Announcement: SOA releases March 2022 Exam P passing candidate numbers.

Exam FAM–Fundamentals of Actuarial Mathematics

Welcome to the FAM exam home page! Please review all of the information and links provided below.

The FAM exam is 3.5 hours in length and consists of 40 multiple-choice questions. It is offered via computer–based testing (CBT). During a transition period (administrations from October 2022 through July 2024), Exam FAM will also be offered in two pieces, each being 1.75 hours with 20 multiple-choice questions.

  • FAM-L (Fundamentals of Actuarial Mathematics – Long-Term)
  • FAM-S (Fundamentals of Actuarial Mathematics – Short-Term)

Candidates with transition credit for FAM-L must pass FAM-S during the transition period mentioned above or they will be required to pass the full FAM at a later date. Similarly, candidates with transition credit for FAM-S must pass FAM-L during that period or they will be required to pass the full FAM at a later date. Candidates without FAM-L or FAM-S credit must take the full FAM exam and will pass or fail that exam in its entirety.

The syllabus for the short-term section of the examination provides an introduction to modeling and covers important actuarial methods that are useful in modeling. It will also introduce candidate to the foundational principles of ratemaking and reserving for short-term coverages. A thorough knowledge of calculus, probability (as covered in Exam P), and mathematical statistics (as covered in VEE Mathematical Statistics) is assumed.

The syllabus for the long-term section of the examination develops the candidate's knowledge of the theoretical basis of contingent payment models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), mathematical statistics (as covered in VEE Mathematical Statistics) and interest theory (as covered in Exam FM) is assumed.

As FAM is a new exam, results will not be instantaneous (at least for the first few administrations) as post-exam analysis will be required by the examination committee. Results will be released on the SOA website approximately 8 weeks after each testing window ends.

Enhanced Computer Based Scheduling:

  • STEP 1: Register with the Society of Actuaries by the exam deadline date
  • STEP 2: Receive emailed Acknowledgement/Receipt, wait 1 hour, schedule a seat at a Prometric Center


Syllabus and Study Materials


Rules and Regulations


Registration


Important Dates and Fees


Exam Day Information


Resources