Display Accessibility Tools

Accessibility Tools

Grayscale

Highlight Links

Change Contrast

Increase Text Size

Increase Letter Spacing

Readability Bar

Dyslexia Friendly Font

Increase Cursor Size

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