Overview: Two Societies, Two Paths
Both the SOA and CAS grant professional designations to actuaries, but they serve different segments of the insurance industry. The SOA covers life insurance, health insurance, retirement benefits, investment, and enterprise risk management. The CAS focuses exclusively on property and casualty insurance, which includes auto, homeowners, workers compensation, commercial liability, and reinsurance.
The good news is that you do not need to choose immediately. The first two preliminary exams, Exam P (Probability) and Exam FM (Financial Mathematics), are recognized by both societies. Most aspiring actuaries take these two exams during or just after college, then choose a society once they start working and gain exposure to different types of actuarial work.
Exam Paths Compared
| Stage | SOA Path | CAS Path |
|---|---|---|
| Shared Prelims | Exam P, Exam FM | Exam P, Exam FM |
| Society-Specific Prelims | Exam SRM, Exam STAM, Exam LTAM | Exam MAS-I, Exam MAS-II |
| Associate Designation | ASA (Associate, SOA) | ACAS (Associate, CAS) |
| Fellow Designation | FSA (Fellow, SOA) | FCAS (Fellow, CAS) |
| Total Exams to Fellowship | 10 exams + modules | 9 exams + online courses |
| Time to Fellowship | 7 to 10 years | 7 to 10 years |
SOA: The Society of Actuaries
The SOA is the larger of the two societies, with over 35,000 members worldwide. SOA actuaries work across a wide range of industries including life insurance, health insurance, retirement and pension consulting, investment management, and enterprise risk management.
SOA Specialization Tracks
After earning the ASA designation, SOA candidates choose a fellowship track:
- Corporate Finance and ERM: Enterprise risk management, capital management, and financial strategy
- Quantitative Finance and Investment: Portfolio management, derivatives, and financial modeling
- Individual Life and Annuities: Life insurance product design, pricing, and valuation
- Retirement Benefits: Pension plans, Social Security, and retirement income planning
- Group and Health: Health insurance pricing, managed care, and healthcare analytics
- General Insurance: Property and casualty (for SOA members working in P&C)
- Predictive Analytics: Data science and machine learning applications
CAS: The Casualty Actuarial Society
The CAS is smaller but highly focused. With about 10,000 members, CAS actuaries specialize in property and casualty insurance. This includes pricing auto insurance, homeowners policies, commercial liability coverage, workers compensation, medical malpractice, and reinsurance.
CAS Career Areas
- Ratemaking and Pricing: Setting premiums for insurance products using loss data and predictive models
- Reserving: Estimating outstanding liabilities for claims that have occurred but are not yet settled
- Catastrophe Modeling: Assessing financial impact of natural disasters and extreme events
- Reinsurance: Analyzing and pricing risk transfer between insurance companies
- Predictive Analytics: Building models for risk selection, fraud detection, and claims management
Salary Comparison
Compensation is strong in both paths. At the entry level, salaries are nearly identical since employers care more about the number of exams passed than the society. The differences become more noticeable at the fellowship level. For a full breakdown by career stage, see our actuarial salary guide.
| Career Stage | SOA Salary Range | CAS Salary Range |
|---|---|---|
| Entry Level (1 to 2 exams) | $60,000 to $80,000 | $60,000 to $80,000 |
| Associate (ASA / ACAS) | $90,000 to $130,000 | $95,000 to $140,000 |
| Fellow (FSA / FCAS) | $130,000 to $250,000 | $140,000 to $275,000 |
| Chief Actuary / VP | $200,000 to $400,000+ | $200,000 to $400,000+ |
Salary ranges are approximate and vary by employer, location, and experience. Data based on industry surveys from DW Simpson and the SOA/CAS salary surveys.
How to Choose
The best way to decide is to consider what type of work interests you. Ask yourself these questions:
- Do you want to work in life insurance, health insurance, pensions, or investments? Choose SOA.
- Do you want to work in auto insurance, homeowners insurance, or commercial lines? Choose CAS.
- Do you want the most career options and flexibility? SOA offers more specialization tracks.
- Do you prefer a tighter community with a focused specialty? CAS is smaller and more specialized.
- Not sure yet? Start with Exam P and Exam FM, which both societies accept. Let your first job inform your decision.
Practice for Both Paths
ActuaryPractice covers all seven preliminary exams across both the SOA and CAS paths. Whether you are studying for the shared exams or the society-specific ones, you will find flashcards, mini exams, and full-length practice exams for every exam.
SOA Exams
Frequently Asked Questions
What is the difference between SOA and CAS?
The SOA focuses on life, health, retirement, and financial risk. The CAS focuses on property and casualty insurance. Both grant professional actuarial designations (ASA/FSA for SOA, ACAS/FCAS for CAS) and both require passing a series of rigorous exams.
Can you switch from SOA to CAS or vice versa?
Yes, but it is much easier to switch early. Exam P and Exam FM count for both societies. After those, the exams diverge, and switching means taking additional society-specific exams. Most people who switch do so before reaching the associate level.
Which pays more, SOA or CAS?
Both pay very well. CAS fellows sometimes earn slightly more due to smaller supply, but SOA offers broader specialization options. Your salary will depend more on your role, employer, and experience than on which society you belong to.
Do I need to decide before starting exams?
No. Start with Exam P and Exam FM, which both societies require. Most candidates decide after landing their first actuarial position, when they have direct exposure to different types of work.
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