Actuarial exam info
Exams
Within the actuarial field, there is a certification process that consists of
a number of professional exams that must be passed. Go
here for more general
information about these exams.
- The first exam (SOA
Exam P/CAS Exam 1) covers probability. The application of probabilistic
tools to problems encountered in actuarial science is emphasized. A thorough
command of calculus and probability topics is assumed. Additionally, a very
basic knowledge of insurance and risk management is assumed.
It is best not to attempt this exam until after taking MATH 341.
Here is a
free
study manual for Exam P/1 written by Dr. Marcel B. Finan at Arkansas
Tech University. And here is an
answer key
written by G. Stolyarov.
- The second exam (SOA
Exam FM/CAS Exam 2) covers financial mathematics. In particular,
this exam covers interest theory (discrete and continuous). It assumes a
basic knowledge of calculus and probability.
Here is a
free
study manual for Exam FM/2 written by Dr. Marcel B. Finan at Arkansas
Tech University.
- The third exam covers actuarial modeling and is broken into two parts.
The first part (SOA
Exam MLC) covers the theoretical basis of certain actuarial models,
while the second part (SOA
Exam MFE/CAS Exam 3F) covers the application of those models to
insurance and other financial risks. A thorough knowledge of calculus,
probability and interest theory is assumed. Knowledge of risk management at
the level of Exam P is also assumed.
- The fourth exam (SOA
Exam C/CAS Exam 4) covers an introduction to modeling and important
actuarial methods that are useful in modeling. A thorough knowledge of
calculus and probability is assumed. The candidate will be introduced
to useful frequency and severity models beyond those covered in Exam M. The
candidate will be required to understand the steps involved in the modeling
process and how to carry out these steps in solving business problems.
If you want to know when a particular exam is scheduled to be given, go
here for SOA scheduling
and here for CAS scheduling.
Exam Study Materials
There are numerous places to find study materials for the exams. Here
are a few where current students are finding their materials.
Validation by Educational Experience (VEE)
In addition to taking exams, students seeking certification by the SOA or CAS
must also meet three Validation by Educational Experience (VEE) requirements:
VEE Economics, VEE Corporate Finance, and VEE Applied Statistical Methods.
Each requirement is meant to be satisfied by taking one or two VEE-certified
college courses.
Currently, students at Central can satisfy two and a half VEE
requirements.
- VEE Economics: ECON 112 and ECON 113
- VEE Corporate Finance: BMGT 361 and BMGT 362
- VEE Applied Statistical Methods (Regression): ECON 281
(VEE Applied Statistical Methods (Time Series) must be completed using an
approved course at another institution.)
To complete the VEE Applied Statistical Methods (Time Series) requirement,
one option is to take a correspondence course through
New England Actuarial Seminars.
To see a list of VEE certified courses (sorted by institution), go
here.
For more information, contact: Dr. Mark A. Mills,
Associate Professor of Mathematics.