Exam FM Details

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


Exam FM assumes a basic knowledge of calculus.

Exam FM is an ideal first exam for aspiring actuaries along with Exam P.

Exam Offerings

FM is offered 6 times per year in the even months. (February, April, etc.)

Exam Format

30 computer-based, multiple-choice questions

Exam Duration

2.5 hours

Registration Info

Register online at soa.org before the registration deadline.

Upcoming exam windows and registration deadlines

  1. Jun 10, 2024

    Register by May 7, 2024
  2. Aug 7, 2024

    Register by Jul 9, 2024
  3. Oct 1, 2024

    Register by Sep 3, 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 AND BA II Plus (See Other Options).

Exam Results

After completing your exam, you will receive an unofficial Pass-Fail result. Your official result and score will be published on your SOA transcript 8 to 11 weeks later.

Passing the Exam

If you pass FM, you should move onto exam P. If you’re already passed exam P, you’ll need to decide if you’re heading down the SOA or CAS track.

SOA Track

Consider taking FAM or SRM. FAM should be followed by your choice of ALTAM or ASTAM. SRM should be followed by PA.

CAS Track

MAS-I is the next exam on your path to the ACAS 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 Dave Kester

    Once you understand the basic principles and business terms, it’s a pretty straightforward exam.

    Photo of Dave KesterDave Kester Video Instructor
  • Photo of Baron Cao

    Be friends with your BA II Plus calculator. Know how to use the TVM keys.

    Photo of Baron CaoBaron Cao Content Coach
  • Photo of Fred Brautigam

    Two hours into the exam, I was struggling to recall formulas. I thought I was going to fail. But then I decided to just start writing down formulas as they came to me for each question, then solving them to see if my answer matched one of the possible choices. I got a 9.

    Photo of Fred BrautigamFred Brautigam Content Coach

Course Offerings: Topics and weights

  1. 10%

    Interest rates are everywhere. From mortgages to car loans, interest rates determine what we pay each month and how much we still owe. In Section 1, we explore interest rate definitions, functions, and formulas. This will be the foundation for the entire course. Always return to this section when you get stuck on more advanced topics that use terms from this section.

    • 20 Efficient, bite-sized Learning Manuals
    • 178 Minutes of high-quality Learning Videos
    • 24 Assignment Questions
    • 172 Quiz and Exams questions
  2. 25%

    Once you learn the basics from Section 1, you are ready for the annuities in Section 2. There are many annuities and formulas in this section. Don’t get lost in the math. Once you understand the concept of an annuity, you can easily derive any formula. Thus, do not focus on memorization in this section, but on fully understanding the concepts. Your goal is to know how to calculate any annuity for any given time.

    • 27 Efficient, bite-sized Learning Manuals
    • 325 Minutes of high-quality Learning Videos
    • 43 Assignment Questions
    • 438 Quiz and Exams questions
  3. 20%

    Now that we are familiar with interest rates and annuities, we can solve business problems. First is loans. Think of a home mortgage. How are monthly payments calculated? How much interest is paid each year? How can a borrower change payments so that a 10-year mortgage is paid in only 5 years?

    • 5 Efficient, bite-sized Learning Manuals
    • 59 Minutes of high-quality Learning Videos
    • 10 Assignment Questions
    • 207 Quiz and Exams questions
  4. 20%

    We can also use interest rates and annuities to calculate prices for bonds. The challenge for this section is to understand business terms. What are the components of a bond? Cash flows are now coupons, redemption values, and dividends. Once you understand these terms, you can calculate the bond prices by using the same techniques from previous sections.

    • 16 Efficient, bite-sized Learning Manuals
    • 114 Minutes of high-quality Learning Videos
    • 18 Assignment Questions
    • 170 Quiz and Exams questions
  5. 25%

    In this final section, we dig deeper into interest rates and explore yield curves. We will use duration and convexity to estimate the new price given the new interest rates. Then, we will learn the basics to ensure our assets will exceed our liabilities when interest rates change.

    • 20 Efficient, bite-sized Learning Manuals
    • 197 Minutes of high-quality Learning Videos
    • 41 Assignment Questions
    • 231 Quiz and Exams questions

We're just getting started

Now that you're armed with Exam FM 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.

Course Pricing