Top 11 Actuary Certifications

Certifications are important for an actuary in the job market because they demonstrate a level of knowledge and proficiency in the field. They provide employers with assurance that job candidates have the necessary qualifications to perform their duties. Certification also shows employers that an actuary is committed to staying up-to-date on industry trends and best practices, which can be incredibly valuable in a competitive job market. Additionally, certification can open doors to new professional opportunities and better compensation packages.

This article reviews some of the most beneficial certifications for Actuaries and explains how they can help to further an Actuary's career.

What are Actuary Certifications?

Actuary certification is a professional designation offered by the Society of Actuaries that signifies an individual has achieved a high level of expertise in the field of actuarial science. In order to obtain this certification, individuals must pass a series of exams which demonstrate their understanding and mastery of topics such as mathematics, statistics, economics, finance, insurance principles, and other related areas. Holding an actuary certification demonstrates that an individual has the technical knowledge and skills necessary to provide accurate assessments and recommendations for organizations related to risk management strategies and other financial decisions.

This certification can be beneficial for both employers and employees in the actuarial field. For employers, having certified actuaries on staff ensures they have access to knowledgeable professionals who can provide sound advice on matters relating to risk management and financial decisions. On the other hand, employees with this certification are more likely to be sought after due to their specialized knowledge and skillset which can give them an edge over non-certified applicants when seeking employment opportunities. Additionally, having this certification may also open up new career opportunities or advancement possibilities within the field.

Pro Tip: Before applying for actuary certification, make sure you have a thorough understanding of the exam requirements and prerequisites. Doing your research ahead of time can help ensure you are well-prepared for the process and increase your chances of passing the exams.

Related: What does an Actuary do?

Top 11 Actuary Certifications

Here’s our list of the best certifications available to Actuarys today.

1. Associate of the Society of Actuaries (ASA)

The Associate of the Society of Actuaries (ASA) is a professional designation awarded by the Society of Actuaries (SOA). It is the highest level of qualification for actuaries in North America and is recognized worldwide. The ASA designation is earned through a combination of education, exams, and professional experience.

It typically takes between 4-6 years to earn an ASA designation. Candidates must first complete their educational requirements which include completing at least three courses in mathematics and statistics, as well as passing two preliminary exams administered by the SOA. Once these requirements are met, candidates can then register for the remaining core exams required to become an ASA.

In order to get an ASA designation, candidates must pass all eight core exams administered by the SOA within seven years of registering for their first exam. Each exam costs $225 plus additional fees for study materials and registration. In addition to passing the exams, candidates must also have two years of professional experience in order to be eligible for the ASA designation.

Once all requirements are met, candidates can submit their application for review by the SOA’s Qualification Committee and if approved, they will receive their ASA designation.

2. Chartered Enterprise Risk Analyst (CERA)

Chartered Enterprise Risk Analyst (CERA) is a professional designation that recognizes individuals who have achieved the highest level of proficiency in enterprise risk management. It is offered by the Society of Actuaries and is considered to be the gold standard for risk management professionals.

To become a CERA, an individual must pass a series of exams and demonstrate their knowledge and experience in the field of enterprise risk management. The exams cover topics such as financial modeling, capital markets, insurance, and investment theory. The exam process takes approximately two years to complete.

In order to become a CERA, individuals must first become an Associate of the Society of Actuaries (ASA). This requires passing two preliminary exams and completing at least one year of professional experience in the field. After becoming an ASA, individuals can then take the CERA exams which consist of four parts: Financial Modeling & Analysis; Capital Markets; Insurance & Investment Theory; and Risk Management & Regulation.

The cost for taking all four parts of the CERA exam varies depending on where you live but typically ranges from $1,000 - $2,000 USD. In addition to this cost, there are also fees associated with becoming an ASA which range from $100 - $200 USD per exam plus additional fees for membership in the Society of Actuaries.

3. Fellow of the Society of Actuaries (FSA)

The Fellow of the Society of Actuaries (FSA) is a professional designation given to individuals who have demonstrated a high level of expertise in the field of actuarial science. An FSA is an individual who has achieved the highest level of recognition and respect within the actuarial profession.

In order to become an FSA, an individual must pass a series of examinations administered by the Society of Actuaries (SOA). These exams cover topics such as probability, statistics, finance, economics, and other related areas. The exams are typically taken over a period of several years and require significant study and preparation.

In addition to passing the SOA examinations, individuals must also meet certain educational requirements in order to qualify for the FSA designation. These include completing at least three years of college-level coursework in mathematics or related fields, as well as completing additional courses in actuarial science or related fields.

The cost for taking the SOA exams varies depending on which exam you are taking and where you take it. Generally speaking, each exam costs between $200-$400 USD depending on location and other factors.

Overall, it can take anywhere from four to eight years to become an FSA depending on how quickly you can complete your studies and pass all necessary exams.

4. Certified Pension Consultant (CPC)

A Certified Pension Consultant (CPC) is a professional designation for individuals who have met the requirements of the American Society of Pension Professionals and Actuaries (ASPPA). The CPC credential demonstrates an individual’s knowledge and expertise in pension plan design, administration, compliance, and consulting.

To become a CPC, individuals must meet certain requirements, including: having at least three years of experience in the pension field; passing an exam administered by ASPPA; completing continuing education courses; and agreeing to abide by the organization’s ethical standards.

The exam consists of 170 multiple-choice questions that cover topics such as plan design, compliance, investments, and consulting. It takes approximately four hours to complete the exam.

Individuals can register for the exam online through ASPPA's website. The cost of registration is $425 for members of ASPPA or $525 for non-members.

Once an individual has passed the exam and fulfilled all other requirements, they will receive their CPC credential from ASPPA.

5. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation awarded by the CFA Institute, an international organization that sets standards for financial analysis. The CFA program is designed to provide a comprehensive understanding of the investment process and to develop the skills necessary to become a successful financial analyst.

The CFA program consists of three levels of exams, each with its own set of topics and requirements. The first level exam covers ethical and professional standards, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, fixed income investments, derivatives, alternative investments and portfolio management. The second level exam covers asset valuation, financial statement analysis, corporate finance and portfolio management. The third level focuses on wealth planning and portfolio management.

The entire program typically takes four years to complete if you are studying part-time. To receive the CFA designation you must pass all three levels of exams within four years as well as have four years of qualified work experience in the investment decision-making process or related field.

The cost for taking the CFA exams varies based on when you register for them but typically ranges from $700 - $1,000 per exam plus additional fees for registration and study materials.

6. Certified Employee Benefit Specialist (CEBS)

Certified Employee Benefit Specialist (CEBS) is a professional designation that is awarded by the International Foundation of Employee Benefit Plans and the Wharton School of Business at the University of Pennsylvania. The CEBS program was created to provide professionals in the employee benefits field with an opportunity to demonstrate their knowledge and expertise in this area.

The CEBS program consists of five courses, each focusing on a different aspect of employee benefits: Group Benefits, Retirement Plans, Compensation Management, Health Care Reform and Financial Management. Each course is offered online or through classroom instruction. Once all five courses have been completed, individuals must pass a comprehensive exam in order to earn their CEBS designation.

It usually takes between 12-18 months to complete the CEBS program depending on how quickly you can complete each course. The cost for the entire program varies depending on which option you choose (online or classroom), but it typically ranges from $2,000-$3,500 USD.

To get started with the CEBS program, individuals must first register with the International Foundation of Employee Benefit Plans and pay any applicable fees. After registering, individuals will be sent information about how to log into their account and begin studying for each course. Additionally, they may also be able to access additional resources such as webinars and other materials that can help them prepare for their exams.

Once all five courses have been completed and passed with a score of 70% or higher, individuals must then submit an application for certification along with any applicable fees before they can take the comprehensive exam. Upon passing this exam with a score of 75% or higher, individuals will receive their certification as a Certified Employee Benefit Specialist (CEBS).

7. Certified Professional Ergonomist (CPE)

Certified Professional Ergonomist (CPE) is a professional certification that recognizes the expertise of individuals in the field of ergonomics. It is awarded by the Board of Certification in Professional Ergonomics (BCPE).

To become a CPE, one must first meet the educational and experience requirements set forth by BCPE. These requirements include having a minimum of a bachelor's degree in ergonomics or related field, as well as at least three years of professional experience in ergonomic evaluation and design.

Once these requirements are met, applicants must pass an examination administered by BCPE. The exam consists of multiple-choice questions that assess knowledge and understanding of ergonomic concepts, principles, and practices. The cost for taking the exam is $450 USD.

The exam takes approximately four hours to complete and can be taken at any Pearson VUE testing center around the world. Upon successful completion of the exam, applicants will receive their CPE certification from BCPE. This certification is valid for five years and must be renewed every five years with additional continuing education credits.

8. Chartered Life Underwriter (CLU)

Chartered Life Underwriter (CLU) is a professional designation for insurance professionals who specialize in life insurance. The CLU designation is awarded by the American College of Financial Services, and it is one of the most respected designations in the industry. To be eligible to earn the CLU designation, individuals must have a bachelor’s degree or higher, three years of full-time experience in the life insurance field, and they must pass an examination administered by the American College of Financial Services.

The CLU program consists of eight courses that cover topics such as financial planning, estate planning, taxation, retirement planning, investments and risk management. The courses are offered both online and on-campus via live instruction. It typically takes two to three years to complete all eight courses and earn the CLU designation.

To get started with earning your CLU designation, you must first apply to the American College of Financial Services and pay an application fee. Once accepted into the program, you will need to register for each course individually and pay tuition fees for each course. Tuition fees vary depending on whether you choose to take classes online or on-campus via live instruction.

In addition to tuition fees, there are also exam fees associated with earning your CLU designation. Each exam costs $100-$200 depending on which course you are taking at the time. You will also need to purchase textbooks for each course which can range from $50-$500 depending on which books you buy.

Overall, it typically costs around $5,000-$10,000 to earn your Chartered Life Underwriter (CLU) designation depending on how quickly you complete all eight courses and exams.

9. Associate in Reinsurance (ARe)

Associate in Reinsurance (ARe) is a professional designation awarded by The Institutes, an organization that provides education and research for the risk management and property-casualty insurance industry. It is designed to help individuals gain knowledge of the reinsurance industry, including its principles, practices, and procedures.

To earn the ARe designation, individuals must complete a series of courses covering topics such as reinsurance pricing and underwriting, reinsurance contracts and treaties, legal aspects of reinsurance, and claims administration. The courses are offered online or in a classroom setting. Depending on the individual’s learning style, it can take anywhere from six months to two years to complete all of the coursework required for the ARe designation.

In order to get started with the program, individuals must first apply for admission at The Institutes website. Applicants will need to submit an application fee along with transcripts from their undergraduate degree program. Once admitted into the program, students will be able to register for courses online or through their local college or university.

The cost of earning an ARe designation varies depending on how many courses are taken and which institution they are taken through. Generally speaking, each course costs around $1,000-$2,000 per credit hour plus any additional fees associated with taking the course at a particular institution. In addition to tuition costs, students may also need to purchase textbooks or other materials related to their courses.

10. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation given by the Certified Financial Planner Board of Standards, Inc. to individuals who have met certain educational and experience requirements and have passed the CFP Certification Examination. The CFP certification is widely recognized as the highest standard in personal financial planning and is held by over 80,000 professionals worldwide.

To become a CFP, individuals must complete an approved college-level course of study covering topics such as investments, taxes, retirement planning, insurance, estate planning and other areas of financial planning. After completing this coursework, candidates must pass a comprehensive two-day exam administered by the CFP Board.

The exam consists of 170 multiple-choice questions that cover all aspects of financial planning. Candidates must answer at least 125 questions correctly to pass the exam. The exam fee is $695 for members of the Financial Planning Association or $895 for non-members.

In addition to passing the exam, candidates must also complete six years of qualifying work experience in financial services or related fields before they can become certified. Once these requirements are met, applicants may submit their application to the CFP Board for review and approval.

Once approved, applicants will receive their official CFP designation and be eligible to use it on business cards and resumes. The cost to become a CFP varies depending on individual circumstances but typically ranges from $2,500 - $5,000 USD when including tuition fees and exam costs.

11. Chartered Property Casualty Underwriter (CPCU).

Chartered Property Casualty Underwriter (CPCU) is a professional designation earned by those who have met the rigorous educational, experience, and ethical requirements of The Institutes. It is the premier credential in the property and casualty insurance industry.

To earn the CPCU designation, an individual must complete eight courses and examinations covering all aspects of property and casualty insurance. The exams are offered twice a year in June and December at testing centers around the world. To be eligible to take the exams, applicants must have two years of full-time property/casualty insurance experience or four years of part-time experience.

The cost for each course varies depending on whether you take it online or in person. The cost for each exam is $245 USD per exam plus any applicable taxes or fees. Depending on how quickly you can complete the courses and exams, it usually takes about 18 months to two years to earn your CPCU designation.

In addition to completing courses and passing exams, individuals must also adhere to a strict code of ethics as outlined by The Institutes. This includes acting with integrity, fairness, objectivity, honesty, responsibility, respect for others’ rights and opinions, and compliance with applicable laws and regulations.

By earning your CPCU designation you will demonstrate your commitment to excellence in the property/casualty insurance industry as well as gain access to exclusive resources such as networking events and continuing education opportunities that can help you advance your career.

Do You Really Need a Actuary Certificate?

The decision to pursue an actuarial certificate is an important one, and there are several factors to consider before making the commitment. An actuarial certificate is a professional designation that demonstrates expertise in the field of risk analysis and financial modeling. It requires passing a series of exams, and it can open up numerous career opportunities for those who hold it.

For some people, having an actuarial certificate is essential for their chosen career path. Those who are involved in insurance companies or other organizations that handle large amounts of money will likely need to have this certification in order to be considered for more advanced positions. Likewise, those who want to become independent consultants or work as a financial analyst may find that having this type of certification can make them more attractive candidates for job openings.

On the other hand, there are some people who may not necessarily need an actuarial certificate in order to pursue their goals. Those who already have experience in finance or accounting may be able to find employment without having this particular credential. Additionally, some employers may be willing to overlook the lack of an actuarial certificate if they feel confident that a potential employee has sufficient knowledge and experience in related areas.

In conclusion, whether you need an actuarial certificate depends on your individual situation and goals. If you plan on working with large amounts of money or becoming a consultant, then it is likely best to pursue this type of certification. However, if you do not anticipate needing such credentials for your desired profession then you may be able to find success without it. Ultimately the decision should be based on what makes sense for you and your future plans.

Related: Actuary Resume Examples

FAQs About Actuary Certifications

1. What are the requirements to become an actuary?

Answer: To become an actuary, you must have a degree in mathematics, statistics, finance or another related field, and pass a series of professional exams administered by the Society of Actuaries or the Casualty Actuarial Society.

2. How long does it take to become an actuary?

Answer: It typically takes 3-5 years to become an actuary depending on your educational background and the number of exams you choose to take. You can also accelerate your career path by taking courses that supplement the required exams.

3. What is the best way to prepare for actuarial exams?

Answer: The best way to prepare for actuarial exams is by taking practice tests and studying with textbooks and study guides provided by either the Society of Actuaries or the Casualty Actuarial Society. Additionally, attending study sessions offered by schools or local actuarial societies can be beneficial for some people.

4. Are there any online resources available for studying for actuarial exams?

Answer: Yes, there are many online resources available for studying for actuarial exams including websites such as Exam P/1, Coaching Actuaries and AdaptPrep that offer practice questions and study materials as well as forums where you can ask questions and interact with other students who are also preparing for their exams.

5. How much do actuaries make?

Answer: According to Glassdoor, the average salary of an actuary in the United States is $101,000 per year. Salaries vary based on experience level and job title but most experienced actuaries earn over six figures annually.