ACTUARIAL SCIENCE The New Exams OCTOBER 14, 2004

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ACTUARIAL SCIENCE The New ExamsOCTOBER 14, 2004
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Becoming an actuaryThis much is the same as
before

• Associate ActuaryAssociate (ACAS or ASA)
• 7 Exams (CAS)
• 6 Exams (SOA)
• ActuaryFellow (FCAS or FSA)
• 9 Exams VEE PD (CAS)
• 8 Exams VEE PD (SOA)

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VEEThis is new
Validation by Educational Experience Economics
ECON 251-252 Finance MGMT 310, 411 Applied
Statistics STAT 512, 490 Warning STAT 490 will
change number in the near future. STAT
420? Warning You need at least a B for the VEE
to count! Note For the next few years, the CAS
will give exams that will count for these VEEs.
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The Process for the VEE

• Take the required course work with a B.
• Pass 2 actuarial exams.
• Submit an application (obtained on-line) to the
  SOA for each VEEbut not before January, 2005.
• Note If the courses you took have not been
  pre-approved by the SOA, you may need further
  documentation (e.g. a syllabus). We are in the
  process of getting our classes approved.

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VEE FAQ

• Q Can I use classes not taken at Purdue?
• A Yes, but you may need to submit additional
  documentation, e.g. catalog description and
  syllabus.
• Q. Can I replace a less advanced class (e.g.
  Econ 251) with a more advanced class (e.g. Econ
  340)?
• A Yes, if you can prove that the more advanced
  class covers all of the topics the SOA wants to
  see.
• Should I take STAT 490 even if I dont need it
  for graduation.
• You must either take 490 or pass the exam offered
  by the CAS. This latter option might be easier
  than taking a whole class on the subject, if you
  are good at self study.

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Exams

• Exam MF (Mathematical Finance) (2 hours-was 4)
• MA 370 (Interest Theory)
• Exam P (Probability) ( 3 hours-was 4)
• MA/STAT 416MA/STAT 371
• Exam M (Models) (4 hours)
• STAT 472-473
• Exam C (Construction of Models) (4 hours)
• STAT 472-473, 512
• Note The CAS has its own version of M. They
  will accept the SOA Exam M, but NOT vice versa.

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Exams

• You can take Exam MF immediately after MA 370,
  which requires only one semester of calculus.
• You can take Exam P immediately after MATH/STAT
  416. STAT 371 also helps. It is best (but not
  essential) to finish 416 before taking 371.
• Warning You should not take 416 until finishing
  3 semesters of Calculus. If you take it as a
  sophomore you should have an A in all three
  semesters.
• In principal, Exams C and M require both STAT 472
  and 473. Check into the possibility of taking
  Exam M immediately after STAT 512 and perhaps
  STAT 490. It used to be possible to do Course 4
  with just 512 and some self study.

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Conversion Rules
Equals
Old

• Course 1 Exam
• Course 2 Exam
• Course 3 Exam
• Course 4 Exam

• Exam P
• Exam MF Finance VEE Econ VEE
• Exam M
• Exam C Stat VEE

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If at all possible you shouldpass at least Exam
M and Exam P before senior year
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Exams

• Offered early November and mid May
• Results from November are sent out in January
• Results from May come out in late July
• The May exams work better for college students.

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CIGNA Award

• In the past CIGNA has awarded every student who
  passes an exam a monetary award of 150. We
  expect this to continue under the new system,
  although the amount of the award may change. Stay
  tuned....
• You should apply in advance of taking the exam.
  The application is on our web page
  www.math.purdue.edu/actuary

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Exams

• Dont expect to just take the class and then go
  out and pass the exam!!! Most companies advise 30
  hours of study time for each exam hour.
• EVERY EXAM TAKES LOTS AND LOTS OF SELF-STUDY.
  STUDYING FOR AN EXAM IS A JOB !