Actuarial Science Roadmap to Success What is Required

What is Required to Succeed • • • Hard Work Intelligence Math Aptitude Business

Becoming an Actuary • Associateship – – Five Exams Validation By Educational Experience (VEE)

Purdue Preparation • VEE’s – Economics: ECON 251 -252 – Finance: MGMT 310, 411

Purdue Preparation • First Four Exams – Financial Mathematics (FM/2) => Math 490 A

Your Preparation • Exam FM/2 (2. 5 hours) – May & November • Exam

More Information • Exams are very hard – Pass Rates of 40 to 50%

FAP • 8 On Line Modules – Self test and Project at end of

Your Objectives • • Pass at least 2 Exams (FM and P) Credit for

Super Student • Pass 4 exams (FM/2, P/1, MLC, & MFE or 3) –

Spoils of Success • New Graduates – One Exam $50, 000 – Two Exams

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Actuarial Science Roadmap to Success

What is Required to Succeed • • • Hard Work Intelligence Math Aptitude Business Skills Communication Skills

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)

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 490 A – 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 490 C

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

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 • • 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 • • • 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+