Exams Overview
Exam P
The examination for this material consists of three hours of multiple-choice questions and is now being offered as a computer-based test. The purpose of this exam's course of reading is to develop knowledge of 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 probability topics and the supporting calculus is assumed.
Exam FM
The Financial Mathematics exam for this material consists of two and one-half hours of multiple-choice questions. The goal of the Financial Mathematics course of reading is to provide an understanding of 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. The candidate will also be given an introduction to financial instruments, including derivatives, and the concept of no-arbitrage as it relates to financial mathematics.
VEE Economics
The topic of Economics requires Validation by Education Experience which is typically gained by taking approved college courses or standardized examinations. CERA credential candidates may apply for VEE credit after they have passed two examinations.
Exam M
The Actuarial Models exam is comprised of two segments. CERA candidates are required to take one segment of this exam, the MFE segment focusing on financial economics. This MFE segment exam for this material consists of two hours of multiple-choice questions.
Exam C
The Construction of Actuarial Models exam for this material consists of four hours of multiple-choice questions. This material provides an introduction to modeling and covers important actuarial methods that are useful in modeling. A thorough knowledge of calculus, probability and mathematical statistics is assumed.
Advanced Finance/Enterprise Risk Management Exam
The Advanced Finance/Enterprise Risk Management examination consists of six hours of written-answer questions on product knowledge, capital funding and structure, financial reporting, measuring value, risk management, enterprise risk management framework, ERM fundamentals, and credit risk. This exam is offered once per year, in May.
CERA Module (Operational Risk)
The CERA module is an e-Learning module where candidates acquire and use knowledge that is distributed and facilitated electronically. Candidates working towards the CERA credential will need to complete the CERA Module (FSA Module Introduction, Operational Risk Section (Section 11) and End-of-Module Exercise only) in addition to the other CERA credential requirements.
Associateship Professionalism Course
The Associateship Professionalism Course is one-half day seminar which covers professionalism, ethics and legal liability and makes extensive use of the case study method.
