Actuarial Exams: University of Minnesota courses and programs provide the necessary information and help prepare students for professional exams given by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). These exams are viewed as the most reliable measure of competence and commitment. The following courses are all part of the Actuarial Program Curriculum.
Exam P (SOA) or Exam 1 (CAS) - MATH 5651 or Stat 5101
Exam FM (SOA) or Exam 2 (CAS) - MATH 4065
Exam MLC (SOA) or Exam 3L (CAS) - MATH 5067/5068 and a portion of MATH 5652
Exam MFE (SOA) or Exam 3F (CAS) - MATH 5075/5076
Validation by Educational Experience (VEE): As part of the Professional Actuarial track, the Society of Actuaries and the Casualty Actuarial Society requires that the following topics have to be studied by taking courses at an approved university (like the University of Minnesota). VEE credits are granted ONLY if the required courses are passed with a grade of "B-" or higher. The following courses are all part of the Actuarial Program Curriculum.
VEE Economics: ECON 1101 + 1102 or ECON 3101 + 3102
VEE Corporate Finance: FINA 3001 + 4221, prerequisites: ACCT 2050
VEE Applied Statistical Methods: ECON 4261, prerequisites: ECON 3101, MATH 5651, MATH 4242
Additional information on the Actuarial exams and VEE requirements can be found at beanactuary.org/exams.
Actuarial Preparation Workshops: We currently offer workshops that help students prepare for the Exam FM (SOA) or Exam 2 (CAS) in the fall of each year, and Exam P (SOA) or Exam 1 (CAS) in the spring of each year. The workshops review the material with an emphasis on problem solving. The Exam P/Exam 1 workshop is especially helpful in taking the abstract concepts from Math 5651 or Stat 5101 and applying them for solving concrete problems. The Exam FM/Exam 2 is a great addition to Math 4065, as it focuses on the Derivative Markets portion of the syllabus, which is increasingly emphasized in the exam.