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