SOA Fellowship Pathway Changes 2025
Change can be challenging—but you're not in this alone. The Society of Actuaries (SOA) is making significant updates to the FSA pathway, and we know that even positive changes can feel overwhelming at first. The good news is these enhancements are designed with you in mind—aimed at making the process more flexible and manageable while maintaining the high standards the SOA is known for.
We're here to help you navigate every step of the new structure. We've developed study materials aligned with the revised pathway and created this blog to break down what’s changing, why it matters, and how you can confidently move forward.
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.
Wondering what this means for your journey? Let’s walk through the highlights together.
These changes come in response to student feedback about how challenging the current path can be. Previously, some exams were as long as five hours. 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 also be significantly reduced—from 11 weeks down to just 4—thanks to an expanded team of volunteers and compensated graders. And in-demand exams will now 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 They’ve been replaced by categories called “practice areas.”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.
Another bonus: international students now have the option to bypass U.S. or Canadian regulatory material that may not be relevant to their country. In addition, candidates who come close to passing an exam can now opt (for an additional fee) to receive personalized written feedback. And those who don’t pass will receive detailed scoring reports, including specific scores by question part. On top of all that, the SOA doesn’t appear to be anticipating any increases in cost or required travel time due to these changes.
To put it simply: instead of taking three (or four) exams and three modules within the same track (plus DMAC and FAC), you’ll now only need to complete four exams to earn your Fellowship—two from the same practice area, and two others based on your own interests (plus DMAC and FAC). Think of it like choosing a major and a minor.
The best news for those already partway through the process? You won’t lose any credit for exams you’ve already passed—in fact, you’ll receive a one-to-one credit transition for them.
Check out the table below to see how your existing credits align with the new practice areas.
Before reviewing the tables, here are a few key dates to keep in mind:
August 15, 2025,
Last day to submit an FSA module End-of-Module exercise and have it graded in time to be invited to the December 2025 FAC, if graded a pass and all other FSA requirements are complete.
September 30, 2025,
Last day to submit an FSA module End-of-Module exercise and have it graded in time to be invited to the first FAC of 2026, if graded a pass and all other FSA requirements are complete. And the last day to have it graded in time for an additional chance to resubmit before the final submission deadline of December 31, 2025.
December 31, 2025,
Last day to submit an FSA module End-of-Module exercise to earn transition credit if a passing grade is received.
Transition Rules
| Exam | Credit for |
|---|---|
| ERM | CFE 101 |
| CFE FD | CFE 201 |
| CFE SDM | CP 311 |
| GH DP | GH 101 |
| GH VRU | GH 201-U |
| GH VRC | GH 201-C |
| GH RM | GH 301 |
| GI RR | GI 101 |
| GI FREU | GI 201 |
| CAS 6C | GI 201 |
| GI ADV | GI 301 |
| GI INT and GI FREU | GI 302 |
| GI INT and CAS 6C | Credit for 1 additional course (in addition to GI 201) |
| GI INT but neither GI FREU nor CAS 6C | Can be used to replace a GI module |
| ILA LPM | ILA 101 |
| ILA LFMU | ILA 201-U |
| ILA LFMC | ILA 201-I |
| ILA LAM | CP 351 |
| QFI PM | INV 101 |
| QFI QF | INV 201 |
| QFI IRM | Credit for 1 additional course |
| RET DA (U or C) | RET 101 |
| RET FRC | RET 301 |
| EA2F and EA2L | RET 201 (or 1 additional course) |
| RET IRM | RET 201 |
| DMAC | DMAC 401 |
New Practice Areas and Their Respective Exams
| Practice Area | Exam Name | Exam Long 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 |
If you 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: https://fsa2025.soa.org/
Also, if you want to start preparing for your next FSA exam, we've got you covered, with more material coming soon! Check out the new material here: FSA Pathways