Welcome to the Actuarial Exam Journey!
This page will be an all encompassing guide to studying, registering, and (hopefully) passing exams. Here at Penn State, we have dozens of students who pass exams every few months. We will have these student's advice in an exam advice page.
This page will be an all encompassing guide to studying, registering, and (hopefully) passing exams. Here at Penn State, we have dozens of students who pass exams every few months. We will have these student's advice in an exam advice page.
Actuarial Exams and VEEs
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).
Exam Progression
Welcome to your exam journey!
Below shows recommended exam order progressions and at the bottom has links to advice for nearly all preliminary (ASA) exams. Some exams can be earned with UEC credit (University Earned Credit) where you take the Penn State class for the specific exam and if you get over the threshold you get credit for the exam!
Below shows recommended exam order progressions and at the bottom has links to advice for nearly all preliminary (ASA) exams. Some exams can be earned with UEC credit (University Earned Credit) where you take the Penn State class for the specific exam and if you get over the threshold you get credit for the exam!
SOA ASA Exams
Here are a few recommended SOA ASA exams order:
P → FM → SRM → FAM → A-LTAM/A-STAM → PA → ATPA
P → FM → SRM → PA → FAM→ A-LTAM/A-STAM → ATPA
Notes:
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Exam P
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Exam FM
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Exam SRM
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Length: 3 hour exam with 30 questions
The syllabus for Exam P develops the candidate's knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.
Courses to help: STAT 414, RM 214
The syllabus for Exam P develops the candidate's knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.
Courses to help: STAT 414, RM 214
Length: 2.5 hour exam with 30 questions
The syllabus for Exam FM develops the candidate's understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. A basic knowledge of calculus and an introductory knowledge of probability is assumed.
Courses: RM 410 (UEC Credit Class)
The syllabus for Exam FM develops the candidate's understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. A basic knowledge of calculus and an introductory knowledge of probability is assumed.
Courses: RM 410 (UEC Credit Class)
Length: 3.5 hour exam with 35 questions
The syllabus for Exam SRM provides an introduction to methods and models for analyzing data. Candidates will be familiar with regression models (including the generalized linear model), time series models, principal components analysis, decision trees, and cluster analysis. Candidates will also be able to apply methods for selecting and validating models. A thorough knowledge of calculus, probability (as covered in Exam P) and mathematical statistics (as covered in VEE Mathematical Statistics) is assumed.
Courses to help: STAT 380, STAT 461, STAT 462, STAT 463
The syllabus for Exam SRM provides an introduction to methods and models for analyzing data. Candidates will be familiar with regression models (including the generalized linear model), time series models, principal components analysis, decision trees, and cluster analysis. Candidates will also be able to apply methods for selecting and validating models. A thorough knowledge of calculus, probability (as covered in Exam P) and mathematical statistics (as covered in VEE Mathematical Statistics) is assumed.
Courses to help: STAT 380, STAT 461, STAT 462, STAT 463
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Exam FAM
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Exam PA
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Exam MAS-1
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Length: 3.5 hour exam with 40 questions
The syllabus for the short-term section of the examination provides an introduction to modeling and covers important actuarial methods that are useful in modeling. It will also introduce candidate to the foundational principles of ratemaking and reserving for short-term coverages. A thorough knowledge of calculus, probability (as covered in Exam P), and mathematical statistics (as covered in VEE Mathematical Statistics) is assumed.
The syllabus for the long-term section of the examination develops the candidate's knowledge of the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics) and interest theory (as covered in Exam FM) is assumed.
Courses: RM 411 and RM 421 (Both UEC Credit Classes)
The syllabus for the short-term section of the examination provides an introduction to modeling and covers important actuarial methods that are useful in modeling. It will also introduce candidate to the foundational principles of ratemaking and reserving for short-term coverages. A thorough knowledge of calculus, probability (as covered in Exam P), and mathematical statistics (as covered in VEE Mathematical Statistics) is assumed.
The syllabus for the long-term section of the examination develops the candidate's knowledge of the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics) and interest theory (as covered in Exam FM) is assumed.
Courses: RM 411 and RM 421 (Both UEC Credit Classes)
Length: 3.5 hour written exam
The syllabus for Exam PA provides candidates with the ability to employ selected analytic techniques to solve business problems. A thorough knowledge of probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics), selected models and methods for analyzing data (as covered in Exam SRM) is assumed.
The syllabus for Exam PA provides candidates with the ability to employ selected analytic techniques to solve business problems. A thorough knowledge of probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics), selected models and methods for analyzing data (as covered in Exam SRM) is assumed.
Length: 4 hour exam
Consists of probability, statistics, and extended linear models sections
Consists of probability, statistics, and extended linear models sections
Exam Dates
To find out when future exams may be, check out these websites to find when and where the specific exams that you need will be held!
SOA Exam Registration Schedule
Computer Based Testing (CBT)
*Remember that the new Prometric Center is officially open in State College! Be sure to take advantage of this new location as you register for exams. It is located at 204 East Calder Way, Suite 206A.
CAS Exam Schedule
Exam Passers
Exam Reporting and Reimbursement
Exam Reimbursement Reporting Form: Immediately report passing your exam once you can access your SOA/CAS Exam formal pass slip with your grade. You must provide at least 2 weeks before the semester end. Seniors may provide a pass slip without the grade if it will not be out in time, as long as you email your grade to Mandy when it is released.
Submitting passed exams helps us be a Center of Actuarial Excellence (CAE). Also, update your resume (if you want a job or internship). |
Reimbursements will appear in the Financial Account under the Financial tab on LionPATH at the end of the semester. African American, Hispanic, and Native American students can also be fully reimbursed by the SOA/CAS.
Reimbursement amounts will be different based on attendance points:
Standard Tier (0-3.99 Spring Attendance Points)
Reimbursement amounts will be different based on attendance points:
Standard Tier (0-3.99 Spring Attendance Points)
- $50 - P, FM
- $75 - SRM, FAM
- $100 - A-LTAM/STAM, PA, MAS-I, MAS-II
- $200 - P, FM
- $250 - SRM, FAM
- $300 - A-LTAM/STAM
- $350 - PA, MAS-I, MAS-II
Actuarial Lookup
Want to see how many exams someone has passed? Just lookup their name below! Try searching for Chad Stein (Former Act Sci President) to see how many exams he is up to nowadays!