Actuarial Science - Purdue University

Report
Actuarial Science
Roadmap to Success
What is Required to Succeed
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Hard Work
Intelligence
Math Aptitude
Business Skills
Communication Skills
Becoming an Actuary
• Associateship
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Five Exams
Validation By Educational Experience (VEE)
Fundamentals of Actuarial Practice (FAP) [SOA only]
Associateship Professionalism Course (APC)
• Fellowship
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Associateship
Two Exams
Fellowship Modules
Fellowship Admissions Course (FAC)
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
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
Your Preparation
• Exam FM/2 (2.5 hours) – May &
November
• Exam P/1 (3 hours)
– Computer Based 6 times Per Year
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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
Your Preparation
• Exam FM/2 (2.5 hours) – May & November
• Exam P/1 (3 hours)
– Computer Based 6 times Per Year
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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!
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
FAP
• 8 On Line Modules
– Self test and Project at end of each
– Exam after 5
– Project at end
– Estimated Time => 500+ hours
Your Objectives
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Pass at least 2 Exams (FM and P)
Credit for all VEE’s
Take Courses for MLC, MFE, and C
One Internship
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
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Sit for C/4 in Spring of Senior Year
Earn Honors Degree
Credit for VEE’s
Two Internships
Begin working on FAP
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+

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