What exams? What courses?

[pushing_a_rock_up_a_hill]

Ok, maybe it is simply explained somewhere, but I can't figure it out.

Here is my situation: no exams, no nothing, not working in actuarial field yet at all. Hope to apply soon, though.

Should I sit for exam #1 in the fall?

Will it be possible to sit for exam #2 in the spring of 2005?

Do I need to take a finance course and two economics courses before I sit for any exams after #1? Does this VEE stuff mean "you must show transcripts in order to sit for exams"?

Are there any pools going for the start of the next E&E redesign?

Thanks,
Perplexed...

Originally Posted by mathyguy

Ok, maybe it is simply explained somewhere, but I can't figure it out.

Here is my situation: no exams, no nothing, not working in actuarial field yet at all. Hope to apply soon, though.

Should I sit for exam #1 in the fall?

Will it be possible to sit for exam #2 in the spring of 2005?

Do I need to take a finance course and two economics courses before I sit for any exams after #1? Does this VEE stuff mean "you must show transcripts in order to sit for exams"?

Are there any pools going for the start of the next E&E redesign?

Thanks,
Perplexed...

You should take exam 1 in the fall.
You know, I don't even know whether the conversion happens at the end of 04 or 05. Terrible, but I only skimmed the trnasition docs. I think you can take 2 in 05, others will confirm or deny.
You don't need any classes to take course 1. Or any of the courses. They're all self study right now.
As for the VEE stuff, I think what will qualify is still unconfirmed.
Next EE redesign is in 08. Brad Gile is heading it up and has confirmed that the are going to a "new" exam system of 10 exams.

[pushing_a_rock_up_a_hill]

Do I need to take a finance course and two economics courses before I sit for any exams after #1? Does this VEE stuff mean "you must show transcripts in order to sit for exams"?

You don't need any classes to take course 1. Or any of the courses. They're all self study right now.
As for the VEE stuff, I think what will qualify is still unconfirmed.

So, VEE means -- "If you take the courses, you do *not* have to take the exam, but if you don't take the courses you *do* have to take the exams"?

Next EE redesign is in 08. Brad Gile is heading it up and has confirmed that the are going to a "new" exam system of 10 exams.

plus ca change, plus....

Thanks so much for your help.

[New Guy]

Originally Posted by mathyguy

So, VEE means -- "If you take the courses, you do *not* have to take the exam, but if you don't take the courses you *do* have to take the exams"?

The VEE requirements are different than the exam requires so you have to do both.

Here is my understanding of the preliminary exam and education process.

The following are suggested pre-requistes that will not be directly tested or validated:
• Calculus
• Linear Algebra
• Introductory Accounting
• Business Law
• Mathematical Statistics


The following are VEE requires that must be satisfied (and verified by the SOA) by an approved college course, an approved standardized test, or any other approved educational experience (these "approved" methods are still a little fuzzy):

Economics. The requirement will be two semesters, one each of introductory microeconomics and macroeconomics. A one-semester survey course will not qualify.

Corporate Finance. The requirement will typically be met by a course with an introductory corporate finance course as a prerequisite.

Applied Statistical Methods. The course must cover both time series and regression (or a candidate may submit two courses).

Then there are the follwoing preliminary exams:

• Exam P, Probability: Probability and supporting calculus; validated by a three-hour examination.

• Exam MF, Mathematics of Finance: Theory of interest and introduction to financial economics; validated by a two-hour examination.

• Exam M, Models for Quantifying Risk: Life contingencies, frequency models and aggregate loss models; validated by a four-hour examination.

• Exam C, Construction and Evaluation of Risk Models: Fitting parametric and nonparametric models and credibility; validated by a four hour examination.

[pushing_a_rock_up_a_hill]

Time for a little bit of whining...

So the days of self study seem to be over... That is too bad. It seems that the VEE and the exams are basically parallel, and that one has to take about 6 college courses in addition to taking the exams which will basically test the courses. The only exception seems to be life contigencies, which are probably pretty hard to find in a college.

Darn it.

[Dr T Non-Fan]

Wow, you seem to know a lot!

[pushing_a_rock_up_a_hill]

Originally Posted by Dr T Non-Fan

Wow, you seem to know a lot!

funny.... You should use the smilies so I know *exactly* how sarcastic.

Just want to get a handle on this process.

[Emily]

Originally Posted by mathyguy

It seems that the VEE and the exams are basically parallel, and that one has to take about 6 college courses in addition to taking the exams which will basically test the courses. The only exception seems to be life contigencies, which are probably pretty hard to find in a college.

I don't think that's the intention. The VEE covers 4 courses that they took out of the exams. You could say the VEE covers more than 4 courses if you count prerequisites, but then you'd have to count all the high school course you had to take to get into college, and all the grade school classes you had to take to get into high school, and so forth.

The exams test stuff that is not covered by VEE. If you think the financial economics portion of exam MF simply covers the finance and economics that was in the VEE, then you probably haven't taken a good look at a financial economics textbook.

[WQN]

You can find a college course on Life Contingencies especially at a school that offers an actuarial science degree. I think you are the same individual who claimed that taking exams is fun. I haven't ever heard anyone say that the life contingencies exam is fun (mainly due to the Bowers textbook that is required).

[CaptainDingo]

I thought life contingencies were fun! Especially because they were just a step beyond theory of interest, and I thought that was fun too...

However, there are some topics I find "not" fun...