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  #1  
Old 12-14-2014, 07:38 PM
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sjb554 sjb554 is offline
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Default Guide to passing CPCU540

Hi all,

I figured I would post after having just passed the exam. To pass, complete the following steps:

1) read 'Finance and Accounting for Insurance Professionals' one time, writing down all of the bolded words as you go through. The book is pretty quick to read (could be finished in a couple days if needed).
2) download the SMART App and do quizzes for each chapter. If you get below a 70%, then review the bolded words from the chapter.
3) review formulas in chapters 3, 5, 7, and 10. Make sure you understand the ratios and know where to find their component parts on the financial statements.
4) do extra quizzes on these chapters.
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Old 12-14-2014, 08:22 PM
VBActuary VBActuary is offline
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I second this
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Old 12-30-2014, 07:48 PM
AO_user AO_user is offline
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How many hours would you roughly allocate to the entire process?
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Old 01-06-2015, 03:27 PM
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Quote:
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How many hours would you roughly allocate to the entire process?
Just saw this. I would say that 20 is a good minimum and 40 is too much. Some people seem to be fine with as little as 10 hours though.
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Old 04-23-2015, 01:18 PM
fightingactuary fightingactuary is offline
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I second this
Likewise, I passed on 4/21 with a 90. I studied for about a week, probably putting in about 20 hours total, which was more than enough. I did take accounting and finance courses in undergrad (only one semester, hence the need for CPCU 540) and had background on NAIC/RBC, so was familiar with most of the subject matter going in.
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Old 11-18-2015, 05:47 PM
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Bumping this thread because the OP is spot on. I passed the test today after reading the book and doing the questions in the app. My total study time was about 12 hours. The only other thing I'd note is that if you've passed FM, you can basically skip chapter 6.
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Old 11-19-2015, 03:02 AM
actuarialstudent88 actuarialstudent88 is offline
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Unhappy Applying online for VEE Economics Credit

Hi,
I just passed the exam too...Have you already applied for this credit within the SOA website? I clicked on "Apply online for VEE Economics Credit", followed the steps and paid the $50 dollar fee but I'm concerned because I read in the FAQ that candidates are required to submit an official original transcript. Do you know how do we can get an original transcript from The Institutes? They say we need to mail it to:

VEE Administration Committee
Society of Actuaries
475 N Martingale Road Suite 600
Schaumburg, IL 60173
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Old 11-19-2015, 03:05 AM
actuarialstudent88 actuarialstudent88 is offline
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I just received a confirmation e-mail from the SOA saying that I may request my school/institution to send an original directly to them.... Do you know if The Institutes can do that? How do we request for that?
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Old 11-19-2015, 09:26 AM
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Log in to the Institutes website. In the drop down menu at the top, go to Students->Account Services->Transcript Request.
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Old 11-19-2015, 10:36 AM
BlakeAustin25 BlakeAustin25 is offline
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Quote:
Originally Posted by Tramopoline! View Post
Log in to the Institutes website. In the drop down menu at the top, go to Students->Account Services->Transcript Request.
I believe there is a $25 charge for your transcript. Also, you will receive a copy at the mailing address listed on your Institutes account. At first I thought they sent to me and not the VEE committee.

The process took less than 3 weeks total from submission to approval, including ordering the transcript from The Institutes. That was in the summer; can't speak to end-of-the-year rush with holidays/vacations.
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