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Exams and VEEs

Recent News: SOA will be moving to computer-based testing for all examinations beginning with the Fall 2020 written-answer exam administration. The use of Prometric test centers – the same test center provider used for computer-based associateship examinations – supports the SOA's goal of the administration of reliable and valid examinations to everyone across the globe. Link to more details.

Exam P: Probability. May be used to obtain Exam 1 credit with the CAS. The exam consists of three hours of multiple-choice questions. The purpose of this exam is to develop knowledge of probability. The application of these tools to problems encountered by actuaries is emphasized. A thorough command of calculus and probability topics is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.

Roanoke College preparation: STAT 220 and STAT 301

Exam FM: Financial Mathematics. May be used to obtain Exam 2 credit with the CAS. The exam consists of three hours of multiple-choice questions. This exam covers interest theory (discrete and continuous) and an introduction to derivative securities. It assumes a basic knowledge of calculus and probability.

Roanoke College course preparation: ACSI 201 and ACSI 301

Exam IFM: Investments and Financial Markets. May be used to obtain Exam 3F credit with the CAS. The exam consists of three hours of multiple-choice questions. The syllabus for Exam IFM develops the candidate's knowledge of the theoretical basis of corporate finance and financial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), basic corporate finance (as covered in VEE Accounting and Corporate Finance) and interest theory (as covered in Exam FM) is assumed.

Roanoke College course preparation: BUAD 242 and BUAD 342

VEE (Validation by Educational Experience):

The VEE requirement is jointly sponsored by the Society of Actuaries (SOA), Casualty Actuarial Society (CAS) and Canadian Institute of Actuaries (CIA). There are three VEE topics:

  • Economics
  • Corporate Finance
  • Applied Statistical Methods

The VEE topics are not prerequisites for the preliminary exams (Exams P/1, FM/2, MLC, MFE/3F and C/4) and may be fulfilled independently of the exam process. However, you must pass two SOA or CAS actuarial exams before applying to have your VEE credit added to your record.

Roanoke College courses:

  • Economics: ECON 121 and ECON 122
  • Corporate Finance: not yet approved
  • Applied Statistical Methods: STAT 220 and STAT 301