Students may be exempted from SIEO W4105, SIEO W4107, ECON W3211, and ECON W3212 if equivalent courses have been taken prior to enrollment in the program. Students may be exempted from STAT W4440 and BUSI W3003 if equivalent courses have been taken prior to enrollment in the program and the equivalent courses satisfy the Society of Actuaries requirements for Validation by Educational Experience (VEE). Students may be exempted from ACTU 4840 if they have passed exam FM/2. Under no circumstances will students be exempted from ACTU K4820 and ACTU K4825. The academic advisor grants exemptions based on a transcript review and results on placement examinations, administered when necessary. Students may be exempted from no more than two required courses without replacing those courses with approved electives.