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Related Links

American Academy of Actuaries
Be An Actuary
Casualty Actuarial Society(CAS)
Society of Actuaries(SOA)
UWEC Actuary Program

Exam 2/FM

Exam 2/FM is the second of the preliminary examinations and like Exam 1/P it is offered jointly by the CAS and the SOA. Exam 2/FM is listed as the second exam but may be taken before or after Exam 1/P as the knowledge required to pass Exam 1/P is not required to pass Exam 2/FM.

Exam 2/FM is generally preceded by taking Math350: Introduction to Financial Mathematics, a course taught by the Professor Whitledge. The course will well prepare students for the topics covered on the exam, but it is recommended that exam takers study additionally outside of this class. For a list of topics covered on this exam, click here.

Note that the fee to take this exam is $200.

You may register here. The allowable calculators and general rules are identical to those of Exam P. The link to the rules is here.

Study Materials

Since the SOA suggested study materials include two textbooks: Derivatives Markets, and either Mathematics of Investment and Credit or Financial Mathematics, the study materials will be broken up accordingly.

Derivatives Markets
Sample Questions and Solutions

Interest Theory
Sample Questions
Solutions

Here is a link for the BPP study manual for Exam 2/FM.
Financial Mathematics, A Guide for Actuaries and other Business Professionals, 2nd Ed.
Students can order this manual at a discount by either calling BPP and mentioning Kris Presler's name or by writing 'student of Kris Presler' at the bottom of a fax. Note that this may have expired. BPP's contact information can be found here and the order form can be found here.

BPP also offers online solutions for all the problems. The link for this book's solution are below.
BPP-Financial Mathematics Solutions

Note that the textbooks for Math350: Derivatives Markets and The Theory of Interest can both be found in the bookstore. The Theory of Interest, while no longer listed as a suggested textbook by SOA, is also a good source.