Preliminary actuarial examinations are administered by the Society of Actuaries and/or the Casualty Actuarial Society at least twice per year. Students are encouraged to pass at least two preliminary exams, but preferably more, before graduation. The exams may be taken in any order.
Below you will find descriptions of the first three actuarial exams. For more information, including syllabi, and dates and registration deadlines for future exams, please visit the Candidate & Exam Information Overview provided by the Society of Actuaries.
Exam P/Course 1
Exam P/1 (Probability) is a multiple-choice exam and covers topics in probability and statistics. Students should complete Math 216 (Calculus 3), and Math 346 (Probability) in advance. Study time beyond college coursework is necessary. This exam is offered via computer based testing and is offered approximately six times per year. This exam is jointly sponsored by the Society of Actuaries and the Casualty Actuarial Society.
Exam FM/Course 2
Exam FM/2 (Financial Mathematics) is multiple-choice exam and covers interest theory and an introduction to financial derivatives. Students should take Math 350 in advance and study beyond college coursework. Like Exam P/1, this exam is offered via computer based testing, is jointly administered by the Society of Actuaries and the Casualty Actuarial Society, and is offered approximately six times per year.
Exam M/Course 3
SOA Exam M (Actuarial Models) consists of two multiple-choice exams and covers topics in basic actuarial modeling. The two exams cover life contingencies (MLC) and financial economics (MFE).
CAS Course 3 (Statistics and Actuarial Models) also consists of two multiple-choice exams (Exams 3L and 3F) and covers topics in basic actuarial modeling and the application of those models to insurance and other financial risks.
Both SOA Exam M and CAS Course 3 are offered multiple times per year and both require significant study time beyond college coursework. Exam MFE is identical to Exam 3F and this exam is jointly sponsored by the Society of Actuaries and the Casualty Actuarial Society. Math 470 (Mathematical Models for Financial Economics) prepares students for Exam MFE/3F. Math 450 (Foundations of Actuarial Science) and Math 460 (Contingent Payment Analysis) prepare students for Exam MLC and Exam 3L. Students should complete the first two actuarial exams before attempting SOA Exam M or CAS Exam 3.
Validation by Educational Experience (VEE) Requirements
The Society of Actuaries and Casualty Actuarial Society require that students complete approved VEE coursework as part of the exam process. All of these courses are available at the University of Wisconsin Eau Claire and are part of the actuarial program. For more information, please visit our VEE Requirements overview.