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Actuarial Certification

There are two major actuarial societies in the United States: The Society Of Actuaries (SOA) and the Casualty Actuarial Society (CAS).  Both societies require a series of rigorous exams, experience modules, and Validation by Educational Experience credits (VEEs) in order to become an accredited actuary at various levels.  Associate-level (ASA or ACAS) and Fellowship-level (FSA or FCAS) credentials may be earned from both organizations. Also, the SOA awards an enterprise risk management credential (CERA).  The following is a list of preliminary actuarial exams and corresponding MSU courses intended to prepare students for each exam.

  • Exam P/1: Probability
    • This exam covers much of the same material as STT 441 & STT 442.
  • Exam FM/2: Financial Mathematics
    • This exam covers financial mathematics, much of which can be found in MTH 360 & FI311.
    • This exam also covers basic financial derivatives which are covered in MTH 361.
  • Exam MFE/3F: Financial Economics
    • This exam covers advanced financial derivatives, partially covered in MTH 361.
    • A new course, MTH 458, has been created for the actuarial major to cover the rest of the material needed for this exam.
    • The mathematical underpinnings of financial math is covered more rigorously in STT 457.
  • Exam MLC or 3L: Life Contingencies
    • Roughly half of the exam material is covered by the contingencies taught in STT 455.
    • A new course, STT 456, has been created to cover the other half of the material.
  • Exam C/4: Construction and Evaluation of Actuarial Models
    • STT 459 covers some of the material for exam C/4.

Much more information can be found at www.SOA.org and www.CASact.org.  There are a wide variety of actuarial study materials offered by many companies to aid aspiring actuaries through their exams.  Currently, behind the desk at the Math Library in the D wing of Wells Hall the actuarial program has a complete set of ACTEX study manuals for the five preliminary exams. 

SOA Exam Structure:

  •    ASA
    • VEE's (Economics, Finance, and Statistics)
    • Exam P/1
    • Exam FM/2
    • Exam MFE/3F
    • Exam MLC
    • Exam C/4
    • ASA Modules
  • FSA (must complete ASA)
    • FSA Exams (differs by career)
    • FSA Modules
  • CERA (separate from ASA and FSA)
    • VEE Economics
    • Exam P
    • Exam FM
    • Exam MFE
    • Advanced Finance / ERM Exam
    • CERA Modules
CAS Exam Structure: 
  • ACAS
    • VEE's (Economics, Finance, and Statistics)
    • Exam P/1
    • Exam FM/2
    • Exam MFE/3f
    • Exam 3L or MLC
    • Exam C/4
    • Exam 5
    • Exam 6
    • Exam 7
  • FCAS
    • Exam 8
    • Exam 9