Membership Application Guide
Competency Framework Section Examples by Designation

The American Academy of Actuaries’ Competency Framework specifies the knowledge required of new members across three key areas: General Actuarial Topics, U.S. Laws and Practices, and U.S. Actuarial Professionalism.
To assist applicants in completing the competency framework section of the new and reinstatement membership application, the Academy has created several resources, including this guide with sample responses. These examples illustrate how an applicant might describe their education and experience for each individual competency area, with examples tailored to and focused on the most common actuarial credentials held by applicants applying for Academy membership.
Except where an exam directly demonstrates a specific competency, these examples are designed to guide applicants in articulating their own unique experiences and professional preparation and are not intended to be copied verbatim.
To use this resource, locate the pathway that applies to you and click on the arrow to view example responses. To access all available membership application resources, please visit the main membership application webpage located here..
| Competency | Topic | Example Applicant Response |
| 1 | Probability and Statistics | VEE |
| 2 | Actuarial Models | Exam |
| 3 | Data Management | Exam |
| 4 | Economics | VEE |
| 5 | Risk Classification | Exam |
| 6 | Investments & Portfolio Management | Exam |
| 7 | Reserving for Contingent Liabilities | Exam |
| 8 | Benefit / Product Design | Exam |
| 9 | Premium Development / Ratemaking | Exam |
| 10 | Risk Management | Exam |
| 11 | U.S. Financial Systems & Social Insurance Programs | Exam
Education: I have a basic familiarity with the US financial systems through college coursework and general financial knowledge. I have a basic familiarity with Social Security, but do not use it in my area of practice. Work Experience: Through my extensive work with financial reporting at my company I have a foundational knowledge of the financial systems that are in my specific area of practice. |
| 12 | U.S. Accounting & Financial Reporting | Work Experience: I have been working in the US for the past 5 years and have gained knowledge of the Statutory Blank, and its interaction with GAAP accounting |
| 13a | U.S. Laws and Regulations–General | Exam: N/A
Education: I have read and have a basic familiarity with relevant U.S. laws and regulations as described in the accompanying materials from the Academy. Further I have have foundational knowledge regarding Model Reg 822 – Actuarial Opinions Memos that is used with Asset Adequacy Analysis Work Experience: I have been working in the US for the past 5 years and have gained knowledge of laws related to Statements of Actuarial Opinion |
| 13b | Data Management and Security | Exam: n/a
Education: I have a basic familiarity with US Laws and Regs for data management and security based on readings described in the accompanying materials from the Academy. |
| 13c | Risk Classification | Exam: n/a
Education: I have a basic familiarity with U.S. Laws and Regs for risk classification based on readings described in the accompanying materials from the Academy. |
| 13d | Premium Development | Exam: n/a
Education: I have a foundational knowledge of Life Insurance Illustration Laws and Regs based on my understanding of Model Reg 582. Work Experience: I have been working in the U.S. for the past 5 years and have gained knowledge of laws related to Life Insurance Illustrations |
| 14 | Ethics & Professionalism | Exam: SOA Associateship Professionalism Course
Education: I have read the U.S. Code of Conduct, U.S. Qualifications Standards and reviewed materials on the Academy website related to the US professionalism structure. In addition, I reviewed the Applicability Guidelines for ASOPs and read ASOPs related specifically to my current work, reserving and financial reporting as well as multiple General ASOPs |
| Competency | Topic | Example Applicant Response |
| 1 | Probability and Statistics | VEE |
| 2 | Actuarial Models | Exam |
| 3 | Data Management | Exam |
| 4 | Economics | VEE |
| 5 | Risk Classification | Exam |
| 6 | Investments & Portfolio Management | Exam |
| 7 | Reserving for Contingent Liabilities | Exam |
| 8 | Benefit / Product Design | Exam |
| 9 | Premium Development / Ratemaking | Exam |
| 10 | Risk Management | Exam |
| 11 | U.S. Financial Systems & Social Insurance Programs | Exam
Education: I have a basic familiarity with the U.S. financial systems through college coursework and general financial knowledge. I have Foundational Knowledge regarding Medicare through many readings. Work Experience: Through my extensive work with financial reporting at my company I have a foundational knowledge of the financial systems that are in my specific area of practice. Also, I have worked extensively with Medicare-related plans and have a Foundational Knowledge of Medicare. |
| 12 | U.S. Accounting & Financial Reporting | Exam
Work Experience: I have been working in the U.S. for the past 5 years and have gained knowledge of the Statutory Blank, and its interaction with GAAP accounting |
| 13a | U.S. Laws and Regulations–General | Exam: n/a
Education: I have read and have a basic familiarity with relevant U.S. laws and regulations as described in the accompanying materials from the Academy. Further I have have foundational knowledge regarding the NAIC Long Term Care Model Regulation that applies to my work in Long Term Care insurance. Work Experience: I have been working in the US for the past 5 years and have gained knowledge of laws related to Long Term Care insurance |
| 13b | Data Management and Security | Exam: n/a
Education: I have a basic familiarity with U.S. Laws and Regs for data management and security based on readings described in the accompanying materials from the Academy. |
| 13c | Risk Classification | Exam: n/a
Education: I have a basic familiarity with US Laws and Regs for risk classification based on readings described in the accompanying materials from the Academy. |
| 13d | Premium Development | Exam: n/a
Work Experience: I have been working in the US for the past 5 years and have gained knowledge of laws related to Long Term Care insurance
|
| 14 | Ethics & Professionalism | Education: I have read the U.S. Code of Conduct, U.S. Qualifications Standards and reviewed materials on the Academy Website related to the US professionalism structure. In addition, I reviewed the Applicability Guidelines for ASOPs and read ASOPs related specifically to my current work, reserving and financial reporting as well as multiple General ASOPs |
| Competency | Topic | Example Applicant Response |
| 1 | Probability and Statistics | VEE |
| 2 | Actuarial Models | Exam |
| 3 | Data Management | Exam |
| 4 | Economics | VEE |
| 5 | Risk Classification | Exam |
| 6 | Investments & Portfolio Management | Exam |
| 7 | Reserving for Contingent Liabilities | Exam |
| 8 | Benefit / Product Design | Exam |
| 9 | Premium Development / Ratemaking | Exam |
| 10 | Risk Management | Exam |
| 11 | U.S. Financial Systems & Social Insurance Programs | Exam
Education: I have a basic familiarity with the US financial systems through college coursework and general financial knowledge. I have Foundational Knowledge regarding Social Security and the PBGC through many readings. Work Experience: Through my extensive work with financial reporting at my company I have a foundational knowledge of the financial systems that are in my specific area of practice. Also, I have worked extensively with retirement plans and have a Foundational Knowledge of Social Security and the PBGC. |
| 12 | U.S. Accounting & Financial Reporting | Exam
Work Experience: I have been working in the U.S. for the past 5 years and have gained knowledge of the Statutory Blank, and its interaction with GAAP accounting |
| 13a | U.S. Laws and Regulations–General | Exam: n/a
Education: I have read and have a basic familiarity with relevant U.S. laws and regulations as described in the accompanying materials from the Academy. Further I have have foundational knowledge regarding ERISA as it applies to my area of practice. Work Experience: I have been working in the U.S. for the past 5 years and have gained knowledge of laws related to U.S. pension plans. |
| 13b | Data Management and Security | Exam: n/a
Education: I have a basic familiarity with US Laws and Regs for data management and security based on readings described in the accompanying materials from the Academy. |
| 13c | Risk Classification | Exam: n/a
Education: I have a basic familiarity with U.S. Laws and Regs for risk classification based on readings described in the accompanying materials from the Academy. |
| 13d | Premium Development | Exam: n/a
Education: I have a foundational knowledge of U.S. pension Laws and Regs based on my understanding of ERISA. Work Experience: I have been working in the U.S. for the past 5 years and have gained knowledge of laws related to U.S. pensions. |
| 14 | Ethics & Professionalism | Exam: SOA Associateship Professionalism Course
Education: I have read the U.S. Code of Conduct, U.S. Qualifications Standards and reviewed materials on the Academy website related to the U.S. professionalism structure. In addition, I reviewed the Applicability Guidelines for ASOPs and read ASOPs related specifically to my current work, reserving and financial reporting as well as multiple General ASOPs. |
| Competency | Topic | Example Applicant Response |
| 1 | Probability and Statistics | VEE |
| 2 | Actuarial Models | Exam |
| 3 | Data Management | Exam |
| 4 | Economics | VEE |
| 5 | Risk Classification | Exam |
| 6 | Investments & Portfolio Management | Exam |
| 7 | Reserving for Contingent Liabilities | Exam |
| 8 | Benefit / Product Design | Exam |
| 9 | Premium Development / Ratemaking | Exam |
| 10 | Risk Management | Exam |
| 11 | U.S. Financial Systems & Social Insurance Programs | Exam
Education: I have a basic familiarity with the U.S. financial systems through college coursework and general financial knowledge. Also, I read the Academy’s recommended materials regarding the Fed and Banking. Work Experience: Through my extensive work with financial reporting at my company I have a foundational knowledge of the financial systems that are in my specific area of practice. |
| 12 | U.S. Accounting & Financial Reporting | Exam
Work Experience: I have been working in the U.S. for the past 2 years and have gained knowledge of the Statutory Blank, and its interaction with GAAP accounting |
| 13a | U.S. Laws and Regulations–General | Exam: n/a
Education: I have read and have a basic familiarity with relevant U.S. laws and regulations as described in the accompanying materials from the Academy. Further I have have foundational knowledge regarding Model Reg 822 – Actuarial Opinions Memos that is used with Asset Adequacy Analysis. Work Experience: I have been working in the U.S. for the past 2 years and have gained knowledge of laws related to Statements of Actuarial Opinion |
| 13b | Data Management and Security | Exam: n/a
Education: I have a basic familiarity with U.S. Laws and Regs for data management and security based on readings described in the accompanying materials from the Academy. |
| 13c | Risk Classification | Exam: n/a
Education: I have a basic familiarity with U.S. Laws and Regs for risk classification based on readings described in the accompanying materials from the Academy. |
| 13d | Premium Development | Exam: n/a
Education: I have a foundational knowledge of Life Insurance Illustration Laws and Regs based on my understanding of Model Reg 582. Work Experience: I have been working in the U.S. for the past 2 years and have gained knowledge of laws related to Life Insurance Illustrations |
| 14 | Ethics & Professionalism | Exam: SOA Associateship Professionalism Course
Education: I have read the U.S. Code of Conduct, U.S. Qualifications Standards and reviewed materials on the Academy website related to the U.S. professionalism structure. In addition, I reviewed the Applicability Guidelines for ASOPs and read ASOPs related specifically to my current work, reserving and financial reporting as well as multiple General ASOPs |
| Competency | Topic | Example Applicant Response |
| 1 | Probability and Statistics | VEE |
| 2 | Actuarial Models | Exam |
| 3 | Data Management | Exam |
| 4 | Economics | VEE |
| 5 | Risk Classification | Exam |
| 6 | Investments & Portfolio Management | Exam |
| 7 | Reserving for Contingent Liabilities | Exam |
| 8 | Benefit / Product Design | Exam |
| 9 | Premium Development / Ratemaking | Exam |
| 10 | Risk Management | Exam |
| 11 | U.S. Financial Systems & Social Insurance Programs | Exam: VEE
Exam 6 U.S. |
| 12 | U.S. Accounting & Financial Reporting | Exam 6 U.S. |
| 13a | U.S. Laws and Regulations–General | Exam 6 U.S.
Education: Readings from the American Academy of Actuaries on Corporations |
| 13b | Data Management and Security | Exam 6 U.S.
Education: Readings from the American Academy of Actuaries on Data Security Laws |
| 13c | Risk Classification | Exam: Exam 6 U.S.
Education: Exam 6 U.S. |
| 13d | Premium Development | Exam: Exam 6 U.S. |
| 14 | Ethics & Professionalism | Exam: CAS Course on Professionalism
Education: I have read the U.S. Code of Conduct, U.S. Qualifications Standards and reviewed materials on the Academy website related to the U.S. professionalism structure. In addition, I reviewed the Applicability Guidelines for ASOPs and read ASOPs related specifically to my current work, reserving and financial reporting as well as multiple General ASOPs |
| Competency | Topic | Example Applicant Response |
| 1 | Probability and Statistics | VEE |
| 2 | Actuarial Models | Exam |
| 3 | Data Management | Exam |
| 4 | Economics | VEE |
| 5 | Risk Classification | Exam |
| 6 | Investments & Portfolio Management | Exam |
| 7 | Reserving for Contingent Liabilities | Exam |
| 8 | Benefit / Product Design | Exam |
| 9 | Premium Development / Ratemaking | Exam |
| 10 | Risk Management | Exam |
| 11 | U.S. Financial Systems & Social Insurance Programs | Education: Based on U.S VEE or Academy readings relate to U.S. financial system.
Education: Readings from the Academy related to the Banking and Federal Reserve system combined with my undergraduate Economics courses. In addition, I have reviewed items on the EXAM 6 U.S. syllabus that relate to the U.S. financial systems and Social Insurance Programs. Work Experience: I have been working in the US for the past 2 years and have gained knowledge of the social insurance systems relevant to my specialty such as FAIR Plans and State WC systems. |
| 12 | U.S. Accounting & Financial Reporting | Exam: EXAM 6 Canada
Education: I have reviewed items on the EXAM 6 U.S. syllabus that relate to U.S. accounting principles specific to the area in which I am working. Work Experience: I have been working in the U.S. for the past 2 years and have gained knowledge of laws related to Statements of Actuarial Opinion |
| 13a | U.S. Laws and Regulations–General | Exam: EXAM 6 Canada
Education: I have reviewed items on the EXAM 6 U.S. syllabus that relate to U.S. laws and regulations. Readings from the American Academy of Actuaries on Corporations and NAIC Model laws. Work Experience: I have been working in the U.S. for the past 2 years and have gained knowledge of laws related to Statements of Actuarial Opinion. |
| 13b | Data Management and Security | Exam: EXAM 6 Canada
Education: I have reviewed items on the EXAM 6 U.S. syllabus that relate to U.S. data management and security. Readings from the American Academy of Actuaries on Data security laws. Work Experience: I have been working in the U.S. for the past 2 years and have gained knowledge of how data is managed and privacy of data in the U.S. is protected by law. |
| 13c | Risk Classification | Exam: EXAM 6 Canada
Education: I have reviewed items on the EXAM 6 U.S. syllabus that relate to Risk Classification Laws and have reviewed the Academy materials related to Risk Classification laws. |
| 13d | Premium Development | Exam: EXAM 6 Canada
Education: I have reviewed items on the EXAM 6 US syllabus that relate to premium development laws. |
| 14 | Ethics & Professionalism | Exam: CAS Course on Professionalism
Education: I have read the U.S. Code of Conduct, U.S. Qualifications Standards and reviewed materials on the Academy website related to the U.S. professionalism structure. In addition, in my review of Exam 6 U.S. materials, I reviewed the Applicability Guidelines for ASOPs and read ASOPs related specifically to my current work, reserving and financial reporting as well as multiple General ASOPs. |
| Competency | Topic | Example Applicant Response |
| 1 | Probability and Statistics | Exam / VEE |
| 2 | Actuarial Models | Exam |
| 3 | Data Management & Analysis | Education: Took an introduction to information systems course in college which addressed data architecture, basic security, and other relevant topics.
Work Experience: For the past two years, I have worked as a pension actuarial analyst with responsibility for the synthesis, structuring, and analysis of pension plan data. |
| 4 | Economics | Education: Completed Introductory Micro and Macro economics courses during undergrad.
Work Experience: As a junior associate at my firm, I have regularly supported our firm’s monthly updates on economic indicators including monitoring Fed announcements, compiling interest rate data, and tracking returns in various asset classes. |
| 5 | Risk Classification | Education: Reviewed white papers issued by mortality experts in the actuarial community focused on critical drivers of mortality experience.
Work Experience: Supported credentialed actuaries in conducting experience studies including review of potential criteria (e.g., gender, service, age) which could affect demographic assumptions including salary scale, turnover, retirement and mortality. |
| 6 | Investments & Portfolio Management | Exam |
| 7 | Reserving for Contingent Liabilities | Exam |
| 8 | Benefit / Product Design | Exam |
| 9 | Premium Development / Ratemaking | Exam |
| 10 | Risk Management | Exam
Education: Completed introductory coursework on principles of insurance. Reviewed multiple thought papers by investment firms outlining asset-liability management in pension plans. Work Experience: Supported account teams on the development of retirement committee materials where liability hedge effectiveness was evaluated by committees relying, in part on cash-flow input from our team. |
| 11 | U.S. Financial Systems & Social Insurance Programs | Education: I have a basic familiarity with the US financial systems through college coursework and general financial knowledge. Also, I read the Academy’s recommended materials regarding the Fed and Banking.
Work Experience: Through my extensive work on pension benefit and retiree medical valuation, I have gained significant familiarity with Social Security, Medicare, and PBGC. I am well-read in financial news to support my understanding of the economic environment as I advise clients. |
| 12 | U.S. Accounting & Financial Reporting | Education: I completed introductory financial accounting coursework in college and have read FASB literature on accounting for pensions and OPEB programs.
Work Experience: My day-to-day responsibilities include performing U.S. GAAP liability and expense calculations for clients’ pension and OPEB programs. |
| 13a | U.S. Laws and Regulations–General | Exam |
| 13b | Data Management and Security | Exam |
| 13c | Risk Classification | Exam |
| 13d | Premium Development | Exam |
| 14 | Ethics & Professionalism | Education: I have read the U.S. Code of Conduct, U.S. Qualifications Standards and reviewed materials on the Academy website related to the US professionalism structure. In addition, in my review of Exam 6 U.S. materials, I reviewed the Applicability Guidelines for ASOPs and read ASOPs related specifically to my current work, reserving and financial reporting as well as multiple General ASOPs. |