What is the Society of Actuaries

What is the Society of Actuaries?

The Society of Actuaries (SOA) is an organization for the actuaries who have their base in the North America, which includes both the US and Canada. This society was founded in the year 1949. Before it came into being there were two separate actuarial organizations that existed in the US. One of these was the Actuarial Society of America and the other was the American Institute of Actuaries. The SOA is a society that is professional in nature, with the professional actuaries of US and Canada as the members.

The Role of Society of Actuaries

The SOA is dedicated towards making aspiring actuaries into experts in actuarial science. For this purpose, there are three areas towards which the SOA focuses its attention. These include education, research and the profession. In education comes educating the aspiring actuaries to gain knowledge about the fundamental principles related to actuarial science. For those who wish to get advanced education for professional development, the SOA also assists in continuing education at an advanced level for the actuaries who are working at the practical level. This society also conducts research at an extensive level for developing studies so that the actuaries can have more and more techniques for making projections into the future. All these steps that the SOA takes are for the expansion of the profession of actuaries. Promotion of high standards, and proper code of conduct in the actuarial profession, is another of the objective and purpose that the SOA works for.

How does one get the Associate membership for the Society of Actuaries?

For people who have actuarial careers, and they wish to enter into the SOA, there are certain requirements that need to met for being admitted to the SOA. Anyone who is gaining an education in actuarial science and working towards an actuarial science degree is eligible for applying for a membership with the SOA. If someone wants to become an Associate of the SOA then there are various requirements defined by the Board of Directors. These educational requirements need to be met to qualify for membership with the society. The candidates who are part of the Associateship Professionalism Course are eligible for receiving the application for admission as Associate. In this, you can either meet the requirements for being the Associate of the Society of Actuaries or you can get the certification for Chartered enterprise risk analyst.

How does one get the Fellow membership for the Society of Actuaries?

According to the SOA, a person can become the member of the society of Actuaries after having completed the requirements that have been defined for the Fellowship education. Through the process of mutual recognition among the board members of the SOA, there is also a way in which the Fellowship is granted to people. These are the people who are from the Faculty of Actuaries and also another institute with which the SOA has mutual recognition terms. This institute is the Institute of Actuaries of Australia as well as the Society of Actuaries in Ireland.

Actuarial Science