Professional Actuarial Exams and VEE Topics

Professional Actuarial Designation Requirements Supported by Nebraska Courses

CAS/SOA Description 2013 Nebraska Courses relevant to

*Beginning in 2014, passing SOA Exams P, FM, MFE and C will continue to provide credit for Casualty Actuarial Society (CAS) Exams 1, 2, 3F and 4, respectively, and the CAS will grant credit for new CAS Exam 3LC to those who pass SOA Exam MLC. The SOA will not grant credit for SOA MLC to those who pass CAS Exam 3LC. The CAS transition rules will allow a candidate who has credit for Exam 3L or MLC from exam sittings administered prior to January 1, 2014 to receive credit for both Exams 3LC and 3ST.

+CBT = offered by Computer–based testing, which gives candidates more frequent opportunities to take exams within a standardized environment. Benefits include: more frequent administrations, and receiving an unofficial pass/fail result immediately upon completion of the exam after the specific exam has been administered by CBT for a few test windows.

Probability (called Exam P by the SOA and Exam 1 by the CAS) +CBT Three-hour exam consisting of 30 multiple-choice questions. The purpose of the syllabus for this examination is to develop knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. A very basic knowledge of insurance and risk management is assumed. MATH 106, 107, 208; STAT 380, 462; ACTS 401
Financial Mathematics (called Exam FM by the SOA and Exam 2 by the CAS) +CBT Three-hour exam consisting of 35 multiple-choice questions. This exam covers interest theory (discrete and continuous) and an introduction to derivative securities. It assumes a basic knowledge of calculus and probability. ACTS 440/840, ACTS 402, ACTS 441/841
*SOA Life Contingencies Exam (called Exam MLC) NOTE: 1. A 15-minute read-through time is given prior to the start of the exam. 2. Will be part written answer beginning in Spring 2014 Three-hour exam consisting of 25 multiple-choice questions.The purpose of this exam is to develop knowledge of the theoretical basis of life contingent actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability, and interest theory is assumed. Knowledge of risk management at the level of Exam P is also assumed. ACTS 470/870, 471/871, 403
*CAS Life Contingencies and Statistics Exam (called Exam 3L) Two and one-half hours of multiple–choice questions. The purpose of this exam is to develop knowledge of survival models, stochastic processes, life contingency models, and statistical theory as applied to business problems. ACTS 470/870, 471/871, 403
Models for Financial Economics (called Exam MFE by the SOA and Exam 3F by the CAS) +CBT Three-hour exam consisting of 30 multiple-choice questions. This exam covers interest rate models, rational valuation of derivative securities, simulation, and financial risk management techniques. A thorough knowledge of calculus, probability, interest theory and the earlier chapters of the McDonald textbook is assumed. FINA 467 or 867, ACTS 405
Construction and Evaluation of Actuarial Models (called Exam C by the SOA and Exam 4 by the CAS) +CBT Three and one-half hour exam consisting of 35 multiple-choice questions. The syllabus provides an introduction to modeling and covers important actuarial methods that are useful in modeling. A thorough knowledge of calculus and probability is assumed. The candidate will be introduced to useful frequency and severity models beyond those covered in Financial Economics and Life Contingencies Exams. STAT 463; ACTS 425/825, 410/810, 473/873 ACTS 404

Validation by Educational Experience

VEE Subject Nebraska Approved Courses Time Period
Corporate Finance Advanced Finance (FINA 461) 1994-2015
Corporate Finance Advanced Finance (FINA 861) 1994-2012
Corporate Finance Managerial Finance (GRBA 811) 1995-2015
Corporate Finance Foundations of Business I (JDEP or RAIK 181H),
along with: Advanced Topics in Business I (JDEP or RAIK 381H)
Economics Introduction to Economics (ECON 210) 1993-2015

One of:

  • Principles of Macroeconomics (ECON 211) Time Period: 1993-2015
  • Intermediate Macroeconomics (ECON 311) Time Period: 1993-2015
  • Macroeconomic Models and Applications (ECON 874) Time Period: 1993-2015

Combined with one of:

  • Introduction to Economics (ECON 210) Time Period: 1993-2015
  • Principles of Microeconomics (ECON 212) Time Period: 1993-2015
  • Intermediate Microeconomics (ECON 312) Time Period: 1993-2015
  • Microeconomic Models and Applications (ECON 873) Time Period: 1993-2015
  • Managerial Economics (GRBA 812) Time Period: 2008-2015
  • Introduction to the Economics of Agriculture (AECN 141) Time Period: 2000-2013
See course
Economics Foundations in Business II (JDEP 182H),
along with: Advanced Topics in Business II (JDEP 382H)
Applied Statistics Actuarial Applications of Applied Statistics ACTS 430 / ACTS 830 2005-2015
Applied Statistics Econometrics I (ECON 957), II (ECON 958), and Advanced Topics in Econometrics I (ECON 959) 1990-2013

Application Form & Approval Codes

Please see the Casualty Actuarial Society website or the Society of Actuaries website for the remainder of the requirements to achieve the professional actuarial designations of the CAS and SOA, respectively.