Act Sci Presentation

7/31/2019 Act Sci Presentation

1/25

Actuarial Exam Awareness Meeting

September 2009


2/25

Schedule Example

Fall Spring

Freshman Math 221Econ 101

Math 222Econ 102

Sophomore Stat 311

Act Sci 300Math 234RMI 300

Act Sci 303

Act Sci 301Fin 300Stat 312

Junior Act Sci 650Fin 320

Act Sci 651Fin 330

Senior Act Sci 652 Act Sci 653

Act Sci 654

Exam FM

Exam P

Exam MLC

Exam MFE

Exam C


3/25

Calc AB Example

Fall Spring

Freshman Math 222Econ 101

Act Sci 303Act Sci 301Econ 102

Math 234Sophomore Stat 309

Act Sci 300RMI 300

Stat 310Fin 300

Junior Act Sci 650Fin 320

Act Sci 651Act Sci 654

Fin 330Senior Act Sci 652 Act Sci 653

Exam FM

Exam P

Exam MLC

Exam MFEExam C

*If you pass the AP Calc BC exam before coming in, you can moveMath 234 to the Fall of your Freshman year


4/25

Two Examination Systems

1. Society of Actuaries (SOA)

1. Casualty Actuarial Society(CAS)

Dont get overwhelmed. While

youre still in school, you dontreally have to decide whichsystem youre going to enter.


5/25

SOA / CAS Preliminary Exams

Exam 3*

o Exam P / Exam 1

o Exam FM / Exam 2

o

Exam MLCo Exam MFE

o Exam C / Exam 4

* Pay attention to this distinction later on


6/25

SOA Exam P / CAS Exam 1

o Topic: Probabilityo Length: 3 hourso 30 Multiple Choice Questions

o Computer Based

Stat 309/Stat 311/Math 431 & Act Sci 300

Exam P

o Offered: January, March/April, May/June,September, and November


7/25

SOA Exam FM / CAS Exam 2

o Topic: Financial Mathematicso Length: 3 hourso 35 Multiple Choice Questionso Computer Based

Act Sci 303 & Act Sci 301 Exam FM

o Offered: December, February, and May


8/25

SOA Exam MLC

o Topic: Life Contingencies

o Length: 3 hours

o 30 Multiple Choice Questions

Act Sci 650 & Act Sci 651 Exam MLC

o Offered: May & November


9/25

SOA Exam MFE / CAS Exam 3F

o Topic: Financial Economicso Length: 2.5 hourso

25 Multiple Choice Questions

FIN 330 Exam MFE

o Offered: May & November


10/25

CAS Exam 3L

o Topic(s): Statistics & Actuarial Models

o Length: 2.5 hours


Act Sci 650 & 651 Exam 3

Similar to MLC, but


11/25

CAS Exam 3L

oLife Contingencies will be Exam3L

Undefined starting pointCAS will give credit for MLC

oSOA DOES NOT give credit for 3L

Recommendation:

Stick with SOA Exams to avoidconfusion and cover all bases


12/25

SOA Exam C / CAS Exam 4

o Topic: Construction and Evaluation ofActuarial Models

o Length: 3.5 hours


o Computer Based Beginning Fall 2009

Act Sci 652 & Act Sci 653 Exam Co Offered: May and November


13/25

Calculators

Texas Instruments

TI-30Xa

TI-30XIIB TI-30XIIS*

BA-35

BA II Plus* BA II Plus Professional Edition*

*Any memory will be cleared before exam begins


14/25

Caution!

o Do not keep writing after time iscalled or your score will bedisqualified.

o Bring your calculator with you andmake sure you know how to use it.Get familiar with it during class.

o Sign up dates for exams are non-flexible! Sign up well ahead of time.


15/25

Study Materials

ActexASM

BPPPeers - Do not be afraid to

ask older students as well!!


16/25

Studying Advice

o Take the Exams. If youve beenstudying but dont think youll dovery well, take it anyway. Its thebest way to find out what you needto work on.

o Take the exams while the

knowledge is fresh in your mind.The longer you wait, the more youforget, the more you have tore-study.


17/25

Studying Advice Continued

Aim High! Study for a 10 and youmight get a 6, but study for a 6 andyou might get a 2.

Practice Makes Perfect,especially practice problems.Exam problems might be in a

format you havent seen in class.The best way to look out for this isto do old exam problems.


18/25

Failing

ITS OKAY!

Use it as a learning opportunity.

Focus on what you can do better.


19/25

VEE Validation By Educational

Experience

3 Subject Areas: Economics

Corporate Finance

Applied Statistical Methods

Common to SOA and CAS

Purpose: to remove courses previouslyon exams which are better learnedthrough the University


20/25

UW Courses Related to Actuarial Professional Exams

Starting May 2007

Econ VEE

Finance VEE

Statistics VEE

Econ 101 & Econ 102 Or Econ 111

Fin 300 & Fin 320

Act Sci 654 GB 304 &

Stat 349Or Or

Econ

410Or Stat 333 &

Stat 349

Validation By

Educational

Experience

(VEE)


21/25

Resources for exam-takers

Websites:

actuarialoutpost.com Fellow Exam Takers, Career Opportunities, etc.

soa.org Old Exams, Exam Signups & Information, Study Notes,VEE Applications

casact.org

uwactclub.com

The Club Forum is a great way to find study partners,tutors, ask questions about certain exams, or to buystudy manuals


22/25

Finally..

Course advising sheet is availableon the club website:

http://actclub.rso.wisc.edu/
http://actclub.rso.wisc.edu/http://actclub.rso.wisc.edu/


23/25

Exam Reimbursement

Exam Fall 2009 Fees Points Needed*

P $175 100

FM $175 100

MLC $240 150MFE $120 100

C $300 150

For 2 or more exams, take the higher point requirement

and add 75 points for an additional exam. So, if you passFM and MLC, you need 150 + 75 = 225 points or if pass P,FM and MLC, then need 300 points

YOU MUST PAY DUES TO RECEIVE REIMBURSEMENT!

*


24/25

Upcoming Events

Club Kickoff!This Wednesday from 6-7pm

Grainger 3070

Resume/Pre-Career Fair MeetingTuesday, September 29

5:30-7:30pm in 2120 Grainger

ASRMI Career FairFriday, October 9

4:30-7:45pm at the Fluno Center


25/25

Overview

Math 431 or Stat 309/311 & Act Sci 300

Act Sci 303, Act Sci 301, & Fin 300

Act Sci 650 & Act Sci 651

Fin 330

Act Sci 652 & Act Sci 653

Exam FM

Exam P

Exam MLC

Exam MFE

Exam C

Act Sci Presentation

Documents

Transcript of Act Sci Presentation