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ACTUARIAL SCIENCE MA/STAT 170
OCTOBER 7, 2004
Becoming an actuary
Two actuarial societies: CAS : Casualty Actuarial Society SOA : Society of Actuaries
Becoming an actuary
Associate Actuary=Associate (ACAS or ASA) =7 Exams (CAS) =6 Exams (SOA) Actuary=Fellow (FCAS or FSA) =9 Exams +VEE + PD (CAS) =8 Exams +VEE + PD (SOA) Student=anyone who is not yet a fellow
VEE
Validation by Educational Experience Economics : ECON 251-252 Finance : MGMT 310, 411 Applied Statistics: STAT 512, 490
Warning: Warning: STAT 490 will change number in the near future. STAT 420?
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 VEE’s.
The Process for the VEE
1) 2) 3) Take the required course work with a B.
Pass 2 actuarial exams. Submit an application (obtained on-line) to the SOA for each VEE—but 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.
Exams
MF Exam (Mathematical Finance) (2 hours-was 4) MA 370 (Interest Theory) P Exam (Probability) ( 3 hours-was 4) MA/STAT 416+MA/STAT 371 M Exam (Models) (4 hours) STAT 472-473 C Exam (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.
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.
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
Exams
Don’t expect to just take the class and then go out and pass the exam!!!
EVERY EXAM TAKES LOTS AND LOTS OF SELF-STUDY. STUDYING FOR AN EXAM IS A JOB !
Exams
• • • • CW: The sooner the better.
They help get internships You may not pass on the first attempt.
Even if you don’t pass, it shows potential employers that you are trying.
More exams mean better starting salary
Exams
• • •
Cautions: Repeated failures looks bad They are expensive!
Taking hard classes (e.g. MA/STAT 416) before you are ready for them is a BAD idea.