Exam FAM Details

Below we’ll lay out everything you need to know for your FAM exam from registration details to exam day to what to do after you receive your results.


Exams P and Exam FM

The short-term (S) portion of Exam FAM is built on concepts from P, while the long-term (L) portion of Exam FAM is built on concepts from P and FM.

Exam FAM assumes a thorough knowledge of calculus, probability, and mathematical statistics.

Exam Offerings

FAM is offered 3 times per year, with sittings in March, July, and November.

Exam Format

40 computer-based, multiple-choice questions, divided into 20 questions in S and another 20 questions in L

Exam Duration

3.5 hours

Registration Info

Register online at soa.org before the registration deadline.

Upcoming exam windows and registration deadlines

  1. Jul 10, 2024

    Register by Jun 11, 2024
  2. Nov 20, 2024

    Register by Oct 22, 2024

Exam Day and Results: Things To Keep In Mind

Don't forget your must-haves for exam day! Know what to bring and what to do after you pass the exam

What to Bring

A government-issued photo ID that includes a signature

Recommended Calculator: TI-30XS MultiView (See Other Options)

Exam Results

Because this is a new exam, results for the first several administrations will not be instantaneous. Results will be released on the SOA website about 8 weeks after each testing window ends.

Passing the Exam

You will need to choose between Exam ALTAM and Exam ASTAM to take next. Other exams to consider include Exam SRMExam PA, and Exam ATPA.

You will need to obtain your remaining VEE credits, complete your modules (Pre-Actuarial Foundations, Actuarial Science Foundations, FAP), and fulfill your APC requirements in order to attain your ASA designation.

Expert Tips: Helpful insights from our coaches

Our coaches know this exam inside and out. Check out their expert tips for achieving a passing score.

  • Photo of Terence Chow

    If you've taken a CBT exam before, the format won't surprise you on exam day. Just be aware that this exam has more questions (40) than the other CBT exams you've taken.

    Photo of Terence ChowTerence Chow VP of Product
  • Photo of Larry Saw

    Don't be afraid to skip questions. The CBT platform makes it easy for you to mark a question and come back to it later. Make sure to give yourself enough time to ace easy questions that may be at the end of your exam. Remember, easy questions are worth just as much as hard questions.

    Photo of Larry SawLarry Saw Content Coach

Course Offerings: Topics and weights

  1. 8% - 13%

    We start with a general description of insurance and an overview of most short-term insurance coverages. We also learn about cost-sharing mechanisms used by insurers and get an introduction to reinsurance.

    • 14 Efficient, bite-sized Learning Manuals
    • 126 Minutes of high-quality Learning Videos
    • 17 Assignment Questions
    • 66 Quiz and Exams questions
  2. 13% - 15%

    We study general probability topics, parametric distributions, and risk measures. These concepts are applied to an insurance product as customers file claims of various sizes. We model the claim sizes using a severity model and the number of claims using a frequency model. We also learn to combine the severity and frequency models into a single aggregate model.

    • 48 Efficient, bite-sized Learning Manuals
    • 340 Minutes of high-quality Learning Videos
    • 45 Assignment Questions
    • 342 Quiz and Exams questions
  3. 5% - 10%

    After deciding which model to use, the next step is to determine the most appropriate values for the model parameters. We learn about maximum likelihood estimation, which is a common method to estimate parameters.

    • 6 Efficient, bite-sized Learning Manuals
    • 61 Minutes of high-quality Learning Videos
    • 4 Assignment Questions
    • 125 Quiz and Exams questions
  4. 3% - 5%

    We learn about classical credibility. We apply it in the context of combining a small specific dataset from a group of customers with a large general dataset from a whole industry.

    • 5 Efficient, bite-sized Learning Manuals
    • 56 Minutes of high-quality Learning Videos
    • 3 Assignment Questions
    • 40 Quiz and Exams questions
  5. 8% - 13%

    Loss reserving and ratemaking are two of the most important functions in short-term insurance. We learn a number of techniques for estimating loss reserves and look at how rates are set.

    • 17 Efficient, bite-sized Learning Manuals
    • 164 Minutes of high-quality Learning Videos
    • 10 Assignment Questions
    • 120 Quiz and Exams questions
  6. 3% - 8%

    Derivatives are a fundamental part of financial risk management. We look into a type of derivative called options. We learn about the properties of options and how they are used as insurance. We use our first model for pricing options by creating a binomial model for stock prices. The Black-Scholes-Merton option pricing formula is discussed.

    • 22 Efficient, bite-sized Learning Manuals
    • 156 Minutes of high-quality Learning Videos
    • 45 Assignment Questions
    • 87 Quiz and Exams questions
  7. 3% - 8%

    We begin to explore long-term actuarial mathematics. We get some background to modern actuarial practice pertaining to long-term, life contingent payments. We also learn key features of insurance coverages and retirement financial security programs.

    • 15 Efficient, bite-sized Learning Manuals
    • 63 Minutes of high-quality Learning Videos
    • 6 Assignment Questions
    • 43 Quiz and Exams questions
  8. 8% - 13%

    This section is foundational to subsequent sections. Probability theory forms the foundation for life contingent payment models. We study the laws of probability for mortality in a survival model. We also learn about specific mortality models and assumptions.

    • 40 Efficient, bite-sized Learning Manuals
    • 215 Minutes of high-quality Learning Videos
    • 70 Assignment Questions
    • 171 Quiz and Exams questions
  9. 10% - 15%

    We evaluate different types of insurance under a discrete or continuous assumption and examine the relationship between continuous and discrete insurance models. We then evaluate annuity payouts made to a policyholder under a discrete or continuous assumption, the relationship between continuous and discrete annuity models, and the mathematical relationship between insurance and annuities.

    • 51 Efficient, bite-sized Learning Manuals
    • 343 Minutes of high-quality Learning Videos
    • 116 Assignment Questions
    • 265 Quiz and Exams questions
  10. 15% - 20%

    We apply concepts from the last two sections to determine premiums charged by insurance companies. We use the equivalence principle, along with other assumptions, to calculate the premium for a particular policy. Expenses are added into the model as an additional payment to the insurer. We learn to calculate and model reserves set aside by an insurance company to remain solvent.

    • 43 Efficient, bite-sized Learning Manuals
    • 283 Minutes of high-quality Learning Videos
    • 83 Assignment Questions
    • 367 Quiz and Exams questions
  11. 3% - 8%

    We look at non-parametric ways to estimate quantities such as probabilities and forces of mortality. We also explore the use of the maximum likelihood estimator to create a mortality model. The estimation method depends on which quantity is estimated and the type of data at hand.

    • 10 Efficient, bite-sized Learning Manuals
    • 94 Minutes of high-quality Learning Videos
    • 15 Assignment Questions
    • 108 Quiz and Exams questions

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Now that you're armed with Exam FAM insights, let's get your studies started! From video lessons and manuals to practice exams and question bank, find everything you need to achieve a passing score.

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