Recently candidates across the CAS held their breath in anticipation of the Spring 2025 exam results. While everyone hopes to pass, the reality is that many exam takers will face the disappointment of a failing grade. Sadness, frustration, and even shame are all common reactions — especially when someone has to say “I failed” to well-wishing coworkers and family in the following days. Whether it’s a candidate’s first or tenth time failing, the experience never gets easier and can often feel deeply isolating. To remove some of the stigma around exam failure — or at the very least lessen the sting — the CAWG asked current and former CAS leaders to reflect on their own setbacks and share the valuable lessons they’ve learned along the way.

Erin Olson, FCAS

CAS VP Engagement, Actuary Lead at USAA

I flew through the ACAS exams pretty quickly, passing the first six on the first attempt and only failing Exam 7 once (back when we needed seven exams for ACAS). The Fellowship exams were where it got rocky for me. I passed one of them in two attempts, but that last one was the real doozy. Over eight years I attempted that exam six times! I often thought about giving up, but it was just one exam. I couldn’t let one exam stand between me and my Fellowship. So, I evaluated my relationship with studying and decided to think about it as a choice and not something that I was being forced to do. I logged the hours and eliminated distractions, keeping focused on my goal of learning the material inside and out. The day I sat for the exam that I finally passed I was 12 weeks pregnant with my daughter. I like to say she was my lucky charm!

Frank Chang, FCAS, PhD, MAAA

CAS Past President, VP Applied Science at Uber

I’m a career changer and started my exams, including VEEs, at the age of 30. To catch up with my peers, I studied year-round, except the weeks after Christmas, putting in 2–4 hours every night and 10 every weekend. I passed many exams this way but failed the advanced ratemaking one (then Exam 9). This dealt a huge blow because it completely destroyed my momentum. It felt like all that sacrificed time led to nothing. I passed regulation (then Exam 7) the next sitting and ended up taking a year off from exams due to career challenges before coming back and finally passing the ratemaking one.

Barry Franklin, FCAS, CERA, MAAA

CAS President-Elect, President at Upstate Actuarial LLC

I was good at failing actuarial exams without getting discouraged — probably out of necessity. It required 21 exam sittings over 13 years to earn my FCAS, but along the way my wife and I were married and blessed with four wonderful children. Of the 10 exams required for FCAS, I passed on the first attempt only twice, and I even had to take one exam four times. (I managed to pass two others during that time, or I might have considered giving up.) By the time I got my ACAS, I had already passed one of the three Fellowship exams, so stopping at ACAS was not something I considered. I’m sure I could have passed the exams faster had I sacrificed more family time for study time, but looking back I would not change a thing.

Sara Frankowiak, FCAS, MAAA

CAS Employer Advisor Council Member, VP & Actuary at State Farm Insurance Companies

I’ve worked in an actuarial department for my entire career as an analyst, a leader, and now vice president of the department for my company. I’ve worked for, with, and supervised a lot of great actuaries. Some of those great actuaries zipped through their exams and some did not. Actuaries are forged by the deep expertise they gain through the exam process and then develop further as they apply that learning to their work. Add great communication skills and leadership qualities, and you have a great actuary! And different great actuaries bring different combinations of those things to the table or brings them each on a different timeline. Great teams are made by having people who complement each other and bring out the best in each other.

Mindy Moss, FCAS

Volunteer Chair of the CAWG, Actuary Manager at Allstate

I think most candidates have a “white whale” exam (that one exam that was extra hard to pass), and for me, that was Exam 7. The first time I sat for 7, it was right after starting a new job and buying a house in a different state, all while raising a one-year-old. My next attempt at Exam 7 would’ve been in the spring of 2020, but exams were cancelled that sitting. After studying again for the Fall 2020 sitting, I opted not to take it because of the risks associated with COVID-19. When I started studying for the Spring 2021 sitting, I was not at all interested in reading Sahasrabuddhe (or really any source material) again. To keep myself on track and motivated, I created an extremely detailed study schedule and made myself a promise that I would be finished studying by the time my son was four. I’m happy to report that I passed Exam 7 that sitting and got my FCAS, well before my son’s fourth birthday.

Steven D. Armstrong, FCAS, MAAA

CAS Past President, CAS Employer Advisory Council Member, Senior VP and Chief Actuary at Allstate

I failed only one exam in my journey, and it was the really old Part 6 Exam which was on, gulp, ratemaking. I got a 5 on it and was pretty incredulous. I blamed the CAS for poor grading, and I appealed and did everything one does to not deny “failure” until I realized the best “revenge” was to never fail again and simply dig in deeper, going forward by inspecting my study skills and written answer skills. I gained a study partner for the rest of my exams (the brilliant Peggy Brinkmann) and learned how to write better essay responses to get my points across effectively. I never failed again. It’s not the greatest story in the world, but I did experience the rage of failing and all the steps of denial, anger, bargaining, depression, and acceptance with an abundance of energy and determination to never feel those stages again. I only wanted to feel victorious after every sitting and get my FCAS quickly and live my life on my terms.

As these CAS leaders’ stories show, failure is part of what makes a great actuary. The people who reach the finish line and obtain their credentials aren’t necessarily the people who have never failed an exam and always get a perfect score. It’s the people who have faced failure, learned from the setback, and emerged stronger who are ready to try another day. Failure is not the end, but rather a stepping stone toward growth and success, and recognizing this is what separates a good actuary from a great one.