Accreditation, Associateship, and Exam Coverage

Actuarial education in North America is overseen and delivered by three main organizations: the Canadian Institute of Actuaries (CIA), the Society of Actuaries (SOA), and the Casualty Actuarial Society (CAS). While they share some similarities, each organization has its own unique focus and jurisdiction.

Each of these organizations offers designations at the associateship and fellowship levels.

Canadian Institute of Actuaries

The CIA is the national organization for actuaries in Canada. It is responsible for the education, credentialing, and professional oversight of actuaries in Canada. The CIA represents the profession, conducts research, and provides guidance on actuarial matters specific to the Canadian context. It promotes actuarial expertise in various areas such as insurance, pensions, and investment.

How to become an Associate of the Canadian Institute of Actuaries (ACIA)?

The CIA offers various pathways for individuals who wish to become qualified actuaries in Canada. These pathways involve a combination of education, examinations, and work experience.

University Accreditation: This pathway is for individuals who have completed a university program accredited by the CIA that covers the necessary actuarial knowledge and skills. At Simon Fraser University, students who complete an Actuarial Science major or honours program are eligible to qualify via this pathway.

All accredited programs include courses in mathematics, statistics, finance, economics, and actuarial science. Specifically, at Simon Fraser University, students need to pass the following courses as part of their actuarial degree:

ACMA 101, 201, 301, 340, 355, 360W, 401, 455, BUS 251, ECON 103, 105, STAT 270, 330, 350, 452

Upon completing an accredited program, graduates need to pass the ACIA Capstone exam and some ACIA modules. See this webpage for more information on the pathways and here for more details on rules specific to Simon Fraser University.

Note that students who completed their Actuarial Science degree between June 30, 2015, and October 31, 2023, are eligible to register for the ACIA Capstone exam even if they have not completed all the mandatory courses.

Direct Entry: Individuals who have not completed an accredited university program but possess a strong background in mathematics, statistics, or actuarial science may apply for direct entry into the CIA’s education program. This pathway requires passing the preliminary exams of the SOA or the CAS and fulfilling specific educational requirements set by the CIA.

Mutual Recognition Agreements: The CIA has established Mutual Recognition Agreements with several international actuarial organizations. These agreements allow qualified actuaries (i.e., those who have reached fellowship) in recognized international organizations to obtain reciprocal recognition from the CIA. The specific requirements and conditions vary depending on the agreement.

Society of Actuaries

The SOA is an actuarial  organization based in the United States but with a global membership. It primarily focuses on actuarial work related to life insurance, health insurance, retirement benefits, and finance. The SOA offers educational programs, administers professional exams, and provides research and thought leadership in these areas. It also collaborates with other actuarial organizations worldwide.

How to become an Associate of the Society of Actuaries (ASA)?

To qualify as an ASA, you must complete a combination of  courses, exams, modules, and a professionalism course. See this webpage for more information on the specific requirements.

Some courses at Simon Fraser University can help you prepare for SOA exams; the table below summarizes the relationship between the content of the various SOA exams and our courses.

Casualty Actuarial Society

The CAS is also based in the United States and is primarily concerned with property and casualty insurance. It focuses on actuarial work related to risks such as automobile accidents, natural disasters, liability claims, and workers’ compensation. The CAS offers education and professional development opportunities, conducts research, and issues guidance for actuaries working in the property and casualty field.

How to become an Associate of the Casualty Actuarial Society (ACAS)?

To become an ACAS, you must complete a series of exams similar to those administered by the SOA; see here for more details on how to qualify as an ACAS.

Some courses at Simon Fraser University can help you prepare for CAS exams; the table below summarizes the relationship between the content of  various CAS requirements and our courses.

Which One Should I Get: ACIA, ASA, or ACAS?

It depends. Factors to take into account are your preferred field of work (e.g., pension, life insurance, property and casualty insurance), the country you want to work in after you complete your degree (e.g., Canada or elsewhere), and whether you care about the portability of your designation.

Field of Work: The SOA designations are more geared toward life insurance, health insurance, retirement benefits, and finance, whereas CAS designations are more for actuaries working in the property and casualty track. The CIA designations are for all actuaries as long as they wish to qualify in Canada.

Country: Typically, actuaries working in Canada need to obtain their CIA designation. The SOA and CAS designations are standard in the United States. If you wish to work elsewhere, you should consider local requirements and portability.

Portability: The CIA designation is portable through mutual recognition agreements, usually after reaching fellowship. For example, actuaries with a CIA designation can work in the US by becoming members of the American Academic of Actuaries (AAA); for more information, refer to this webpage for the current rules for becoming a member of the AAA. If you are contemplating leaving Canada before attaining your fellowship in the CIA, you may find the SOA and CAS designation to be more portable globally. Note that the SOA and CAS designations also allow students to qualify in Canada (and become members of the CIA) by using the “Direct Entry” pathway.

What Should I Do Next?

If you are starting your actuarial journey, you should consider taking Exams P and FM of the SOA. Consider taking Exam FM after ACMA 201 and Exam P after STAT 330.

Passing these exams will increase your chances of obtaining a co-op position. Then, after getting some practical experience, you should consider one of the three organizations described above to obtain your associateship designation. This will highly depend on your field of work (e.g., pension, life insurance, property and casualty insurance), the country you want to work in after you finish your degree (e.g., Canada or elsewhere), and whether you care about the portability of your designation.