Society of Actuaries (SOA)
SOA Exam FM
Society of Actuaries — Financial Mathematics (FM) Exam
The second preliminary actuarial exam, building the financial mathematics toolkit used in reserving, pricing, valuation, and asset/liability management. Exam FM is jointly sponsored by the SOA and the Casualty Actuarial Society and is a core gateway to the actuarial profession.
What's on the exam
SOA Exam FM Syllabus (2026)
Annuities / Cash Flows with Non-Contingent Payments
20–30%Annuities-immediate and annuities-due · Present and accumulated values · Level and non-level annuities · Perpetuities · Payments at different frequencies than interest conversion
General Cash Flows, Portfolios and Asset/Liability Management
20–30%Yield rates and the yield curve · Duration and convexity · Cash flow and duration matching · Immunization (Redington and full) · Portfolio and spot/forward rates
Loans
15–25%Amortized loans and outstanding balances · Principal and interest portions of payments · Sinking funds · Loan terms and missing-item calculations · General repayment patterns
Bonds
15–25%Bond pricing and yield · Premium amortization and discount accumulation · Callable bonds · Book value and amortization schedules · Bond valuation between coupon dates
Time Value of Money
5–15%Simple and compound interest · Effective and nominal interest rates · Discount rates and force of interest · Present and future value · Equations of value
Frequently asked questions
How much does the SOA Exam FM cost?
The SOA Exam FM costs $275. Standard SOA registration fee; the fee includes electronic access to required study notes. Lower student rates and global access pricing may apply.
How long is the SOA Exam FM and how many questions does it have?
30 multiple-choice questions (plus a few unscored pilot questions) — 2 hours 30 minutes.
What do you need to pass the SOA Exam FM?
Scaled score of 6 or higher (on a 0–10 scale).
Can you retake the SOA Exam FM?
Permitted in a subsequent testing window with a new registration.
What is the best way to study for the SOA Exam FM?
Study the official blueprint, not random material: the exam is weighted by domain (Annuities / Cash Flows with Non-Contingent Payments 20–30%, General Cash Flows, Portfolios and Asset/Liability Management 20–30%, Loans 15–25%, Bonds 15–25%, Time Value of Money 5–15%). Spaced-repetition flashcards built domain-by-domain against that blueprint are the most time-efficient way to cover everything the exam tests.
Program in development
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