Reimbursement of Exam Fees, Library of Study Manuals


The Wharton Department of Statistics will reimburse Penn undergraduate students and MBA students for exam fees paid to the Society of Actuaries or the Casualty Actuarial Society. Doctoral students are not eligible for reimbursement.

Minority students (African-American, Hispanic-American or Native American) who are U.S. citizens or permanent residents and who have passed exams P and FM are requested to take advantage of the Society of Actuaries’ Diversity Exam Reimbursement Program ( for the associated fees.

Exams Covered

  • The fee for Exam P/1 will be reimbursed to any Penn-affiliated student.
  • The fee for exam FM/2 will be reimbursed to students who have taken or who are enrolled in STAT/BEPP 451/851.
  • The fee for exams MLC/3L, MFE/3F and C will be reimbursed to students who have taken at least three actuarial courses. Actuarial courses are:
    • STAT/BEPP 451/851
    • STAT/BEPP 452/852
    • STAT/BEPP 453/853
    • STAT/BEPP 454/854
  •  VEE credit expenses are not eligible for reimbursement.

Students can obtain a maximum of two reimbursements per exam. Only exams taken when the student is affiliated with Penn will be considered for reimbursement. No reimbursements will be provided for missed exams. Graduating students who take a May exam in the month in which they graduate may request reimbursement.

Minimum Exam Score
Only exams with a score of 3 or better are reimbursed. The actual exam score must be presented with the reimbursement request.

Reimbursement Process
Receipts indicating the amount paid and notification of the exam score need to be turned in to Noelle Felipe, 400 Jon M. Huntsman Hall, between 9 am and 5 pm on Tuesdays, Wednesdays or Fridays. Per Penn regulations, reimbursement requests must be made within four months of taking the exam.

Dr. Jean Lemaire must approve each reimbursement.

The sponsors of the reimbursement program include CIGNA and the Actuaries Club of Philadelphia.  Should funds allocated to this program be insufficient to refund 100% of exams fees, the Department reserves the right to limit refunds by means of a deductible or co-pay. The Department may even suspend the program, should funds not be available for a given exam session.

More information about CIGNA’s Actuarial Executive Development Program can be found here:


The Department maintains a small library of ACTEX study manuals for exams P, FM, MLC, MFE, and C. Students can borrow these manuals preferably from Dr. Lemaire during his office hours. Alternatively, manuals can be borrowed from Noelle Felipe, 400 Jon M. Huntsman Hall, between 9 am and 5 pm on Fridays. Manuals must be returned within six months. They can be returned at any time in Dr. Lemaire’s mailbox (400 Jon M. Huntsman Hall) with a note indicating the name of the student. Manuals can also be returned to Dr. Lemaire, or to Noelle Felipe on Fridays.

These programs are sponsored by Cigna, Mercer, HR, and Hewitt Associates.