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.