Introduction
What is Exam FM
Exam FM - Financial Mathematics is one of the preliminary exams administered by the Society of Actuaries (SOA). Along with Exam P - Probability, it is one of the first exam students take on the path to becoming a credentialed actuary. The exam also fulfills Exam 2 credit for students credentialing with the Casualty Actuary Society (CAS).
Exam FM tests the candidate's understanding of mathematical concepts related to Time Value of Money, Annuities, Loans, Bonds, and General Cash Flows, Portfolios, and Asset Liability Management.
When Can I Expect Results
For CBT exams, a preliminary pass/fail will be displayed on the screen at the conclusion of the exam. For Exam FM, students will also receive a pass/fail document via e-mail. Some students have reported not receiving an immediate pass/fail on screen, but receiving a text or e-mail immediately after the exam. In either case, you should have access to your preliminary results shortly after completion of your exam. Although these results are preliminary, it is reasonable to assume that the preliminary pass/fail will match the final pass/fail.
Approximately 8 weeks after your exam sitting, passing candidate names and numbers will be posted on the SOA website. At that point, you will be able to access your 0 to 10 grade.
Additional Information
Additiona information can be found in the syllabus and FAQs.
Exam History
Starting with the October 2022 sitting, the syllabus was reduced to remove less fundamental concepts, such as interest rate swaps. The exam was also reduced from 35 questions in 3 hours to 30 questions in 2.5 hours.
Exam FM is eligible for University-Earned Credit (UEC), meaning that students at qualifying universities can earn credit for the exam without sitting for it.