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Exams and VEEs

The SOA (Society of Actuaries) uses Prometric test centers – the same test center provider used for computer-based associateship examinations – which supports the SOA's goal of the administration of reliable and valid examinations to everyone across the globe. 

The Roanoke College Actuarial Science Major prepares students for the two Foundations exams (see a pathway for all exams and requirements here):

  • Exam P (Probability) - by taking STAT 220 and STAT 301
  • Exam FM (Financial Math) - by taking BUAD 205 and ACSI 301

More information about each test:

  • Exam P information: This exam is 3 hours of 30 multiple choice questions and focuses on probability that serves as a basis for assessing risk.
  • Exam FM information: This exam is 3 hours of 35 multiple choice questions and focuses on interest theory (discrete and continuous) and an introduction to derivative securities. 

There are several free sites to help you learn more about and/or study for the 2 Foundations Exams:

You can also find study resources that cost money, such as Coaching Actuaries, which can help you study for both the P and the FM exam.

The Foundations level for the SOA's Education requirements also includes VEEs (Validation by Educational Experience). The VEE requirement is jointly sponsored by the SOA, Casualty Actuarial Society (CAS), ad Canadian Institute of Actuaries (CIA). There are 2 Foundations VEEs:

  • Economics
  • Accounting and Finance

The VEEs are NOT pre-requesites for the Foundations exams. In fact, you must pass 2 SOA or CAS actuarial exams before applying to have your VEE credit added to your record. By taking certain courses (all possibilities through the ACSI major), you will qualify for at least one of the above VEEs.