SOA vs. CAS Preliminary Exams: Complete Comparison
A detailed comparison of the preliminary exam requirements for the SOA and CAS actuarial pathways.
Shared Preliminary Exams
The Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) share two preliminary exams: Exam P (Probability) and Exam FM (Financial Mathematics). Both organizations accept each other's results for these exams, so candidates do not need to choose a track before taking them. Beyond these shared exams, the paths diverge. The SOA requires Exam FAM (Fundamentals of Actuarial Mathematics) and Exam ASTAM or ALTAM, while the CAS requires Exam MAS-I and Exam MAS-II for its preliminary requirements.
Key Differences
SOA preliminary exams emphasize life contingencies, financial economics, and long-term actuarial mathematics. CAS preliminary exams focus more heavily on statistics, data analysis, and modern analytical methods. The CAS added the MAS exams to replace the older Exam S and Exam 3F, reflecting a shift toward applied statistics and machine learning. Total exam count to reach the associate level is similar for both organizations (roughly 7 to 8 exams plus educational requirements), but the content emphasis differs significantly based on the career track.