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Courses Related to the Actuarial Examinations

The following information is provided for students who intend to take the Actuarial Examinations and want to know what courses might provide an adequate background. Note: In all cases, the correlation is only approximate, and students should use study materials specific to the given examination. For recommendations, helpful advice, and group study sessions, contact the UW Actuarial Club at

Exam P/1: Probability

Covers the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. Coursework: MATH 394, 395

Exam FM/2: Financial Mathematics

Covers the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting, and valuing contingent cash flows.

Recommended coursework: FIN 350, 461, 466

Exam MFE/3F: Models for Financial Economics

Covers the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks.

Coursework: FIN 461, 466

Exam MLC/LC: Models for Life Contingencies

Covers the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks.

Recommended coursework: STAT 341, 342, MATH/STAT 491

Exam C/4: Construction and Evaluation of Actuarial Models

Covers a variety of useful frequency and severity models and requires an understanding of the steps involved in the modeling process and how to carry out these steps in solving business problems. The candidate should be able to: 1) analyze data from an application in a business context; 2) determine a suitable model including parameter values; and 3) provide measures of confidence for decisions based upon the model.

Recommended coursework: STAT 341, 342, MATH/STAT 491

Validation by Educational Experience (VEE)

Economics: ECON 200 and 201

Applied Statistical Methods: ECON 424, 482, or 483

Corporate Finance: FIN 350