How many and what are the tests for actuarial sciences?

Question by turtle:

How many and what are the tests for actuarial sciences?

I was looking into actuarial sciences, and I was wondering how many tests there were in all, and what they are. Thank you.




Best answer:

Answer by smarkham01
Preliminary Actuarial Examinations administers the jointly sponsored Exams 1/P, 2/FM, 3F/MFE, and 4/C of the Canadian Institute of Actuaries, Casualty Actuarial Society, and the Society of Actuaries. Information about these exams is provided below.

Exam 1/P - Probability
The examination for this course consists of three hours of multiple-choice questions offered through Computer-Based Testing. The purpose of this course is to develop a knowledge of probability. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of calculus and probability topics is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.

Exam 2/FM - Financial Mathematics
The examination for this course consists of three hours of multiple-choice questions offered through Computer-Based Testing. This course covers interest theory (discrete and continuous). It assumes a basic knowledge of calculus and probability.

Exam 3F/MLC - Financial Economics
The examination for this course consists of two-and-a-half hours of multiple-choice questions. This course covers interest rate models, rational valuation of derivative securities, simulation, and risk management techniques.

Exam 4/C - Construction and Evaluation of Actuarial Models
The examination for this course consists of three and a half hours of multiple-choice questions offered through Computer-Based Testing.

The CAS Syllabus of Basic Examination and the Education Area of the SOA Web site contain descriptions of the education and examination system for the Preliminary Actuarial Examinations.

What do you think? Answer below!