SOA Exam Fee Refund Part 2 - exam update
After a few months of discussion, I will share everything I know with my instructor and the person responsible for this reimbursement application at my university. (Maybe in the next post)
I previously studied actuarial science with a bachelor of science (honor degree) at Tulku Abdul Rahman University and tried to apply for this reimbursement in the last semester. My university has been working with SOA for many years through universities and colleges with actuarial programs (UCAP).
Only students/staff studying/working at the university under UCAP are eligible to submit a refund application in this way. Anyone can check the status of UCAP at the university or search for "SOAUCAP" from the official SOA link.
At the bottom of this page, you will see a list of universities or universities that are working with SOA under UCAP. For my country, Malaysia, there are nine of them, as shown in the image below.
Universities and colleges have several benefits of being a co-partner with SOA under the UCAP program. One of these is a 100% SOA exam fee refund of up to the US $ 500 for the three high-scoring individual students following the SOA Actuarial Preliminary Exam.
- SOA exam IFM
- SOA exam LTAM
- SOA exam STAM
- SOA exam PA
- SOA exam SRM
- FAP assessment and fellowship level exams.
This redemption application process is similar to submission from the official website. When submitting from the official website, all relevant documents must be submitted and some documents must be confirmed by the university.
Therefore, another advantage of applying for a refund of the SOA exam fee Refund through a university or college is that it saves a lot of effort and time to complete the application.
Also, you do not need to prepare any university or college-related documents, and you do not need a verified document if you apply for a refund program through a university/college.
When I studied actuarial science in the first two years, I didn't know about the SOA Exam Fee Refund Reimbursement Program before. After attending several seminars hosted by instructors and experts, I started learning it. After that, I contacted the person in charge and submitted the application one year after passing the SOA exam IFM two months later.
The following content was provided by a former SOA Exam Fee Refund reimbursement program representative at my university. It may give you some enlightenment or useful information that very few people know.
I would like to take this opportunity to encourage students to take advantage of this benefit. If you have an SOA exam grade (only for IFM, LTAM, STAM, and SRM), please submit your application.
The details of this (updated) scheme are as follows:
Since University Turku Abdul Rahman (UTAR) has been recognized and listed by the SOA in UCAP-AC, the SOA will refund the exam fees for the three students (application must be made through a DMAS representative).
The requirements for being eligible for this redemption scheme are:
- The grade release date serves as the exam qualification date.
- Only annual refunds are offered to certain students.
This scheme includes only the following checks:
- Investment and financial markets;
- Actuarial science;
- Actuarial science;
- Risk modeling statistics.
There are a few things to keep in mind with this application.
- Students can send an application upon receipt
- Exam results
- Students must send their resume with them.
- Email etiquette is very important.
- Internally, there are three deadlines.
- March 31
- August 15
- December 15th
Only the best applicants will be selected for each deadline.
If there are any remaining quotas after March 31st, there will be an additional opening from April 1st to June 20th.
The results of my SOA exam IFM grade were released in late January and therefore belonged to the deadline prior to March 31st. This is the last deadline for the UTAR school year from June 2020 to May 2021.
All you have to do is prepare all the documents your university needs and submit them by email to the person in charge. Before submitting your application, please make sure your email and resume are well written. Otherwise, your chances may be lower if you have competitors.
My Refund Application
When I submitted my application, I knew that there was at least one competitor for this refund. Why do you know there are competitors? Well, I helped him find the location and date of his SOA exam IFM, otherwise, he might take the exam months later due to lack of available locations.
However, he managed to find it after notifying him that there were vacant seats when he occasionally searched for schedule arrangements to schedule exam dates on the Prometric Exam Center website. How lucky was he?
We were both confident that we would pass the exam on the same day and get a higher score.
Therefore, I moved to an internship program based on the Work From Home (WFH) policy enforced by the Malaysian government.
A few months later, a week before the IFM results for the SOA exam were announced, I tried to email most of the required documents (resume and application) to the person in charge. He stated that he had only one seat left and asked me to update him when the results were announced.
On January 25th, two of us got the results and got 8 out of 10 on the SOA exam IFM. I will immediately submit a complete application with my grades attached to the email I sent to update him.
A month later, the person in charge notified me that a competitor had successfully applied for me. The decision was made after discussions with several instructors at the university.
it was a sad event for me because it was me who helped him find a seat for the exam. The next time I do not help him and let him take the exam, I will be the only candidate to take a preliminary actuarial exam before the final deadline of our college.
So my heartfelt action cost the US $ 300. This was equivalent to the SOA Exam IFM fee, which was approximately over RM1200. I can't complain because this was what we called-FATE. And it wasn't good to inform them of this case, as I seem to be the one who is fighting very hard for this redemption.
There was nothing I couldn't do other than accept the decision.
Refund Process Part 2 Ending
Therefore, it is much better to apply for the SOA Preliminary Actuarial Exam Reimbursement Program through the university. This saves a lot of effort and time to complete the application.
Each candidate will only receive one refund on the SOA exam for each academic year of the university. Therefore, it would be much better if we could get the exam results early in the school year. If the first attempt fails, you will have the opportunity to reapply.
Therefore, I would like to share all of this to save on the cost of taking the SOA Actuarial Preliminary Exam, especially if you are a college or college student under the UCAP program.
We hope to get a high score on the SOA exam and see you in the next post.
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