About Exam IFM

Get essential information, tips, and strategies to help you on your Exam IFM journey in our guide below.

Exam Overview

30 Questions

Computer-Based, Multiple-Choice Test

3 Hours

Exam Duration

July 5-11, 2018

Next Available Sitting

May 30, 2018

Registration Deadline (Register by Midnight US Central Time)

Before the Exam

  • Exams You Should Pass First

    Exams P and FM. IFM uses probability and interest theory to create and price derivatives. Those concepts are also used in Corporate Finance and Portfolio Theory.

  • Exam IFM Offerings

    IFM is replacing Exam MFE starting July 2018. Then it will be offered three times per year, in March, July, and November.

  • How Do I Register?

    1. Register online at www.soa.org before the registration deadline.
    2. Wait 3-5 business days to receive an email confirmation letter.
    3. Schedule a seat at a Prometric Center.

    Learn more about how to register for official SOA exams on their website.

  • Highest-Weighted Topics

    Questions related to these topics will appear the most on the exam.

    1. Option Pricing (Binomial, Black-Scholes)
    2. Lognormal Model for Stock Prices
    3. Mean-Variance Portfolio Theory
  • Tip from Coach Fred

    "Make sure you have a deep understanding of the exam concepts. This new exam has a blend of quantitative and qualitative questions. Put your focus on the material related to the learning objectives stated in the exam syllabus."

  • Tip from Coach Jon, M.S.

    "You'll want to be very familiar with your calculator. IFM is more computationally intensive than exams like P or FM. Also, make sure you are familiar with the Prometric Normal Distribution Calculator."

  • Tip from Coach Mike, FSA

    "There are many formulas on this exam, but you don't need to memorize all of them. Several of the formulas are related. If you focus on the conceptual relationship between formulas, you'll be able to quickly derive the specific one you need on the exam. That will drastically reduce the number of formulas you need to memorize for the exam."

Exam Day

  • What to Bring:

    • A government-issued photo ID that includes a signature
    • Recommended Calculator: TI-30XS MultiView AND BA II Plus - You will want both (See other approved calculators)
  • Tip #1 from Coach Tong, FSA

    "The goal in the exam is to get enough questions correct to pass. Keep in mind that all questions in the multiple choice exams count the same. Solving a very easy problem correctly gets you the same number of points as solving a very difficult problem correctly. Thus, you must be willing to skip a problem."

  • Tip #2 from Coach Tong, FSA

    "If you read a problem and don't understand it during the first read, skip it. If you read a problem and think that you may be able to solve the problem if you took some time on it, mark it and skip it. Apply this strategy to all the questions during the first round through. After that, come back to the questions that you've marked and attempt those questions in your second round through."

After the Exam

  • Getting Your Exam Results

    Unlike some of the other CBT exams, IFM currently does not give you an unofficial Pass-Fail result immediately after you finish. (The SOA has stated that instantaneous results will eventually be available.)

    After approximately 8 to 11 weeks, the SOA will release the list of passing candidates' ID numbers. A few days after this list has been published, you will be able to see your final score in your official SOA transcript when you log into the SOA website.

  • Next Steps 

    SOA Track

    Exams STAM and LTAM are typically the next exams taken once you've passed IFM.

    CAS Track

    MAS-I is the next exam on your path to the ACAS designation.