Exam Comparison
Exam FM vs Exam P
Comparing the SOA Exam FM — Financial Mathematics and the SOA Exam P — Probability. Both fall under Finance & Accounting. Both are covered by the Actuary Exam Prep: P FM FAM app.
Exam FM vs Exam P: At a Glance
| Detail | Exam FM | Exam P |
|---|---|---|
| Full Name | SOA Exam FM — Financial Mathematics | SOA Exam P — Probability |
| Governing Body | Society of Actuaries (SOA) | Society of Actuaries (SOA) |
| Number of Questions | 30 | 30 |
| Time Limit | 3 hours | 3 hours |
| Passing Score | 60% (scaled) | 60% (scaled) |
| Exam Fee | $250 | $250 |
| Category | Finance & Accounting | Finance & Accounting |
| C3RT App | Actuary Exam Prep: P FM FAM | Actuary Exam Prep: P FM FAM |
Content Areas Compared
Exam FM Domains
- Interest Theory — Time Value of Money(~25%)
- Interest Theory — Annuities and Loans(~20%)
- Interest Theory — Bonds(~15%)
- Derivatives — Forwards, Futures and Swaps(~20%)
- Derivatives — Options and Investment Strategies(~20%)
Exam P Domains
- General Probability(10–17%)
- Univariate Random Variables(27–33%)
- Multivariate Random Variables(26–32%)
- Common Distributions(7–13%)
- Risk Management Concepts(9–18%)
Frequently Asked Questions
What is the difference between Exam FM and Exam P?
The Exam FM (SOA Exam FM — Financial Mathematics) is administered by Society of Actuaries (SOA) and consists of 30 questions. The Exam P (SOA Exam P — Probability) is administered by Society of Actuaries (SOA) and consists of 30 questions. Both are Finance & Accounting credentials.
Can I take both the Exam FM and the Exam P?
Yes, the Exam FM and Exam P are separate credentials with separate eligibility requirements. Each is awarded by a different governing body (Society of Actuaries (SOA) and Society of Actuaries (SOA) respectively). Check the official requirements for each before registering.
Which should I take first, Exam FM or Exam P?
The right sequence depends on your career goals and current credentials. The Exam FM is offered by Society of Actuaries (SOA) with a passing score of 60% (scaled), while the Exam P is offered by Society of Actuaries (SOA) with a passing score of 60% (scaled). Review the eligibility requirements for each with the respective governing bodies before deciding.
Does C3RT cover both the Exam FM and the Exam P?
Yes. Both the Exam FM and Exam P are covered in the Actuary Exam Prep: P FM FAM app for iOS and Mac.
The SOA Exam FM — Financial Mathematics (Exam FM) is administered by Society of Actuaries (SOA). The SOA Exam P — Probability (Exam P) is administered by Society of Actuaries (SOA). C3RT is not affiliated with either organisation. Certification names and trademarks are the property of their respective owners.