Fellow of the Society of Actuaries (FSA)

About this exam family

Fellowship work asks you to turn uncertain future cash flows into decisions that can be explained and defended. A reserve estimate depends on data development and assumptions; a product price also depends on selection, expenses, capital and customer behavior. The same figures may serve different purposes under statutory reporting, U.S. GAAP, IFRS or a funding valuation. This guide develops those distinctions through short, self-contained problems across the Society of Actuaries' seven FSA practice areas. Start with the purpose of each calculation, identify the risks and cash flows, choose a suitable method, and interpret the result for the decision maker. The topics survey course choices in the flexible pathway. Your four technical courses need not cover every area shown here.