The Actuaries Association stipulates that candidates can obtain associate membership by passing six exams, and if they pass the other two exams, they can obtain membership. North American Actuarial Society of Property Insurance (CAS) requires candidates to pass eight exams (P, FM, MFE, C, 3LC, 3ST, 5, 6) to obtain associate membership, and if they pass three additional exams (7, 8, 9), they can obtain membership. As we all know, it is extremely difficult to pass these exams. The pass rate of exams is less than 5%, usually between 3% and 4%, and some of them are only held every two years. In addition to strict examination requirements, candidates must have certain academic qualifications (recognized by the association) and work experience. A candidate can only be called an "actuary" if he has obtained associate membership or membership.
Because exam subjects 1, 2 and 4 (renamed P, FM and C in 213) are available in both associations, candidates need not consider which association to apply for in the initial stage. These four exams (basic subjects) are composed of mathematical knowledge related to actuarial science (probability theory, mathematical statistics, interest theory, life table and risk model).