Insights: FSA Exam Process

For some actuarial professionals working toward their Society of Actuaries (SOA) ASA and FSA designations, the exam process can, no doubt, feel a bit mysterious. How are questions selected? Who decides what makes it onto the exam? What happens behind the scenes during grading?

For The Actuary’s June focus on education, Tiana Zhao, a vice chair of the SOA’s CP 311 exam committee, sat down with Sungmin (Min) Yoon, an ASA/FSA candidate currently navigating the exam track, to discuss the intricate work that goes into creating and administering these crucial professional exams. Their conversation, presented here, is intended to provide general insight into the SOA exam development and grading process. The perspectives shared reflect their experiences and views and are not intended to represent formal policy or comprehensive procedural guidance.

Min: I’ve always wondered—how does the SOA decide which questions to ask on these exams? It seems like there’s so much material to cover.

Tiana: Great question! It all starts with the syllabus. Each learning objective has a percentage assigned to it, which ties directly to the content in the curriculum. That percentage determines how many questions we ask for each learning objective. So, if a particular topic represents 13%–22% of the syllabus, roughly 17.5% of the exam points will focus on that area.

The exam committee itself is carefully selected, too. Everyone is vetted through a selection committee to ensure they’re qualified. You can either apply yourself or get nominated; sometimes we even seek out those who we think would be great contributors.

Min: What do they look for when selecting committee members?

Tiana: We look at several factors, including relevant work experience and experience with the question-writing cycle, grading cycle or curriculum committee. It’s important to have people who understand both the theoretical and practical aspects of the material. Every year, we take that syllabus and develop the general direction of questions based on what we need to cover and test.

Min: I noticed there are three sittings per year for some exams and two for others. Is that based on how popular the exam is?

Tiana: Two factors come into play here. First, whether it’s an optional exam versus a track exam. Track exams typically see higher volume since everyone in that track must take them. And second, it’s a bit of a chicken-and-egg situation. Demand influences frequency, but frequency also affects demand. When we offer more sittings, it gives candidates more flexibility, which can actually increase the number of people attempting the exam.

Min: That makes sense. What about the pass mark for FSA exams? How does that work? I’ve heard different theories from other candidates.

Tiana: We use a recommended pass mark. It’s not about hitting a specific pass percentage every sitting, but rather ensuring consistency across different exam versions and maintaining the integrity of the credential. Each question is graded by at least two graders, which helps ensure consistency and fairness. This means multiple sets of eyes review each response, reducing the chance of grading inconsistencies. (SOA pass marks are content-based, established using subject-matter judgment and refined with candidate performance data to ensure consistency across exam forms, rather than being set to a fixed percentage of candidates who pass.)

Min: Can you explain how the grading rubric is developed? That’s always felt like a mystery to me.

Tiana: Absolutely. The rubric consists of a model solution plus a guide to how points are assigned. It’s developed by the question writer first; they’re the subject matter expert who created the question, so they understand what they’re looking to test. Then it’s reviewed by the entire exam committee. We discuss it, refine it, and make sure it’s clear and fair.

But here’s something candidates might not know: Graders can raise questions about the rubric during the grading process, too. If they’re seeing responses that don’t quite fit the rubric as written, or if they think the rubric is unclear, they can flag it. They may also identify alternative solutions that are also worthy of credit. So, there are multiple layers of oversight to ensure fairness.

Min: That’s reassuring to hear. I heard grading times have gotten shorter recently. What changed?

Tiana: We made a shift in our approach. The overall goal was to enable more sittings per year, which benefits candidates by giving them more opportunities to take exams. A key component is providing results faster. To make that work, we moved from a purely volunteer basis to using paid graders. Various other efficiencies were also incorporated.

Min: So, it’s not all volunteers anymore?

Tiana: Right. We still value the volunteer spirit, and many graders are motivated to give back to the profession. Compensating graders helps ensure we have enough qualified people to complete grading in a timely manner. Compensating graders also acknowledges the significant time commitment involved. Grading is detailed, careful work, and it needs to be done right.

Min: Any final thoughts as we wrap up our discussion?

Tiana: I would add that, whether you’re just starting your FSA journey or approaching your final exam, remember: Behind every question is a thoughtful process designed to fairly and thoroughly assess your readiness for professional practice.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.

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