[2] Through education and research, the SOA promotes actuaries as leaders in the assessment and management of risk to enhance financial outcomes for individuals, organizations, and the public.

The SOA's vision is for actuaries to be highly sought-after professionals who develop and communicate solutions for complex financial issues.

Initial members were included by invitation, but the organization soon adopted a system of examination for qualification, with the first Fellow to qualify via exams joining in 1900.

Based in Chicago, it attracted members from life insurance companies in the midwestern and southern United States.

[5] The SOA, along with its public relations firm Golin, won the PRWeek Corporate Branding Campaign of the Year award for 2008.

The award was given for the SOA's efforts to revitalize the actuarial profession's brand in the U.S., including the slogan "Risk is Opportunity.

The employees of the SOA are headed by the chief executive officer, a salaried position appointed by the board of directors.

[8] The SOA holds its elections annually in late summer or early fall for its board of directors and the Section Councils.

Members without valid email addresses, or who notify the SOA of their request, receive paper ballots.

[5] The society's members are involved in the life, health, pension, and general insurance areas of the actuarial profession.

Topics covered in the exams include mathematics, finance, insurance, economics, interest theory, life models, and actuarial science.

[12] Professional designations of ASA or FSA are earned by completing a rigorous education system including examinations, courses, and e-learning modules.

In 2018 and 2023, the preliminary exams have undergone another wave of significant changes to reflect an emphasis on predictive analytics, and also provides a curriculum balance between long-term and short-term insurance coverages.

[13] The rough equivalent of preliminary exams since year 2000 are listed according to the transition rules published by SOA.

In addition to the exams, candidates also need to complete Validation by Educational Experience (VEE), a series of e-learning modules, and the Associateship Professionalism Course (APC).

In 2007, the Fundamentals of Actuarial Practice (FAP) were introduced to cover real-world topics such as insurance and professionalism with readings, case studies, and projects.

In 2018, the VEE subjects were amended to accounting and finance, economics, and mathematical statistics as part of preliminary exams reform.