Navigating the actuarial certification path can feel like assembling a complex puzzle, where exams and VEE (Validation by Educational Experience) credits are crucial pieces. Knowing how to strategically sequence these components can significantly smooth your journey, reduce stress, and optimize your study efforts. The key lies in understanding the interplay between preliminary exams and VEE credits, planning your timeline wisely, and leveraging practical steps to keep momentum and motivation high.
First, it’s important to recognize that VEE credits are a separate requirement from the actuarial exams but intertwined in your overall certification process. The Society of Actuaries (SOA) mandates completing three VEE topics: Economics, Accounting and Finance, and Mathematical Statistics. The Casualty Actuarial Society (CAS) requires two: Economics and Accounting and Finance. Although you can complete VEE coursework anytime, you must pass at least two actuarial exams before you can officially apply for VEE credit[1][3][6].
This requirement shapes your sequencing strategy. Many candidates choose to complete VEE courses early, often during college, because these courses usually align well with standard university classes and can be completed with less pressure compared to the exams. For example, taking VEE-approved economics or accounting courses during your junior or senior year can give you a head start. Earning a B- or better in these courses ensures you meet the minimum grade requirement to qualify for VEE credit[4][6].
However, applying for VEE credit should ideally wait until after passing two preliminary exams—commonly Exam P (Probability) and Exam FM (Financial Mathematics). This sequence is beneficial because:
It complies with SOA and CAS rules, avoiding unnecessary administrative back-and-forth.
Having passed foundational exams improves your understanding of the VEE subjects, especially Mathematical Statistics, making applications smoother and more confident.
Some employers cover VEE application fees, so waiting until you’re employed can save money and streamline paperwork[1][4][5].
Practical example: Suppose you passed Exam P in your second year and Exam FM in your third. You might have completed VEE courses during your third and fourth years. After passing your second exam, you can apply for VEE credits in batches instead of piecemeal, reducing processing times and keeping your credentials organized.
Speaking of processing times, it’s critical to factor in the 4-6 week waiting period after submitting official transcripts and applications for your VEE credits to appear on your SOA record[2][9]. Planning ahead prevents last-minute surprises. Send your official transcripts directly from your school to the SOA VEE administration—emails or unofficial transcripts won’t be accepted—and keep track of your applications by confirming receipt via email.
Another strategic tip is to sequence your exam and VEE efforts based on your personal strengths and academic background. For example, if your undergraduate program was heavy on economics and finance but lighter on statistics, you might want to prioritize completing your Economics and Accounting VEE courses first and leave Mathematical Statistics for later. Alternatively, if you’re comfortable with statistics but new to finance, you might start with the Mathematical Statistics VEE and tackle finance-related courses afterward.
A good approach is to map out a study calendar that balances exam prep with VEE coursework. Since VEE courses often take around 30 hours or less to complete, they can fit into your schedule during lighter exam periods or as a break from intense exam study sessions[5]. This can prevent burnout and maintain steady progress.
Additionally, when preparing for exams, keep in mind that knowledge from VEE courses often supports your exam material. For example, understanding economics principles can provide context for certain actuarial problems, and having a solid grasp of accounting and finance concepts enriches your financial mathematics studies. Strategically sequencing VEE courses before or alongside preliminary exams can enhance your comprehension and performance.
From a personal perspective, many successful candidates find it helpful to treat VEE coursework like mini-projects rather than chores. Engaging with real-world applications of economics or finance during your courses can make the learning more interesting and relevant. For example, when studying accounting, try analyzing actual financial statements or market trends, connecting theory to practice. This not only reinforces your knowledge but also builds confidence for future professional roles.
Statistically speaking, candidates who complete VEE credits during college tend to have a smoother certification path. According to various actuarial program reports, those who finish VEE requirements early often reduce total certification time by several months, avoiding bottlenecks later in their careers[6]. The ability to focus solely on exams once VEE credits are secured is a significant advantage.
One cautionary note: don’t delay applying for VEE credit once eligible. The SOA does not keep transcripts on file, so you must submit official transcripts each time you apply for a new VEE credit. Waiting too long or losing track of your paperwork can cause unnecessary delays and complications[2]. Keep an organized folder with all course details, grade slips, and official transcript requests to streamline this process.
In summary, a smooth actuarial certification path comes down to thoughtful sequencing:
Complete VEE courses early, preferably during college, to capitalize on existing coursework and reduce future stress.
Pass at least two preliminary exams before applying for VEE credit to meet requirements and improve your understanding.
Submit official transcripts promptly and track your applications to avoid delays.
Plan your study schedule to balance exam prep with VEE coursework, using VEE courses as productive breaks or complementary learning.
Leverage your strengths and interests to prioritize VEE topics, enhancing both enjoyment and efficiency.
Engage with VEE material practically to build real-world skills and motivation.
By following these practical steps and tailoring your path to your circumstances, you’ll find the actuarial certification process more manageable and rewarding. Remember, it’s not just about checking boxes—it’s about building a strong foundation that will serve you throughout your actuarial career.