Drake University has received approval from the Society of Actuaries (SOA) to expand its University-Earned Credit (UEC) program offerings. This will enable students in the University’s School of Actuarial Science and Risk Management to earn credit for a broader range of SOA exams by attaining required UEC scores in related courses.
The SOA’s Exam FM (Financial Mathematics) and Exam SRM (Statistics for Risk Modeling) included in the initial roll-out of the program will now be joined by Exam FAM (Fundamentals of Actuarial Mathematics). Having completed at least one exam gives students an advantage as they look for actuarial internships and chart their career path after graduation.
“Our ability to be one of the few business schools to offer students the opportunity to earn valuable exam credit is made possible by Drake’s continued elite standing as an SOA Center of Actuarial Excellence,” said Alejandro Hernandez, dean of the Zimpleman College of Business, which is home to Drake’s actuarial science program. “The expansion of these new pathways builds on our program’s high academic standards—guided by the SOA—to ensure that our students have a strong foundation for success.”
The leadership and faculty of Drake’s School of Actuarial Science and Risk Management rolled out the UEC program in the 2022–2023 academic year and the success rate of students enrolled in the courses that offered Exam FM Exam SRM credit was strong: 65% of students enrolled attained the required UEC scores. The School of Actuarial Science is structuring the related courses to meet standards established and monitored by the SOA. The development work conducted by the School to achieve and maintain its UEC status is facilitated by support from EMC Insurance Group, Inc.