Exam FAM Details
Below we’ll lay out everything you need to know for your FAM exam from registration details to exam day to what to do after you receive your results.
Exam Offerings
FAM is offered 3 times per year, with sittings in March, July, and November.
Exam Format
34 computer-based, multiple-choice questions
Exam Duration
3.5 hours
Registration Info
Register online at soa.org before the registration deadline.
Upcoming exam windows and registration deadlines
Nov 20, 2024
Register by Oct 22, 2024Mar 4, 2025
Register by Jan 28, 2025Jul 9, 2025
Register by Jun 10, 2025
Exam Day and Results: Things To Keep In Mind
Don't forget your must-haves for exam day! Know what to bring and what to do after you pass the exam
What to Bring
A government-issued photo ID that includes a signature
Recommended Calculator: TI-30XS MultiView (See Other Options)
Exam Results
Because this is a new exam, results for the first several administrations will not be instantaneous. Results will be released on the SOA website about 8 weeks after each testing window ends.
Passing the Exam
You will need to choose between Exam ALTAM and Exam ASTAM to take next. Other exams to consider include Exam SRM, Exam PA, and Exam ATPA.
You will need to obtain your remaining VEE credits, complete your modules (Pre-Actuarial Foundations, Actuarial Science Foundations, FAP), and fulfill your APC requirements in order to attain your ASA designation.
Expert Tips: Helpful insights from our coaches
Our coaches know this exam inside and out. Check out their expert tips for achieving a passing score.
If you've taken a CBT exam before, the format won't surprise you on exam day. Just be aware that this exam has more questions (40) than the other CBT exams you've taken.
Terence Chow VP of Product
Don't be afraid to skip questions. The CBT platform makes it easy for you to mark a question and come back to it later. Make sure to give yourself enough time to ace easy questions that may be at the end of your exam. Remember, easy questions are worth just as much as hard questions.
Larry Saw Content Coach
Course Offerings: Topics and weights
- 5% - 10%
We start by learning about cost-sharing mechanisms used by insurers and get an introduction to reinsurance.
- 5 Efficient, bite-sized Learning Manuals
- 39 Minutes of high-quality Learning Videos
- 2 Assignment Questions
- 12 Quiz and Exams questions
- 13% - 18%
We study general probability topics, parametric distributions, and risk measures. These concepts are applied to an insurance product as customers file claims of various sizes. We model the claim sizes using a severity model and the number of claims using a frequency model. We also learn to combine the severity and frequency models into a single aggregate model.
- 54 Efficient, bite-sized Learning Manuals
- 340 Minutes of high-quality Learning Videos
- 45 Assignment Questions
- 346 Quiz and Exams questions
- 3% - 8%
After deciding which model to use, the next step is to determine the most appropriate values for the model parameters. We learn about maximum likelihood estimation, which is a common method to estimate parameters.
- 7 Efficient, bite-sized Learning Manuals
- 61 Minutes of high-quality Learning Videos
- 4 Assignment Questions
- 127 Quiz and Exams questions
- 3% - 5%
We learn about classical credibility. We apply it in the context of combining a small specific dataset from a group of customers with a large general dataset from a whole industry.
- 6 Efficient, bite-sized Learning Manuals
- 56 Minutes of high-quality Learning Videos
- 3 Assignment Questions
- 40 Quiz and Exams questions
- 10% - 15%
Loss reserving and ratemaking are two of the most important functions in short-term insurance. We learn a number of techniques for estimating loss reserves and look at how rates are set.
- 20 Efficient, bite-sized Learning Manuals
- 164 Minutes of high-quality Learning Videos
- 10 Assignment Questions
- 122 Quiz and Exams questions
- 3% - 8%
Derivatives are a fundamental part of financial risk management. We look into a type of derivative called options. We learn about the properties of options and how they are used as insurance. We use our first model for pricing options by creating a binomial model for stock prices. The Black-Scholes-Merton option pricing formula is discussed.
- 26 Efficient, bite-sized Learning Manuals
- 156 Minutes of high-quality Learning Videos
- 45 Assignment Questions
- 87 Quiz and Exams questions
- 3% - 5%
We begin to explore long-term actuarial mathematics. We get some background to modern actuarial practice pertaining to long-term, life contingent payments. We also learn key features of insurance coverages and retirement financial security programs.
- 15 Efficient, bite-sized Learning Manuals
- 63 Minutes of high-quality Learning Videos
- 7 Assignment Questions
- 45 Quiz and Exams questions
- 10% - 15%
This section is foundational to subsequent sections. Probability theory forms the foundation for life contingent payment models. We study the laws of probability for mortality in a survival model. We also learn about specific mortality models and assumptions.
- 40 Efficient, bite-sized Learning Manuals
- 225 Minutes of high-quality Learning Videos
- 69 Assignment Questions
- 174 Quiz and Exams questions
- 13% - 20%
We evaluate different types of insurance under a discrete or continuous assumption and examine the relationship between continuous and discrete insurance models. We then evaluate annuity payouts made to a policyholder under a discrete or continuous assumption, the relationship between continuous and discrete annuity models, and the mathematical relationship between insurance and annuities.
- 51 Efficient, bite-sized Learning Manuals
- 369 Minutes of high-quality Learning Videos
- 116 Assignment Questions
- 270 Quiz and Exams questions
- 15% - 23%
We apply concepts from the last two sections to determine premiums charged by insurance companies. We use the equivalence principle, along with other assumptions, to calculate the premium for a particular policy. Expenses are added into the model as an additional payment to the insurer. We learn to calculate and model reserves set aside by an insurance company to remain solvent.
- 43 Efficient, bite-sized Learning Manuals
- 289 Minutes of high-quality Learning Videos
- 87 Assignment Questions
- 377 Quiz and Exams questions