Professional Actuarial Exams and VEE Topics
Your courses at Nebraska prepare you for the two professional actuarial designations’ requirements.
Professional Organizations:
SOA=Society of Actuaries
CAS=Casualty Actuarial Society
Designations:
ASA=Associate of the Society of Actuaries
ACAS=Associate of the Casualty Actuarial Society
Requirement:
VEE=Validation by Educational Experience
(earned with a B- or better)
* Most common courses are listed, there are additional UNL courses that count for VEE credit or cover the content on the exams but are not listed here for simplicity. Graduate students often take different courses, see an actuarial science advisor for additional details. To view course descriptions visit the course catalog webpage.
Requirements That Fulfill Either ASA or ACAS
| Exam/Course | Description | Relevant Courses |
| VEE Economics | Courses on basic introductions to macroeconomics and microeconomics. | ECON 211 and ECON 211; or ECON 200; or RAIK 182H |
| VEE Accounting and Finance | Courses on basic accounting principles and corporate finance. | ACCT 200, 201 or RAIK 181H; and FINA 461 or RAIK 381H |
| Exam P or Exam 1 | Based on the fundamental probability tools for quantitatively assessing risk. | STAT 380, 462; or STAT 882 ACTS 401 (Optional) |
| Exam FM or Exam 2 | Based on the fundamental concepts of financial mathematics and how they are applied in calculating present and accumulated values for cash flows. | ACTS 440/840 ACTS 402 (Optional) |
| Exam IFM or Exam 3F | Investment and financial markets exam on the theoretical basis of corporate finance and financial models and their application to insurance and other risks. | ACTS 441/841, FINA 467A |
Option 1: Additional Requirements To Attain ASA Designation (SOA)
| Exam/Course | Description | Relevant Courses |
| VEE Mathematical Statistics | Second-semester statistics course | STAT 463; or STAT 883 |
| Exam LTAM | Long-Term Actuarial Mathematics exam on contingent payment models | ACTS 470/870, ACTS 471/871, ACTS 450/850 |
| Exam STAM | Short-Term Actuarial Mathematics exam, introduction to modeling and methods | ACTS 410/810, ACTS 473/873, ACTS 474/874 |
| Exam SRM | Statistics For Risk Modeling exam, introduction to methods for analyzing data | ACTS 430/830 |
| Exam/Project PA | Predictive Analytics project and report analyzing data in the context of a business problem. | SCMA 451 |
| Seminar | Associate Professionalism Course, e-learning with a half-day course | Some coverage in ACTS 475/875 |
Option 2: Additional Requirements To Attain ACAS Designation (CAS)
| Exam/Course | Description | Relevant Courses |
| Exam MAS-I | Modern Actuarial Statistics I exam on probability models, statistics, extended linear models and time series with constant variance | STAT 463, ACTS 430, ACTS 450, ACTS 470 |
| Exam MAS-II | Modern Actuarial Statistics II exam on credibility, linear mixed models and statistical learning | ACTS 410/810, ACTS 430/830 |
| Exam 5 | Basic Techniques for Ratemaking and Estimating Claim Liabilities | ACTS 474/874 |
| Exam 6 | Regulation and Financial Reporting exam on U.S. insurance law, government and industry insurance programs, financial reporting and taxation, responsibilities of the actuary and reinsurance accounting principles | |
| Online Course | Risk management and insurance operations | FINA 338 |
| Online Course | Insurance, accounting, coverage, analysis, insurance law and regulation | ACCT 200 or 201, FINA 338, FINA 412, BLAW 371 |
| Online Course | Two-day course on professionalism and communication skills | Some content in ACTS 475/875 |
Application Form & Approval Codes
- The Candidate Application for Individual VEE Credit from the VEE–Validation by Educational Experience
- The necessary 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.