Fundamentals of Actuarial Mathematics (FAM) Exam Summary

Exam Format:

$\bullet \quad$ Length: Three and a half hours

$\bullet \quad$ Question Type: 34 multiple-choice questions

$\bullet \quad$ Administration: Computer-based test (CBT)

Prerequisites:

$\bullet \quad$ Exam P: Knowledge of probability and mathematical statistics covered in Exam P is assumed.

$\bullet \quad$ Exam FM: Knowledge of financial mathematics covered in Exam FM is assumed.

$\bullet \quad$ VEE Mathematical Statistics: Knowledge of Mathematical Statistics covered in VEE Mathematical Statistics is assumed.

Exam Resources:

$\bullet \quad$ Tables: A variety of tables will be provided to candidates during the exam, including values for discrete and continuous probability distributions, life tables, and decrement tables. This information will be available as a PDF under an “Exhibit” button during the CBT exam. The CBT environment will also include a normal distribution calculator. Paper/pencil exam candidates will receive a hard copy of the tables.

$\bullet \quad$ No personal tables allowed: Candidates will not be allowed to bring their own copies of the tables into the examination room.

General Information:

$\bullet \quad$ Learning Outcomes: Weights are provided to indicate the relative emphasis on different sections, but actual weights on individual exams may vary. Some questions may cover multiple learning outcomes.

$\bullet \quad$ Answer Choices: Each multiple-choice question has five answer choices (A, B, C, D, and E), with only one correct answer.

Remember: The above blog was made on the basis of information available as of January 2025. Always refer to the official exam guidelines and syllabus for the most up-to-date information.