About FSA Pathway
SOA’s change to the FSA qualification pathway is now live.
The new structure will take effect in Fall 2025, with the dates being November 17-21.
The tentative 2026 dates for assessments are March 23–27, July 20–24, and November 16–20.
New Practice Areas and their Exams
| Practice Area | Exam | Exam Name |
|---|---|---|
| Corporate Finance and ERM | CFE 101 | Enterprise Risk Management |
| CFE 201 | Corporate Finance | |
| Group and Health Insurance | GH 101 | Benefits and Pricing |
| GH 201-C | Valuation and Regulation, Canada | |
| GH 201-U | Valuation and Regulation, U.S. | |
| GH 301 | Health Analytics and Management | |
| General Insurance | GI 101 | Ratemaking and Reserving |
| GI 201 | Financial, Regulatory, and Legal | |
| GI 301 | Further Topics in General Insurance | |
| GI 302 | General Insurance in the U.S. | |
| Individual Life and Annuities | ILA 101 | Pricing and Introduction to Valuation and Risk Management |
| ILA 201-I | Valuation and Advanced Product and Risk Management, International | |
| ILA 201-U | Valuation and Advanced Product and Risk Management, U.S. | |
| Investment | INV 101 | Portfolio Management |
| INV 201 | Quantitative Finance | |
| Retirement Benefits | RET 101 | Retirement Plan Design |
| RET 201 | Retirement Plan Valuation | |
| RET 301 | Pension Regulation in Canada | |
| Cross Practice (relevant to multiple practice areas) |
CP 311 | Strategic Management |
| CP 312 | Model Development and Governance | |
| CP 321 | Disability, Long-Term Care, and Long-Duration Health Contracts | |
| CP 341 | Advanced Life Reinsurance | |
| CP 351 | Asset Liability Management |
Exam Details
Under the new system, all exams will be three hours, with only 2.5 hours of actual exam content and scoring points to cover. Grading time will now only be 4 weeks, and in-demand exams will be offered three times a year instead of just twice.
The traditional “tracks” are no longer in place. They’ve been replaced by categories called “practice areas”.
Each candidate must complete two courses (or exams) within the same practice area—for example, GI 101 and GI 201 for General Insurance. After that, candidates can choose any two additional courses from other practice areas or from the new Cross Practice options—such as INV 101 and CP 311.
Finally, to complete the FSA designation, candidates will still need to finish the DMAC and FAC courses. It’s worth noting that all exams will remain closed book.
Transition Rules
Candidates who were part way through their fellowship won’t lose any credit for exams already passed—in fact, they’ll receive a one-to-one credit transition for them.
Want to see how the current exam content maps to the new structure? This visual breaks it down for you: FSA Changes
To learn more about the FSA changes from the SOA itself, visit this site.
