VEE Requirements: Economics, Accounting, and Statistics
Everything you need to know about fulfilling VEE requirements for SOA and CAS credentials.
What VEE Covers
Validation by Educational Experience (VEE) covers three areas that the SOA and CAS consider essential for actuarial practice but choose to validate through coursework rather than exams. The three topics are Economics (micro and macroeconomics), Accounting and Finance (financial accounting and corporate finance), and Mathematical Statistics (regression and time series). Both SOA and CAS accept the same VEE credits, so completing them once satisfies the requirement for either organization.
The rationale behind VEE is that these topics are best learned through a structured course format with assignments, projects, and instructor feedback rather than through a high-stakes exam. The coursework approach also recognizes that most actuarial candidates encounter these subjects during their undergraduate education, making a separate exam redundant for many students.
VEE Economics in Detail
The VEE Economics requirement covers both microeconomics and macroeconomics. Microeconomics topics include supply and demand, consumer theory, producer theory, market structures (perfect competition, monopoly, oligopoly), and welfare economics. Macroeconomics topics include national income accounting, inflation, unemployment, monetary policy, fiscal policy, and international trade.
Most universities offer a two-course introductory economics sequence (often called Principles of Microeconomics and Principles of Macroeconomics or Econ 101 and 102) that satisfies this requirement. Some universities offer a single-semester survey course that covers both micro and macro; check the approved course list to determine whether your university's survey course qualifies, as not all do.
VEE Accounting and Finance in Detail
The Accounting and Finance requirement typically requires two courses: one covering financial accounting fundamentals and one covering corporate finance. Financial accounting topics include the balance sheet, income statement, cash flow statement, revenue recognition, and basic financial statement analysis. Corporate finance topics include time value of money, capital budgeting, cost of capital, capital structure, and risk management.
Business school students usually complete both courses as part of their core curriculum. Actuarial science and mathematics majors may need to take these as electives. The accounting course is particularly important for actuaries who will work in financial reporting or valuation roles, while the corporate finance course provides context for investment and pricing decisions.
VEE Mathematical Statistics in Detail
The Mathematical Statistics requirement covers regression analysis and time series analysis. Specific topics include simple and multiple linear regression, model diagnostics, hypothesis testing for regression parameters, autoregressive models, moving average models, and ARIMA models. This requirement was updated in recent years, so candidates should verify they are referencing the current specifications.
Statistics and data science programs almost always include qualifying coursework. Mathematics programs may cover regression but not always time series, which could require an additional elective. The SOA and CAS maintain updated lists of approved courses by university, so check these lists before assuming your courses qualify.
Fulfilling VEE Through College Coursework
The easiest path is completing VEE-approved courses during your undergraduate degree. Most actuarial science, business, and economics programs include courses that satisfy these requirements. Map out which courses in your program correspond to each VEE topic during your sophomore year so you can fit them into your schedule. If your program does not cover all three VEE areas, plan electives from other departments to fill the gaps.
You need a grade of B- or better in approved courses. This grade requirement applies to each individual course, not to an average across courses. If you receive a grade below B- in a VEE-approved course, you will need to retake it or take an alternative approved course to satisfy the requirement. Keep this threshold in mind when deciding how much effort to invest in your VEE courses relative to your other academic and exam commitments.
Fulfilling VEE After Graduation
If you did not complete VEE during college, approved online courses from providers like Coaching Actuaries and ACTEX are available. These courses are designed specifically for VEE fulfillment and focus on the required topics without the broader academic content of a full university course. They are typically self-paced and can be completed in four to eight weeks of part-time study.
Online VEE courses generally cost between $200 and $500 per topic. Some employers reimburse VEE course costs as part of their exam support program, so check your company's policy before enrolling. The online format is particularly convenient for working professionals who need flexibility in their schedules.
The Approval Process
Submit your transcripts to the SOA or CAS for approval after completing each VEE topic. The approval process involves uploading an official transcript showing the course name, grade, and institution. If your course is on the approved list, approval is typically granted within a few weeks. If your course is not on the approved list, you can submit a course description for individual review, but this process takes longer and approval is not guaranteed.
VEE credits do not expire once approved, and they transfer between the SOA and CAS. If you initially pursue the SOA pathway and later switch to CAS (or vice versa), your VEE credits remain valid. This portability is one of the advantages of completing VEE early in your career, regardless of which organization you ultimately pursue.
Planning VEE in Your Overall Timeline
Plan to have all VEE requirements met before applying for your associateship designation. VEE completion is a prerequisite for receiving both the ASA and ACAS credentials, and candidates who complete all their exams but still have outstanding VEE requirements face a frustrating delay. The ideal approach is to complete VEE during college, but if that is not possible, schedule VEE courses during breaks between exam study periods to maintain steady progress toward your credential.