CURRENT ACTUARIAL EXAMS

The following is a list of the current actuarial exams, which are often referred to as courses.   The website www.actexmadriver.com is a good place to find study guides to help pass these exams.
(Check the links page for other helpful sites that deal with these exams.)

Exam P  Probability

    The purpose of this course is to develop knowledge of the fundamental probability tools for quantitatively assessing risk.  The application of these tools to problems encountered in actuarial science is emphasized.  A thorough command of probability topics and the supporting calculus is assumed.  Additionally, a very basic knowledge of insurance and risk management is assumed.   

Villanova students should complete MAT 1500, 1505, 2500, 2705 and either MAT 4310 or 5700 before taking this exam.

Exam FM  Financial Mathematics

     This Course covers the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting, and valuing contingent cash flows.

Villanova students should complete the courses listed under Course 1 plus ECO 1001, ECO 1002, and MAT 2100 before taking this exam.

Exam M  Actuarial Models

     This course develops the candidate's knowledge of the theoretical basis of actuarial models and the application of those models to insurance and other financial risks.  A thorough knowledge of calculus, probability and interest theory is assumed.  A knowledge of risk management at the level of Exam P is also assumed.

Exam C  Construction and Evaluation of Actuarial Modeling

     This course provides an introduction to modeling and covers important actuarial and statistical methods that are useful in modeling.  A thorough knowledge of calculus, linear algebra, probability and mathematical statistics is assumed.

     The candidate will be required to understand the steps involved in the modeling process and how to carry out these steps in solving business problems.  The candidate should be able to:
1) analyze data from an application in a business context; 2) determine a suitable model including parameter values; and 3) provide measures of confidence for decisions based upon the model.  The candidate will be introduced to a variety of tools for the calibration and evaluation of the models on Course 3.

Course 5  Application of Basic Actuarial Principles

     This course develops the candidate's knowledge of basic actuarial principles across various traditional and non-traditional coverages.  The course covers design of financial security systems involving life insurance, health insurance, retirement plans, property and casulty insurance and non-traditional plans; risk classification of financial security systems; costing and pricing techniques for financial security systems; valuation of financial security systems.

Course 6   Finance and Investments

     This course extends the candidate's knowledge of basic actuarial principles in the fields of investments and asset management.  Candidates completing this course will have developed some expertise in the areas of capital markets, investment vehicles, derivatives-applications, principles of portfolio management and asset-liability management.

Course 7  Applied Actuarial Modeling

   This course introduces the candidate to the practical considerations of actuarial modeling through an intensive seminar format.  Candidates are required to pass a pre-test.  The interactive approach of the seminar will require candidates to draw upon knowledge from the basic courses and learn applied modeling skills in a hands-on environment.  The course also emphasizes communication skills, teamwork and the synthesis of subjects in an applied setting.

     All seminars will consist of a common core segment during which the instructor will involve the attendees in several case studies and work with candidates to address various aspects of the modeling process.  A second segment of the seminar will emphasize the techniques, situation/problems and issues most relevant to particular areas of practice.  The practice area emphasis will vary from seminar to seminar; some seminars will be general in nature.

Course 8  Advanced Specialized Actuarial Practice

     This course covers advanced topics in Finance, Health, Group Life, and Managed Care, Individual Insurance, Investments, or Retirement Benefits.