Becoming an Actuary or Risk Analyst

Department of Mathematics and Actuarial Science

Our actuarial science courses and degree programs (both the BA, the BS and the MS) are designed with the requirements for certification by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) in mind.

The actuarial science courses in the curriculum cover most of the topics in the syllabi of SOA Exams P, FM, MLC, MFE, and C, and CAS Exams 1, 2, 3F, 3L, and 4; the textbooks used are often those specified in the corresponding exam syllabi. While these courses provide an excellent means to prepare for the Societies' exams, they cannot cover all of the topics on the exams. With some self-study, undergraduate students should be prepared to take at least the first two exams before graduation, and graduate students by the end of their first year.

In addition to their exams, the Actuarial Societies are requiring demonstration of competence in the areas of economics, finance, and applied statistics, known as Validation by Educational Experience (VEE). Each VEE requirement may be satisfied by passing, with grades of A or B, courses which the Societies have approved. Roosevelt University has received approval for courses in all three areas, and both undergraduate and graduate students can complete all three VEE requirements before graduation. The necessary courses are a required part of the undergraduate major and minor and may be taken as part of a graduate degree program.

By graduation, all actuarial students will be well prepared to progress up the ladder of success in this field.

The SOA has two different pathways to membership, Chartered Enterprise Risk Analyst (CERA) or Associate of the SOA (ASA), which is the first step to become a Fellow of the SOA (FSA). For more details on these different pathways go to the SOA website. The CAS has only one pathway to membership, Associate of the CAS (ACAS), which is the first step to become a Fellow of the CAS (FCAS). For more information go to the CAS website.

The tables below show how our courses correspond to the Actuarial Societies' Exams and VEE requirements.

ACAS, ASA and CERA Exams
Exam	Title	Roosevelt Courses for Preparation
SOA Exam P CAS Exam 1	Probability	AcSc 347, 348   or Math 447, 448	Probability & Statistics I, II
		AcSc 380  or Math 480	Actuarial Science Seminar: Probability
SOA Exam FM CAS Exam 2	Financial Mathematics	AcSc 367	Financial Mathematics
		Math 380 or Math 480	Actuarial Science Seminar: Financial Mathematics
SOA Exam MLC*	Actuarial Models/ Life Contingencies	AcSc 369, 370   or Math 469, 470	Actuarial Mathematics I, II
SOA Exam MFE CAS Exam 3F	Actuarial Models/ Financial Economics	Math 475	Derivatives Markets
CAS Exam 3L***	Actuarial Models/ Life Contingencies and Statistics	AcSc 369, 370   or   Math 469, 470	Actuarial Mathematics I, II
		Math 446	Stochastic Processes
		AcSc 349   or Math 449	Regression and Time Series
SOA Exam C CAS Exam 4	Construction and Evaluation of Actuarial Models	AcSc 376   or Math 476	Loss Models
		Math 475	Derivatives Markets

VEE Requirements
VEE Area	Approved Roosevelt Courses
Macroeconomics	Econ 101 or  Econ 321 or  Econ 421	Principles of Economics I, or Macroeconomic Theory
Microeconomics	Econ 102 or  Econ 323 or  Econ 423	Principles of Economics II, or Microeconomic Theory
Corporate Finance**	Fin 311, 321, or Fin 408, 485	Business Finance and Investments
Applied Statistics**	AcSc 349 or  Math 349 or  Math 449	Regression and Time Series

* Not needed for ACAS or CERA, but waives CAS Exam 3L

** Not needed for CERA

*** Not needed for ASA or CERA

Request Further Information

• Request a university catalog, information packet, or application for admission
  
• Email Prof. Yao Wang, Actuarial Science Coordinator, or telephone at 847-619-8588