Exam FM: Financial Mathematics

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

The current Exam FM is a three–hour multiple–choice examination with 35 questions. Beginning with the October 2022 administration, Exam FM will be shortened to a 2.5-hour exam with 30 questions. Exam FM is offered via computer-based testing (CBT).

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

The syllabus for Exam FM develops the candidate's understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. A basic knowledge of calculus and an introductory knowledge of probability is assumed.

Syllabus and Study Materials

Rules and Regulations


Important Dates and Fees

Exam Day Information