Announcement: SOA releases April 2022 Exam PA passing candidate numbers.
Announcement: SOA congratulates the new ASAs and CERAs for June 2022.


Spring 2009 Syllabus and Study Materials



Advanced Finance/ERM Exam

  • 04.13.09
  • Traditionally only scheduled in the spring, the SOA is once again offering this exam in the fall to allow members to advance in earning their Chartered Enterprise Risk Analyst (CERA) credential. The syllabus for this exam will be posted on the SOA Web site on May 1, 2009.
  • 04.06.09
  • The solutions to the November 2008 AFE exam are now available.
  • 02.19.09
  • AFE Syllabus with Learning Objectives/Outcomes and Readings  
  • FE–C147–07 "Derivatives: Practices and Principles" There has been 2 printings of this booklet with different page numbering. The required readings are Recommendations 9–24 and Section III, Assessing and Managing the Risks of Derivatives
  • Financial Statement Analysis: A Practitioner's Guide, Fridson, M, Alvarez, F, Third Edition, 2002, John Wiley & Sons Page 281, disregard the third formula and for the second formula (Operating margin), Operating income can be defined as: Net income + Income taxes + Interest expense + Interest income–Other income.
  • The May 2009 Case study  PDF is now available.
  • 01.07.09
  • Updated Introductory Study Note (FE–C05–09)
    A correction has been made to item #6, Exam Overview.  PDF
  • 11.13.08
  • Study Note FE–C161–09 is not available as a printed document. This material can be downloaded at:  
  • Study Notes FE–C164–09 and FE–C165–09 Chapters 4 & 9 of Credit Portfolio Modeling Handbook are not available as printed documents. This publication can be download at: