Overview
What does Exam FM stand for?
The Society of Actuaries (SOA) refers to this exam as the Financial Mathematics Exam or Exam FM. The Casualty Actuary Society (CAS) refers to this exam as Exam 2. Exam P and Exam FM are interchangeable as the first two actuarial exams to take.
Format
Exam FM has 35 questions and a 3 hour time limit.
What is the relevant course at University of Illinois?
ASRM 210
For additional studying, you can take the FM Section of ASRM 392.
What calculator should be used?
Allowed calculators:
BA-35
BA II Plus
BA II Plus Professional
TI-30Xa
TI-30X II (IIS solar or IIB battery)
TI-30XS MultiView (or XB battery)
The best calculator for Exam FM is the BA II Plus/BA II Plus Professional.
When do I take the exam?
It is recommended to take Exam FM immediately after taking ASRM 210 as the material will be fresh in your mind.
How long should I study?
The general rule of thumb is 100 hours of studying per hour of exam. For most people, this would mean beginning to study about three to four months before the exam date.
How to Register:
Registration for Exam FM is through the SOA website. Registration is available up to one month before the sitting date. Exam FM is held over a two week period in the even months (February, April, June, etc.).
SOA Dates and Registration: https://www.soa.org/education/exam-req/edu-exam-fm-detail/
Free Study Materials
Learn:
FM Learning Modules Video Playlist (75 videos)
https://www.youtube.com/watch?v=vaIqxP437bs&list=PLIYnk9FMYcksTDanxOE6LOoMhJvpz9SN3
A Basic Course in Theory of Interest (textbook (pdf)
FM Formula Sheet
http://www.math.kent.edu/~darci/forstudents/mti/handouts/Theory_of_Interest_Formulas.pdf
Financial Math Practice (174 videos)
https://www.youtube.com/playlist?list=PLmU0FIlJY-MlzpjaUPX6obyzFXA-YJJK8
Practice:
SOA Exam FM Sample Exam
Exam FM Sample Exam
(Mini) FM Tests
The Infinite Actuary (must create account but sample exams are free)
MSU Exam FM Sample
Paid Study Materials
Coaching Actuaries. ADAPT.
ASM Study Manual
ACTEX Learning
The Infinite Actuary