Drake University has received University-Earned Credit (UEC) status from the Society of Actuaries (SOA). This will enable students in the university’s School of Actuarial Science and Risk Management to earn credit for select SOA exams by attaining required UEC scores in related courses. The SOA’s Exam FM (financial mathematics) and Exam SRM (statistics for risk modeling) will be included in the initial roll-out of the program which is made possible by Drake’s elite standing as an SOA Center of Actuarial Excellence (CAE).

“This new pathway demands a high academic standard to ensure that the same exam rigor is present in our curriculum so Drake’s CAE status provides our students an ideal foundation for success,” said Alejandro Hernandez, dean of the College of Business and Public Administration, which is home to Drake’s actuarial science program. “The UEC is the first step in the SOA’s new modernized and modularized education system designed to empower students. We are eager to be on the leading edge of this initiative to offer new options and opportunities for students and employers.”

The leadership and faculty of Drake’s actuarial science program completed a comprehensive application process to earn the UEC status. This submission included evidencing work done to structure the related courses to meet standards established and monitored by the SOA. This new option, available starting in the fall 2022 semester, will allow students enrolled in the university’s actuarial science program to earn credit for the FM and SRM exams after receiving required scores in respective courses that cover the exam’s syllabus. The development work conducted by the School of Actuarial Science and Risk Management to achieve the UEC status was facilitated by support from EMC Insurance Group, Inc.

— Alejandro Hernandez, Dean, CBPA