If you’re aiming to advance in the actuarial profession, one of the most effective strategies is to leverage the Society of Actuaries (SOA) Validation by Educational Experience (VEE) credits. This process allows you to earn credits by validating your educational background in specific areas that are crucial for your career but not directly tested in actuarial exams. VEE credits are a valuable tool for those seeking to become an Associate of the Society of Actuaries (ASA) or pursue other actuarial designations.
The VEE program is designed to acknowledge the importance of classroom learning in subjects like economics, accounting and finance, and mathematical statistics. These topics are not core to actuarial exams but are essential for a well-rounded understanding of the field. By obtaining VEE credits, you can demonstrate your expertise in these areas and move closer to achieving your professional goals.
To get started with the VEE process, you need to pass at least two SOA or Casualty Actuarial Society (CAS) actuarial exams. This requirement ensures that you have a solid foundation in actuarial principles before you apply for VEE credits. Once you’ve completed these exams, you can submit your application for VEE credit. The SOA VEE Administration Committee reviews your educational background to determine if your courses align with their requirements.
The three main VEE topics are economics, accounting and finance, and mathematical statistics. For economics, you need to complete both microeconomics and macroeconomics to earn full credit. In accounting and finance, you must cover both accounting and finance to qualify. Mathematical statistics requires a strong understanding of statistical concepts, which are invaluable in actuarial work.
Historically, corporate finance and applied statistics were also part of the VEE program, but they have been replaced by accounting and finance and mathematical statistics, respectively. However, if you already have credits for the old topics, you can still use them for transition credits. For instance, having VEE credit for corporate finance can give you transition credit for accounting and finance.
One of the best ways to earn VEE credits is by taking approved university courses or using alternative educational experiences listed in the SOA’s VEE Directory. Coaching Actuaries and ACTEX Learning are popular platforms that offer comprehensive courses designed specifically for VEE credits. These platforms provide flexible learning options, allowing you to study at your own pace and schedule exams conveniently.
For example, if you’re pursuing the ASA designation, you might use Coaching Actuaries for their all-in-one VEE platform, which covers all three required topics. Their courses are accessible on any device, making it easy to fit study sessions into your busy schedule. Similarly, ACTEX Learning offers on-demand courses that you can complete at your own pace, with the option to use a remote proctor service for exams.
To maximize the benefits of VEE credits, it’s essential to plan your educational path strategically. Here are a few actionable tips:
Start Early: Begin working on your VEE credits as soon as you’ve passed your initial actuarial exams. This will help you maintain momentum in your studies and ensure you’re on track for your professional goals.
Choose the Right Courses: Ensure that the courses you select are approved by the SOA. This will save you time and effort in the long run, as you won’t have to worry about whether your credits will be accepted.
Stay Organized: Keep all your documents, including transcripts and course syllabi, well-organized. This will make it easier when you apply for VEE credit and need to submit these materials.
Seek Support: Don’t hesitate to reach out to the SOA or educational platforms for guidance. They can provide valuable insights and help you navigate any challenges you encounter.
By following these strategies and leveraging VEE credits effectively, you can accelerate your career advancement in the actuarial field. It’s not just about completing requirements; it’s about demonstrating your commitment to excellence and expanding your knowledge in areas that are crucial for success.
In conclusion, VEE credits are a powerful tool for actuarial professionals seeking to enhance their credentials and move forward in their careers. By understanding the VEE process and using it strategically, you can set yourself up for success and achieve your professional goals more efficiently. Whether you’re just starting out or looking to advance further, leveraging VEE credits is a step in the right direction.