PDA

View Full Version : What is the differnce between the SOA and the CAS?



Raymond1984
May 27th 2005, 06:31 PM
I m kinda confusing about CAS and SOA......doesnt they are both actuarial society and offer exams?

So, what is the difference between them? and which exams u guys suggest me to take?(CAS's or SOA's ?)

Thanks

FSA
May 27th 2005, 07:29 PM
I m kinda confusing about CAS and SOA......doesnt they are both actuarial society and offer exams?

So, what is the difference between them? and which exams u guys suggest me to take?(CAS's or SOA's ?)

Thanks

The CAS is the Casualty Actuarial Society. Actuaries there work on things similar to property insurance... homeowners insurance and auto insurance are the ones most people would be familiar with.

The SOA is the Society of Actuaries. These actuaries tend to work on life insurance, health insurance, and annuities.

Three of the first four exams are jointly administered, so there's no need to make a choice this far in advance.

masu
March 29th 2006, 02:39 AM
Is there anyone knowing what is the difference between these two organization and their exams?
I would like to know the difference between not only their exams, but also their constitutions.

Thanks^^

wat
March 29th 2006, 04:58 AM
Is there anyone knowing what is the difference between these two organization and their exams?
I would like to know the difference between not only their exams, but also their constitutions.

Thanks^^

In a very general sense, SOA deals with pensions, life insurance and health insurance. CAS deals with property and casualty insurance. There are specifications within each society, but those are the most "popular" sections within each society.

The SOA has 4 preliminary exams, 3 of which are jointly used by SOA, CAS and CIA (Canadian Institute of Actuaries). After that, the SOA has two sets of modules, 4 exams, a capstone module and 2 professionalism seminars to become an associate/fellow.

The CAS also has 4 preliminary exams, with CAS 3 being the only exam that is not jointly offered between SOA and CAS (i.e. SOA does not accept credit for their Exam M if you take CAS 3). After the preliminary exams, there are 3 exams to get one's associateship and an additional 2 exams for fellowship.

Irish Blues
March 29th 2006, 08:26 AM
:cool: CAS >>> SOA.

Cloud
June 5th 2006, 10:50 PM
What is the difference between SOA and CAS?
Are they two different exams?
What should I be taking?

I live around NYC and would like to have some information regarding first exam.
I'm accounting major, mathematics minor senior.

quesotrain
June 6th 2006, 02:09 PM
You may have already figured it out by now, but I would suggest the SOA and CAS websites (www.soa.org, www.casact.org) as well as www.beanactuary.org for background info on the SOA, the CAS, and the examinations.

In short, SOA Exams P, FM, and C are identical to CAS Exams 1, 2, and 4 respectively. The CAS administers their own Exam 3 but currently accepts SOA Exam M in it's place (but the SOA doesn't accept CAS Exam 3 credit in the place of Exam M), though I don't know how long that will last. After the first four exams the exams are significantly different - which isn't so bad because by then almost all actuarial students are employed and know whether they want to go the SOA route (generally life, health, or pension) or the CAS route (generally property/casualty).

Cloud
June 6th 2006, 11:32 PM
Thank you so much for your reply,

I have one more question, so if you pass P exam for CAS, does it mean you can take 2nd exam for CAS or SOA?

or do you have to take 1st exam for SOA even though you passed 1st for CAS.

djerry81
June 7th 2006, 09:38 AM
which route pays the most....SOA or CAS

wat
June 7th 2006, 03:53 PM
Thank you so much for your reply,

I have one more question, so if you pass P exam for CAS, does it mean you can take 2nd exam for CAS or SOA?

or do you have to take 1st exam for SOA even though you passed 1st for CAS.

Exams 1, 2 & 4 are jointly administered by SOA, CAS and CIA. So, if you pass Exam 1/P, you get credit with either society. The same goes for Exam 2/FM and Exam 4/C. For CAS Exam 3, you receive credit for it if you pass SOA Exam M, but the converse does not apply (you do not get credit for M if you pass CAS 3).

wat
June 7th 2006, 03:53 PM
which route pays the most....SOA or CAS

That's hard to judge. It depends on the type of job, for one.

http://www.dwsimpson.com/salary is a good place to start.

wat
June 7th 2006, 03:59 PM
ok everyone thats an actuary post your expertise area exams passed all designations awarded and salary..

I think the number of actuaries on this board is very limited.

If I've passed Course 6, then I'll be able to become an actuary after attending the APC in August. One is not an actuary until they have a credential stating that they are an actuary. Until then, you are an actuarial student/assistant/analyst/specialist/associate.

djerry81
June 7th 2006, 04:33 PM
ok everyone post your job title your pay your professional designations and expertise

YKT
June 22nd 2006, 03:42 PM
Hi everyone,

I hope someone can help me with this: I know people with SOA exam is working for pension and employee benefit, and people with CAS exam is working for property and casualty.

My question is when some companies require thier employee to take SOA exams and some require CAS exam. What is the differences between these two organization practically. I mean they have different responsible or the way they calculate risk is different??

Maybe someone is working for property and casualty can give me some idea!!!

Thank you for your help

Robert24
October 30th 2006, 10:51 PM
What is the difference between FSA and FCAS?

Irish Blues
October 31st 2006, 09:59 AM
FSA - given by the Society of Actuaries; covers life, health, pension
FCAS - given by the Casualty Actuary Society; covers property and casualty

No, getting one does not allow you to automatically practice in the other. They are not interchangable.

djerry81
October 31st 2006, 12:33 PM
I read somewhere that some of the CAS and SOA exams are interchangeable on some levels......

Irish Blues
October 31st 2006, 03:58 PM
P/1, FM/2, and C/4. CAS had been taking M as credit for 3 but still nothing official as to whether they'll continue to do that going forward ... the only thing that's certain is that the SOA will be splitting M into a 3-hour exam and a 2-hour exam (can be taken separately), while the CAS will revamp their 3 to sort of mirror the SOA's exams but keep the exam at 4 hours.

yufuying
February 8th 2007, 04:08 PM
What is the differ between being a member of CAS and SOA
is it the same when you take the first four exams?
only have to decide it after you become a ASA?
Thanks!

steve
February 8th 2007, 04:30 PM
CAS is for property and casualty jobs. SOA is for pensions, life, health, etc.

If you are an ASA that means you have already decided which route you are going to take. The ASA equivalent for CAS is ACAS. After the first four exams is when the exams become specific, i think.

yufuying
February 9th 2007, 09:10 AM
does that mean if I want to follow the finance track
i have to do CAS?
Thanks a lot.

Trojan_Horse
February 9th 2007, 09:36 AM
I know that the SOA has a finance track, you would take course 8F.

JMO Fan
February 9th 2007, 05:26 PM
SoA is bigger, in part because it covers more diverse areas. Also, more insurers and pension plans recognize the need for life, health, and pension actuaries, and the need was seen earlier in those industries. Regulatory recognition and requirements started earlier for SoA actuaries.

Med
February 10th 2007, 04:42 PM
I see from the salary survey at the DW Simpon website that the salary range for property and casualty is a little higher than the other salary ranges.

Would it be wise for new student who is mainly interested in making money to take the CAS sequence rather than SOA?

ctperng
February 10th 2007, 07:04 PM
I see from the salary survey at the DW Simpon website that the salary range for property and casualty is a little higher than the other salary ranges.

Would it be wise for new student who is mainly interested in making money to take the CAS sequence rather than SOA?

Fortunately you have 2 exams' time for consideration. :)

If you are willing to sacrifice by taking one more exam, (we know MLC+MFE gives you credit for CAS Exam 3), then you have five exams' time to make a decision. By the way, when you make big money, hire me: I will be willing to do what it takes. :D

ctperng

Irish Blues
February 11th 2007, 12:30 AM
I see from the salary survey at the DW Simpon website that the salary range for property and casualty is a little higher than the other salary ranges.

Would it be wise for new student who is mainly interested in making money to take the CAS sequence rather than SOA?
If you're "mainly interested in making money", you're in the wrong field, regardless of what you're doing. Whatever it is you do, do it because you actually like the job. Above all else, never stay in a job where you get up in the morning and say to yourself as you're getting ready, "God, I hate my job, I wish I didn't have to go in, I wish the place would burn down and utterly fall in upon itself so I NEVER had to go in, ...." any longer than you absolutely have to.

I did that for 4 years while going through school. It was '''', I hated that job with a passion and couldn't wait to get out. I have never had that speech to myself in the morning since I started in this field.

If you're good at what you do and you enjoy your job, you'll make money regardless of what it is - but if you're only trying to make a lot of money first, ... well, I'll check back in 5 years and see how it's going for you. The same applies to which actuarial field you want to go into. Go into the one that really interests you, not the one that pays a little more but you could really care less about.

yufuying
February 11th 2007, 11:59 AM
so does CAS have a finance track ?
if yes, wha's the difference between the finance track of CAS and that of SOA?
:QuestionMark:

Irish Blues
February 11th 2007, 03:14 PM
As of right now, CAS does not have a finance track, per se. With the CAS White Paper, there will be a discussion of how the exam structure for the upper level exams will be revamped for the future and this may be an option - but any change is still probably 2-3 years away and it's really too early to speculate on what will happen.

Martman
May 11th 2007, 04:50 PM
Would anyone know the difference between the SOA and CAS?
Maybe a certain candidate would prefer one society
whereas another certain candidate would prefer the other?
Suggestions? Thank You

djerry81
May 11th 2007, 04:57 PM
Would anyone know the difference between the SOA and CAS?
Maybe a certain candidate would prefer one society
whereas another certain candidate would prefer the other?
Suggestions? Thank You

O and C are the difference :laugh:

CAS is casuality actuarial society P&C mainly I believe

SOA is the rest life disability health blah blah

P&C pays more but probably more stressful

Irish Blues
May 11th 2007, 05:58 PM
I don't see P&C as being more stressful - it definitely has less certainty when it comes to decision making because things can and do change constantly. Things change much more quickly in P&C than they do in life and pension, and probably more quickly than in health. In P&C, we generally don't have nice tables we can go look up to tell us how many claims we can expect next year or how much loss will occur with a high degree of certainty, while in life it's easy to predict how many people will die in a given year assuming nothing catastrophic happens.

Stability? Certainty? That's life, and to an extent that's pensions. Uncertainty? Volatility? Randomness? That's P&C, and to an extent health.

Martman
May 12th 2007, 08:36 AM
Thanks guys, I appreciate your responses.

astueber3
July 29th 2007, 11:36 AM
If I understand correctly, SOA exams track is Finance related, and the CAS exams track is Insurance/Casualty related?
Do you need to decide SOA or CAS track after Exam II ?

Thanks,

maryland
July 29th 2007, 03:55 PM
CAS is casualty which normally means insurance or consulting lines such as auto, worker's comp, etc. There are a lot of SOA actuaries working for life insurance companies.

You don't actually have to choose until after the you pass the preliminary exams. Just keep in mind that Exam 3/M is accepted by CAS for their exam 3 but the opposite is not true. The other prelimary exams are the same.

miguel88
August 21st 2007, 01:12 PM
I was looking at the different descrpitions and was wondering which has more
opportunity. I know that CAS is for casuality/property SOA is lifehealth which one of these would be best if you wanted to get into finance or consulting?

miguel88
August 23rd 2007, 07:15 PM
well after searching I can't seem to find any real information on the differences between property/casualty and life/health, any help?

JMO Fan
August 24th 2007, 10:04 AM
SoA Investment Section Newsletter: http://www.soa.org/news-and-publications/newsletters/investment/pub-investment-risk-and-rewards-newsletter.aspx

CAS Discussion: http://www.casact.org/forum/cgi-bin/ultimatebb.cgi

ashau
May 11th 2008, 12:57 PM
I was just wondering- I'm a sophomore in college- and I haven't decided which path to take, either SOA or CAS.
When do we need to decide?
Does it matter which one we take for exams 1 and 2?

thanks !!:smiloe:

dmbfan41
May 12th 2008, 12:15 AM
well, the preliminary exams are mostly the same for the SOA and CAS. the first 2 are exactly the same. you really don't need to decide until it's time to get your Associateship. however, i'd be thinking about it after you pass the second exam.

JMO Fan
May 12th 2008, 11:49 AM
Get an internship, pass two exams, then decide whether the work you did as an intern suits you. Good Luck! :)

rogerklee
March 18th 2009, 02:03 AM
I understand that it's not all that important for someone who's not done with the first four exams, but looking at the big picture, I want to know what I am studying for. What is the difference between the SOA and the CAS? Does it make no difference whichever I decide?

wuj96001
October 1st 2009, 12:25 AM
Hi Irish Blue
I am still not sure which organization I should go with soa of cas? I wonder according to your opinion not in terms of salary, which one opens more doors for jobs and more interesting? Thanks a lot!

ajsnyder85
October 2nd 2009, 03:20 PM
At the beginning, you don't need to choose one over the other. I think most actuaries choose their pathway based on what kind of job you can get. Since the two paths don't split until a couple exams down the road, you should have time to explore and get a better feeling for which path is best for you.

wuj96001
October 4th 2009, 10:38 PM
Thanks for replying Ajsnyder85! I didn't notice that the thread was created in 06!

MShanks74
December 10th 2009, 08:28 PM
Choosing CAS or SoA is mainly a matter of what types of jobs are available. As far as the exams go, the exams 1/P, 2/FM, and 4/C are accepted by both societies. For SoA exams MFE and MLC are needed. For CAS exams 3L and 3M are needed. CAS accepts credit for exam MLC in lieu of exam 3L but the SoA does NOT accept exam 3L.

However, your best bet is to take Exams 1/P, 2/FM, and 4/C and see where to go from there. :smiloe:

jason_liuym
December 13th 2009, 09:55 PM
your best bet is to take Exams 1/P, 2/FM, and 4/C and see where to go from there.

NoMoreExams
December 13th 2009, 11:20 PM
At least you can repeat what the last poster said? :)

R_T
December 18th 2009, 07:12 PM
Hi Irish Blue
I am still not sure which organization I should go with soa of cas? I wonder according to your opinion not in terms of salary, which one opens more doors for jobs and more interesting? Thanks a lot!

The SOA may open more doors, but I'm not sure you would want to walk
through many of them. Pension work is a nightmare; life work is almost as boring. The only SOA specialty I would consider is health. CAS work tends to be more mathematical, and society seems to place a greater value on the FCAS designation, as is seen by higher compensation levels.

Good Luck

wuj96001
December 21st 2009, 02:13 PM
Thank you very much for the info, RT! It definitely helped!

NoMoreExams
December 22nd 2009, 12:43 AM
why not both?

Why not get 8 PhDs as well?

R_T
December 23rd 2009, 02:54 PM
..........

bscottseig
June 11th 2010, 03:40 PM
I was wondering if there was any website that explains the differences between the work SOA actuaries do and the work that CAS actuaries do. Because people keep asking me which side do I prefer and I don't have a real answer. I know they work with different types of insurances but I don't see how someone with no experience in either field can prefer one over the other. You're doing basically the same type of work on either side right?

sohpmalvin
June 12th 2010, 03:10 AM
1. The exams are the same for the first 5 (some said 4) papers;
2. SOA focuses on Life insurance, Health insurance, Finance and Risk Management, Investment, and Pension. CAS focuses on Property and Casualty Insurance.
3. The job nature are different;
4. The programs used are different.

bscottseig
June 14th 2010, 11:40 AM
I know that both sides are different, but for insurance you're pretty much doing pricing and reserving right? I don't see how someone with no experience can be more interested in life & health than property & casualty or vice versa.

cheechee
August 17th 2010, 06:03 AM
hi, I am having the same problem here.
I was told by an interviewer that the jobrole in general insurance can be very different from life insurance.
He asked me to do some research on what the people in both of these field actually do.
But the result that I found is too brief, most of them just say that the actuary deals with pricing, reserving or reinsurance work.
What I need is the detailed description of the work that an actuary is doing.
Can anyone here help out?
Thanks.

Irish Blues
August 22nd 2010, 11:16 PM
I know that both sides are different, but for insurance you're pretty much doing pricing and reserving right? I don't see how someone with no experience can be more interested in life & health than property & casualty or vice versa.

The way I approached it:

Life and pensions - very predictable, very little randomness, answers generally come from using life tables - little variability in results. The only "bonus" pensions has over life is that results are based on investment performance, which is unpredictable. Either way, both are boring IMO.

Health - uses information from life tables, contains variability because of the issues surrounding health insurance - but still somewhat predictable. Better than life and pensions; if I had to choose an SOA-oriented route, this would have been it.

P&C - no tables, lots of variability, lots of randomness. Auto, homeowners, GL, work comp all fall in here. Lots of "on the fly" problems that require out-of-the box thinking at times. This was the field I wanted into, because I like the unpredictability and the randomness inherent in P&C.

Gary
April 16th 2014, 02:02 PM
Thanks for the information, this has been very helpful to me.