Exam FAM
SOA Exam FAM — Fundamentals of Actuarial Mathematics
SOA Exam FAM covers the fundamentals of life insurance mathematics (Part L) and non-life insurance mathematics (Part S). Topics include survival models, life tables, life insurance and annuity valuation, net premiums, reserves, and aggregate loss models.
Study Materials in C3RT
Exam FAM Exam Overview
| Detail | Information |
|---|---|
| Full Name | SOA Exam FAM — Fundamentals of Actuarial Mathematics |
| Governing Body | Society of Actuaries (SOA) |
| Number of Questions | 30 |
| Time Limit | 3 hours 30 minutes |
| Passing Score | 60% (scaled) |
| Exam Fee | $350 |
| Category | Finance & Accounting |
| C3RT App Available On | iPhone, iPad, and Mac |
| Official Source | Society of Actuaries (SOA) official website ↗ |
Exam FAM Content Areas and Domains
| Domain / Content Area | Exam Weight |
|---|---|
| FAM-L: Survival Models and Life Tables | ~20% |
| FAM-L: Life Insurance Valuation | ~15% |
| FAM-L: Life Annuities | ~10% |
| FAM-L: Net Premiums and Reserves | ~15% |
| FAM-S: Frequency and Severity Models | ~15% |
| FAM-S: Aggregate Loss Models | ~15% |
| FAM-S: Coverage Modifications and Risk Measures | ~10% |
Domain weights are approximate and based on the Society of Actuaries (SOA) content outline. Always verify at the official source before your exam.
Topics Covered
- ✓ Survival models
- ✓ Life tables
- ✓ Life insurance valuation
- ✓ Life annuities
- ✓ Net premiums and reserves
- ✓ Frequency and severity models
- ✓ Aggregate loss models
- ✓ Coverage modifications
How C3RT Helps You Pass the Exam FAM
Adaptive Practice
Questions adapt to your weak areas automatically so every study session on the Exam FAM is time well spent.
Diagnostic Mocks
Full-length mock exams timed to the real Exam FAM format with detailed score breakdowns by topic.
Mistake Bank
Every wrong answer is saved for targeted re-drill. The system resurfaces your mistakes until they stick.
Native on iOS & Mac
Built with SwiftUI, not a web wrapper. Instant load, offline support, hardware-speed rendering.
Sample Exam FAM Practice Questions
Q1.Given that 1000·q_40 = 2.13, what is the probability that a person aged 40 dies before reaching age 41?
- 0.0213Correct
- 0.0135
- 0.0215
- 0.0252
- 0.0208
q_40 = 1000·q_40 / 1000 = 2.13 / 1000 = 0.00213. The probability that a person aged 40 dies before reaching age 41 is directly derived from the value of 1000·q_40, divided by 1000.
Q2.Given that l_50 = 92,401 and l_60 = 87,016, calculate the one-year survival probability for a 50-year-old individual.
- 0.9400Correct
- 0.9000
- 0.8500
- 0.9200
- 0.9300
t_p_50 = l_60 / l_50 = 87,016 / 92,401 ≈ 0.9417 ≈ 0.9400. The one-year survival probability uses the ratio of survivors at age 60 to the number at age 50.
Q3.A 30-year-old individual is looking to purchase a whole life insurance policy. Calculate the net single premium using A_30 = 0.07698 for a policy with a death benefit of 200,000.
- 15,396Correct
- 14,396
- 16,396
- 12,396
- 13,396
Net Single Premium = A_30 × Benefit = 0.07698 × 200,000 = 15,396. The net single premium for a life insurance policy is computed by multiplying the actuarial value A_x by the death benefit.
Exam FAM Frequently Asked Questions
What does Exam FAM stand for?
Exam FAM stands for SOA Exam FAM — Fundamentals of Actuarial Mathematics. It is administered by Society of Actuaries (SOA).
Who administers the Exam FAM?
The SOA Exam FAM — Fundamentals of Actuarial Mathematics (Exam FAM) is administered by Society of Actuaries (SOA). For official information, visit the Society of Actuaries (SOA) website.
How many questions is the Exam FAM?
The Exam FAM consists of 30 questions. Candidates are given 3 hours 30 minutes to complete the exam.
How many practice questions does C3RT have for the Exam FAM?
The C3RT app includes 5,941 practice questions for the Exam FAM, along with 287 flashcards, and 56 concept cards.
What is the passing score for the Exam FAM?
The passing score for the Exam FAM is 60% (scaled), as set by Society of Actuaries (SOA). Scoring methodology and passing standards may be updated periodically. Always verify current requirements with the governing body.
How much does the Exam FAM exam cost?
The Exam FAM exam fee is $350. This fee is set by Society of Actuaries (SOA) and may vary by testing centre, region, or membership status. Additional fees for registration or rescheduling may apply.
What replaced Exam MLC and Exam C?
SOA Exam FAM replaced the earlier Exam MLC (life contingencies) content for the foundational syllabus. It is typically taken after Exams P and FM.
How hard is SOA Exam FAM?
SOA Exam FAM (Financial and Actuarial Mathematics) is considered one of the more challenging preliminary exams. Pass rates have generally ranged from 40–60% since the exam was introduced in its current form. FAM combines long-term actuarial mathematics (survival models, life tables, insurance, annuities) with financial mathematics, requiring proficiency across a wide range of actuarial and financial content.
What are the prerequisites for Exam FAM?
FAM assumes strong mastery of probability and statistics (at the level of Exam P) and financial mathematics (at the level of Exam FM). These exams should ideally be passed before attempting FAM. The long-term actuarial mathematics content also builds on survival analysis concepts covered in probability coursework.
How long should I study for Exam FAM?
Most candidates study 200–350 hours for FAM, making it one of the more preparation-intensive preliminary exams. The study plan must cover both the long-term actuarial math portion (survival models, insurance functions, annuities, premium calculation, reserves) and the financial mathematics portion. Structured study manuals from ACTEX or ASM are commonly used.
What does passing Exam FAM signify for my career?
FAM is a required exam on the ASA pathway (combined with Exam ALTAM or ASTAM depending on track). Passing FAM demonstrates actuarial competence in life insurance mathematics and financial markets — key domains for life, health, and retirement-focused actuarial work. It typically precedes the written answer and professional exams in the ASA sequence.
What is the Exam FAM retake policy?
Exam FAM follows the SOA's standard CBT retake policy with scheduled testing windows throughout the year. There is no limit on retakes, and each attempt requires a new fee and registration. Candidates receive diagnostic feedback after a failed attempt.
How does Exam FAM compare to Exam P and Exam FM?
Exam P is a pure probability exam; Exam FM is a financial mathematics exam. FAM combines actuarial mathematics for long-term insurance products with financial mathematics concepts, making it a synthesis and extension of both. FAM is typically the most time-intensive of the three and represents a significant step up in difficulty and scope.
How is Exam FAM scored?
Exam FAM uses pass/fail criterion-referenced scoring. The SOA provides a topic area diagnostic to candidates who do not pass. The exam is administered at Prometric centers, and results are typically available within a few weeks of each testing window closing.
C3RT is a native iOS and macOS exam preparation platform covering the SOA Exam FAM — Fundamentals of Actuarial Mathematics (Exam FAM), a Finance & Accounting certification, administered by Society of Actuaries (SOA). C3RT is not affiliated with or endorsed by Society of Actuaries (SOA). Certification names and trademarks are the property of their respective organisations. For official exam registration, eligibility requirements, and content outlines, visit the Society of Actuaries (SOA) official website ↗ .