SOA Preliminary Exams

The preliminary exams are common for all aspiring actuaries no matter what field they decide to enter in the future. The ASP follows the SOA’s preliminary exam requirements for the associateship designation. You may view these in detail via the following link.

 

Exam P:  Probability

Exam P is a three-hour multiple-choice examination being offered by the SOA through computer-based testing (CBT).

The syllabus for Exam P is set to develop the candidate’s knowledge of the fundamental probability tools for quantitatively assessing risk, with emphasis on the application of these tools to problems encountered in actuarial science. Thorough knowledge of calculus and basic probability topics is required.

 

Exam FM: Financial Mathematics

Exam FM is a three-hour multiple-choice examination being offered by the SOA through computer-based testing (CBT).

Exam FM aims to develop the candidate’s understanding of interest theory (discrete and continuous). The candidate is also given an introduction to financial instruments, including derivatives. Basic knowledge of calculus and probability is required.

 

Exam MFE: Models for Financial Economics

Exam MFE is a three-hour multiple-choice examination being offered by the SOA through computer-based testing (CBT).

The syllabus for Exam MFE covers interest rate models, rational valuation of derivative securities, simulation, and financial risk management techniques. Knowledge of risk management at the level of Exam P is assumed. In addition, candidates are assumed to be familiar with financial instruments introduced in Exam FM.

 

Exam MLC: Models for Life Contingencies

Exam MLC is a three-hour multiple-choice examination being offered by the SOA through pen and paper testing.

Exam MLC aims to develop the candidate’s knowledge of the theoretical basis of life contingent models and how these models apply to insurance and other financial risks. Knowledge of risk management at the level of Exam P is assumed. In addition, thorough knowledge of calculus, probability, interest theory is also assumed.

 

Exam C: Construction and Evaluation of Actuarial Models

Exam C is a three and a half-hour multiple-choice examination offered by SOA through computer-based testing (CBT).

The syllabus covers important actuarial methods useful in modeling. It also includes frequency and severity models beyond those covered in Exam MFE and Exam MLC. A thorough knowledge of calculus and probability is assumed.