CAS IT

Search CAS | 

College of Arts & Science | 

Center of Actuarial Excellence Actuarial Science at Illinois State University
Our faculty are engaged in cutting edge research, funded by various external agencies, and published in books and top-level journals.

If you have questions...

Contact the director of the Actuarial Program, by phone at (309) 438-7226 or by fax at (309) 438-5866

Validation by Educational Experience

One of the requirements of the professional actuarial education system in the United States, as administered by the Society of Actuaries and the Casualty Actuarial Society is the process of Validation by Educational Experience (VEE). This VEE process is a requirement for completing educational experiences in three areas: Economics, Finance (in 2018 this will become Accounting and Finance) and Statistics. It is mandatory for all candidates seeking to attain actuarial certifications from these societies. In order for an educational experience to count in the professional actuarial education system, it must be approved by the VEE Committee of the Society of Actuaries and the Casualty Actuarial Society.

The following Illinois State University classes are approved as VEE Courses (a student must obtain a grade of at least B- to receive the VEE Course credit), and upon completion of two regular actuarial examinations can be submitted for certification by the Society of Actuaries and the Casualty Actuarial Society (see instructions near the bottom of this page):

VEE Applied Statistical Methods

  • Mathematics 353, Regression and Time Series Analysis, approved for this class taken in the period 1996-2017, or
  • Economics 331, Intermediate Economic Statistics, along with Economics 438, Econometrics I, approved for these classes taken in the period 1996-2005, or
  • Economics 437, Fundamentals of Econometrics, along with Economics 438, Microeconometrics, approved for these classes taken in the period 2005-2017.
  • Mathematics 453, Regression Analysis, is approved for the regression part only of the VEE Applied Statistical Methods requirement for the period 1988-2017.

VEE Economics

  • Economics 105, Principles of Economics, approved for this class taken in the period 1998-2017, or
  • Economics 240, Intermediate Microeconomic Theory, along with Economics 241, Intermediate Macroeconomic Theory, approved for these classes taken in the period 1984-2017, or
  • Economics 440, Advanced Microeconomic Theory, along with Economics 441, Advanced Macroeconomic Theory, approved for these classes taken in the period 1984-2017.

VEE Corporate Finance

  • Finance Insurance and Law 341, Intermediate Business Finance (actuarial students should plan to take this class in the Spring semester), along with Finance, Insurance and Law 242, Investments (actuarial students should plan to take this class in the Fall semester), approved for these classes taken in the period 1991-mid 2018, or
  • Finance Insurance and Law 341, Intermediate Business Finance (actuarial students should plan to take this class in the Spring semester), taken in the period 1991-mid 2018, along with Mathematics 483, Mathematical Models in Finance and Investments (offered only on the Fall), taken in the period 2002-mid 2018, or
  • MBA 440, Financial Management, along with Finance, Insurance and Law 242, Investments (actuarial students should plan to take this class in the Fall semester), approved for these classes taken in the period 1991-mid 2018, or
  • MBA 440, Financial Management, taken in the period 1991-2017, along with Mathematics 483, Mathematical Models in Finance and Investments, taken in the period 2002-mid 2018, or
  • Agriculture 418, Advanced Agricultural Finance, approved for classes taken in the period 2000-2017, or
  • Agriculture 315, Financial Management and Analysis of the Agriculture Firm, approved for classes taken in the period 2000-2017.

To receive credit for a subject, candidates will need a grade of B- or better in each of the associated courses. Students should follow instructions at the web site describing approved VEE courses: http://www.soa.org/education/exam-req/edu-vee.aspx for submission of their class transcript to receive credit in the new actuarial examination system. A student must have credit for two regular actuarial examinations before submitting such an application.

Our program has also received Validation by Educational Experience approval for the

New VEE requirements that will become effective in mid 2018:

- For VEE Mathematical Statistics, our Mathematics 351 will satisfy the requirement, for classes taken in the period between August 16, 2001 and December 31, 2020 (and later on, if renewed after that date).

- For VEE  Acounting and Finance, all current VEE Finance classes at our university are retained past mid 2018, but to receive full VEE Accounting and Finance certification, students must have taken our Accounting 131 class between August 16, 1999 and December 31, 2020 (and later on, if renewed after that date).

• Our VEE Economics approvals remain in place till December 31, 2020 (and later on, if renewed after that date).