What If You’re Bad at Math but Need to Take the Financial Mathematics Exam?

By any chance, have you ever stared at a compound interest formula like it’s written in ancient Greek? You’re not alone!

Many candidates eyeing the financial mathematics exam secretly wonder if they’re cut out for it, especially if math wasn’t exactly their favourite subject at school.

But here’s the truth.

Just because math doesn’t come naturally to you doesn’t mean you can’t pass the SOA exam FM. With the right mindset, study strategy, and preparation resources, even the most number-phobic candidates can crack this crucial first step toward becoming an actuary.

So, if you’re sitting there dreading the actuary FM exam, wondering what it takes to survive and succeed, this article is for you.

First, What Is the Financial Mathematics Exam (FM)?

The FM exam, formally called the Society of Actuaries Exam FM, is one of the first actuarial exams in the pathway to professional certification. It focuses on the basics of financial mathematics, including interest theory, annuities, loans, bonds and interest rate swaps. Think of it as the mathematical foundation upon which the rest of your actuarial journey will be built.

It’s also known by several other names, actuarial FM exam, SOA FM exam and exam FM actuary, but they all refer to the same beast.

Still wondering how many questions for exam FM? The exam has 30 multiple-choice questions, and you’ll have 3 hours to complete them using a computer-based testing format, commonly referred to as the SOA CBT schedule.

Now, let’s address the elephant in the room: What if numbers just aren’t your thing?

Is It Possible to Pass Exam FM if You’re Not Good at Math?

In a word? Yes.

The exam FM difficulty isn’t necessarily rooted in complex math. It’s more about applying basic mathematical concepts in a structured, consistent way. Unlike advanced calculus or abstract algebra, exam FM leans on algebra, geometric progressions, financial formulas and logical problem-solving.

So, if math is not your strong suit, you won’t need to reinvent yourself into a math genius. What you do need is a clear plan, regular fm exam practice and access to tailored exam FM study guide materials that break the concepts down into bite-sized, digestible parts.

Is Exam P Easier Than Exam FM?

Many students ask: Is Exam P easier than Exam FM?

The answer depends on your background. If you’ve had extensive exposure to probability and statistics, then Exam P might feel more intuitive. But if you find logic, formulas and financial applications easier to grasp, FM could feel more manageable.

That said, for someone who isn’t naturally gifted at math, FM is usually the more approachable option, especially with the right actuarial exam study materials and soa exam study guide.

So, How Hard Is It to Pass the Actuary Exam?

Let’s not sugarcoat it. Actuarial exams are hard. They’re designed to challenge even the most mathematically inclined students. But passing is possible. And it’s not exclusive to math wizards.

The actuarial exam pass rates give us an honest glimpse into the reality. Historically, the exam FM pass rate floats around 45% to 55%, which is slightly higher than some of the more advanced exams. That means almost half the people who sit for the financial mathematics actuarial exam pass; so, you’re not trying to do the impossible.

What matters more is how well you prepare, how much practice you do, and whether you’ve understood the logic behind the formulas, not just memorised them.

How Long Does It Take to Study for Exam FM?

This is one of the most common questions. On average, students spend between 100 to 150 hours preparing for the FM exam. If math doesn’t come easily to you, you may need to clock in closer to 150–200 hours.

The best strategy? Spread your study time over 2 to 3 months, with consistent daily or weekly study goals. Trying to cram for this exam in two weeks, especially if you’re math-averse, is a risky gamble.

What Should You Focus on if Math Isn’t Your Thing?

Here’s what works if you struggle with math but are still committed to passing:

1. Master the Core Concepts

The financial mathematics exam revolves around key ideas: time value of money, present and future value calculations, annuities, perpetuities, amortization schedules and bonds.

Start with the big picture. Learn the why behind the formula before diving into the how.

2. Use Visuals and Step-by-Step Examples

Graphs, timelines and flowcharts can demystify even the most intimidating calculations. Look for fm exam preparation resources that show you how the concepts unfold visually.

3. Practise Like Crazy

Whether or not math comes naturally, fm exam practice questions are your best friend. Not only do they reinforce what you’ve learned, but they also expose you to the way the SOA exam FM tests your knowledge.

4. Take Advantage of AnalystPrep Resources

AnalystPrep’s exam FM study guide, video lessons and practice questions are created for learners of all backgrounds, including those who don’t love math. Everything is broken down simply, logically and with exam success in mind.

You’ll learn not just how to solve a problem, but how to understand it deeply enough to tackle variations on exam day.

When Can You Take the FM Exam?

This brings us to fm exam dates and the SOA exam schedule.

The SOA FM exam is offered multiple times a year under the SOA CBT schedule, meaning you can sit for it whenever you feel ready.

Here’s what you need to keep in mind:

• Exam FM registration typically opens 3–4 months before each test window
• The SOA exam schedule and SOA exam calendar are published well in advance on the Society of Actuaries’ official website
• You can find all SOA exam dates, including SOA FM exam dates, in the exam schedule SOA regularly updates

Make sure to plan your study timeline around these dates and register early to secure your preferred location and time.

What Score Do You Need to Pass?

This is where things get a little fuzzy. The SOA exam grade is based on a scaled scoring system from 0 to 10, and the SOA FM passing score typically hovers around a 6.

However, the actual number of correct answers you need varies depending on the difficulty of the exam version you get. Most candidates estimate you need to get around 70%–75% correct to pass.

And while the SOA exam results don’t tell you your exact score, they do indicate your grade range and whether you passed or not.

What’s the Pass Rate for the Actuary Exam FM?

To answer one of the most Googled questions—What is the pass rate for the actuary exam?—you’ll find that actuarial exam pass rates for the financial mathematics exam are fairly stable.

The exam FM pass rate generally sits between 45% and 55%, according to the Society of Actuaries exam results. That’s higher than many later exams, and with good SOA exam materials, your chances improve significantly.

How to Structure Your Study Plan (Even If You Hate Math)

If you’ve ever sat in front of a math textbook wondering why time seems to stop, this part’s for you.

Here’s how to build a study plan that works even for the math-shy:

Week 1–2: Build Conceptual Foundations

Start with the SOA exam study guide. Don’t rush to memorise formulas. Focus instead on understanding what each formula means and when to apply it.

Week 3–5: Practise with Simulated Problems

Begin working through fm exam practice questions topic by topic. Focus especially on bonds, interest rate swaps, and amortisation schedules—these topics tend to trip up those who rush through the basics.

Week 6–7: Full-Length FM Tests

Now that you’ve built confidence in each topic, simulate actual exam conditions. Time yourself. Use only the allowed calculator. Review your mistakes thoroughly.

Week 8: Review and Fine-Tune

This week is all about refining. Focus on your weakest areas. Use visual summaries and formula sheets. You should be doing a full exam FM practice every few days at this point.

What to Do If You Don’t Pass on Your First Try

It happens. Sometimes, despite your best efforts, you may fall short. The SOA exam scores are released a few weeks after the exam, and the SOA pass rate means not everyone makes it through the first time.

But here’s the good news: you can always reschedule and come back stronger. The actuarial exam schedule is flexible enough to allow multiple attempts in a year. Use your previous attempt as a roadmap for where to improve.

Yes, You Can Pass FM Even If You’re “Bad at Math”

Being “bad at math” is not a permanent label. It’s often a product of poor teaching, outdated learning methods, or lack of confidence.

The society of actuaries exam FM is tough, but it’s far from insurmountable. With structured fm exam preparation, high-quality soa exam materials, and lots of practice, you can break through the fear and come out on the other side with a pass.

And remember, each time you solve a compound interest problem or make sense of a bond’s present value, you’re not just learning to pass an exam. You’re building a mindset that every great actuary needs, one that thrives on logic, discipline, and strategy.

Want to Make It Easier?

At AnalystPrep, we specialise in guiding candidates, especially those who don’t love math, toward exam success. Our SOA FM exam packages include:

• Bite-sized video tutorials
• Hundreds of fm exam practice questions
• Progress tracking and personalised study plans

You’ll find that our approach is designed to reduce anxiety and increase confidence. Why not give yourself the best shot?