What an actuary must master: the IAA international core syllabus, the SOA and CAS exams, VEE credits and CONAC (Colegio Nacional de Actuarios) certification in Mexico.
Actuarial education has two complementary components. First, the bachelor's degree, which provides the mathematical, statistical, financial and actuarial foundations. Second, the professional exams of the actuarial associations, which certify competence to practice and are often started while still at university.
Internationally, the International Actuarial Association (IAA) defines a minimum core syllabus that every member association, and by extension the university programs that feed it, must cover in order to qualify fully credentialed actuaries. National associations (SOA, CAS, CONAC, etc.) implement that core through their own exams and requirements.
The "IAA Education Syllabus" (revision of May 25, 2025) organizes education into 10 subjects: 6 are Core (mandatory for every member association) and 4 are Electives. Together they are the common minimum that defines an actuary in any country.
| Core subject | Content |
|---|---|
| Statistics | Random variables, inference, regression and GLMs, Bayesian statistics and credibility, stochastic processes, time series and simulation. |
| Finance I | Financial mathematics: time value of money, real and nominal rates, forwards, term structure, duration, convexity and immunization. |
| Data and Systems | Data as a resource, analysis and visualization, statistical and machine learning, data governance and professional issues. |
| Actuarial Models | Actuarial modeling, risk measures (VaR, TVaR), severity, frequency and aggregate loss models, survival and multi-state models, premiums and reserves. |
| Actuarial Risk Management | Risk environment and ERM, risk identification, measurement and mitigation (ALM), monitoring and communication, regulatory and economic capital. |
| Professional Practice | Communication, problem solving and the actuarial control cycle, professional standards, code of conduct and professionalism. |
Beyond the core, the IAA assumes prior knowledge of "Foundation Mathematics" (calculus, linear algebra, differential equations and basic probability). Source: IAA Education Syllabus, rev. May 25, 2025.
The SOA pathway runs from Associate (ASA) to Fellow (FSA), with the CERA credential in enterprise risk management. These are the current preliminary exams (2025-2026):
| Exam | Topic |
|---|---|
P | Probability. |
FM | Financial Mathematics: theory of interest. |
FAM | Fundamentals of Actuarial Mathematics: short-term and long-term actuarial mathematics. |
ALTAM / ASTAM | Advanced Long-Term / Short-Term Actuarial Mathematics. Candidates choose one: advanced life and pensions or advanced non-life (written answer). |
SRM | Statistics for Risk Modeling. |
PA | Predictive Analytics. |
ATPA | Advanced Topics in Predictive Analytics: an assessment of advanced analytics topics. |
The ASA is completed with VEE credits (Economics; Accounting and Finance; Mathematical Statistics) and the online and professionalism modules (Foundations, FAP and APC). For the FSA, since fall 2025 the SOA has used a Flexible Pathway of courses by practice area, plus the DMAC and FAC courses. Available areas:
The SOA has restructured its exams in recent years: the former IFM, LTAM and STAM exams no longer exist and have been replaced by the FAM + ALTAM/ASTAM sequence. Always check the current names on soa.org before planning your path.
The CAS specializes in property and casualty insurance (auto, homeowners, liability, catastrophes). Its pathway runs from Associate (ACAS) to Fellow (FCAS).
| Exam / requirement | Topic |
|---|---|
| Exams 1 and 2 | Probability and Financial Mathematics (jointly administered with the SOA's P and FM). |
MAS-I / MAS-II | Modern Actuarial Statistics I and II: regression, time series, credibility, GLMs and Bayesian statistical learning. |
Exam 5 | Basic Ratemaking and Estimating Claim Liabilities. |
Exam 6 | Regulation and Financial Reporting (with regional variants). |
| DISC + PCPA | Online courses (Data and Analytics, Insurance Accounting, Risk Management) and, from 2026, the PCPA (Property & Casualty Predictive Analytics), required for the ACAS. |
Exams 7, 8, 9 | For the FCAS: estimation of liabilities and ERM (7), advanced ratemaking (8) and financial risk and rate of return (9). |
Like the SOA, the CAS is updating its syllabus (DISC courses, the PCPA required from 2026 and a reorganization of domains across Exams 7 to 9). Check the current "Syllabus of Basic Education" on casact.org.
In Mexico, the Colegio Nacional de Actuarios (CONAC) regulates professional practice: it sets the standards of practice, the code of ethics, continuing education and the professional certification process for actuaries who serve insurance and surety companies, provide actuarial consulting and valuation, or act as expert witnesses.
Valuation of contingent employee benefit liabilities (NIF D-3) is certified through the AMAC (Asociación Mexicana de Actuarios Consultores, the Mexican association of consulting actuaries).
Mexican university programs (with UNAM as the historical benchmark) share a core that covers the IAA syllabus:
A good program covers the IAA core and also prepares students to sit international exams (SOA/CAS) and to obtain CONAC certification. Check each university's agreements and its balance of mathematics, finance, statistics and programming.
Information verified on soa.org, casact.org, actuaries.org (IAA Education Syllabus, rev. 2025) and conacmexico.org.mx (2025-2026). Exam names and requirements change with reforms; always confirm with the official source.