Actuarial Science Degrees and Passing Your First Actuarial Exams

What an actuarial science major covers

Actuarial science programs combine calculus-based statistics, probability, financial mathematics, and economics with business courses in accounting and risk management. You learn to model risk for insurance companies, pension funds, and corporations, then turn that math into pricing and financial decisions. Most programs build exam preparation directly into the curriculum, since employers expect candidates to have passed exams before graduation.

How the exam and VEE system works

Two organizations run the credentialing path: the Society of Actuaries (SOA) , which covers life insurance, health insurance, and retirement, and the Casualty Actuarial Society (CAS), which covers property and casualty insurance. Both require a series of preliminary exams covering probability, financial mathematics, and applied statistics before you earn a credential.

Alongside exams, the SOA runs Validation by Educational Experience (VEE), which lets you satisfy part of the requirement through approved college coursework instead of a separate exam. VEE covers three subjects: economics, accounting and finance, and mathematical statistics. You need to pass two actuarial exams first before you can apply for VEE credit, according to the SOA . Your school submits transcripts and grades for approved courses, so check with your actuarial science advisor about which classes on your schedule already carry VEE credit.

Passing exams before graduation

Students who pass 2 to 4 exams before graduating stand out immediately in entry-level hiring, since insurance companies and consulting firms often pay exam fees and give paid study time to employees still working toward their Associate designation. Most students start with Exam P (probability) and Exam FM (financial mathematics), the two foundational exams both SOA and CAS accept. Study time per exam commonly runs 100 or more hours, so students who plan ahead sit for their first exam during sophomore or junior year instead of waiting until after graduation.

Passing exams while in school also qualifies you for actuarial internships, which most large insurers use as their primary pipeline into full-time analyst roles. An internship plus one or two passed exams by senior year puts you ahead of most other candidates applying for the same entry-level positions.

Career outlook and pay

Actuaries earned a median annual wage of $130,000 as of 2025, according to O*NET , sponsored by the U.S. Department of Labor, with job growth projected much faster than average through 2034. Pay climbs sharply as you clear more exams, since each completed exam and each credential level, Associate then Fellow, typically comes with a raise built into the employer's compensation structure.

Choosing a program

Look for a college with a dedicated actuarial science major rather than a general math or statistics degree, since dedicated programs build exam prep and VEE-approved courses directly into required coursework. Check whether the SOA lists the school's courses as VEE-approved before you enroll, and ask the department how many students pass at least one exam before graduation. A strong program tracks and reports that number because it matters directly to your job search.