University-Earned Credit (UEC) Program

The University-Earned Credit (UEC) program allows university students the opportunity to earn credit for SOA exams by attaining a required score on university coursework at Centers of Actuarial Excellence (CAE). A comprehensive evaluation process ensures that UEC courses and exams meet the high standards for the program.

View our employer fact sheet to learn more about what actuarial employers should know about candidates with UEC.

University Requirements

Refer to the UEC Program Requirement Guidelines for the full UEC requirements.

An existing CAE applying for UEC must have held CAE status for at least two years. CAEs named after the implementation of UEC may apply for UEC after two years as a CAE. (Because there are two CAE award cycles per year, the following rules apply: CAEs with approvals beginning January 1 may apply for UEC during the cycle immediately preceding their 2-year approval date. CAEs with approvals beginning July 1 may apply for UEC during the cycle immediately following their 2-year approval date.) CAEs currently under remediation for their CAE status may not apply for UEC until they are fully compliant with all CAE criteria. The CAE must agree to site visits every three years to be eligible for UEC.

The following are requirements specific to the courses and exams for UEC approval. A site visit will be conducted to ensure UEC requirements are being met.

The CAE must meet UEC course coverage and administration requirements for a minimum of two exams for which UEC is available. [1]
The CAE must have one full-time faculty member who is an SOA member actuary (ASA or FSA) who will serve as the CAE’s Accreditation Actuary. This faculty member will work closely with an External Examiner in reviewing coursework, syllabi, and exams.
- If there is no SOA member on the faculty, then a faculty member who is a credentialed actuary for CAE purposes may be approved to serve as the Accreditation Actuary.
- UEC course faculty may be determined at the discretion of the university as long as any non-regular instructor is being supervised by a permanent faculty member who is ultimately responsible for following the UEC policies.
UEC course(s) must have coverage of at least 85% of the related exam’s learning objectives with alternative material making up the difference.
80% of the grading points for each UEC course must be based on proctored examinations.
The final exam for the UEC course must be cumulative (covering material from throughout the course) and be worth a minimum of 50% of the grading points for the course.
The CAE must provide their assigned External Examiner the course syllabi, mid-term and final exam questions, responses, grading schemes, and a mapping of questions to the SOA syllabus for any UEC courses no later than 6 weeks prior to the first day of the university established finals window. Materials must be provided in English regardless of the language taught in the classroom.
- Any exam scheduled to take place early in the term must be submitted to the External Examiner no later than 4 weeks before that exam is administered. This may mean that some exams/midterms are due before the established date from the start of the finals window.
The distribution of grading points must be clearly stated in the course syllabus.
- The final exam may NOT be dropped
- If there is more than one midterm exam, lowest grade may be dropped as long as it’s explicitly stated in the syllabus and applied across all students
- No bonus or extra credit points may be added during midterm or final exam grading when calculating student scores for UEC.
The number of courses used to cover a given exam should be kept as low as possible and must not exceed the following:
- FM – 1 course maximum
- SRM – 3 courses maximum
- FAM – 2 courses maximum
- FAM-L – 1 course maximum
- FAM-S – 1 course maximum
- ALTAM only – 2 courses maximum
- ASTAM only – 2 courses maximum
- FAM-L & ALTAM sequence – 3 courses maximum
- FAM-S & ASTAM sequence – 3 courses maximum

Refer to the UEC Program Requirement Guidelines for FAM-L & ALTAM and FAM-S & ASTAM sequence requirements.

If the CAE offers more than one section of the same UEC course in a given term, all sections must follow UEC requirements and are subject to one of the following:
- All sections must share common UEC-approved midterm and final exams that must be given on the same date and time for security reasons
  or
- Multiple sections that do not share common midterm or final exams will be evaluated separately for UEC.

Testing guidelines must be followed when administering course exams to students in UEC courses. These guidelines will be similar to those the SOA has historically used for the administration of exams and highlight protocols such as spacing between students and use of additional proctors when student numbers are higher.

In addition to the above course/exam requirements, CAEs applying for UEC must demonstrate that skills related to Adaptability Quotient (AQ) and Emotional Intelligence or Emotional Quotient (EQ) are appropriately incorporated and assessed across the program and that all degree-seeking students have access to those components. The UEC AQ/EQ assessment will require coverage demonstrated for all four learning objective areas noted in the AQ/EQ guidance and worksheet.

Refer to the UEC Guidance on AQ and EQ Education and the AQ/EQ Worksheet for further information.

There will be a comprehensive site visit and evaluation of each CAE approved for UEC every three years. Between 3-year reviews, UECs will be subject to regular review of their syllabi and exams to ensure compliance with program requirements.

For universities that have become, or are on the verge of becoming, unqualified, the OC will implement a remediation process similar to that used for CAE. However, if circumstances are such that the courses themselves do not meet UEC standards, the ability to participate in the UEC program for those courses will be immediately suspended.

Candidate Requirements

Candidates seeking to attain UEC must meet the requirements below.

The student must be enrolled at a UEC-approved university in a program that leads to a certificate or a degree at the time credit is earned (course(s) taken).
- Students enrolled at a UEC-approved university as an exchange student must be registered for at least one full academic term at the institution. Students must complete all required course(s) while at the host university (credit may not be transferred to another institution).
The student must score at or above the approved UEC mark on the required course(s) for the SOA exam sought.
If more than one university course is required for an exam, the student must:
- meet or exceed the UEC mark in all courses within a two-year period.
- meet or exceed the UEC mark in all courses at the same CAE university.
If the university allows students to repeat a course to earn a higher grade, the student may use the second attempt for UEC purposes.
The student must submit a UEC Candidate Application and the fee within two years of the end of the term in which the last course required for that exam was completed.

Eligible Courses

UEC-eligible exams are: FM, SRM, FAM, FAM-L, FAM-S, ALTAM and ASTAM
- CAE universities will apply and be approved to offer UEC courses for two or more of these exams. Check with your CAE university to see which UEC courses are available.
Exam P is not eligible for UEC.

UEC Candidate Fee

Candidates will pay the full exam fee (less any student discount) at the rate that is in effect at the time the UEC Candidate Application is submitted.

SOA Exam Registration Fee Refund Policy

The SOA exam registration fee for an eligible UEC exam may be refunded for a qualified UEC student under the following conditions:

The course is the last in its sequence (e.g. the third and final course in a three-course sequence) and the student has already met the UEC mark in all other courses required to earn the credit.
The exam registration deadline falls within the academic term or grading period for the course.
The SOA exam takes place after the end of the academic term.
The student meets the UEC mark and is reported to the SOA as eligible for UEC.

All exam refund requests must be made in writing to UEC@soa.org with documentation that demonstrates the end date for the course.

Please see the UEC Program Candidate Information for further guidance

Program Oversight

The UEC OC determines if CAE universities meet the UEC requirements, should the university apply. It oversees the operation of the UEC program and is responsible for approving CAE courses for university-earned exam credit. The OC will approve each university’s Accreditation Actuary and appoint External Examiners.

The CAE Evaluation Committee (CEC) evaluates universities for CAE and will confirm CAE status for any UEC applicant universities. The CEC coordinates with the UEC OC with regard to CAE applicants for UEC and will increase the frequency of CAE site visits from every five years to every three years for those universities.

UEC Program Frequently Asked Questions (FAQs)

Questions about the UEC program can be sent to UEC@soa.org.