Free Validation by Educational Experience (VEE) Exam Questions and Answers
Validation by Educational Experience (VEE) is part of the Society of Actuaries credentialing pathway. SOA exams are steps on a single sequenced pathway to Associate and then Fellow, using mnemonic codes rather than numbers — P for probability, FM for financial mathematics, FAM, SRM, PA and the advanced ALTAM and ASTAM papers. Results are reported on a 0 to 10 scale where 6 and above passes, and the pass mark is fixed before the exam is sat rather than curved.
The first 10 questions on this page are free to read, answers included — no account and no card. A plan opens the rest of the bank, the full timed practice test and your weak-topic reporting.
Last updated: September 11, 2026
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Question #1
A company expects to sell 10,000 widgets next year, what is the necessary production level to meet demand with a 20% buffer?
Please select an optionIncorrectCorrect answer: C
To calculate the production level with a 20% buffer: 10,000 * 1.2 = 12,000.
Was this answer correct?Question #2
In a certain market, if the risk-free rate is 3% and the expected return on the market is 8%, what is the expected risk premium?
Please select an optionIncorrectCorrect answer: C
The risk premium is calculated as (expected return - risk-free rate) = 8% - 3% = 5%.
Was this answer correct?Question #3
A stock has an expected return of 10% and a beta of 1.2. If the risk-free rate is 4%, what is the market return based on the CAPM model?
Please select an optionIncorrectCorrect answer: A
According to CAPM: Expected return = Risk-free rate + Beta*(Market return - Risk-free rate). Solve for Market return.
Was this answer correct?Question #4
A mutual fund has $1 million in assets and incurs a 1% management fee. What is the net asset value (NAV) after the fee?
Please select an optionIncorrectCorrect answer: B
NAV = Total assets - Management fee = $1,000,000 - ($1,000,000 * 0.01) = $990,000.
Was this answer correct?Question #5
A company has earnings before interest and taxes (EBIT) of $500,000 and interest expenses of $100,000. What is the interest coverage ratio?
Please select an optionIncorrectCorrect answer: C
Interest coverage ratio = EBIT / Interest expense = $500,000 / $100,000 = 5.0.
Was this answer correct?Question #6
If the market is efficient, which of the following statements is true regarding stock price movements?
Please select an optionIncorrectCorrect answer: B
In an efficient market, stock prices fully reflect all available information, making it difficult to predict movements.
Was this answer correct?Question #7
When diversifying a portfolio, which strategy is NOT recommended for reducing risk?
Please select an optionIncorrectCorrect answer: D
Concentrating investments in one sector increases risk, while diversification reduces it.
Was this answer correct?Question #8
If an investor expects the price of a security to increase, which option strategy would they likely employ?
Please select an optionIncorrectCorrect answer: B
Buying call options allows the investor to benefit from an increase in the price of the underlying security.
Was this answer correct?Question #9
What does the term "liquidity" refer to in financial contexts?
Please select an optionIncorrectCorrect answer: A
Liquidity measures how easily assets can be converted into cash without affecting their price.
Was this answer correct?Question #10
If an investor has a $10,000 investment that appreciates at an annual rate of 5% over 3 years, what is the future value?
Please select an optionIncorrectCorrect answer: A
Future Value = Present Value (1 + rate)^number of periods = $10,000 (1 + 0.05)^3 = $11,576.
Was this answer correct?
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Other SOA certifications
- Exam FM (Financial Mathematics) (opens in a new tab)
- Exam IFM (Investment and Financial Markets) (opens in a new tab)
- Advanced Topics in Financial Economics (ATFE) (opens in a new tab)
- Exam PA (Predictive Analytics) (opens in a new tab)
- Advanced Topics in Predictive Analytics (ATPA) (opens in a new tab)
- Retirement Benefits (RET) Track (opens in a new tab)
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FAQ
Learn More: https://www.soa.org/programs/soa-certificates/
- Q1: What is the Validation by Educational Experience (VEE) exam?
- A: Validation by Educational Experience (VEE) is a SOA certification exam. Judging by the questions in our bank, it concentrates on investor, market, investment, million and portfolio.
- Q2: What topics does the Validation by Educational Experience (VEE) exam cover?
- A: Questions in our Validation by Educational Experience (VEE) bank cluster around investor, market, investment, million, portfolio, stock, yield and return. Working through the full set is the quickest way to find which of these you are weakest on.
- Q3: How should I prepare for Validation by Educational Experience (VEE)?
- A: Work through the Validation by Educational Experience (VEE) practice questions here, checking your answer on each one, then sit the practice test to rehearse the exam under timed conditions before the real thing.
- Q4: Are these real Validation by Educational Experience (VEE) exam questions?
- A: They are drawn from officially released past questions and from community members who have sat Validation by Educational Experience (VEE). Answers are verified and updated weekly.
- Q5: Where do I register for the Validation by Educational Experience (VEE) exam?
- A: Register through SOA directly at https://www.soa.org/programs/soa-certificates/. Exampractice is not affiliated with SOA and does not administer the exam.
- Q6: Is there a free Validation by Educational Experience (VEE) sample?
- A: Yes. Every Validation by Educational Experience (VEE) page shows a free sample of real questions. Upgrading opens the full bank and the practice test.
- Q7: What are SOA Certification Exams?
- A: SOA (Society of Actuaries) Certification Exams validate your expertise in actuarial science and risk management. These certifications demonstrate your proficiency in mathematical, statistical, and financial concepts essential for analyzing and managing risk in insurance, finance, and other industries.
- Q8: Why should I pursue SOA Certification?
- A: SOA Certification enhances your professional credibility, showcasing your skills and knowledge in actuarial science. This can lead to better job opportunities, higher salaries, and career advancement in actuarial, financial, and risk management roles.
- Q9: What are the benefits of SOA Certification?
- A: Benefits include recognition as a certified actuary, improved job performance, access to exclusive resources, continuing education opportunities, and staying current with the latest actuarial practices and industry standards.
- Q10: Who should take SOA Certification Exams?
- A: Aspiring actuaries, financial analysts, risk managers, and anyone involved in analyzing and managing financial risk should consider these certifications to validate their expertise and advance their careers.
- Q11: What types of SOA Certification Exams are available?
- A: SOA offers various certification paths, including:
- Q12: How do I prepare for SOA Certification Exams?
- A: Preparation can include official SOA study materials, preparatory courses, practice exams, online tutorials, and hands-on experience in actuarial work.
- Q13: Where can I take SOA Certification Exams?
- A: SOA Certification Exams can be taken at authorized testing centers worldwide, providing flexibility to fit your schedule and location.
- Q14: How do SOA Certifications impact my career?
- A: SOA Certifications significantly boost your career by demonstrating your expertise to employers, making you a more competitive candidate for advanced roles and promotions in actuarial science, finance, and risk management.
- Q15: Are there any prerequisites for SOA Certification Exams?
- A: Some exams may have prerequisites, such as foundational knowledge in mathematics, statistics, and finance. Check the specific requirements for each certification path on the SOA website.
- Q16: How often do I need to recertify for SOA Certifications?
- A: SOA Certifications do not require mandatory recertification. However, staying updated with the latest actuarial practices and continuing professional development is recommended to maintain your skills and relevance in the industry.