up these exams.

 

The preliminary exam has four
tests, which consist of core mathematics related to actuarial science,
including statistics, probability, interest theory, risk models and life
contingencies. The topics for the upper level SOA exams include risk
classification, plan design, valuation, ratemaking and investment &
finance. The SOA fellowship exams cover applied modeling and an area of
specialization, which is chosen by the candidate.

 

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