Study Materials for 2023 CFA®, FRM®, Actuarial, GMAT® and EA® Exams

Pass SOA Exam FM

with AnalystPrep

Comprehensive Question Bank

Our exam FM question bank takes your game to the next level with hundreds of exam-style practice questions made by actuaries and academics. All questions come with detailed answer explanations so you can easily spot your mistakes and improve quickly.

Customizable Quizzes & Performance Metrics

Our online-based quizzes allow you to simulate each section of the SOA FM exam and create realistic practice exams. Moreover, our advanced analytics dashboard will help you understand your strengths and weaknesses so you can pinpoint those areas that need more attention.

Amazing Support

Our support team of actuaries and financial practitioners is always available to answer your questions. You can literally ask them anything about the exam, and they will know how to reassure you and send you on the right track.

Written and Video Notes

AnalystPrep's study notes have been designed by practitioners and academics so you can better understand each calculation step involved in solving complicated financial mathematics questions.

AnalystPrep's Study Materials for the SOA FM Exam


SOA Exam FM is usually the second exam most actuarials students sit for. It consists of a vast amount of material contained made up of 8 different topics. Since the amount of information to memorize and understand can be overwhelming, we’ve produced comprehensive Financial Mathematics study notes in an easy-to-read format to help you learn efficiently and effectively. These study notes cover each learning objective given by the Society of Actuaries one-by-one.

Our Exam FM question bank has been developed by academics in the field of actuarial sicences with first-hand experience of the exam. Our instructors know what it takes to pass. Our question bank is divided into specific topics to help you attain an all-round understanding of the curriculum. Every question is accompanied by a detailed solution.

Some harder concepts such as Macaulay duration, immunization, and interest rate swaps are well covered in our extensive study notes and question bank. In the event that you’d like some clarification on a specific concept, our instructors are reachable round the clock. Plus, you can create an unlimited number of customizable quizzes to focus on certain topics that need specific attention.


Syllabi Updates
Our content is updated with each new exam FM syllabus, every few months. No need to worry about outdated materials, it doesn't exist here.
Professional Advices
Our technical / content support team has been in your shoes before. We make sure to put the time necessary to answer each request within a few minutes.
We are continuously improving our products with the high quantity of data collected and analyzed on our platform and with your comments / suggestions.
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What Should You Expect about Exam FM from the Society of Actuaries?

Exam FM is a 3-hour long exam that consists of 30 multiple-choice questions. Just like the P exam, it is a computer-based exam.

The exam focuses on mastering the rudimentary aspects of financial mathematics used in valuing financial instruments such as bonds and interest rate swaps. Knowledge of calculus and an introductory knowledge of probability is assumed. There are 8 board topics listed below. Each topic has several learning objectives around which the exam is concentrated. An examples of a learning objective would be: “Given sufficient information, calculate the market value, notional amount, spot rates or swap rate of an interest rate swap, deferred or otherwise, with either constant or varying notional amount”.

Each question is accompanied by 5 unique choices: A, B, C, D, and E. Given your right/wrong answer in each of the questions, you will be given easier or harder questions going forward. As such, each candidate will have a different set of 30 questions.

Here are the 8 main topics and their weighting in the exam:

Topic Weighting (%)
1 Time Value of Money 10-15%
2 Annuities/cash flows with non-contingent payments 15-20%
3 Loans 10-20%
4 Bonds 10-20%
5 General Cash Flows and Portfolios 15-20%
6 Immunization 10-15%
7 Interest Rate Swaps 0-10%
8 Determinants of Interest Rates 0-10%

Actuarial Exams Study Packages

AnalystPrep actuarial exam packages start as low as $299 with a one-exam practice package. All packages include study notes, an exam-style question bank, unlimited quizzes access, and performance tracking tools.
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