These test competence in subjects such as linear algebra, probability, calculus, statistics, numerical methods, and operations research. These first few examinations help students evaluate their potential as actuaries, and those who pass usually have better opportunities for employment and higher starting salaries. The American Society of Pension Actuaries gives seven examinations covering the pension field. Membership status requires the passage of two actuarial exams. Fellowship status requires the passage of three additional actuarial and two advanced consulting exams.
Many students pass two or more actuarial examinations before graduating from college.
Examinations are given twice each year. Consulting pension actuaries who service private pension plans and certify their solvency must be enrolled and licensed by the Joint Board for the Enrollment of Actuaries. Applicants for enrollment must meet certain experience, education, and examination requirements as stipulated by the Joint Board. Beginning actuaries often rotate among jobs to learn various actuarial operations and different phases of insurance work. At first, they prepare tabulations for actuarial tables or perform other simple tasks.