SOA vs CAS: Which Actuarial Path Is Right for You?

The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) are the two professional credentialing bodies for actuaries in North America. The SOA focuses on life, health, retirement, and financial risk; the CAS focuses on property and casualty (P&C) insurance. Both lead to the Fellow designation (FSA or FCAS), but the exam paths, career outcomes, and industry focus are different.

I earned my FSA through the SOA. The decision between SOA and CAS was one I thought about carefully early in my career, and it is one of the most common questions I hear from students starting their actuarial journey.

Quick Comparison

| Factor | SOA | CAS |
|--------|-----|-----|
| Full credential | FSA (Fellow of the Society of Actuaries) | FCAS (Fellow of the Casualty Actuarial Society) |
| Focus areas | Life, health, retirement, finance | Property & casualty, general insurance |
| Shared prelims | Exam P, Exam FM | Exam P, Exam FM |
| Total exams to Fellowship | 10 exams + modules | 9 exams + courses |
| Typical timeline | 7 to 10 years | 7 to 10 years |
| Associate credential | ASA (after ~7 exams) | ACAS (after ~7 exams) |
| Employer types | Life insurers, health plans, consulting, banks | P&C insurers, reinsurers, consulting |

The Shared Foundation

Both paths start with the same two exams:

  • Exam P (Probability) - 3-hour, 30-question exam testing probability and statistics (SOA/CAS)
  • Exam FM (Financial Mathematics) - 3-hour, 30-question exam testing interest theory, annuities, and bonds (SOA/CAS)

These exams are jointly administered and count toward both the SOA and CAS. You do not need to choose a society before taking them. Most students take Exam P first (often in college) and Exam FM second.

FreeFellow offers free practice for both: Exam P (1,026 questions) and Exam FM (887 questions).

Where the Paths Diverge

SOA Path (Life, Health, Retirement, Finance)

After the shared prelims, SOA candidates take:

  • Exam FAM (Fundamentals of Actuarial Mathematics) - short-term and long-term insurance models, derivatives
  • Exam SRM (Statistics for Risk Modeling) - regression, time series, machine learning
  • Exam ALTAM or ASTAM (Advanced Long-Term or Short-Term Actuarial Mathematics) - candidates choose one
  • FSA-level exams and modules in a chosen specialty track (Corporate Finance, Health, Life, Retirement, etc.)

The SOA offers multiple Fellowship tracks, so you specialize in the area most relevant to your career.

CAS Path (Property & Casualty)

After the shared prelims, CAS candidates take:

  • Exam MAS-I (Modern Actuarial Statistics I) - probability models, statistics, GLMs
  • Exam MAS-II (Modern Actuarial Statistics II) - credibility, loss models, ratemaking
  • Exam 5 (Basic Techniques for Ratemaking and Estimating Claim Liabilities)
  • Exam 6 (Regulation and Financial Reporting)
  • Exams 7, 8, 9 (advanced P&C topics)

The CAS path is narrower but deeper in P&C insurance.

Career Outcomes

SOA careers typically lead to:

  • Life insurance product development and pricing
  • Health insurance actuarial analysis
  • Pension and retirement consulting
  • Enterprise risk management
  • Investment and asset-liability management
  • Data science and predictive analytics roles

CAS careers typically lead to:

  • P&C insurance pricing and reserving
  • Reinsurance analysis
  • Commercial lines underwriting support
  • Catastrophe modeling
  • Workers' compensation and auto insurance analysis
  • P&C consulting

How to Choose

The decision usually comes down to what type of insurance interests you:

  • If you are drawn to life insurance, health plans, pensions, or financial risk, choose the SOA
  • If you are drawn to auto insurance, homeowners, commercial liability, or catastrophe risk, choose the CAS
  • If you are unsure, take Exam P and Exam FM first (they count for both), then explore internships in both areas before committing

Employer type matters too. If you work at a life insurance company, you will almost certainly pursue the SOA. If you work at a P&C insurer, you will pursue the CAS. Consulting firms hire both.

Key Concept

You do not need to decide before starting. Take the shared prelims, explore internships, and let your work experience inform the choice. Most actuaries find their path naturally through their first job.

Salary Comparison

Salaries are comparable between SOA and CAS at similar experience levels. Entry-level actuarial analysts with 1 to 2 exams typically earn $65,000 to $80,000 regardless of society. Associates (ASA/ACAS) earn $90,000 to $130,000. Fellows (FSA/FCAS) earn $130,000 to $250,000+, depending on role and geography.

CAS actuaries in specialty reinsurance or catastrophe modeling sometimes earn a premium due to lower supply. SOA actuaries in health consulting or investment management also command premium compensation.

Start Preparing

Whichever path you choose, it starts with the same exams. Practice with free questions on FreeFellow: