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The Individual Life What candidates gain (ERM Exam): Familiarity with key

and Annuities Track topics in enterprise risk management, and the ability
to understand, identify, analyze, measure, manage and
allocate risk using models and metrics.
A guide to Fellowship • F
 inancial Economics Module
What candidates gain: Introductions to utility theory,
empirical anomalies, corporate finance as applied to
What does the track encompass? insurance companies and basic healthcare economics.
This track provides candidates with a thorough Candidates on this track also learn asset pricing models
understanding of life and annuity product design and and the application of stochastic models to hedging
pricing, setting and monitoring of pricing, valuation and techniques.
experience assumptions to be used by Pricing and Valuation
Actuaries, emerging financial and valuation standards, Additional FSA candidate requirements:
capital management, and reinsurance.
• Decision Making and Communication (DMAC) Module
• R
 egulation and Taxation Module • Fellowship Admissions Course (FAC)
(English and Taiwan versions)
What candidates gain: A broad overview of the *Candidates completing the ERM Module and Exam (and
regulatory environment that affects the life and annuity other requirements) also earn the CERA credential.
insurance industry overall and actuaries in particular.
Candidates will learn about the impact of regulation What does it mean to be a member of the SOA?
and taxation on policy design, pricing, reserving and
compliance monitoring. All FSAs credentialed by the Society of Actuaries are
members of the SOA. As members of the SOA, FSAs
• L
 ife Pricing Exam are able to draw on its vast network and enjoy exclusive
What candidates gain: Working knowledge of product benefits, including access to:
types, features and benefits. Candidates will gain a
firm grasp of the relationship between the product • A
 dvanced actuarial and risk management education and
features, their inherent risks, and the selection of knowledge-sharing opportunities
appropriate pricing assumptions, profit measures • T
 he most research and variety of publications on an array
and modeling approaches. of risk management topics that will help in their jobs
• L
 ife Finance and Valuation Exam • M
 embers-only social and professional networking
(U.S. and Canadian versions) communities
What candidates gain: The ability to understand and • M
 embers-only pricing on professional development
apply valuation principles of individual life insurance opportunities
and annuity products issued by life insurance companies,
and analyze the implications of emerging financial and Members also enjoy rich leadership and volunteer
valuation standards. experiences, impacting the actuarial and business
community—and society at large—by helping to shape
• E
 nterprise Risk Management (ERM) Module*
curriculum, perform candidate outreach, enhance media
What candidates gain: A thorough understanding of
operational risks, and an ability to develop and analyze visibility, and contribute to the development of thought
economic capital models. Candidates will also be leadership and research.
exposed to leading risk management approaches.
Learn more about the Individual Life and Annuities pathway
• L
 ife Risk Management (LRM) Exam or ERM Exam* at soa.org/pathways.
What candidates gain (LRM Exam): In addition to
an overview of the principles of risk management, Trust in the advantages of a rigorous and cutting-edge
candidates will learn about the various sources of risks education that the Society of Actuaries can provide.
faced by an insurer. Key risk measurement techniques
and calculations will be covered, as well as principles of
modeling, cash flow testing and asset-liability matching.

Stay connected with the Society of Actuaries’ social network.


The Individual Life
and Annuities Track
A guide to Fellowship
The Individual Life and Annuities track is intended for Exams and other assessments are designed to carefully
actuaries who have a desire to work in a more traditional test a candidate’s understanding and ability to make use
field of actuarial science focusing on life and annuity of material. Additionally:
products. Actuaries in this field ensure the stability
of organizations by properly designing, pricing and • Fellow
 of the Society of Actuaries (FSA) exam
reserving these often complex products. material is rigorously tested, using proctored exams
with a carefully constructed grading process and
assessment methodology that is robust, standardized,
A career with impact reliable and valid
Actuaries play a critical role in business and society,
helping organizations manage increasingly complex • Unique
 to SOA pathways are e-learning modules that
risks. A career as an actuary offers great professional use case studies to showcase real-life applications and
allow for more in-depth questions
satisfaction, fulfillment and financial reward. As members
of the most innovative actuarial society in the world, • Examinations
 measure candidates’ level of achievement
SOA’s elite actuaries enjoy even more. of required learning objectives and capability of
accomplishing specified learning outcomes
The SOA difference
The largest global professional actuarial association— Our commitment to you
with almost 25,000 members in 78 countries—we cultivate The SOA is committed to meeting the needs of
highly skilled, well-rounded individuals who can act as candidates and employers by:
technical experts, business professionals and the leaders
• Maintaining
 credentials that demonstrate a mastery
of tomorrow. Our goal is to empower our actuaries to
of risk management, analytic and communication skills
drive better decisions for their organizations and have
a positive impact on society. • Inspiring professionalism through commitment to
the Code of Professional Conduct and Candidate
To that end, the SOA has the most extensive resources Code of Conduct
invested in education, research and the future of the • E
 nsuring that SOA-credentialed actuaries are equipped
profession. From our rigorous exam process to our to tackle challenges for companies in a global economy
philosophy of continuous improvement, our education
• E
 nsuring employers can rely on SOA members to
is simply unsurpassed—making our credentials globally have the appropriate knowledge and abilities, and access
recognized and in demand. to the best career-long learning programs available

Our philosophy in action • E


 xposing all candidates to different practice areas to
gain relevant learning from each
We are pioneers in the use of e-learning, virtual sessions
and computer-based testing. SOA exam committees draw • G
 iving candidates the ability to postpone their
on experienced professional actuaries and the sharpest specialty decision until the Association of the Society
minds in the field. of Actuaries (ASA) designation is achieved, and until
they are best prepared to make that decision
• P
 edagogy, curriculum, content, delivery and validation • Investing in education, research and the future of
based on up-to-date knowledge, and grounded the profession
in professional education theory and testing/
measurement best practices • G
 iving you a credential that is relevant throughout
your career, whatever your future specialty is and
• P
 ractice-focused education, imparting skills and whatever line of work you choose
knowledge, and how to apply them
• C
 urricula regularly reviewed and updated
by experienced actuaries in the field to
ensure relevance The SOA Individual Life and Annuities
• N
 early 40 dedicated full-time education professionals pathway, at a glance
on staff, including actuaries and Ph.D.s, supported by
1,100 education volunteers
• E
 ducation system that fosters integrity and
professionalism
3 - Exams 4 - Modules 1 - Seminar 1 - Distinguished
12-14 total Designation
exam hours

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