Introduction to SOA/CAS Exams & Validation by Educational Experience (VEE)
what are the soa/cas exams?
Actuaries achieve professional status by passing a set of examinations prescribed by the Casualty Actuarial Society (CAS) or Society of Actuaries (SOA). The first three exams are jointly administered by the CAS and SOA.
Many prospective actuaries begin taking exams while in college with the aid of self-study courses. Most achieve Associateship in three to five years. All students acquire a core set of knowledge from required courses before following the CAS or SOA career path. A student's selection to pursue the SOA or CAS career path is frequently influenced by personal interest, set of skills, and acceptance of a particular entry-level job. After achieving Associateship status and usually after gaining a few years of work experience, you can complete the Fellowship exams with a focus on the area in which you work.
Both Associate and Fellowship level exams are difficult, and becoming an actuary requires a fair amount of study and preparation. Depending on which course of study you choose, you'll prepare for exams by studying material required by the CAS or the SOA.
Many prospective actuaries begin taking exams while in college with the aid of self-study courses. Most achieve Associateship in three to five years. All students acquire a core set of knowledge from required courses before following the CAS or SOA career path. A student's selection to pursue the SOA or CAS career path is frequently influenced by personal interest, set of skills, and acceptance of a particular entry-level job. After achieving Associateship status and usually after gaining a few years of work experience, you can complete the Fellowship exams with a focus on the area in which you work.
Both Associate and Fellowship level exams are difficult, and becoming an actuary requires a fair amount of study and preparation. Depending on which course of study you choose, you'll prepare for exams by studying material required by the CAS or the SOA.
why do i need to take the soa/cas exams?
Unlike other professions, such as law and medicine, in the actuarial profession you can earn while you learn. Many students receive on-the-job training while enrolled in the examination process. Employers are generally supportive and may give students study time during working hours, pay exam fees, and award raises for each exam passed. However, most employers prefer to hire people who have started the series of examinations on their own and have already passed one or two exams.
Exam Registration Process
what is validation by educational experience (vee)?
VEE allows students to get credit for CAS/SOA exams simply by taking college courses. There are 3 VEE topics: Economics, Corporate Finance, and Applied Statistical Methods. The minimum grade to receive credit for a VEE course is a "B-". VEE is a great way to avoid having to take more exams so it is STRONGLY SUGGESTED that you work the following courses into your Penn State semester schedule:
Required classes for VEE Economics:
To formally receive credit for passing VEE courses, you must first pass 2 CAS/SOA exams, and then you can apply with on the SOA website.
Many companies will cover this expense for their employees, so it is recommended to wait until you have a full time position to formally apply for these credits (but still take the courses while you're here).
Required classes for VEE Economics:
- ECON 102 (Introductory Microeconomics) or ECON 502 or Econ 521
and - ECON 104 (Introductory Macroeconomics) or ECON 522
- FIN 301 (Corporate Finance)
- ACCTG 211 (Finance and Managerial Accounting for Decision Making)
- STAT 415 (Introduction to Mathematical Statistics)
To formally receive credit for passing VEE courses, you must first pass 2 CAS/SOA exams, and then you can apply with on the SOA website.
Many companies will cover this expense for their employees, so it is recommended to wait until you have a full time position to formally apply for these credits (but still take the courses while you're here).