1 / 12

Actuarial Science

Actuarial Science. Roadmap to Success. What is Required to Succeed. Hard Work Intelligence Math Aptitude Business Skills Communication Skills. Becoming an Actuary. Associateship Five Exams Validation By Educational Experience (VEE) Fundamentals of Actuarial Practice (FAP) [SOA only]

unity-ballard
Download Presentation

Actuarial Science

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Actuarial Science Roadmap to Success

  2. What is Required to Succeed • Hard Work • Intelligence • Math Aptitude • Business Skills • Communication Skills

  3. Becoming an Actuary • Associateship • Five Exams • Validation By Educational Experience (VEE) • Fundamentals of Actuarial Practice (FAP) [SOA only] • Associateship Professionalism Course (APC) • Fellowship • Associateship • Two Exams • Fellowship Modules • Fellowship Admissions Course (FAC)

  4. Purdue Preparation • VEE’s • Economics: ECON 251-252 • Finance: MGMT 310, 411 • Applied Statistics: STAT 512, 490 • Must Receive at least a B • Stat 490 will be changing numbers soon

  5. Purdue Preparation • First Four Exams • Financial Mathematics (FM/2) => Math 490A • Probability(P/1) => MA/STAT 416 MA/STAT 250 • Actuarial Models – Life Contingencies (MLC) • Actuarial Models – Financial Economics (MFE) • OR CAS Exam 3 • STAT 472-473 • Constuction of Models (C/4) • STAT 472-473, STAT 417, STAT 490C

  6. Your Preparation • Exam FM/2 (2.5 hours) – May & November • Exam P/1 (3 hours) • Computer Based 6 times Per Year • Exam MLC (3 hours) – May & November • Exam MFE (2 hours) – May & November • CAS Exam 3 (4 hours) – May & November • Exam C/4 (4 hours) – May & November

  7. Your Preparation • Exam FM/2 (2.5 hours) – May & November • Exam P/1 (3 hours) • Computer Based 6 times Per Year • Exam MLC (3 hours) – May & November • Exam MFE (2 hours) – May & November • CAS Exam 3 (4 hours) – May & November • Exam C/4 (4 hours) – May & November • YOU NEED TO STUDY ABOUT 100 HOURS FOR EACH EXAM HOUR!

  8. More Information • Exams are very hard • Pass Rates of 40 to 50% • Every Person taking the exam is smart • There is no shame in failing

  9. FAP • 8 On Line Modules • Self test and Project at end of each • Exam after 5 • Project at end • Estimated Time => 500+ hours

  10. Your Objectives • Pass at least 2 Exams (FM and P) • Credit for all VEE’s • Take Courses for MLC, MFE, and C • One Internship

  11. Super Student • Pass 4 exams (FM/2, P/1, MLC, & MFE or 3) • FM Spring of Freshman Year • P in Spring of Sophomore Year • MLC and MLE or 3 in Spring of Junior Year • Sit for C/4 in Spring of Senior Year • Earn Honors Degree • Credit for VEE’s • Two Internships • Begin working on FAP

  12. Spoils of Success • New Graduates • One Exam  $50,000 • Two Exams  $52,000 • Three Exams  $54,500 • New Associate  $85,000 • New Fellow  $125,000 • Experienced Fellow  $200,000+

More Related