Exam Resources

Depending on whether you choose the property and casualty or life and health insurance tracks, there are two major exam tracks. Luckily, the Society of Actuaries and Casualty Actuarial Society offer an overlap in exams. These are generally referred to as the preliminary exams. They consist of four exams with one broken into two separate exams. Below, you can view a short description and links to resources for the exams.

Note that the SOA refers to exams by the letter names while the CAS refers to the exams by the numbers.

Exam P/1

Exam P/1 is called the Probability Exam. It is a three hour, multiple choice exam given by Computer Based Testing. The exam covers general probability, univariate probability distributions, and multivariate probability distributions.

The syllabus can be found at: http://beanactuary.org/exams/preliminary/exams/syllabi/2011-Nov-exam-p.pdf

Sample questions can be found at: http://www.beanactuary.org/exams/preliminary/exams/syllabi/ExamPSamplequestions.pdf

The corresponding solutions can be found at: http://www.beanactuary.org/exams/preliminary/exams/syllabi/ExamPSamplesolutions.pdf

More practice questions written by William Kenney can be found at Math 3313 Fall 2011 Bonus The solutions are here

Exam FM/2

Exam FM/2 is called the Financial Mathematics Exam. It is a three hour, multiple choice exam given by Computer Based Testing. The exam covers time value of money, non-contingent annuities, loans, bonds, general cash flows and portfolios, immunization, general derivatives, options, hedging and investment strategies, forwards and futures, and swaps.

The syllabus can be found at: http://beanactuary.org/exams/preliminary/exams/syllabi/2011-10-exam-fm.pdf

Sample questions can be found at: http://www.soa.org/files/pdf/FM-09-05ques.pdf

The corresponding solutions can be found at: http://www.soa.org/files/pdf/FM-09-05sol2nd.pdf

Exam MLC and Exam 3L

Exam MLC and 3L are the only preliminary exams still given by pencil/paper and not jointly administered. The CAS accepts Exam MLC for Exam 3L credit, but the SOA does not accept Exam 3L for Exam MLC credit.

Exam MLC is a 3 hour multiple choice exam. It covers survival models, markov chain models, life insurance and annuities, and Poisson processes.

The syllabus can be found at: http://www.soa.org/files/pdf/edu-2011-fall-exam-m.pdf

Sample questions can be found at: http://www.soa.org/files/pdf/edu-2008-spring-mlc-questions.pdf

The corresponding solutions can be found at: http://www.soa.org/files/pdf/edu-mlc-09-08-solutions.pdf

Exam 3L is a 2 and a half hour multiple choice exam. It covers survuval models, life contingency models, and statistics.

The syllabus can be found at: http://casact.org/admissions/syllabus/exam3L.pdf

MFE/3F

Exam MFE/3F is called the Modeling Financial Economics Exam. It is a 2 and a half hour, multiple choice exam given by Computer Based Testing. The exam covers interest rate models, rational valuation of derivative securities, simulation, and risk managment techniques.

The syllabus can be found at: http://beanactuary.org/exams/preliminary/exams/syllabi/2011-fall-exam-mfe.pdf

The questions and corresponding solutions can be found at: http://www.beanactuary.org/exams/preliminary/exams/syllabi/MFE_SampleQS1-76.pdf

C/4

Exam C/4 is called the Modeling and Evaluation of Actuarial Models Exam. It is a 3 and a half hour multiple choice exam given by Computer Based Testing It covers severity models, frequency models, agregggate models, risk measures, construction and selection of parametric models, creidibility, and simulation.

The syllabus can be found at: http://beanactuary.com/exams/syllabi/2011-Oct-exam-c.pdf

Sample questions can be found at: http://www.soa.org/files/pdf/edu-2009-fall-exam-c-questions.pdf

The corresponding solutions can be found at: http://www.soa.org/files/pdf/edu-2009-fall-exam-c-solutions.pdf