Announcement: SOA congratulates the new ASAs and CERAs for May 2022.

University-Earned Credit (UEC) Program

The University-Earned Credit (UEC) program allows university students 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.

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. 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.
  • 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 with the course syllabi, any course mid-terms as well as the final exam questions, responses and grading schemes for any UEC-applicant courses no later than 4 weeks after the start of the term. Materials must be provided in English regardless of the language taught in the classroom.
  • No bonus or extra credit points may be added during midterm or final exam grading when calculating student scores for UEC.
    • Instructors may make additional assignments (such as quizzes and group projects) that count for the course grade but are not factored into the UEC mark.
  • 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 review of each CAE offering UEC every three years. In the interim, universities will submit annual reports to the UEC Oversight Committee (OC) that indicate if there have been changes that may affect continuing eligibility.

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 a degree-seeking student at a UEC-approved CAE university at the time credit is earned (course(s) taken).
  • 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.

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.

Application and Guidance

2021-2022 Review Cycle – Application Due Date October 18, 2021

 

UEC Application Form

UEC Program Requirements

Guidance on AQ and EQ Education

AQ/EQ Worksheet


1 FAM exam counts as a complete exam, and FAM-L and FAM-S are each considered as one-half of FAM for UEC minimum exam requirements.