The examination 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.
The Financial Mathematics exam consists of three 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.
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.
VEE Corporate Finance
The topic of Corporate Finance 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.
The Models for Financial Economics exam consists of three hours of multiple-choice questions. This material develops the candidate’s knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability and interest theory is assumed. Knowledge of risk management at the level of Exam P is also assumed. In addition, candidates are assumed to be familiar with the earlier chapters of the McDonald text, which are in the syllabus of Exam FM.
The Construction of Actuarial Models exam consists of three and a half 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.
Fundamentals of Actuarial Practice (FAP) e-Learning Course
Fundamentals of Actuarial Practice (FAP) e-Learning Course is a self–paced, e–Learning course composed of eight modules where candidates acquire and use knowledge that is distributed and facilitated by electronic means. This course teaches candidates about the business environment and exposes them to real–world situations by using the Control Cycle as a practical problem–solving framework that applies to all aspects of actuarial work.
Enterprise Risk Management Exam
The Enterprise Risk Management (ERM) examination is a four hour examination covering key topics in enterprise risk management and is a key component of the pathway for earning the Chartered Enterprise Risk Analyst credential. The candidate will learn to understand, identify, analyze, measure, manage and allocate risk using models and metrics.
Enterprise Risk Management Module
The Enterprise Risk Management 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 Enterprise Risk Management Module in addition to the other CERA credential requirements. This module introduces candidates to enterprise risk management. Topics include building and evaluating a risk management framework, regulatory requirements, operational risk, models and metrics and economic capital.
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.
Strong Professional Network
The SOA is an educational, research and professional organization dedicated to serving the public and its 23,000+ members.