Are VEE Credits Exemptions?

[sasha]

Hello
I have heard abt Soa givin exemptions from its exams if a person does a university course from a listed university.
I want to ask whether any university gives exemptions to a person who has taken Soa exams.
e.g. If Soa gives exemptions of say preliminary exams to a person who has done bachelors from a certain university, then can a person who has cleared preliminary exams get a bachelors degree from that same university?

I am askin this because I started takin actuarial exams after 12th standard and dont have a university degree.

[TRINIDON2K]

its called VEE credits...and its not an exemption from any SOA/CAS exams ....its in addition to the exam process... you can read more about it on www.beanactuary.org

when you get to school, i'd recommend registering for a remedial english class

[E[(X-d)+]]

its called VEE credits...and its not an exemption from any SOA/CAS exams ....its in addition to the exam process... you can read more about it on www.beanactuary.org

when you get to school, i'd recommend registering for a remedial english class

Good thing you're perfect. And, I actually don't see anything wrong with the original poster's English. However, I don't think your excessive and exclusive use of "..." to separate thoughts is proper English. But I'm sure you could teach us all a thing or to about how to write, Mr. Hemingway.

[mikeshinoda]

its called VEE credits...and its not an exemption from any SOA/CAS exams ....its in addition to the exam process... you can read more about it on www.beanactuary.org

when you get to school, i'd recommend registering for a remedial english class

what about if i entered for example illionis state university and i have cleared exams upto exam M . will i have to do the four year degree . please explain your VEE experience .

[Tom]

its called VEE credits...and its not an exemption from any SOA/CAS exams ....its in addition to the exam process... you can read more about it on www.beanactuary.org (http://www.beanactuary.org)

when you get to school, i'd recommend registering for a remedial english class

what about if i entered for example illionis state university and i have cleared exams upto exam M . will i have to do the four year degree . please explain your VEE experience .
Are you entering ISU as a freshman, or with credits? One way or the other, no matter how many exams you have you need to get a degree from a college in order to get a job. That being said, there is a lot of info on beanactary.org that tells you all about VEE.


Validation by Educational Experience (VEE)

Introduction
Four Ways to Get VEE Credit
VEE-Applied Statistical Methods
VEE-Corporate Finance
VEE-Economics Introduction

The preliminary education structure consists of three topics that require Validation by Educational Experience (VEE) in addition to four examinations:
VEE-Applied Statistical Methods
VEE-Corporate Finance
VEE-Economics
Joint Exam 1/P, Probability
Joint Exam 2/FM, Financial Mathematics
SOA Exam M (Actuarial Modeling) or CAS Exam 3 (Statistics and Actuarial Models)
Joint Exam 4/C, Construction and Evaluation of Actuarial ModelsThe syllabi for the examinations are provided in the CAS "Syllabus of Basic Education (http://www.casact.org/admissions/syllabus/)" and the SOA "Basic Education Catalog (http://www.soa.org/ccm/content/exams-education-jobs/candidate-and-exam-information/spring-exam-session/spring-2006-basic-education-catalog-and-supplements/)" Details about the process for obtaining credit for the VEE topics are provided below. VEE topics are not prerequisites for the preliminary examinations and may be fulfilled independently of the preliminary exam process.
In addition to the preliminary education requirements listed above, each society has additional requirements for membership. Four Ways to Get VEE Credit

Validation by Educational Experience can be accomplished in one of four ways:
College Course(s): Complete one or more courses offered by a college or university and approved by the CAS, CIA, and SOA. Candidates must receive a grade of B- or better in each course. If the institution does not use letter grading, an appropriate translation will be determined.
Standardized Examination: Achieve a pre-set score on a standardized 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 Committee (VEEAC) will determine which other examinations qualify and the score required for credit.
Other Educational Experiences: Complete other educational experiences as approved by the CAS, CIA, and SOA. Approved educational experiences will be posted on the Web sites of the CAS (http://www.casact.org/), CIA (http://www.actuaries.ca/), and SOA (http://www.soa.org/).
Transitional VEE Exams: Achieve a passing grade on a CAS transitional VEE exam that will be offered beginning in August 2005 through at least 2006. The syllabi (http://www.casact.org/admissions/syllabus/) for the three transitional VEE exams are provided on the CAS Web Site.Step 1: Approval of Courses/Experiences

The VEE Administration Committee will determine which college courses, standardized exams, and other educational experiences are appropriate for VEE credit. Before a candidate may submit an application to receive individual credit for a VEE topic, the course or educational experience itself must first be approved. For course/experience approval, an official application form (http://www.casact.org/admissions/syllabus/forms/VEE_Course.pdf) must be completed and submitted with the required documentation. The VEEAC will review the course/experience. All approved courses/experiences will be listed in the "Directory of Approved VEE Courses/Experiences (http://eande.soa.org/vee/approved-courses-experiences-for-vee.html)" that will be posted on CAS, CIA, and SOA Web Sites. The directory will identify the educational institution, the approved courses/experiences by VEE topic, a unique approval code for each course/experience, and the years for which the courses/experiences were approved.
The guidelines that the VEE Administration Committee will use to determine whether specific courses or educational experiences are appropriate to fulfill the VEE requirements are provided in the next three sections of this Syllabus.
Step 2: Approval of Individual VEE Credits for Candidates

Beginning in January 2005, candidates who have credit for at least two actuarial examinations may submit an application for their own VEE credits (http://www.casact.org/admissions/syllabus/forms/VEE_Credit.pdf). In addition to the application, candidates will be required to arrange for an official transcript to be submitted to the VEE administrator. The "Application for Validation by Educational Experience Credit (http://www.casact.org/admissions/syllabus/forms/VEE_Credit.pdf)" includes specific directions. Only courses/experiences that are listed in the online "Directory of Approved VEE Courses/Experiences (http://eande.soa.org/vee/approved-courses-experiences-for-vee.html)" may be used for VEE credit. If a course/experience is not on the approved list, the candidate may submit the course for approval according to the procedures described in Step 1 above beginning January 2005. Once a candidate's application and documentation of the required grade on an approved course/experience has been validated, credit for the specific VEE topic will be granted. The candidate will be sent a written response to each application.
VEE-Applied Statistical Methods

The following guidelines for the Validation by Educational Experience (VEE) requirement for Applied Statistical Methods will be used by the VEE Administration Committee to determine whether specific courses or educational experiences are appropriate to fulfill the VEE requirements. The "Directory of Approved VEE Courses/Experiences" will be posted on the CAS (http://www.casact.org/), CIA (http://www.actuaries.ca/), and SOA (http://www.soa.org/) Web Sites. Courses that meet the requirement for VEE-Applied Statistical Methods may be taught in the mathematics, statistics, or economics department, or in the business school. In economics departments, this course may be called Econometrics. The material could be covered by one course or two. The level of mathematical sophistication of these courses will vary widely and all levels are intended to be acceptable. Most of the topics listed below should be covered:
Regression analysis
Least square estimates of parameters
Single linear regression
Multiple linear regression
Hypothesis testing and confidence intervals in linear regression models
Testing of models, data analysis, and appropriateness of modelsTime series/forecasting
Linear time series models
Moving average, autoregressive, and/or ARIMA models
Estimation, data analysis, and forecasting with time series models
Forecast errors and confidence intervalsVEE-Corporate Finance

The following guidelines for the Validation by Educational Experience (VEE) requirement for Corporate Finance will be used by the VEE Administration Committee to determine whether specific courses or educational experiences are appropriate to fulfill the VEE requirements. Details about submitting a course for approval as well as obtaining individual VEE credit are provided. (http://beanactuary.com/exams/exam_vee.cfm#credit) The "Directory of Approved VEE Courses/Experiences" will be posted on the CAS (http://www.casact.org/), CIA (http://www.actuaries.ca/), and SOA (http://www.soa.org/) Web Sites. The typical corporate finance sequence in a business school consists of an introductory semester followed by an advanced semester. The advanced semester will more likely be the one that aligns with the learning objectives.
The standard validation method will be completion of the second semester of a two-semester corporate finance sequence. Generally, only the second semester course grade will be evaluated unless this is a narrow course in which case both the first and second semester course grades will be evaluated. The exceptional case where the corporate finance material is covered in one course only will also be considered.
Most of the topics in each category listed below should be covered:
Finance
Definitions of key finance terms: stock company; capital structure
Key finance concepts: financing companies; characteristics and uses of financial instruments; sources of capital; cost of capital; dividend policy; personal and corporate taxation
Factors to be considered by a company when deciding on its capital structure and dividend policy
Impact of financial leverage and long/short term financing policies on capital structure
Characteristics of the principal forms of financial instruments issued or used by companies, and the ways in which they may be issued
How a company's cost of capital relates to the investment projects the company wishes to undertakeInvestment
Key finance concepts: option pricing theory and stock valuation
Definitions of key finance terms: financial instruments - bond, stock, basic options (calls, puts); dividends; price to earnings ratio
Structure of a stock company and the different methods by which it may be financed
Calculate value of stocks
Calculate value of options
Measures of financial performance: balance sheet; income statement; statement of cash flows; financial ratios (e.g. leverage, liquidity, profitability, market value ratios); net present value: the payback, discounted payback models; internal rate of return and profitability index models
Assessment of financial performance using various measures: balance sheet; income statement; statement of cash flows, financial ratios (e.g. leverage, liquidity, profitability, market value ratios); net present value; the payback, discounted payback models; internal rate of return and profitability index modelsVEE-Economics

The following guidelines for the Validation by Educational Experience (VEE) requirement for Economics will be used by the VEE Administration Committee to determine whether specific courses or educational experiences are appropriate to fulfill the VEE requirements. Details about submitting a course for approval as well as obtaining individual VEE credit are provided. (http://beanactuary.com/exams/exam_vee.cfm#credit) The "Directory of Approved VEE Courses/Experiences" will be posted on the CAS (http://www.casact.org/), CIA (http://www.actuaries.ca/), and SOA (http://www.soa.org/) Web Sites. Typically, the VEE requirement for Economics will be met if a candidate has completed two introductory economics courses, one course covering microeconomics and the other covering macroeconomics. Most of the topics listed below should be covered:
Microeconomics
Interaction between supply and demand in the provision of a product and the way in which equilibrium market prices are determined
Elasticity of demand and supply and the effects on a market of different levels of elasticity
How rational utility maximizing agents make consumption choices
How profit-maximizing firms make short-run and long-run production choices
Different types of competition, or lack of it, and the practical effect on supply and demandMacroeconomics
Structure of public sector finances of an industrialized economy
GDP, GNP, and Net National Product: How these concepts are used in describing the economy and in making comparisons between countries, and the limitations of these concepts
Propensity to save or to consume by the private sector or the corporate sector and how it affects the economy
Impact of fiscal and monetary policy and other forms of government intervention on different aspects of the economy, and in particular on financial markets
Role of exchange rates and international trade in the economy and the meaning of the term balance of payments
Major factors affecting the rate of inflation, the level of interest rates, the exchange rate, the level of unemployment, and the rate of economic growth in the economy of an industrialized country