Actuarial Science

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Actuarial Science

• Roadmap to Success

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What is Required to Succeed

• Hard Work
• Intelligence
• Math Aptitude
• Business Skills
• Communication Skills

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Becoming an Actuary

• Associateship
• Five Exams
• Validation By Educational Experience (VEE)
• Fundamentals of Actuarial Practice (FAP) SOA
  only
• Associateship Professionalism Course (APC)
• Fellowship
• Associateship
• Two Exams
• Fellowship Modules
• Fellowship Admissions Course (FAC)

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Purdue Preparation

• VEEs
• 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

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Purdue Preparation

• First Four Exams
• Financial Mathematics (FM/2) gt Math 490A
• Probability(P/1) gt 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

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Your Preparation

• Exam FM/2 (2.5 hours) May November
• Exam P/1 (3 hours)
• Computer Based 6 times Per Year
• 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

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Your Preparation

• Exam FM/2 (2.5 hours) May November
• Exam P/1 (3 hours)
• Computer Based 6 times Per Year
• 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!

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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

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FAP

• 8 On Line Modules
• Self test and Project at end of each
• Exam after 5
• Project at end
• Estimated Time gt 500 hours

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Your Objectives

• Pass at least 2 Exams (FM and P)
• Credit for all VEEs
• Take Courses for MLC, MFE, and C
• One Internship

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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
• Sit for C/4 in Spring of Senior Year
• Earn Honors Degree
• Credit for VEEs
• Two Internships
• Begin working on FAP

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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