While the study duration varies from person to person, it's typical to invest around 250 hours in preparing for this exam (roughly 100 hours per exam hour). Most students spread their study over three months, dedicating the first two months to learning the material and the final month to solving practice problems. You can use our scheduler to help organize your exam preparation.

We have Calculator Notes at the end of the Learn section which go over the TVM functions of the BA II Plus calculator. Besides that, TVM is covered explicitly in the annuity's section, which will give you a lot of practice.

Exam FM (Financial Mathematics) is one of the preliminary exams offered by the Society of Actuaries (SOA). It tests your understanding of fundamental financial principles, such as interest theory, annuities, loans, bonds, and more. It's typically taken by students pursuing a career in actuarial science and is required for both SOA and CAS designations.

The main topics include:

• Time Value of Money
• Annuities and Perpetuities
• Loans and Amortization
• Bonds and Bond Pricing
• Cash Flows and Portfolios
• Deterministic Approaches to Interest
• Immunization and Duration

The exam consists of 30 multiple-choice questions and is administered over 2.5 hours via computer-based testing (CBT).

Most students:

• Watch video lessons and complete concept drills.
• Use a study manual, such as Coaching Actuaries' Learn product.
• Practice with sample problems and full-length mock exams.
• Use Coaching Actuaries’ Adapt engine to build confidence and improve speed.

Students generally need 250 hours of dedicated study time, spread over 3 months. For students new to the material, more time may be needed.

Adapt is Coaching Actuaries’ dynamic testing engine that adapts to your skill level and builds personalized quizzes to improve your performance. It’s proven to help students identify weaknesses and improve exam readiness.

The SOA notes, “Candidates may ONLY use the battery or solar–powered Texas Instruments BA–35 model calculator, the BA II Plus, the BA II Plus Professional, the TI–30Xa or TI–30X II (IIS solar or IIB battery), or TI-30X MultiView (XS Solar or XB Battery). Candidates may use more than one of the approved calculators during an examination. Using a calculator that is not on this list will result in the disqualification of the exam.” In addition, the memory of the calculator may need to be cleared by an exam supervisor.

This depends on your background. Students with strong mathematical and financial backgrounds may find FM easier. Others may struggle with the financial formulas and applications.

Yes! Coaching Actuaries is designed for both independent learners and students who want structured study plans. The Learn + Review bundle is especially popular.

No formal degree is required. However, a background in math, business, or economics can be helpful.

FM is usually the first or second exam taken by actuarial students, often alongside or shortly after Exam P.

You must register through the SOA website. The exam is offered six times a year.

There are no formal prerequisites, but a solid understanding of algebra, calculus, and financial math concepts is essential.