Exams FM and MFE to Change in Summer 2017

Effective with the June 2017 administration of Exam FM (Financial Mathematics) and the July 2017 administration of Exam MFE (Models for Financial Economics) there will be significant changes in the syllabus (learning objectives and recommended readings). These changes were motivated by two factors.

  1. Return Exam FM to its former coverage of theory of interest topics. With the exception of interest rate swaps, all derivatives material will be moved to Exam MFE. One feature of this change is that most university programs will be able to cover this material in a single three-credit course.
  2. Remove some of the more mathematically sophisticated topics from Exam MFE, in particularly those related to stochastic calculus. It is more appropriate for those topics to be covered in fellowship exams as needed for each track.

Transition Rules

The transition will be one-for-one. Candidates with credit for Exam FM by April 30, 2017 will continue to have such credit. Candidates with credit for Exam MFE by March 31, 2017 will continue to have such credit.

It is possible that some candidates will be tested on the basic derivatives material twice while others will not be tested at all.

Draft Syllabi (FM syllabus updated August 2016)

Draft FM and MFE syllabi for the revised exams. While no additional substantive changes are expected, the syllabi for these exams do not become official until they are posted on the respective exam’s home page. This typically occurs about five months in advance of the exam. Note that for the revised Exam FM, there will be three new study notes. These are expected to become available in August 2016.