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Exam FM is a three–hour multiple–choice examination and is identical to Casualty Actuarial Society (CAS) Exam 2.
Exam FM is offered via computer-based testing (CBT).
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. The candidate will also be given an introduction to financial instruments, including derivatives, and the concept of no–arbitrage as it relates to financial mathematics. A basic knowledge of calculus and an introductory knowledge of probability is assumed.
Exam FM is required for ASA, CERA and FSA designations.