How to Become a Actuary 2025

Learn everything you need to know about becoming a Actuary. Our comprehensive guide covers the education requirements, certification paths, and skills you'll need to succeed in this finance career path.We'll show you the best finance schools across the United States that offer specialized programs for aspiring Actuarys. You'll find detailed information about program lengths, course content, and career outcomes specific to this role.

How to Become an Actuary in 2025

What Does an Actuary Do?

Actuaries are professionals who assess financial risks. They use math, statistics, and financial theory to study uncertain future events, especially those related to insurance and pension programs. Think of them as financial risk managers. Their work helps companies make informed decisions about pricing products, setting reserves, and managing investments.

What makes this career path appealing? For many, it's the combination of intellectual challenge, financial rewards, and job security. Actuaries solve complex problems and their skills are always in demand. They play a critical role in the financial stability of many businesses.

Here are a few key definitions to help you understand the actuary field:

  • Risk: The possibility of loss or harm. Actuaries quantify risk.
  • Mortality: The rate of death within a population. Actuaries use mortality tables to predict life expectancy.
  • Reserves: Funds set aside to cover future claims or obligations. Actuaries calculate appropriate reserve levels.

To learn a little bit more about the actuarial career, you can visit the Society of Actuaries home page for information on actuarial science: https://www.soa.org/

Actuary Educational & Certification Requirements

Becoming an actuary demands a solid foundation in mathematics, statistics, and finance. A bachelor's degree is the first step. Many aspiring actuaries choose majors like actuarial science, mathematics, statistics, economics, or finance. Coursework should include calculus, linear algebra, probability, statistics, and risk management.

Beyond academics, professional certification is key. In the United States, the two main professional organizations are the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). Each organization focuses on different areas of actuarial practice – the SOA on life insurance, health insurance, and pensions, and the CAS on property and casualty insurance.

To become a fully credentialed actuary, you must pass a series of rigorous examinations administered by either the SOA or the CAS. These exams cover a wide range of topics, from probability and statistics to actuarial modeling and financial economics. The number of exams required varies depending on the specific track you choose. The SOA provides information on exam requirements on their home page. The CAS offers similar information on their home page.

Besides exams, actuaries need to complete certain educational experiences, which include Validation by Educational Experience (VEE) topics. VEE requirements cover economics, corporate finance, and applied statistical methods. These can often be satisfied by completing specific college courses or by earning credit through approved online modules.

Finally, actuaries must fulfill certain ethics and professionalism requirements established by their respective organizations. This shows commitment to ethical conduct within the profession.

Step-By-Step Guide to Becoming an Actuary

Becoming an actuary requires a mix of education, examinations, and experience. This guide provides a simple roadmap to help you pursue this career. Here’s a breakdown of the key steps:

  1. Earn a Bachelor's Degree: Your first step is to obtain a bachelor's degree. While a degree in actuarial science is a direct route, other degrees like mathematics, statistics, finance, economics, or even computer science can also be effective. Focus on developing strong analytical and problem-solving skills. Coursework should include calculus, linear algebra, probability, and statistics. Strong programming skills are beneficial.

  2. Pass Preliminary Actuarial Exams: Actuarial exams are administered by professional organizations such as the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). These exams are challenging and test your knowledge of mathematics, statistics, and actuarial science principles. Start with Exam P (Probability) and Exam FM (Financial Mathematics). Passing these exams is a signal to potential employers that you are serious about the profession. You can find resources on the SOA website (https://www.soa.org/) and the CAS website (https://www.casact.org/).

  3. Gain Relevant Experience: Most actuarial positions require experience. Look for internships while in college. These can give you practical skills and an introduction to the industry. Internships can be found at insurance companies, consulting firms, and government agencies.

  4. Complete Additional Exams: After gaining some experience, continue taking actuarial exams. The path you take will depend on whether you're pursuing the SOA or CAS designation. Each path has a series of exams covering topics like life contingencies, financial economics, and actuarial modeling.

  5. Achieve ASA or ACAS Designation: After passing a specified number of exams, completing required coursework, and meeting experience requirements, you will earn either the Associate of the Society of Actuaries (ASA) designation from the SOA or the Associate of the Casualty Actuarial Society (ACAS) designation from the CAS.

  6. Pursue FSA or FCAS Designation (Optional): For further career advancement, you can pursue the Fellow of the Society of Actuaries (FSA) or the Fellow of the Casualty Actuarial Society (FCAS) designation. This requires passing advanced exams and meeting additional requirements. Achieving fellowship can open up senior-level positions and leadership opportunities.

  7. Continuing Education: The actuarial field is constantly evolving. Stay updated on new regulations, technologies, and industry trends by participating in continuing education programs. This is often a requirement to maintain your professional designation.

How To Network As an Actuary

Networking is a key component of career growth for actuaries. It opens doors to new opportunities, provides valuable insights, and helps you stay current with industry trends. Building a professional network begins early and continues throughout your career.

One of the best places to start building your network is during your college years. Participate actively in actuarial science clubs or mathematics societies. Attend career fairs organized by your university and seek out internships. Internships offer practical experience and allow you to make connections with professionals in the field. These early interactions can translate into mentorship opportunities or even full-time job offers after graduation.

After securing your first actuarial position, networking becomes even more important. Attend industry conferences and seminars hosted by organizations such as the Society of Actuaries (SOA). Participating provides learning opportunities and a chance to meet other actuaries from different companies and backgrounds. Actively engage in discussions, ask questions, and exchange contact information. Volunteering on committees within these organizations is another great way to build relationships and demonstrate your commitment to the profession.

Maintain your network by staying in touch with the people you meet. Connect with them on professional networking platforms such as LinkedIn and engage with their posts. Send personalized messages to reconnect and share relevant articles or industry news. By building and maintaining strong professional relationships, you can position yourself for advancement and stay informed about new trends and opportunities in the actuarial field. Remember that networking is a two-way street; be willing to offer your expertise and support to others in your network.

Actionable Tips & Resources For Aspiring Actuarys In 2025

So, you're thinking about becoming an actuary? Great choice! It's a challenging but rewarding career path. 2025 will bring continued demand for actuaries, especially those with strong analytical and communication abilities. Here's some straightforward advice to get you started on the right foot.

First things first: Education. A solid foundation in mathematics, statistics, and economics is a must. Target a bachelor's degree in one of those areas. While you are working on this make sure that you are also working on passing those exams. You will need to pass a series of exams administered by organizations like the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) . Begin studying early and plan to take your first exam while still in school. Exam P and Exam FM are good starting points. Study resources are available from Actex and ASM. These exams are rigorous, requiring significant preparation.

Beyond academics, practical experience is invaluable. Look for internship opportunities at insurance companies, consulting firms, or government agencies. Internships let you apply what you learn in the classroom to real-world problems and give you a feel for the daily work of an actuary. Networking is also super beneficial. Attend industry events, join actuarial clubs at your school, and connect with practicing actuaries on professional networking sites. Building these connections can open doors to internships and job opportunities. Check out the SOA's website and the CAS's website for information about actuarial clubs and professional development events.

Finally, build your technical skill set. Learn programming languages like R or Python, which are used extensively in actuarial work for data analysis and modeling. Become proficient with spreadsheet software and database management tools. The more comfortable you are with these tools, the more effective you will be as an actuary.