Actuarial Exam Awareness Meeting

September 2009

Schedule Example
Fall Freshman Math 221 Econ 101 Sophomore Stat 311 Act Sci 300 Math 234 RMI 300 Junior Senior Act Sci 650 Fin 320 Act Sci 652 Spring Math 222 Econ 102 Act Sci 303 Act Sci 301 Fin 300 Stat 312 Act Sci 651 Fin 330 Act Sci 653 Act Sci 654 Exam FM Exam P

Exam MLC

Exam C Exam MFE

Calc AB Example
Fall Freshman Math 222 Econ 101 Spring Act Sci 303 Act Sci 301 Econ 102 Math 234 Stat 310 Fin 300 Exam P Act Sci 651 Act Sci 654 Fin 330 Act Sci 653 Exam C Exam MLC Exam FM

Sophomore Stat 309 Act Sci 300 RMI 300 Junior Act Sci 650 Fin 320 Act Sci 652

Senior

Exam MFE

*If you pass the AP Calc BC exam before coming in, you can move Math 234 to the Fall of your Freshman year

Two Examination Systems

1. 1.

Society of Actuaries (SOA) Casualty Actuarial Society (CAS)

Dont get overwhelmed. While youre still in school, you dont really have to decide which system youre going to enter.

SOA / CAS Preliminary Exams

o o o o o

Exam Exam Exam Exam Exam

P / Exam 1 FM / Exam 2 MLC Exam 3* MFE C / Exam 4

* Pay attention to this distinction later on

SOA Exam P / CAS Exam 1

o o o o

Topic: Probability Length: 3 hours 30 Multiple Choice Questions Computer Based

Stat 309/Stat 311/Math 431 & Act Sci 300 Exam P

o

Offered: January, March/April, May/June, September, and November

SOA Exam FM / CAS Exam 2

o o o o

Topic: Financial Mathematics Length: 3 hours 35 Multiple Choice Questions Computer Based Act Sci 303 & Act Sci 301 Exam FM

Offered: December, February, and May

SOA Exam MLC

o o o

Topic: Life Contingencies Length: 3 hours 30 Multiple Choice Questions Act Sci 650 & Act Sci 651 Exam MLC

Offered: May & November

SOA Exam MFE / CAS Exam 3F

o o o

Topic: Financial Economics Length: 2.5 hours 25 Multiple Choice Questions FIN 330 Exam MFE

Offered: May & November

CAS Exam 3L
o o o

Topic(s): Statistics & Actuarial Models Length: 2.5 hours 25 Multiple Choice Questions Act Sci 650 & 651 Exam 3

Similar to MLC, but

CAS Exam 3L
3L
oLife

Contingencies will be Exam

Undefined
oSOA

starting point CAS will give credit for MLC

DOES NOT give credit for 3L

Recommendation: Stick with SOA Exams to avoid confusion and cover all bases

SOA Exam C / CAS Exam 4

o

o o o

Topic: Construction and Evaluation of Actuarial Models Length: 3.5 hours 35 Multiple Choice Questions Computer Based Beginning Fall 2009 Act Sci 652 & Act Sci 653 Exam C

Offered: May and November

Calculators
Texas Instruments TI-30Xa TI-30XIIB TI-30XIIS* BA-35 BA II Plus* BA II Plus Professional Edition*
*Any memory will be cleared before exam begins

Caution!
o

Do not keep writing after time is called or your score will be disqualified. Bring your calculator with you and make sure you know how to use it. Get familiar with it during class. Sign up dates for exams are nonflexible! Sign up well ahead of time.

Study Materials
Actex ASM BPP

- Do not be afraid to ask older students as well!!

Peers

Studying Advice
o

Take the Exams. If youve been studying but dont think youll do very well, take it anyway. Its the best way to find out what you need to work on. Take the exams while the knowledge is fresh in your mind. The longer you wait, the more you forget, the more you have to re-study.

Studying Advice Continued

Aim High! Study for a 10 and you might get a 6, but study for a 6 and you might get a 2. Practice Makes Perfect, especially practice problems. Exam problems might be in a format you havent seen in class. The best way to look out for this is to do old exam problems.

Failing

ITS OKAY! Use it as a learning opportunity. Focus on what you can do better.

VEE Validation By Educational Experience

3 Subject Areas:

Economics Corporate Finance Applied Statistical Methods

Common to SOA and CAS Purpose: to remove courses previously on exams which are better learned through the University

UW Courses Related to Actuarial Professional Exams Starting May 2007

Econ 101 & Econ 102

Or

Econ 111

Econ VEE

Validation By Educational Experience (VEE)

Fin 300 & Fin 320

Finance VEE

Act Sci 654

Or

GB 304 & Stat 349

Or

Econ Or 410

Stat 333 & Stat 349

Statistics VEE

Resources for exam-takers

Websites: actuarialoutpost.com

Fellow Exam Takers, Career Opportunities, etc. Old Exams, Exam Signups & Information, Study Notes, VEE Applications

soa.org

casact.org uwactclub.com

The Club Forum is a great way to find study partners, tutors, ask questions about certain exams, or to buy study manuals

Finally..

Course advising sheet is available on the club website: http://actclub.rso.wisc.edu/

Exam Reimbursement
Exam P FM MLC MFE C Fall 2009 Fees $175 $175 $240 $120 $300 Points Needed* 100 100 150 100 150

* For 2 or more exams, take the higher point requirement and add 75 points for an additional exam. So, if you pass FM and MLC, you need 150 + 75 = 225 points or if pass P, FM and MLC, then need 300 points YOU MUST PAY DUES TO RECEIVE REIMBURSEMENT!

Upcoming Events
Club Kickoff!
This Wednesday from 6-7pm Grainger 3070

Resume/Pre-Career Fair Meeting

Tuesday, September 29 5:30-7:30pm in 2120 Grainger

ASRMI Career Fair

Friday, October 9 4:30-7:45pm at the Fluno Center

Overview
Math 431 or Stat 309/311 & Act Sci 300 Act Sci 303, Act Sci 301, & Fin 300 Act Sci 650 & Act Sci 651 Fin 330 Act Sci 652 & Act Sci 653
Exam P

Exam FM

Exam MLC

Exam MFE

Exam C