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Thread: What is the differnce between the SOA and the CAS?

  1. #51
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    ..........
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  2. #52
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    SOA vs. CAS

    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?

  3. #53
    Actuary.com - Level V Poster sohpmalvin's Avatar
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    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.
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  4. #54
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    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.

  5. #55
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    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.

  6. #56
    You spam? I ban! Irish Blues's Avatar
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    Quote Originally Posted by bscottseig View Post
    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.
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    Thanks for the information, this has been very helpful to me.
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  8. #58
    Actuary.com - Newbie Poster Towanda's Avatar
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    Quote Originally Posted by wat View Post
    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).
    Heeey thereI would like to know here the difference between not only their exams, but also their constitutions.
    Last edited by Towanda; March 16th 2018 at 04:42 AM.

  9. #59
    Actuary.com - Newbie Poster Towanda's Avatar
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    Quote Originally Posted by Cloud View Post
    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.
    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 make module and 2 professionalism seminars to become an associate/fellow.

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