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Center of Actuarial Excellence Actuarial Science at Illinois State University
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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, 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 Statistics

  • Mathematics 351, Statistics and Data Analysis, for classes taken in the period between August 16, 2001 and December 31, 2020 (and later on, if renewed after that date).

VEE Economics

  • Economics 101, Principles of Microeconomics, approved for microeconomics component only, for  this class taken in the period August 15, 2018 -- December 21, 2022 (and later on, if renewed after that date), note that you should take both ECO 101 and ECO 102 to get full VEE credit,
  • Economics 102, Principles of Macroeconomics, approved for macroeconomics component only, for this class taken in the period January 14, 2019 -- December 21, 2022 (and later on, if renewed after that date), note that you should take both ECO 101 and ECO 102 to get full VEE credit,
  • Economics 105, Principles of Economics, approved for this class taken in the period January 1, 1998 -- August 15, 2019, note that this class is no longer offered effective Fall 2019 semester,
  • Economics 240, Intermediate Microeconomic Theory, along with Economics 241, Intermediate Macroeconomic Theory, approved for these classes taken in the period 1984-2020 (and later on, if renewed after that date), or
  • Economics 440, Advanced Microeconomic Theory, along with Economics 441, Advanced Macroeconomic Theory, approved for these classes taken in the period 1984-2020 (and later on, if renewed after that date).

VEE Accounting and 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), and ACC 131 (Financial Accounting) approved for these classes taken in the period 1991-2020, (and later on, if renewed after that date) 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), and ACC 131 (Financial Accounting), taken in the period 2002-2020 (and later on, if renewed after that date), 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), and ACC 131 (Financial Accounting), approved for these classes taken in the period 1991-2020 (and later on, if renewed after that date), or
  • MBA 440, Financial Management, taken in the period 1991-2020, along with Mathematics 483, Mathematical Models in Finance and Investments,and ACC 131 (Financial Accounting), taken in the period 2002-2020 (and later on, if renewed after that date), or
  • Agriculture 418, Advanced Agricultural Finance, and ACC 131 (Financial Accounting), approved for classes taken in the period 2000-2020, or
  • Agriculture 315, Financial Management and Analysis of the Agriculture Firm, and ACC 131 (Financial Accounting), approved for classes taken in the period 2000-2020.

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.