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200+ Free SOA FAM Practice Questions

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2026 Statistics

Key Facts: SOA FAM Exam

34

Official Questions

SOA 2026 syllabus

3.5 hrs

Time Limit

SOA

6-10

Passing Grades

SOA 0-10 scale

$408

Standard Fee

SOA fee table

10

Content Domains

SOA syllabus

200

Practice Questions Here

OpenExamPrep

SOA FAM is a 34-question preliminary actuarial exam administered in 3.5 hours. The blueprint spans 10 weighted content domains, with the heaviest emphasis on long-term insurance present values and premium/policy value calculations. SOA reports grades on a 0-10 scale, and a grade of 6 or higher is passing.

About the SOA FAM Exam

The SOA Fundamentals of Actuarial Mathematics (FAM) exam is a core ASA-pathway preliminary exam covering short-term insurance modeling, option pricing, mortality, actuarial present values, premiums, and policy values.

Assessment

34 multiple-choice questions

Time Limit

3 hours 30 minutes

Passing Score

Grade of 6 or higher on SOA's 0-10 scale

Exam Fee

$408 (Society of Actuaries (SOA))

SOA FAM Exam Content Outline

5-10%

Short-Term Insurance and Reinsurance Coverages

Policy structures, reinsurance forms, and short-term coverage mechanics.

12.5-17.5%

Severity, Frequency, and Aggregate Models

Frequency and severity distributions, aggregate loss models, and deductible or limit effects.

2.5-7.5%

Parametric Estimation

Maximum likelihood, method of moments, and estimation for actuarial loss models.

2.5-5%

Introduction to Credibility

Full-credibility standards and credibility-weighted estimators.

10-15%

Pricing and Reserving for Short-Term Insurance Coverages

Ratemaking, claim cost development, and core loss-reserving techniques.

2.5-7.5%

Option Pricing Fundamentals

No-arbitrage logic, option payoffs, and binomial pricing.

2.5-5%

Long-Term Insurance Coverages and Retirement Financial Security Programs

Life insurance, annuities, and retirement-income program concepts.

10-15%

Mortality Models

Survival functions, life tables, forces of mortality, and actuarial notation.

12.5-20%

Present Value Random Variables for Long-Term Insurance Coverages

Actuarial present values for life insurance, annuities, and benefit variations.

15-22.5%

Premium and Policy Value Calculation for Long-Term Insurance Coverages

Net and gross premiums, expense loadings, reserves, and policy value recursion.

How to Pass the SOA FAM Exam

What You Need to Know

  • Passing score: Grade of 6 or higher on SOA's 0-10 scale
  • Assessment: 34 multiple-choice questions
  • Time limit: 3 hours 30 minutes
  • Exam fee: $408

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

SOA FAM Study Tips from Top Performers

1Spend disproportionate time on long-term insurance present values and premium or policy value calculations because those sections carry the most weight.
2Build a formula sheet that links survival probabilities, actuarial present values, premiums, and reserve recursions instead of memorizing each formula in isolation.
3Practice both discrete and continuous-style setups so you can move quickly between q_x / p_x notation, life tables, and force-of-mortality relationships.
4For short-term topics, drill distribution recognition, deductible and limit transformations, and core ratemaking or reserving workflows until the setup becomes automatic.
5Use timed mixed sets near the end of prep because FAM tests whether you can switch cleanly between short-term insurance and life-contingency mathematics under time pressure.

Frequently Asked Questions

How many questions are on SOA Exam FAM?

SOA FAM has 34 multiple-choice questions. The SOA reduced the exam from 40 questions to 34 beginning with the November 2024 administration, and that remains the current structure in 2026.

How long is the SOA FAM exam?

You get 3 hours and 30 minutes to complete FAM. That timing did not change when the question count was reduced.

What is the passing score for SOA FAM?

SOA reports grades on a 0-10 scale, and grades from 6 to 10 are passing. The SOA does not publish a fixed raw percentage because the pass mark is set for each sitting.

What topics matter most on FAM?

The heaviest-weighted area is Premium and Policy Value Calculation for Long-Term Insurance Coverages (15-22.5%), followed by Present Value Random Variables for Long-Term Insurance Coverages (12.5-20%) and Severity, Frequency, and Aggregate Models (12.5-17.5%). Mortality Models and short-term Pricing and Reserving are also major sections.

What changed for FAM in 2026?

The main 2026 operational update is that starting with the February 2026 administration, unofficial pass/fail results are emailed within one hour of the exam appointment. The most recent blueprint change before 2026 was the July 18, 2024 reduction from 40 to 34 questions with corresponding syllabus trimming.

How much does SOA FAM cost?

The standard SOA FAM exam fee is $408 in 2026. SOA also lists a discounted $320 student fee for eligible full-time students.