How much should I study for exam FM?
If you have a busy schedule, I recommend you start studying for Exam FM about 4 – 5 months before you plan to write. That will give you sufficient time to be fully prepared while only spending about 1.5 – 2 hours per day studying.
How hard is actuarial exam FM?
Very very hard. The preliminary exams are 3 hours long, consisting of 30-35 multiple choice problems, and the pass rate is typically only 30-40%. As a result of the overwhelming amount of material, one frequently asked question among student actuaries is for a good study method.
What do I need to know for exam FM?
The Exam FM syllabus (which can be found here) lists all the concepts that you need to know for the exam. These include topics like time value of money, annuities, bonds, portfolios, swaps and immunization. In the syllabus, they’ve also included some suggested textbooks to read.
How many questions is the FM exam?
Exam FM is a 3-hour long exam that consists of 30 multiple-choice questions. Just like the P exam, it is a computer-based exam.
Is the FM exam hard?
How hard is Exam FM? The concepts on Exam FM are not that hard to understand. If you’ve chosen good study materials (here are my recommendations) then the exam topics will be explained very clearly. The harder part is trying to do questions within such a short time limit (about 5 minutes).
Can I study for exam FM in 2 months?
Prior to that, taking at least 2.5 to 3 months for learning the material is best; 2 months is certainly possible, but it might feel a bit crammed-in (particularly if you’re trying to study during the semester).”
Is FM easier than P?
In summary, if you’ve taken calculus courses that taught double integration then take Exam P first. If you’ve learned about the time value of money, take Exam FM first. If you’ve learned both or neither, start with FM because it’s probably going to be easier of the two.
How can I pass exam FM?
Exam FM is scored on a scale of from 0 to 10. A score of 0 means that you met less than 50% of the grade needed in order to pass, while a score of 10 means you reached at least 140% of the grade needed in order to pass. A passing score on Exam FM is a 6.
How do I study for the FM actuary exam?
So, here are 50 tips for actuarial exams, specifically Exam P and FM.
- Don’t memorize anything until the last week.
- Study 6 days a week no matter what.
- Schedule study time into your calendar, just like you would a doctor’s appointment or class.
- Do 700+ practice problems before exam day.
What is the easiest actuarial exam?
So, what’s the best order to take actuarial exams? The short answer is: there isn’t a required order to write exams in, so it’s completely up to you on how you proceed. But, Exam P and FM tend to be the easiest for most people, so you should start by passing those two first.
Which is harder P or FM?
First Exam Like I said in the short answer above, Exam P (Probability) or FM (Financial Mathematics) should be your first. Most people find Exam P to be harder than FM because of all the calculus that it involves. So, for most people, I recommend taking Exam FM as your first exam.
Can I study for exam FM in a month?
Ian says… “Based on my experience with Exams P and FM, it’s best to set aside a month (or even a month and a half) before the exam to focus exclusively on practice problems and exams.