Congrats on passing your first two actuarial exams! If you are reading this article, you’re probably wondering what you should do next. Unfortunately, there is not a “right” answer, and what is most beneficial for you to spend your time on can depend on where you are on the actuarial path. Hopefully, this article can provide you with more information to make that decision. 

CAS Exam MAS-I (Modern Actuarial Statistics-I)

Whether you’re a college student, career changer or in an entry level role, if you have decided on the P&C route, the most natural next step is to start studying for your third actuarial exam. While it is the most time-intensive option, it is also probably the most beneficial in terms of securing an actuarial role or progressing in your current role. The first recommended CAS exam after you pass Exam P and Exam FM is Exam MAS-I, although some candidates prefer to start with Exam 5 due to the applicability of the material to their roles. Exam MAS-I is a four-hour exam offered twice a year and covers probability models, statistics and extended linear models. It is a significant jump in difficulty compared to the prior two exams, requiring over double the study time for many candidates.

While a discount is provided to students, candidates who meet the financial need criteria can apply for the Actuarial Exam Support Program.

CAS DISCs (Data and Insurance Series Courses)

If you want to continue making progress towards your CAS credentials but don’t have the time to prepare for a full exam, another option is to complete one of the three required DISCs. The DISCs are offered four times a year through The Institutes and consist of an online course and a final multiple-choice test. The time to complete a DISC is significantly shorter than an exam, taking approximately 40 study hours.

While they can be completed in any order, “Introduction to Data and Analytics” is the shortest of the three and provides a foundation in understanding and utilizing data, which can be useful in your first actuarial internship or job. If you have more time and would prefer to learn about the business of insurance, you might consider starting with the “Risk Management and Insurance Operations” DISC. 

A 50% discount on the DISCs is available to students; however, the cost may still be prohibitive and therefore many candidates choose to wait till they are in a full-time role where their employers will cover the costs. Many candidates also choose to complete the DISCs while waiting to receive exam results. 

Validation by Educational Experience (VEE)

If you are in college and still undecided on whether to pursue the CAS or SOA pathway, you might consider looking into adding courses to your schedule that fulfill the VEE requirements. If you are in an actuarial science program, it is likely that required courses for your degree will fulfill VEE requirements; however, it is still a good idea to check. The CAS requires credit for two VEE topics, accounting and finance, as well as economics, both of which are also required in the SOA Credentialing pathway.

If you are a career changer or otherwise out of college, there are also alternative ways to obtain credit for the VEE credits, outside of college courses.

Practical Experience

College students who have passed one or two exams should work towards securing an actuarial internship. Internships provide hands-on experience, networking opportunities, skill development and potential job offers post-graduation. Most companies hire for their summer internships in the fall, but students can prepare by polishing their resume and working on their interview skills.

Actuarial internships can be very competitive, therefore the CAS Student Central Summer Program is also an excellent way to gain experience and knowledge of the P&C insurance industry by providing technical and soft skill development as well as networking opportunities. 

Technical Skills

Increasing your technical skills will be very beneficial for both securing an actuarial role as well as excelling in your internship or job. The four tools most used by actuaries, according to the CAS Actuarial Technology survey, are Excel, SQL, R and PowerBI. Completing a project using a few of these tools can be a great way to improve your skills and add to your resume. You can read the Future Fellows article “Get Started on Two Skills, Not on a Syllabus” for more ways to improve your programming skills.

What the ideal next step is can depend on your own goals and circumstances. However, if you are set on the P&C path, I would recommend you study for MAS-I and work on the DISCs (and VEEs if you don’t already have them) in between sittings of exams. If you are a college student and unsure of whether you want to pursue the CAS or SOA path, I would recommend focusing your efforts on securing an actuarial internship as well as completing the VEEs, improving your technical skills and maintaining a high GPA.