How to become an actuary

1. 1Take as much math as you can in high school

   Time: 4 years (high school)Sources 1

   Calculus is the key course; AP Calculus and AP Statistics let you start college math sooner, which leaves room to prepare for professional exams before graduation. Computer science or any programming class helps too, since actuaries build models in spreadsheets and languages such as R, Python and SQL. If you like math competitions or probability puzzles, that is a good sign for this career.

2. 2Earn a quantitative bachelor's degree

   Time: 4 yearsCost: $11,648/yr median public in-state tuition (statistics)Sources 1, 4, 6

   Actuarial science is the most direct major, but math, statistics, economics and finance graduates are hired too. Plan to finish the three VEE topics (economics, accounting and finance, and mathematical statistics) through college courses that the SOA has approved, which saves time later. Add programming and database courses; employers expect you to work with large data sets from day one.

3. 3Pass one or two exams before graduating

   Time: Several months of study per examCost: $275 per exam (SOA P or FM)Sources 1, 2, 3, 5, 8

   Employers often prefer graduates who already have one or two exam passes. Most students start with Probability (Exam P) and Financial Mathematics (Exam FM); the CAS accepts SOA passes on these as credit for its Exams 1 and 2. Exam FM is a 2.5-hour computer-based test of 30 multiple-choice questions. Passing these, along with an internship, makes you a strong candidate for analyst jobs.

4. 4Get an actuarial internship and first job

   Time: Summer internships; job after graduationCost: Paid workSources 1

   Internships at insurers and consulting firms help you choose between life, health, pension and property-casualty work, which decides whether you follow the SOA or CAS path. Entry-level actuarial analysts start on data and reporting tasks under experienced actuaries and gradually take on pricing, reserving or valuation projects. Employers commonly pay for exams and study materials and give paid study time.

5. 5Earn your associateship (ASA or ACAS)

   Time: Up to about 7 years from the first examCost: Usually paid by employerSources 4, 5, 1

   For the SOA, the ASA requires FAM, ALTAM or ASTAM, SRM and PA on top of P and FM, plus two foundations modules, the ATPA assessment, the Fundamentals of Actuarial Practice course and the Associateship Professionalism Course. For the CAS, the ACAS requires MAS-I, MAS-II, Exams 5 and 6, the PCPA Exam and Project, CAS data courses and the Course on Professionalism. Raises often come with each exam passed.

6. 6Work toward fellowship or enrollment

   Time: Several more yearsCost: Usually paid by employerSources 5, 7, 9, 1

   Fellowship (FSA or FCAS) is the top credential. The CAS adds Exams 7, 8 and 9, each a four-hour written exam; the SOA has specialty tracks such as life, health and retirement. Pension actuaries who sign off on certain retirement plans must also become Enrolled Actuaries by passing the federal EA-1 and EA-2 exams and meeting pension experience requirements.

Programs, tuition and graduates’ earnings

U.S. Department of Education, College Scorecard (most recent cohorts, released 2026-10-15). Scorecard groups programs by 4-digit field, so a row can include related programs. Tuition is the median published undergraduate tuition and fees of the colleges offering the program (shown only for undergraduate credentials); debt is the median of programs’ median federal loan debt at completion; earnings are the national median for the field and credential four years after completion.

Requirements differ by state. Check your state’s rules in the CareerOneStop License Finder (U.S. Department of Labor) before you enroll.

Probability and statistics

Every premium and reserve rests on estimating how often losses happen and how large they are, and the early exams test exactly this.

Programming and data handling

Actuaries spend much of the day pulling claims and policy data with SQL and modeling it in R, Python or Excel.

Business judgment

A technically correct rate is useless if it ignores competitors, regulations or how customers will react to a price change.

Explaining technical results

Underwriters, executives and regulators act on your numbers only if you can explain the assumptions behind them in plain words.

Study discipline

Passing a long series of exams while working full time takes steady study on evenings and weekends for years.

O*NET 31.0 rates these skills as most important for the occupation: mathematics, reading comprehension, active listening, critical thinking, writing.

Training cost

$47.1K–$55.1K

Before financial aid

Time

4 years of college plus up to 7 years to associate (ASA or ACAS)

Typical path

Median pay

$130,000

All US jobs: $50,980

Payback once qualified

Under 1 year

Pay above the all-jobs median vs. cost

Low: 4 years x College Scorecard median public in-state tuition for statistics bachelor's programs, $11,648 = $46,592, plus SOA Exam P and Exam FM at $275 each. High: 4 years x the management sciences and quantitative methods median, $12,482 = $49,928, plus the 2026 SOA fees for P and FM ($275 each), FAM ($408), ALTAM or ASTAM ($500), SRM ($357), PA ($1,234), the Pre-Actuarial Foundations module ($224), FAP modules ($551) and the FAP final assessment ($1,316). Not included: study manuals, retakes, other ASA components, books and living costs. Many employers pay exam fees once you are hired.

Rough guide only: ignores taxes, aid, interest and earnings given up during training. How we calculate it.

• Fellow and supervising actuary

  Actuaries who complete fellowship usually lead teams, sign actuarial opinions and advise senior management.

• Chief risk officer or chief financial officer

  Actuaries with broad risk-management experience can move into top executive roles, usually after years in leadership.

• Data scientist$120,230 median

  Actuaries with strong programming and predictive modeling skills can move into data science roles, sometimes with added machine-learning training.

• Financial analyst$102,740 median

  The math and finance background transfers to investment analysis, and some actuaries add the CFA credential for that path.