Other actuaries are employed as consultants. Their actuarial services are used by smaller insurance companies and by individual employers who need actuarial guidance in establishing insurance and retirement programs for their employees. An actuary must be well versed in many areas of the mathematical sciences. Of primary importance are calculus, linear algebra, numerical analysis, probability, statistics, computer science, compound interest, life contingencies and credibility theory. In addition, preparation for the business aspects of the actuarial profession requires the study of accounting, law, finance, investment theory, insurance and economics.
Courses relating to communication such as writing and speaking are also very important.
Fellowship in either society is the highest professional designation an actuary can attain. Actuaries specializing in life insurance, health insurance, retirement systems or finance take the SOA examinations. Those practicing in the area of property and casualty insurance take the CAS examinations. In each society, the designation of Associate is awarded after approximately two-thirds of the examinations are passed. The first four examinations are the same for both societies.