VEE stands for Validation by Educational Experience. It's how the actuarial societies confirm you've learned three foundational subjects (economics, accounting and finance, and mathematical statistics) without making you sit an exam in them. You satisfy each one with qualifying university coursework (usually a B minus or better), one of the societies' listed online courses, or certain standardized exam credits, and you can do it before, during or after your first sittings of Exam P and Exam FM.
How VEE fits the designations
VEE is one of the requirements for the Associate designation, along with the preliminary exams and the education modules. It doesn't replace an exam, and you don't need it to sit one, only to be awarded the credential.
Scroll horizontally to view all columns.
| Society | Associate | Fellow | VEE required for |
|---|---|---|---|
| SOA (life, health, pension) | ASA | FSA | ASA |
| CAS (property and casualty) | ACAS | FCAS | ACAS |
The ASA (Associate of the Society of Actuaries) requires the SOA preliminary exams, VEE, the education modules and a professionalism course, and the FSA adds a specialty track and fellowship exams. The ACAS (Associate of the Casualty Actuarial Society) requires the CAS preliminary exams (including MAS-I and MAS-II), VEE, online courses and a course on professionalism, and the FCAS adds the upper exams (5 through 9).
Both societies grant Associate first and Fellow later. Associate usually comes a few years in, and Fellow takes 5 to 10 years total. The actuary salary and career path guide covers what each milestone pays.
Satisfying VEE
University coursework is the most common route: each subject at or above the grade the society requires. That's why a math, economics or actuarial science major often finishes VEE without any extra effort. If your transcript doesn't cover a subject, the societies' listed online courses fill the gap, and in some cases certain standardized exam credits count toward part of the requirement, subject to the society's current rules.
The qualifying-course lists and the exact subject definitions differ slightly between the SOA and the CAS, and both update their lists from time to time, so check the society's current VEE page rather than a secondhand list.
What to do first
For early hiring and internships, passed exams count for more than VEE. A recruiter reads "Exam P and FM passed" as the strong signal and expects VEE to fall into place through your degree. So sit Exam P or Exam FM as early as you can, keep your VEE course grades where they need to be, and complete the formal VEE validation when you put together your Associate application.
The practice is free on FreeFellow. Take the free Exam P diagnostic to see where you stand, then work the full bank with worked solutions on a free account. If you're still choosing a society, the SOA vs CAS quiz and the SOA vs CAS path guide will help.