Exam P (Probabilities) by the Society of Actuaries focuses on probability tools used for assessing insurance risk and financial risk. The application of calculus to problems encountered in actuarial science is emphasized and the understanding of different types of distribution functions is a focal point. Exam FM teaches the rudimentary aspects of financial mathematics, and how those theories are applied in calculating present and accumulated values for various financial instruments such as bonds and interest rate swaps. AnalystPrep’s SOA exam-style question banks only include high-quality questions that replicate the difficulty of the actual actuarial exam you’re studying for.
About SOA Exam P
Exam P is a 3-hour long exam that consists of 30 multiple-choice questions. It is a computer-based exam. Each question is accompanied by 5 unique choices: A, B, C, D, and E. Given your right/wrong answer in each of the questions, you will be given easier or harder questions going forward. As such, each candidate will have a different set of 30 questions.
Exam P is focused on mastering probability concepts used in assessing financial risk. Knowledge of calculus and basic knowledge of insurance and risk management is assumed.
What are the Three Main Topics?
There are 3 board topics: (1) General probabilities, (2) Univariate random variables, and (3) Multivariate random variables. Each topic has several learning objectives around which the exam is concentrated. An example of a learning objective would be: “Explain and calculate variance, standard deviation, and coefficient of variation given univariate random variables.”
1. General probabilities: 10-17%
2. Univariate random variables: 40-47%
3. Multivariate random variables: 40-47%
About SOA Exam FM
Exam FM is a three-hour, 35 multiple-choice questions exam designed to test your knowledge of fundamental concepts of financial mathematics. SOA Exam FM’s syllabus comprises 8 topics and each one of them contributes a certain percentage of questions to the exam.
What are the Three Main Topics?
The first fours topics are quite straightforward and most actuarial students should have seen the most part of this in their undergraduate degree:
Time value of money (10-15%)
The next two topics relate mostly to the investment world and can be a little more tricky for actuarial students:
And the last two topics are based on interest rate and interest rate theory, but weigh a bit less on the overall exam:
Here, it is important to note that having great fundamentals in the first few topics will help you solve more easily questions from the later topics.
We at AnalystPrep believe in transparency. Feel free to check out some of our free videos below. We are sure you will love them.
Professor Paris has taught college-level classes for many decades. With a clear passion for teaching, Professor Paris has worked in the actuarial exam preparation industry for years after earning his ASA designation in 2010. His resume also includes:
☑ B.S., Mathematics, Louisiana Tech University, Ruston, Louisiana – 1988
☑ M.S., Mathematics, The Florida State University, Tallahassee, Florida – 1991
☑ Ph.D., Mathematics, The Louisiana State University, Baton Rouge, Louisiana – 1995 (Dissertation: Link Theory: Applications to Real Algebraic Curves)
☑ Has taught at different universities across the U.S.
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