Exam IFM: Investment and Financial Markets

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

The IFM Exam is a three-hour exam that consists of 30 multiple-choice questions.  It is offered via computer–based testing (CBT).

Computer Based Testing is a Two Step Process:

  • STEP 1: Register with the Society of Actuaries by the deadline date
  • NEXT – Wait 3-5 business days to receive 2nd email – Letter of Confirmation
  • STEP 2: Schedule a seat at a Prometric Center

The syllabus for Exam IFM develops the candidate's knowledge of the theoretical basis of corporate finance and financial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability (as covered in Exam P), basic corporate finance (as covered in VEE Accounting and Corporate Finance) and interest theory (as covered in Exam FM) is assumed.

Because of the changed nature of this exam, results will no longer be instantaneous (at least for the next few sessions) since post-exam analysis will be required by the examination committee. Instead, results will be released on the SOA website about 8 weeks after each testing window ends.


Recognized by the Canadian Institute of Actuaries.

Syllabus and Study Materials

Rules and Regulations


Important Dates and Fees

Exam Day Information