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200+ Free SOA FM Practice Questions

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2026 Statistics

Key Facts: SOA FM Exam

30

Official Questions

SOA April 2026 syllabus

2.5 hrs

Time Limit

SOA

6-10

Passing Grades

SOA 0-10 scale

$275

Standard Fee

SOA fee table

5

Content Domains

SOA syllabus

200

Practice Questions Here

OpenExamPrep

SOA FM is a 30-question preliminary actuarial exam administered in 2.5 hours. The April 2026 syllabus uses five weighted domains, with the heaviest emphasis on annuities and loans plus derivatives and risk management. SOA reports grades on a 0-10 scale, and a grade of 6 or higher is passing. As of March 11, 2026, the official FM updates page listed no content updates.

About the SOA FM Exam

The SOA Financial Mathematics (FM) exam is a core preliminary actuarial exam covering interest theory, annuities, loans, bonds, cash-flow analysis, derivatives, and risk management.

Assessment

30 multiple-choice questions

Time Limit

2 hours 30 minutes

Passing Score

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

Exam Fee

$275 (Society of Actuaries (SOA) / Prometric)

SOA FM Exam Content Outline

5-15%

Interest Theory

Accumulation, discounting, force of interest, and equivalent rate relationships.

20-30%

Annuities and Loans

Level and varying annuities, amortization, sinking funds, and loan balance mechanics.

15-25%

Bonds

Bond price-yield relationships, premium and discount amortization, and fixed-income valuation.

15-25%

General Cash Flows and Portfolios

Net present value, internal rate of return, project comparison, duration, and portfolio matching.

20-30%

Derivatives and Risk Management

Forwards, futures, swaps, options, hedging logic, and no-arbitrage pricing intuition.

How to Pass the SOA FM Exam

What You Need to Know

  • Passing score: Grade of 6 or higher on SOA's 0-10 scale
  • Assessment: 30 multiple-choice questions
  • Time limit: 2 hours 30 minutes
  • Exam fee: $275

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 FM Study Tips from Top Performers

1Master interest-rate conversion mechanics first so nominal, effective, discount, and force-of-interest questions become setup exercises instead of memory tests.
2Spend extra time on annuity and loan identities because they are both high-weighted and foundational for several other FM question types.
3Practice bond problems with premium, discount, and yield language until you can move quickly between book value, price, and amortization interpretations.
4Treat duration and immunization as concept-plus-computation topics: know the formulas, but also know what a hedge or matched portfolio is trying to accomplish.
5For derivatives, focus on payoff structure, no-arbitrage forward pricing, and whether a position is long or short before you start calculating.

Frequently Asked Questions

How many questions are on SOA Exam FM?

The April 2026 SOA FM syllabus lists 30 multiple-choice questions. That is the current official format for 2026 sittings.

How long is the SOA FM exam?

You get 2 hours and 30 minutes to complete FM. Because the exam is calculation-heavy, pacing matters almost as much as formula recall.

What is the passing score for SOA FM?

SOA reports preliminary exam 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.

Which topics matter most on FM?

The current blueprint puts the most weight on Annuities and Loans plus Derivatives and Risk Management at 20-30% each. Bonds and General Cash Flows and Portfolios are mid-weight at 15-25% each, while Interest Theory is smaller at 5-15%.

What changed for SOA FM in 2026?

As of March 11, 2026, the official FM updates page says there are currently no content updates. The practical 2026 changes students should notice are the current $275 exam fee and SOA's January 2026 outreach about expanding on-campus testing opportunities for future administrations.

How much does SOA FM cost?

The listed 2026 standard exam fee for FM is $275. Registration is handled through SOA with Prometric scheduling for computer-based administrations.