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Actuary organization

The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association. Through education and research, the SOA promotes actuaries as leaders in the assessment and management of risk to enhance financial outcomes for individuals, organizations, and the public. The SOA's vision is for actuaries to be highly sought after professionals who develop and communicate solutions for complex financial issues. The SOA provides primary and continuing education for students and practicing actuaries, maintains high professional standards for actuaries, and conducts research on actuarial trends and public policy issues. As a global organization, the SOA represents actuaries from all major areas of practice, including life and health insurance, retirement and pensions, investment and finance, enterprise risk management, and general insurance (property and casualty) insurance. The Casualty Actuarial Society also represents actuaries working with property and casualty.

The Society was founded as a merger of two major American actuarial associations, as reflected in its logo: the Actuarial Society of America and the American Institute of Actuaries. The SOA, along with its public relations firm Golin, won the PRWeek Corporate Branding Campaign of the Year award for 2008. The award was given for the SOA's efforts to revitalize the actuarial profession's brand in the U. S., including the slogan "Risk is Opportunity.

The SOA is headed by a board of directors, consisting of a president, president elect, past president, and fifteen other board members. The employees of the SOA are headed by the chief executive officer, a salaried position appointed by the board of directors.

The board positions are filled by election. A member is eligible to vote in board elections if they are an FSA, or if they have been an ASA for at least five years. Only FSAs can be elected to the board. The three micro credentials (Pre Actuarial Foundations, Actuarial Science Foundations, and Data Science for Actuaries) were introduced in 2022 along with affiliate membership. Requirements for membership for the SOA include writing actuarial exams, a comprehensive series of competitive exams. Topics covered in the exams include mathematics, finance, insurance, economics, interest theory, life models, and actuarial science.

Professional designations of ASA or FSA are earned by completing a rigorous education system including examinations, courses, and e learning modules. It is common for actuarial students to work full time in the profession while studying for the exams.

Upper level exam topics for the FSA designation include plan design, risk classification, enterprise risk management, ratemaking, and valuation. Three fellowship exams are taken in one of six specialization tracks chosen by the candidate: Corporate Finance & Enterprise Risk Management (CFE), Quantitative Finance & Investments (QFI), Individual Life Insurance & Annuities (ILA), Retirement Benefits (RB), Group & Health Insurance (GH), or General Insurance (GI). The SOA updated the Fellowship tracks in 2018 and 2023. The SOA also plans to significantly change the structure of the FSA tracks in fall 2025. In addition to the exams, candidates also need to complete three e learning modules, the Decision Making and Communication (DMAC) module, and the virtual or in person Fellowship Admissions Course (FAC).