Actuarial Exam Preparation

 

 REQUIRED COURSES FOR SOA ACTUARIAL EXAMS PREPARATION

 

Exam P/1:  Probability (3 hours)

  • Math331, Math431/Econ311, Math432/Econ312 (Optional: Math433)

 

Exam FM/2: Financial Mathematics (2.5 hours)

  • Math346 (You should take this class in the spring followed by the exam in May)

 

Exam M FE Financial Economics (2 hours)         

  • Principle of Risk Management and Insurance
  • Financial Management
  • Financial Analysis

Exam MLC: Life Contingencies (3 hours)

  • Math363, Math364, BUAD362

  

Note: The CAS has its own third exam in place of Exam MFE & Exam MLC.  They will accept the SOA Exams MFE+MLC, but NOT vice versa.

 

Exam C:  Construction and Evaluation of Actuarial Models (4hours)

  •  Math333, Math363, Math364, Math432

 

Besides exams, the SOA also requires "Validated by Educational Experience" (VEE) of three topics. Individuals may apply for this credit after completion of the required course work with at least a B and after passing two SOA/CAS actuarial exams.

 

COURSES APPROVED FOR VALIDATION BY EDUCATIONAL EXPERIENCE (VEE) CREDIT BY THE SOCIETY OF ACTUARIES (SOA)

 

VEE- Corporate Finance:

FIN 343 Managerial Finance
FIN 344 Security Analysis

Or

FIN 343 Managerial Finance
FIN 422 Portfolio Management

 

VEE-Applied Statistical Methods- Time Series:

MATH 333 Applied Regression, Correlation and Time Series Analysis

Or

ECON 414 Econometrics

 

VEE- Economics:

ECON 211  Principles of Economics (Micro)
ECON 212  Principles of Economics (Macro)

Or

ECON 317 Intermediate Economics (Micro)
ECON 318 Intermediate Economics (Macro)

 

  

 

PREPARATION MATERIALS 

 

Exam Fess

The Actuarial Science Program will cover the cost for all students 1st attempt at all SOA/CAS exams. Students must have filled all requirements for the Exam Advancement Program. Students also receive a $300 scholarship for each exam passed.

 

Study Manuals

Study manuals for all exams can be obtained on loan at no charge from the Actuarial Science Programs office.  To obtain/request study manuals please see the Program Director (Office: Key Hall Rm165).

    

Classes

MATH 346 covers the learning objectives for SOA Exam FM and CAS Exam 2. The Course doubles as a preparation course for Exam FM/2. This course is offered every Spring and it is recommended that students take the Exam either in May or August of the same year.

 MATH 433 This reviews all topics covered in SOA Exam P and CAS Exam 1 . It is designed to teach students techniques for problem solving in probability theory .which are relevant to the business and professional practices of the actuarial sciences. The Course doubles as a preparation course for Exam P/1. This course is offered as needed in the Fall and it is recommended that students take the Exam either in December or January of the following year.

 To pass both exams, students should plan to dedicate 250 hours of study time for each. However, it is estimated that class and homework for each class will account for 125 hours and a thorough review of the study manual will account for 75, leaving additional 50 hours of study/practice time, which should be utilized working additional practice exam problems assigned in class.

 

Computer Software

The Actuarial Science Program is able to provide access to the program's Computer Lab (Key Hall RM 160) from 10:00am-5:00pm. Students that would like to use the Lab after hours, please make arrangements with the Program Director at least three (3) days in advance. Computer-based Testing and online software for preparation of Exam P & FM is available for immediate use. Additional software for exams can be made available on request.