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.