University-Earned Credit (UEC) Program

The University-Earned Credit (UEC) program allows university students to earn credit for SOA exams through university coursework at Centers of Actuarial Excellence (CAE). A comprehensive accreditation process ensures that CAE courses and exams meet the high standards for the program.  

University 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. Additional detail will be provided with the application materials to be published in July 2021.

  • CAE must meet course coverage and administration requirements for a minimum number of exams.
  • CAE must have at least one SOA member actuary (ASA or FSA) on the faculty 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
  • A high percentage 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 percentage of the grading points for the course.
  • No more than two courses may be used to cover a given exam.
  • If the same course is taught by more than one faculty member at a university, all sections must follow all UEC requirements to be eligible.
  • 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. More information will be provided on this aspect but it is anticipated that this would include a focus on the skills needed to communicate effectively to non-technical audiences, to influence decision-makers and to manage ambiguity and uncertainty in actuarial work.

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. Additional detail will be published in July 2021.

  • If more than one course is needed for UEC, the minimum UEC score must be earned in each course.
  • If more than one course is used, the two courses must be completed within a two-year period.
  • Only degree-seeking students at the approved CAE university are eligible for UEC. It is important that candidates receiving UEC have the benefit of the CAE-related attributes of the degree program. Transfer students who are degree-seeking are eligible for UEC. Both full- and part-time students who are degree-seeking are eligible for UEC.
  • The UEC candidate application must be submitted to the SOA, and the fee be paid within two years of the end of the semester in which the last required course was completed.

Eligible Courses

  • Exam P is not be eligible for UEC.
  • Three or four ASA-level exams, including Exam FM and Exam SRM, will be initially eligible. A full list of eligible exams will be published once the details of the program have been finalized.
  • Additional exams for the UEC program may be added in the future.

UEC Candidate Fee

Candidates will pay a UEC fee equal to the full exam fee (less any student discount if applicable).

Program Oversight

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.

The UEC OC determines if CAE universities meet the additional 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.

Additional detail on the UEC program will be published in July 2021 following the deliberation of the newly formed UEC OC. In the interim, questions may be sent to cae@soa.org.

The UEC OC determines if CAE universities meet the additional 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.

UEC Program Frequently Asked Questions (FAQs)

Additional detail on the UEC program will be published in July 2021 following the deliberation of the newly formed UEC OC. In the interim, questions may be sent to cae@soa.org.