Well, neither SOA or CAS regulate the actuarial standard of practice. The Actuarial Standards Broad (ASB) sets standards (which are the ASOPs) for appropriate actuarial practice. Also remember, insurance operations in United States are regulated under the States level. Therefore, actuaries also need to comply for the States laws. Just want to clarify that part.
Interesting question. By the way things have gone recently, my guess would be probably not. SOA added a general insurance track in the past few years which is aimed toward P&C insurance (CAS's specialty), and earlier this year they went from having 5 mutually recognized exams to just 3. Seems to be going the opposite direction!
it is under talks right now actually. they are considering a merger. I will share you the link I have seen talking about it. www.newswire.ca/news-releases/casualty-actuarial-society-and-society-of-actuaries-explore-combining-into-one-new-organization-694403361.html
Hey there! :) ASA is an Associate of the Society of Actuaries (SOA), and ACAS is an Associate of the Casualty Actuarial Society (CAS). They're both the same level on your journey to becoming fully qualified as an actuary, just in separate actuarial fields. FSA and CERA are both just different specializations under SOA. I know it can all be a little confusing at first! Here's a blog post that explains in more detail: etchedactuarial.com/cas-vs-soa/
There is a lower supply of casualty actuaries (with respect to demand) than LH actuaries at the entry level. This is probably due to the fact that the exam requirements have recently started to diverge between CAS and SOA. Since the SOA is a lot larger, many universities focus only on SOA (LTAM/STAM) and don't offer any program for MAS-1/2. I have offers from casualty and LH insurers. For the same area, my casualty offers pay a good deal more. I think this is because university students' exposure to casualty actuarial work is less than it used to be.
I can imagine if the CAS decides to add health, pensions, and life insurance into their specialties. Then we will have two alternatives into becoming an actuary for health, life and P&C.
Hello Brea. I am torn between choosing the Institute and Faculty of Actuaries in London vs. CAS in the US. Which one would you recommend? I would also like to get my PhD in Economics counted towards prior learning credit so that would be a big factor for me. (For the record, I live in Switzerland working for a reinsurance company)
You should choose based on where you'd like to work in the future! For prior learning credits, that's something that you should check with IFoA and CAS because it depends on the university and specific courses that you've taken.
@@EtchedActuarial thank you. I asked this question because given my line of work in underwriting/actuarial, I would like to choose the one which is more internationally recognized. Is there a big difference between CAS vs IFoA in terms of difficulty?
Hey Brea! I just wanted to ask which society is better to choose if I want to get the job in any of the country like Switzerland, USA , Canada , Belgium Please let me just know about it that which society is worth pursuing
For Canada and the US, you can choose between the SOA and CAS -SOA is more on the life insurance side whereas CAS focuses on property, business and general insurance. The first 3 actuarial exams P, FM and IFM satisfy both criteria, so you don't have to choose in the beginning stages. As for Switzerland and Belgium, it's best to check what their local requirements are before making a decision.
Hey Brea! Thank you for your video, it gives a lot of important info. Would you do the same between SOA and IFoA, I am just confused on whether i'd be able to work in USA or Canada if i go for IFoA instead of SOA or CAS, what do you think?
Hey Clair! I'm not familiar with the IFoA pathway to make the comparison. But choosing which exams to take really depends on where you want to work as an actuary. If you're set on Canada or the US I would recommend doing SOA/CAS exams instead.
What would you choose; ifoa or soa for an investments biased entrepreneur & what level is satisfactory to attain competitive leadership role for a self employed
Hi Ken! :) My expertise is with the actuarial experience in Canada and the US, so I'm not sure about the benefits of IFoA! Sorry about that, I wish I could help more!
Hey Hasan - You can write during university. Actually, it would be best if you graduated with 2-3 passed! Here's more info: etchedactuarial.com/actuarial-exams-college/
You can take actuarial exams through the SOA or CAS even without a B.Math. SOA and CAS are actuarial governing bodies and they both have different exams that you need to write. If you want to specialize in property and casualty insurance then you'll write CAS exams. If you want to specialize in life and health insurance, then you'll write SOA exams. Fortunately, the first 3 exams (P, FM and IFM) are the same for SOA and for CAS. So, you don't need to decide on your specialization until you've passed all 3 of those and move on to your 4th exam. You can read more about it here if you're interested: etchedactuarial.com/cas-vs-soa/ Hope this helps!
@@alhak4alhak for most people it takes about 7-8 years to pass them all, and some people never finish. It varies a lot depending on how much time you're able to dedicate to studying and how many times you fail exams. You might find this post helpful: etchedactuarial.com/how-long-does-it-take-to-become-an-actuary/
@@EtchedActuarial Thank you so much . PLEASE final qustion ?! Is that mean I cant take this exam less than 7 years? I mean are there terms or conditions for the times between these exams? THANK YOU AGAIN!
@@alhak4alhak yes you could take them in less then 7 years. There isn't a length of time that you have to wait before taking any exam, but exams are only offered during certain times of the year. For example, here are the time frames for some of the exams: www.soa.org/Education/Exam-Req/Exam-Day-Info/edu-2019-cbt-test-schedule.aspx
Hey Lekhan! You can definitely join the SOA but if you plan to work anywhere besides Canada/US in the future, it may not be the best path to take. Other countries may require different certifications to become an actuary. And yes they are in multiple choice format.
Well, neither SOA or CAS regulate the actuarial standard of practice. The Actuarial Standards Broad (ASB) sets standards (which are the ASOPs) for appropriate actuarial practice. Also remember, insurance operations in United States are regulated under the States level. Therefore, actuaries also need to comply for the States laws. Just want to clarify that part.
Do you think there's a chance that CAS and SOA will combine someday to become one single Unified Actuarial Society?
Interesting question. By the way things have gone recently, my guess would be probably not. SOA added a general insurance track in the past few years which is aimed toward P&C insurance (CAS's specialty), and earlier this year they went from having 5 mutually recognized exams to just 3. Seems to be going the opposite direction!
it is under talks right now actually. they are considering a merger. I will share you the link I have seen talking about it. www.newswire.ca/news-releases/casualty-actuarial-society-and-society-of-actuaries-explore-combining-into-one-new-organization-694403361.html
Hi Brea, I am working in the field of Risk Management and would like to continue in this field so what would serve me in the best way SOA or CAS?
Hi, is there a way u can be in both societies?
You could take exams from both societies and become a FSA and FCAS but there probably wouldn't be much benefit to doing that.
I dont get it ASA,CERA and FSA what is that?
Hey there! :) ASA is an Associate of the Society of Actuaries (SOA), and ACAS is an Associate of the Casualty Actuarial Society (CAS). They're both the same level on your journey to becoming fully qualified as an actuary, just in separate actuarial fields. FSA and CERA are both just different specializations under SOA. I know it can all be a little confusing at first! Here's a blog post that explains in more detail: etchedactuarial.com/cas-vs-soa/
Which one is more mathematical?
There is a lower supply of casualty actuaries (with respect to demand) than LH actuaries at the entry level. This is probably due to the fact that the exam requirements have recently started to diverge between CAS and SOA. Since the SOA is a lot larger, many universities focus only on SOA (LTAM/STAM) and don't offer any program for MAS-1/2. I have offers from casualty and LH insurers. For the same area, my casualty offers pay a good deal more. I think this is because university students' exposure to casualty actuarial work is less than it used to be.
Do you know which one of the two is more suitable for people with mathematical background
Thanks for the information!
I can imagine if the CAS decides to add health, pensions, and life insurance into their specialties. Then we will have two alternatives into becoming an actuary for health, life and P&C.
I heard that the SOA grants VEE credit in Statistics for those who pass exam MAS 1.
I'm not sure about this. It'd be best to contact the SOA directly for these type of questions.
Hello Brea. I am torn between choosing the Institute and Faculty of Actuaries in London vs. CAS in the US. Which one would you recommend? I would also like to get my PhD in Economics counted towards prior learning credit so that would be a big factor for me. (For the record, I live in Switzerland working for a reinsurance company)
You should choose based on where you'd like to work in the future! For prior learning credits, that's something that you should check with IFoA and CAS because it depends on the university and specific courses that you've taken.
@@EtchedActuarial thank you. I asked this question because given my line of work in underwriting/actuarial, I would like to choose the one which is more internationally recognized. Is there a big difference between CAS vs IFoA in terms of difficulty?
Hey brea... can you also explain a bit on CAA?
Hey Brea! I just wanted to ask which society is better to choose if I want to get the job in any of the country like Switzerland, USA , Canada , Belgium
Please let me just know about it that which society is worth pursuing
For Canada and the US, you can choose between the SOA and CAS -SOA is more on the life insurance side whereas CAS focuses on property, business and general insurance. The first 3 actuarial exams P, FM and IFM satisfy both criteria, so you don't have to choose in the beginning stages. As for Switzerland and Belgium, it's best to check what their local requirements are before making a decision.
Hey Brea! Thank you for your video, it gives a lot of important info. Would you do the same between SOA and IFoA, I am just confused on whether i'd be able to work in USA or Canada if i go for IFoA instead of SOA or CAS, what do you think?
Hey Clair! I'm not familiar with the IFoA pathway to make the comparison. But choosing which exams to take really depends on where you want to work as an actuary. If you're set on Canada or the US I would recommend doing SOA/CAS exams instead.
What would you choose; ifoa or soa for an investments biased entrepreneur & what level is satisfactory to attain competitive leadership role for a self employed
Hi Ken! :) My expertise is with the actuarial experience in Canada and the US, so I'm not sure about the benefits of IFoA! Sorry about that, I wish I could help more!
How many total papers are there to become a actuaries from SOA
Take a look at this post etchedactuarial.com/how-many-actuarial-exams/
What's the pass rate for people that take your FM course?
Hey brea! Juat wanted to ask if i can give actuarial exams during my university years? Or do i need to complete my bachelors first
Hey Hasan - You can write during university. Actually, it would be best if you graduated with 2-3 passed! Here's more info: etchedactuarial.com/actuarial-exams-college/
Thank you so much
Happy to help!
If I pass exam 1 with SOA and Exam 2 and 3 with CAS then is that a problem?
You'd take all three of them through the SOA and CAS would give credit for exam 1, 2 and 3. You can't take the exams through CAS.
which will you recommend for investment actuaries?
there is an investment track that you can take with the SOA.
Hey brea! My specialization in Bachelor is Mathematics, Can I take this exam? I mean is that exam for all Specializations?
You can take actuarial exams through the SOA or CAS even without a B.Math.
SOA and CAS are actuarial governing bodies and they both have different exams that you need to write. If you want to specialize in property and casualty insurance then you'll write CAS exams. If you want to specialize in life and health insurance, then you'll write SOA exams.
Fortunately, the first 3 exams (P, FM and IFM) are the same for SOA and for CAS. So, you don't need to decide on your specialization until you've passed all 3 of those and move on to your 4th exam. You can read more about it here if you're interested: etchedactuarial.com/cas-vs-soa/
Hope this helps!
@@EtchedActuarial
Tank you brea! That was very uesful ... How much time for I can pass all these exams? Thank you again!
@@alhak4alhak for most people it takes about 7-8 years to pass them all, and some people never finish. It varies a lot depending on how much time you're able to dedicate to studying and how many times you fail exams. You might find this post helpful: etchedactuarial.com/how-long-does-it-take-to-become-an-actuary/
@@EtchedActuarial
Thank you so much . PLEASE final qustion ?! Is that mean I cant take this exam less than 7 years? I mean are there terms or conditions for the times between these exams? THANK YOU AGAIN!
@@alhak4alhak yes you could take them in less then 7 years. There isn't a length of time that you have to wait before taking any exam, but exams are only offered during certain times of the year. For example, here are the time frames for some of the exams: www.soa.org/Education/Exam-Req/Exam-Day-Info/edu-2019-cbt-test-schedule.aspx
oh
A indian guy can join SOA ?
And
Is it real that in SOA there are only 9 papers and 5 papers out of 9 are MCQ type....?
Hey Lekhan! You can definitely join the SOA but if you plan to work anywhere besides Canada/US in the future, it may not be the best path to take. Other countries may require different certifications to become an actuary. And yes they are in multiple choice format.
@@EtchedActuarial Thanks 😇
If I pass my papers in IFOA (UK ) . Will I be able to get a job in canada 🇨🇦. Is there any mutual recognition bt SOA and IFOA
Good info
CAS members call it C A S, not one word.