Beginning with the June 2017 sitting Exam FM (Financial Mathematics) there are significant changes in the syllabus (learning objectives and recommended readings). According to the SOA, these changes will return Exam FM to its former coverage of theory of interest topics. With the exception of interest rate swaps, all derivatives material will be moved to Exam MFE. One feature of this change is that most university programs will be able to cover this material in a single three-credit course.
5/22/17 Update: New Exam FM Sample Exam Questions & Minor Study Note Updates Now Available
To prepare for these Exam FM Syllabus changes, we've updated our products:
Our new Spring 2017 edition of our Exam FM Study Manual is by a new author, John Dinius, who has previously instructed sessions of our Exam FM Online Prep Course. (This new Spring 2017 Edition is for use on the June 2017 exam & later ONLY. An older, December 2014 edition should be used for FM exams prior to June 2017).
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View a sample of the ACTEX Exam FM Study Manual
SOA Exam FM Home Page and Syllabus
The manual has been extensively revised and updated to reflect changes in the SOA syllabus for Exam FM that will be effective with the June 2017 administration of the exam. The new syllabus has eliminated most of the material on Financial Derivatives, but has increased the emphasis on one type of derivative: Interest Rate Swaps, including a new study note on this topic. The revised FM manual covers this material in a newly written module on Interest Rate Swaps. The revised syllabus also includes new study notes on “The Determinants of Interest Rates” and “Using Duration and Convexity to Approximate Present Value.” This material is covered in a newly written module on Determinants of Interest Rates plus an expansion of the module on Asset-Liability Management. In addition, many sections of the other modules in the manual have been revised to provide additional explanations, examples, and solutions.
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SOA Exam FM, Financial Mathematics CBT Dates 2017
Exam Dates in RED will reflect the new syllabus changes.
| 2017 | Feb. | April | June | Aug. | Oct. | Dec. |
| Registration Deadline | Jan. 10 | March 7 | May 2 | June 27 | Sept. 6 | Oct. 31 |
| Paper & Pencil dates (selected sites) | Feb. 14 | None | June 8 | None | Oct. 12 | None |
| CBT Dates | Feb. 14 - 25 | April 6 - 17 | June 8 - 19 | Aug. 3 - 14 | Oct. 12 - 23 | Dec. 5 - 16 |
| CBT in Quebec City | None | None | None | None | Oct. 12 | None |