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Edition

Validation by Education Experience VEE

Validation by Education Experience (VEE)

by Society of Actuaries

The SOA Basic Education system is undergoing revision to improve and update the education it provides. The first phase of the Education Redesign Experience under the new preliminary education program will be implemented as of January 1, 2005. It is being jointly sponsored with the Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA).

Preliminary education is made up of three components:

  • Prerequisites, which will not be validated

  • Four examinations

  • Three topics that will require Validation by Educational Experience (VEE)

This article will focus on the three VEE topics, including:

  • Applied Statistical Methods

  • Corporate Finance

  • Economics

Topics appropriate for VEE are those that are either best learned in a classroom environment or are somewhat peripheral to actuarial work. Applied statistics requires analysis of data that is very difficult to validate with a traditional multiple-choice exam. While corporate finance and economics are not core topics, they are important enough to have some verification of learning take place.

Four Ways to Get VEE Credit
Validation by Educational Experience can be accomplished in one of four ways:

  • College Course(s)
    Complete one or more courses offered by a college or university and approved by the CAS, CIA, and SOA. Candidates must receive a grade of B- or better in each course. If the institution does not use letter grading, an appropriate translation will be determined.

  • Standardized Examination
    Achieve a pre-set score on a standardized examination as determined by the CAS, CIA and SOA. Specified score minimums on the Advanced Placement (AP) and College Level Examination Program (CLEP) tests for micro and macroeconomics will be accepted as VEE credit for economics. The VEE Administration Committee (VEEAC) will determine which other examinations qualify and the score required for credit.

  • Other Educational Experiences
    Complete other educational experiences as approved by the CAS, CIA and SOA. The organizations are currently identifying appropriate alternatives.

  • Transitional VEE Exams
    Achieve a passing grade on a CAS transitional VEE exam that will be offered through at least 2006.

Approval of Courses/Experiences
The VEE administration committee determines which college courses, standardized exams and other educational experiences are appropriate for VEE credit. Before a candidate may submit an application to receive individual credit for a VEE topic, the course or educational experience itself must first be approved. Approval will be based on a set of published guidelines. Requests for course/experience approval may currently be submitted by the institution, or submitted by the candidate, beginning in January 2005.

Approval of Individual VEE Credits for Candidates
Beginning in January 2005, candidates who have credit for at least two actuarial examinations may submit an application for their own VEE credits. In addition to the application, candidates will be required to arrange for an official transcript to be submitted to the VEE Administrator.

More information on VEE, including guidelines, applications, approved courses etc. can be found at VEE–Validation by Educational Experience