To become an actuary in Singapore, you earn a quantitative degree, join an insurer or consultancy as an actuarial analyst, and pass the exams of a recognised overseas body such as the Society of Actuaries (SOA) or the Institute and Faculty of Actuaries (IFoA). The Singapore Actuarial Society says qualifying typically takes 6 to 10 years, with Associateship first and Fellowship last.
The short version
There is no Singapore-only actuarial exam. The Singapore Actuarial Society (SAS) states plainly that it is not an examining body. Instead, actuaries in Singapore qualify through one of five Category 1 actuarial associations that SAS recognises:
- Institute and Faculty of Actuaries (UK)
- Society of Actuaries (US)
- Institute of Actuaries of Australia
- Casualty Actuarial Society (US)
- Canadian Institute of Actuaries
In practice, most candidates in Singapore study with the SOA or the IFoA, partly because the two local university programmes are aligned to those two bodies. Your choice of body matters less than starting early and getting into a role where your employer supports your exams.
Step 1: Choose a degree that gives you a head start
You do not strictly need an actuarial science degree, but a mathematics, statistics, economics or actuarial degree makes the early exams far easier. According to the SAS, two Singapore universities offer integrated actuarial programmes:
| University | Programme | Exam alignment |
|---|---|---|
| NTU | Three-year Bachelor of Business in Actuarial Science | Follows the IFoA syllabus, with up to six possible IFoA exemptions |
| SMU | Bachelor of Science in Economics with an Actuarial Science specialisation | Aligned with SOA standards, including the Validation by Educational Experience (VEE) guidelines |
If you studied something else, you can still qualify. You will simply sit more exams yourself rather than claim exemptions. Many career-changers start with the probability and financial mathematics papers while still in their current job to prove aptitude before applying for analyst roles.
Step 2: Pick your exam route, SOA or IFoA
The SOA route (ASA, then FSA)
The Society of Actuaries lists these requirements for the Associate of the Society of Actuaries (ASA) designation in 2026:
- Exams: Probability (P), Financial Mathematics (FM), Fundamentals of Actuarial Mathematics (FAM), either Advanced Long-Term (ALTAM) or Advanced Short-Term Actuarial Mathematics (ASTAM), Statistics for Risk Modeling (SRM) and Predictive Analytics (PA)
- The Advanced Topics in Predictive Analytics (ATPA) assessment
- VEE credits in Mathematical Statistics, Economics, and Accounting and Finance
- E-learning: the Pre-Actuarial Foundations module, the Actuarial Science Foundations module and the Fundamentals of Actuarial Practice (FAP) course
- The Associateship Professionalism Course (APC)
The SOA notes that candidates have flexibility over the order in which they complete these. Fellowship (FSA) then adds further track-specific requirements on top of the ASA.
The IFoA route (Associate, then Fellow)
The IFoA Qualification Handbook (2023/2024) sets out this structure:
- Associate: pass or be exempted from the Core Principles (CS1, CS2, CM1, CM2, CB1, CB2, CB3) and the Core Practices (CP1, CP2, CP3), record at least 24 months of work experience through Personal and Professional Development (PPD), and complete the Stage 1 and Stage 2 professionalism courses.
- Fellow: hold the Associate qualification, then pass two Specialist Principles subjects and one Specialist Advanced subject, with at least 36 months of PPD in total and a minimum of 12 months recorded after becoming an Associate.
The handbook recommends taking the Core Principles in order, starting with CS1, and choosing Specialist Principles subjects that match your practice area. Common pairings include Life (SP2) with Investment, or General Insurance Capital Modelling and Reserving (SP7) with General Insurance Pricing (SP8). Requirements change over time, so always check the current IFoA handbook before you plan.
SOA or IFoA: how to decide
| Factor | SOA | IFoA |
|---|---|---|
| Local degree alignment | SMU | NTU |
| Associate milestone | ASA | IFoA Associate |
| Work experience built in | Professionalism course and e-learning | Recorded PPD months |
| Best fit if | Your employer or team mostly holds SOA credentials | Your employer or team mostly holds IFoA credentials |
A practical rule: ask the actuarial team you want to join which body most of their people sit. Study support, internal mentoring and exam leave are easier when you follow the same route as your colleagues.
Step 3: Get your first actuarial job
Entry-level actuarial analysts in Singapore usually join life insurers, general insurers, reinsurers or consultancies. The SAS describes early roles as building financial models and working with data in areas such as product development and risk analysis. With experience and exam passes, actuaries move into project leadership, and after Fellowship into senior management.
What helps you land that first role:
- One or two exam passes before you graduate, which show you can study alongside work
- Comfort with Excel plus at least one of Python, R or SQL, since modelling and data work start on day one
- An internship at an insurer, reinsurer or consultancy
- Clear communication. Actuaries have to explain numbers to underwriters, finance teams and boards
The SAS also notes that most employers support students with study leave, full or partial exam fee reimbursement, and salary increments when you pass exams. Ask about these during interviews, because the support package affects how quickly you qualify. For how pay moves as you pass exams, see our guide to actuary salaries in Singapore by qualification level.
Step 4: Join the Singapore Actuarial Society
SAS membership tracks your progress through your chosen exam body. According to the SAS membership page, the classes are:
| SAS class | Who it is for | 2026 standard annual fee |
|---|---|---|
| Student | Undergraduates and postgraduates preparing for actuarial qualifications | Not listed |
| Ordinary | People part-way through qualifying with a recognised body | SGD 110 (plus SGD 60 entrance) |
| Associate | Associates of a recognised body | SGD 220 (plus SGD 60 entrance) |
| Fellow | Fellows of a recognised body | SGD 425 (plus SGD 60 entrance) |
There is also an Affiliate class for anyone interested in actuarial science. Note that SAS asks Fellowship applicants for a certificate showing they obtained Fellowship directly from the recognised body, so plan to qualify through the exams rather than rely on a mutual recognition shortcut.
Step 5: Aim for Fellowship and statutory roles
Fellowship opens the senior statutory roles. Under the SAS standards glossary, an Appointed Actuary is a Fellow of the Singapore Actuarial Society who is approved by the Monetary Authority of Singapore under section 31 of the Insurance Act. In other words, if your long-term goal is to sign off reserves for a Singapore insurer, SAS Fellowship is the gateway, and MAS approval sits on top of it.
A realistic timeline
Every path is different, but the stages generally look like this:
- University: degree plus one or two early exams or exemptions.
- Analyst years: study alongside work towards ASA or IFoA Associate, building practical experience.
- Associate: a qualified actuary with broad skills, often taking on team or project leadership.
- Fellow: specialist exams complete, eligible for SAS Fellowship and senior roles such as pricing lead, valuation head or, with MAS approval, Appointed Actuary.
The SAS puts the whole journey at typically 6 to 10 years. Exam pass rates, workload and employer support all affect where you land in that range.
Thinking about the region
Because SOA and IFoA credentials are international, an actuary trained in Singapore can work across Asia. If you are weighing a move north, read our guide on moving your insurance career from Singapore to Hong Kong. If you are already part-qualified and wondering whether a recruiter is worth talking to, see is it worth using a recruiter to find an insurance job in Singapore.
How LUNOS can help
Actuarial is one of the seven desks at LUNOS, covering pricing, valuation and capital roles from analyst level through to Chief Actuary across Singapore, Malaysia and Hong Kong. If you are part-qualified and want a confidential view of which teams support students well, or you are close to Fellowship and thinking about your next move, our consultants can talk it through with you. Every enquiry is read by a consultant, in confidence. Start a conversation with LUNOS.
Frequently asked questions
Do I need an actuarial science degree to become an actuary in Singapore?
No. A quantitative degree such as mathematics, statistics or economics also works. An actuarial degree from NTU or SMU can reduce the number of exams you sit through exemptions or VEE credit.
Does the Singapore Actuarial Society set exams?
No. The SAS is not an examining body. You qualify through a recognised association such as the SOA or IFoA, then join SAS at the matching membership class.
How long does it take to qualify?
The SAS says it typically takes 6 to 10 years to reach Fellowship, with Associateship as the first major milestone.
Which is better in Singapore, SOA or IFoA?
Both are recognised Category 1 associations. Choose the one your employer and colleagues mostly use, because study support and mentoring are easier on a shared route.