About Exam MFE

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

Exam Overview

30 Questions

Computer-Based, Multiple-Choice Test

3 Hours

Exam Duration

March 9-15, 2018

Next Available Sitting

February 6, 2018

Registration Deadline (Register by Midnight US Central Time)

Before the Exam

  • Exams You Should Pass First

    Exams P and FM. MFE uses probability and interest theory to create and price derivatives.

  • Exam MFE Offerings

    MFE will be offered in March 2018, then it will be replaced by Exam IFM, the first sitting of which will be in July 2018. The second IFM offering will be in November.

  • Should I Take Exam MFE or IFM?

    If you want to get your ASA before the 2018 SOA transition, March 2018 is your last chance to take Exam MFE.

    If you don't plan to get your ASA before the transition, you can take Exam MFE in March 2018 to get credit for IFM, or you can take IFM when it starts being offered in July 2018.

  • 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 Concepts

    Questions related to these concepts will appear frequently on the exam.

    1. Option Pricing
    2. Properties and Combinations of Options
    3. Basics of Derivatives
  • Tip from Coach Fred

    "Make sure you have a deep understanding of the exam concepts. MFE 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. MFE 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. You can focus on the conceptual relationship between formulas, then 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 (See other options)
  • 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 ASA

    If MFE is the last exam you need to take in order to get your ASA before the 2018 transition, make sure you have gotten all your VEE credit (especially Applied Statistics), and have completed your FAP modules and APC requirement. If you don't plan to get your ASA designation by the time of the 2018 transition, you can take MFE in March and still get credit for IFM.

    Choosing Your Next Exam

    Exams C (soon to be STAM) and MLC (soon to be LTAM) are typically the next exams after you've passed MFE.

  • Getting Your Exam Results

    Unlike some of the other CBT exams, MFE does not give you an unofficial Pass-Fail result immediately after you finish.

    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.