One of the most important requirements are the actuarial exams. Please check out our exam section for more information about them.
In addition to exams, there are certain skills, recommended degrees (although not a necessity), and VEE requirements to fulfill, which can be fulfilled through college courses, standardized exams, other educational experiences.
What are the recommended courses?
A bachelor’s degree with a major in mathematics or statistics is usually required for entry into actuarial work. Some schools also offer a degree in actuarial science (Berkeley does not). Because math and statistics are essential requirements for actuaries, some companies may hire applicants with degrees in engineering, economics, business administration, or finance, provided their background in the essentials is strong enough.
Courses in elementary and advanced algebra, differential and integral calculus, descriptive and applied probability and statistics, and numerical analysis are recommended courses for actuaries.
Computer science is also vital in actuarial training. Courses in accounting and insurance are also useful.
Validation for Educational Experience (VEE)
The SOA, CAS, and CIA are now implementing a revised structure for preliminary education.
Validation by Educational Experience (VEE) was added because starting in 2005, the three VEE topics will no longer be covered on the four preliminary exams, and these requirements need to be fulfilled in addition to the exams. These topics are appropriate for VEE because they are best learned in a classroom and are somewhat peripheral to actuarial work.
The three VEE topics are Applied Statistical Methods, Corporate Finance, and Economics. A list of approved courses is updated monthly by SOA and can be found here, with more info on the courses.
There are THREE ways to get VEE credit:
1. College Courses
Complete courses offered by a college or university and approved by the CAS, CIA, and SOA, and receive a grade of B- or better. Translation will be determined if the school does not use letter grades.
Below are courses you may take while enrolled at Cal. Note that you need to take these courses during the timeframe specified.
For the complete listing of eligible courses for Berkeley and other schools, and to learn more about course timeframes, refer to the VEE Directory of Approved Courses
VEE Approved Courses for UC Berkeley (As of January 2008)
Applied Statistical Methods
Take Stat 153 (Time Series) with one of the following:
- Econ 140 (Economic Statistics and Econometrics)
- Stat 135 (Concepts of Statistics)
- Stat 102 (Introduction to the Theory of Statistics)
- Stat 200B (Introduction to Statistics – Advanced Level)
OR, take one of the following:
- Econ 141 (Econometric Analysis)
- MFE 230E (Empirical Methods in Finance)
Corporate Finance
Take one of the following:
- UGBA 103 (Introduction to Corporate Finance)
- UGBA 131 (Corporate Finance and Financial Statement Analysis)
- E 120 (Principle of Engineering Economics)
Economics
Take Econ 1 or 2(Introduction to Economics)
OR take one of the following combinations:
- Econ 101A (Microeconomic Theory) and Econ 100B (Macroeconomic Analysis)
- Econ 100A (Microeconomic Analysis) and Econ 100B (Macroeconomic Analysis)
- Econ 101A (Microeconomic Theory) and Econ 101B (Macroeconomic Theory)
- X2 (Intro to Microeconomics – UCB Extension) and X3 (Intro to Macroeconomics – UCB Extension)
2. Standardized Examination
Achieve a pre-set score on a standardization examination as determined by the CAS, CIA, and SOA. Specified score minimums on the Advanced Placement (AP) and College Level Examination Program (CLEP) tests for micro and macroeconomics will be accepted as VEE credit for economics. The VEE Administration (VEEAC) will determine which other examinations qualify and the score required for credit. A full list of currently acceptable other education experiences is available here.
3. Other Educational Experiences
Complete other educational experience as approved by the CAS, CIA, and SOA. A full list of currently acceptable other education experiences is available here.
