The North American Actuarial Examination is mainly held by the Society of Actuaries (life insurance actuaries) and the North American Casualty Actuarial Society (CAS) (property/casualty insurance actuaries).

The Association of Actuaries stipulates that candidates can obtain associate membership status by passing six exams, and can obtain membership status by passing the other two exams. The North American Casualty Actuarial Society (CAS) requires candidates to pass eight exams (P, FM, MFE, C, 3LC, 3ST, 5, 6) to obtain associate membership. If they pass three additional exams (7, 8, 9 ), you can obtain membership. Passing these exams is notoriously difficult. The pass rate for the exam is less than 50%, usually between 30% and 40%, and some 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 be called an "actuary" only if he has obtained associate membership or membership status.

Because exam subjects 1, 2, and 4 (renamed P, FM and C in 2013) are available to both associations, candidates do not have to consider which association to apply for at the initial stage. The four examinations (basic subjects) consist of mathematical knowledge related to actuarial science (probability theory, mathematical statistics, interest theory, life tables and risk models).