Professional Examinations and Actuarial Courses at Wharton

Professional Examinations and Actuarial Courses at Wharton

The Society of Actuaries regularly changes its examination system. For updated information, check To become an Associate of the Society of Actuaries, a candidate must:

Satisfy Validation by Educational Experience (VEE) requirements for three subjects: Economics (Microeconomics and Macroeconomics), Corporate Finance, and Applied Statistics (Regression and Time Series). The easiest way for a Penn student to satisfy the VEE requirements is to pass approved courses with a grade of at least B-. Approved courses include:

  • Applied Statistics: STAT 102, STAT 112, STAT 431, STAT 434, STAT 454, STAT 711, ECON 6, ECON 221, ECON 605, ECON 706, ESE 302
  • Corporate Finance: FNCE 100, FNCE 203, FNCE GH102, FNCE 412
  • Economics: ECON GH1, ECON GH2, ECON 001, ECON 002, ECON 101, ECON 102, ECON 010, FNCE 101, FNCE 103, FNCE 411

For an updated list of approved VEE courses, check:

Complete exams P, FM, MLC, MFE, and C, collectively known as the preliminary education component.

Exam P is a 3-hour exam testing knowledge of the fundamental probability tools for quantitatively assessing risk, with emphasis on application of these tools to problems encountered in actuarial science. STAT 430 is an excellent course to prepare for this exam.

Exam FM consists of two and a half hours of multiple-choice questions, testing the understanding of the fundamental concepts of financial mathematics, including half an hour on financial derivatives. The first part of STAT 451 covers the financial mathematics part of the exam.

Exam MLC is a three and a half hour exam testing the knowledge of the theoretical basis of actuarial models and the application of those models to insurance and other financial risks. Most of the material for this exam is covered in STAT 451 (part 2), STAT 452, and STAT 453.

Exam MFE is a three-hour exam on financial derivatives.

Exam C is a four-hour multiple-choice exam testing actuarial modeling and important actuarial methods that are useful in modeling. STAT 453 (one section) and STAT 454 covers part of this material.

Complete the Associateship Professionalism Course.

The Casualty Actuarial Society (CAS) has a different examinations system. Exam 1, 2, 3F, and 4 of the CAS are exams P, FM, MFE, and C of the SoA and are organized jointly. Exam MLC and CAS exam 3L are different; the CAS accepts SoA exam MLC. The SoA does not accept CAS exam 3L.