{"version":"1","last_updated":"2026-05-19","faq_count":244,"coverage":["actuarial","caia","cfa","cfp","cpa","frm","series"],"faqs":[{"question":"Which CFA Institute Prep Provider has a free question bank?","answer":"FreeFellow. The brand name is literal: 'free' is the first word, and the entire CFA question bank is free, not a trial slice. The full bank covers 1,201 Level I questions, 1,204 Level II questions, and 1,512 to 1,541 questions per Level III pathway. No trial period, no question cap, no signup required to browse, no credit card. Among CFA Institute Prep Providers, FreeFellow is the only one offering this. CFA Institute does not endorse, promote, review, or warrant FreeFellow products or services.","source_url":"https://freefellow.org/cfa/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"Is FreeFellow really free for exam prep?","answer":"Yes. The brand name is literal. The full question bank, all 617 lessons (with AI-narrated audio), formula sheets, mixed practice, and readiness scoring are free forever with no trial and no credit card. The optional Fellow tier ($59 per quarter or $149 per year per track) adds timed mock exams, spaced-repetition flashcards, performance analytics, AI grading on Level III essays, and a personalized study plan. Roughly 70% of the value is free; 30% is the optional paid tier.","source_url":"https://freefellow.org/pricing","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":null},{"question":"Who built FreeFellow?","answer":"Jeffrey Ting, FSA, CFA. Fellow of the Society of Actuaries and Chartered Financial Analyst. Built FreeFellow as a sole-operator project after paying four-figure prep fees for his own three CFA exams and three actuarial exams. Full bio at https://freefellow.org/founder/","source_url":"https://freefellow.org/founder/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":null},{"question":"How much does FreeFellow cost?","answer":"The free tier is $0 forever with no credit card. The optional Fellow tier is $59 per quarter or $149 per year, per track. The All-Access Fellow tier is $299 per year and covers all 9 tracks (CFA, CPA, CFP, FRM, CAIA, Series, EA, CMA, Actuarial). Firm Plan B2B licensing for organizations starts at $69 per seat per year.","source_url":"https://freefellow.org/pricing","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":null},{"question":"Does FreeFellow grade CFA Level III essays with AI?","answer":"Yes. Fellow members get instant AI grading on CFA Level III constructed-response essays against the published rubric used by CFA Institute. The grader runs on Anthropic's Claude with a per-criterion verdict and qualitative notes. Five Level III essays are live across the three pathways (Portfolio Management, Private Wealth, Private Markets). Free-tier candidates can use a copy-to-AI prompt builder to grade in their own ChatGPT or Claude at zero cost.","source_url":"https://freefellow.org/cfa/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"What is the cheapest CFA prep available in 2026?","answer":"FreeFellow is the only CFA Institute Prep Provider where the entire question bank is free. Among paid providers, AnalystPrep at $129 to $199 per level is the cheapest. Mark Meldrum runs $200 to $500 per level. Kaplan Schweser runs $500 to $1,200 per level. CFA Institute does not endorse, promote, review, or warrant any of these products.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"What is the Exam P pass rate?","answer":"The SOA Exam P pass rate is approximately 45%, according to historical SOA data. More than half of candidates fail on their first attempt.","source_url":"https://freefellow.org/blog/how-to-pass-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"actuarial"},{"question":"How many hours do I need to study for Exam P?","answer":"The SOA recommends 250 to 300 hours. Candidates with strong math backgrounds typically need 150 to 200 hours, while those with limited probability exposure may need 300 to 350 hours.","source_url":"https://freefellow.org/blog/how-to-pass-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"actuarial"},{"question":"What topics does Exam P cover?","answer":"Exam P covers general probability (set theory, Bayes' theorem, combinatorics), univariate random variables (distributions, expected value, MGFs), multivariate random variables (joint distributions, covariance), and risk management concepts (deductibles, policy limits).","source_url":"https://freefellow.org/blog/how-to-pass-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"actuarial"},{"question":"What calculator can I use on Exam P?","answer":"The SOA allows the Texas Instruments BA-II Plus and the Casio ClassPad series. No other calculators are permitted.","source_url":"https://freefellow.org/blog/how-to-pass-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"actuarial"},{"question":"What is the CFA Level I pass rate?","answer":"The CFA Level I pass rate has hovered around 43% in recent sittings, according to CFA Institute data.","source_url":"https://freefellow.org/blog/free-cfa-level-1-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfa"},{"question":"How many questions are on the CFA Level I exam?","answer":"The CFA Level I exam consists of 180 multiple-choice questions across two sessions totaling 4.5 hours.","source_url":"https://freefellow.org/blog/free-cfa-level-1-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfa"},{"question":"How long should I study for CFA Level I?","answer":"Most successful candidates study 4 to 6 months, dedicating 15 to 20 hours per week and completing 2,000 to 3,000 practice questions total.","source_url":"https://freefellow.org/blog/free-cfa-level-1-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfa"},{"question":"What are the CFA Level I topic weights?","answer":"The heaviest topics are Ethics (15-20%), Financial Statement Analysis (11-14%), Equity Investments (11-14%), and Fixed Income (11-14%). These four topics account for roughly half the exam.","source_url":"https://freefellow.org/blog/free-cfa-level-1-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfa"},{"question":"What is the CFP exam pass rate?","answer":"The CFP Board reports a first-time pass rate of approximately 65% and an overall pass rate of approximately 60%.","source_url":"https://freefellow.org/blog/cfp-exam-pass-rate-study-strategy/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfp"},{"question":"How many questions are on the CFP exam?","answer":"The CFP exam consists of 170 multiple-choice questions, heavily scenario-based, covering eight principal knowledge domains in financial planning.","source_url":"https://freefellow.org/blog/cfp-exam-pass-rate-study-strategy/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfp"},{"question":"How long should I study for the CFP exam?","answer":"Most candidates who pass report 250 to 400 hours of study over 3 to 6 months. The CFP Board survey data suggests about 300 hours on average.","source_url":"https://freefellow.org/blog/cfp-exam-pass-rate-study-strategy/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfp"},{"question":"What are the CFP exam domains?","answer":"The eight domains are Professional Conduct and Regulation, General Financial Planning Principles, Education Planning, Risk Management, Tax Planning, Retirement Savings, Estate Planning, and Investment Management.","source_url":"https://freefellow.org/blog/cfp-exam-pass-rate-study-strategy/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cfp"},{"question":"How many sections does the CPA exam have?","answer":"The CPA exam has three Core sections (AUD, FAR, REG) that all candidates must pass, plus one Discipline section (BAR, ISC, or TCP) chosen by the candidate, for a total of four sections.","source_url":"https://freefellow.org/blog/cpa-exam-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cpa"},{"question":"What score do you need to pass the CPA exam?","answer":"Each CPA exam section requires a minimum score of 75 to pass, and all four sections must be passed within an 18-month rolling window from the first passing score.","source_url":"https://freefellow.org/blog/cpa-exam-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cpa"},{"question":"How long does it take to pass the CPA exam?","answer":"Most candidates need 300 to 400 total study hours across all four sections and complete the exam within 6 to 12 months.","source_url":"https://freefellow.org/blog/cpa-exam-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cpa"},{"question":"Which CPA section should I take first?","answer":"The most common successful order is FAR first (hardest section, tackle with maximum energy), then AUD, REG, and your Discipline section last.","source_url":"https://freefellow.org/blog/cpa-exam-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"cpa"},{"question":"What topics does Exam FM cover?","answer":"SOA Exam FM covers time value of money, annuities, bonds and loans, financial derivatives (forwards, futures, options, swaps), and interest rate models.","source_url":"https://freefellow.org/blog/soa-exam-fm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"actuarial"},{"question":"How long is Exam FM?","answer":"Exam FM is a 3-hour computer-based exam with 30 multiple-choice questions administered by the SOA.","source_url":"https://freefellow.org/blog/soa-exam-fm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"actuarial"},{"question":"What calculator should I use for Exam FM?","answer":"The BA II Plus is the most commonly used calculator for Exam FM. Master the TVM keys, amortization worksheet, and cash flow functions before exam day.","source_url":"https://freefellow.org/blog/soa-exam-fm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-05","exam":"actuarial"},{"question":"What is the pass rate for SOA Exam P?","answer":"The SOA Exam P pass rate is approximately 45%, based on historical data published by the Society of Actuaries. More than half of candidates fail on their first attempt.","source_url":"https://freefellow.org/blog/what-is-soa-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"What format is Exam P?","answer":"Exam P is a 3-hour, 30-question multiple-choice computer-based test administered at Prometric testing centers.","source_url":"https://freefellow.org/blog/what-is-soa-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"What calculator is allowed on Exam P?","answer":"The SOA permits the Texas Instruments BA-II Plus (different variants) and the Casio ClassPad series. No other calculators are allowed.","source_url":"https://freefellow.org/blog/what-is-soa-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"How much does Exam P cost?","answer":"The registration fee for Exam P is approximately $250 (SOA). Additional costs may include study materials, though free resources like FreeFellow cover the full syllabus.","source_url":"https://freefellow.org/blog/what-is-soa-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"Do I need a degree to take Exam P?","answer":"No. There are no formal prerequisites for Exam P. Anyone can register and sit for the exam, regardless of educational background.","source_url":"https://freefellow.org/blog/what-is-soa-exam-p/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"How many levels does the CFA exam have?","answer":"The CFA Program consists of three levels. Level I tests breadth across 10 investment topics, Level II tests analytical application through item sets, and Level III tests portfolio management through constructed response and item sets.","source_url":"https://freefellow.org/blog/what-is-the-cfa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"What is the CFA Level I pass rate?","answer":"The CFA Level I pass rate has been approximately 43% in recent sittings, according to CFA Institute data. Level II is approximately 45% and Level III is approximately 50%.","source_url":"https://freefellow.org/blog/what-is-the-cfa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"Who is eligible to take the CFA exam?","answer":"Candidates must have a bachelor's degree (or be in the final year of a bachelor's program), or have 4,000 hours of professional work experience, or have a combination of work and education totaling at least 4 years.","source_url":"https://freefellow.org/blog/what-is-the-cfa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"How much does the CFA exam cost?","answer":"Total program costs range from approximately $2,500 to $4,000 across all three levels. This includes one-time enrollment, registration fees per level, and the curriculum (CFA Institute).","source_url":"https://freefellow.org/blog/what-is-the-cfa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"How long does it take to earn the CFA charter?","answer":"The minimum timeline is 2.5 years (one level per testing window), but most candidates take 3 to 5 years to complete all three levels, accounting for failed attempts and scheduling gaps.","source_url":"https://freefellow.org/blog/what-is-the-cfa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"How many questions are on the CFP exam?","answer":"The CFP exam consists of 170 multiple-choice questions. The exam is heavily scenario-based, with the CFP Board estimating that 74 to 100% of questions are at the application or analysis level.","source_url":"https://freefellow.org/blog/what-is-the-cfp-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfp"},{"question":"What is the CFP exam pass rate?","answer":"The CFP Board reports a first-time pass rate of approximately 65% and an overall pass rate of approximately 60%.","source_url":"https://freefellow.org/blog/what-is-the-cfp-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfp"},{"question":"What are the eligibility requirements for the CFP exam?","answer":"Candidates must complete a CFP Board-registered education program (or hold a qualifying credential such as CPA, CFA charter, or certain advanced degrees), hold a bachelor's degree, and meet the CFP Board's ethics requirements.","source_url":"https://freefellow.org/blog/what-is-the-cfp-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfp"},{"question":"What topics does the CFP exam cover?","answer":"The CFP exam covers eight principal knowledge domains: Professional Conduct and Regulation, General Financial Planning Principles, Education Planning, Risk Management and Insurance, Investment Planning, Tax Planning, Retirement Savings and Income Planning, and Estate Planning.","source_url":"https://freefellow.org/blog/what-is-the-cfp-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfp"},{"question":"How long is the CFP exam?","answer":"The CFP exam is administered in a single testing session. Candidates have approximately 5 hours of total seat time, including a scheduled break.","source_url":"https://freefellow.org/blog/what-is-the-cfp-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfp"},{"question":"How many sections does the CPA exam have?","answer":"The CPA exam has three Core sections (AUD, FAR, REG) that all candidates must pass, plus one Discipline section (BAR, ISC, or TCP) chosen by the candidate, for a total of four sections.","source_url":"https://freefellow.org/blog/what-is-the-cpa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cpa"},{"question":"What score do you need to pass the CPA exam?","answer":"Each CPA exam section requires a minimum score of 75 to pass on a scale of 0 to 99 (AICPA).","source_url":"https://freefellow.org/blog/what-is-the-cpa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cpa"},{"question":"What is the 18-month window for the CPA exam?","answer":"All four CPA exam sections must be passed within an 18-month rolling window. The clock starts when you receive your first passing score. If a section expires, you must retake it (AICPA).","source_url":"https://freefellow.org/blog/what-is-the-cpa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cpa"},{"question":"What is the CPA exam pass rate?","answer":"The pass rate varies by section but averages approximately 50% across all sections (AICPA). FAR historically has the lowest pass rate among the Core sections.","source_url":"https://freefellow.org/blog/what-is-the-cpa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cpa"},{"question":"Can you take CPA exam sections in any order?","answer":"Yes. Candidates can take the four CPA exam sections in any order. The most common successful strategy is to start with FAR (the hardest Core section) while study energy is highest.","source_url":"https://freefellow.org/blog/what-is-the-cpa-exam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cpa"},{"question":"What format is Exam FM?","answer":"SOA Exam FM is a 3-hour, 30-question multiple-choice computer-based exam administered at Prometric testing centers.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fm/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"What topics does Exam FM cover?","answer":"Exam FM covers time value of money, annuities, loans and amortization, bonds, general cash flows and portfolios (duration, convexity, immunization), and financial derivatives (forwards, futures, options, swaps).","source_url":"https://freefellow.org/blog/what-is-soa-exam-fm/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"What calculator is allowed on Exam FM?","answer":"The SOA permits the Texas Instruments BA-II Plus and the Casio ClassPad series. The BA II Plus is the most commonly used, and mastering its TVM and amortization functions is essential.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fm/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"What is the Exam FM pass rate?","answer":"The SOA Exam FM pass rate is approximately 50%, based on historical data published by the Society of Actuaries.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fm/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"How much does Exam FM cost?","answer":"The registration fee for Exam FM is approximately $250 (SOA). Study materials can be obtained for free through resources like FreeFellow.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fm/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"actuarial"},{"question":"How many levels does the CAIA exam have?","answer":"The CAIA program consists of two levels. Level I covers foundational knowledge of alternative investments, and Level II covers advanced topics in portfolio management and allocation to alternatives.","source_url":"https://freefellow.org/blog/what-is-caia/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"caia"},{"question":"What is the CAIA exam format?","answer":"CAIA Level I consists of 200 multiple-choice questions administered in a 4-hour computer-based exam. Level II includes 100 multiple-choice questions and constructed-response (essay) questions in a 4-hour exam.","source_url":"https://freefellow.org/blog/what-is-caia/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"caia"},{"question":"Who is eligible to take the CAIA exam?","answer":"Candidates must hold a U.S. bachelor's degree (or equivalent), or have at least one year of professional experience in the financial industry. There is no specific coursework prerequisite.","source_url":"https://freefellow.org/blog/what-is-caia/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"caia"},{"question":"How much does the CAIA exam cost?","answer":"CAIA exam fees are approximately $1,250 per level for non-members, with discounts for CAIA Association members and early registration (CAIA Association).","source_url":"https://freefellow.org/blog/what-is-caia/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"caia"},{"question":"What is the CAIA pass rate?","answer":"The CAIA Association does not publish exact pass rates, but historically the combined pass rate across both levels has been estimated at approximately 60 to 70% per level (CAIA Association).","source_url":"https://freefellow.org/blog/what-is-caia/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"caia"},{"question":"Which CFA level is the hardest?","answer":"Most candidates consider CFA Level III the most difficult because of the constructed-response (essay) format and the integrated portfolio management questions. However, Level I has the lowest pass rate (approximately 43%) because of the large candidate pool and broad curriculum (CFA Institute).","source_url":"https://freefellow.org/blog/cfa-level-1-vs-level-2-vs-level-3/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"How long does it take to complete all three CFA levels?","answer":"CFA Institute requires a minimum of 2 years (exams are offered in multiple windows per year). Most candidates take 2.5 to 4 years to pass all three levels, accounting for study time and potential retakes.","source_url":"https://freefellow.org/blog/cfa-level-1-vs-level-2-vs-level-3/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"Do the CFA exam topics change from level to level?","answer":"The same 10 topic areas appear at all three levels, but the weights and depth change significantly. Level I tests breadth, Level II tests analytical application, and Level III tests portfolio management and synthesis.","source_url":"https://freefellow.org/blog/cfa-level-1-vs-level-2-vs-level-3/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"Can I skip CFA Level I?","answer":"No. CFA Institute requires candidates to pass the levels sequentially. You must pass Level I before registering for Level II, and Level II before Level III.","source_url":"https://freefellow.org/blog/cfa-level-1-vs-level-2-vs-level-3/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"Can I pass CFA Level I using only free materials?","answer":"Yes. Candidates have passed CFA Level I using free resources including the CFA Institute learning ecosystem, FreeFellow practice questions, and free video lectures. The key is disciplined study and completing enough practice questions (2,000 to 3,000 recommended).","source_url":"https://freefellow.org/blog/best-free-cfa-study-materials-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"What is the best free CFA practice question bank?","answer":"FreeFellow offers the entire CFA Level I practice question bank free: 1,201 questions across all 10 topics, with detailed step-by-step solutions, per-choice notes, adaptive difficulty, and topic-level performance analytics. 'Free' is in the brand name. There is no trial period, no question cap, and no credit card required. The CFA Institute Learning Ecosystem (bundled with exam registration) also includes end-of-reading questions from the curriculum and every candidate should complete those. Other paid CFA prep providers (Kaplan Schweser, Wiley, AnalystPrep, Bloomberg Exam Prep) offer only limited free trials.","source_url":"https://freefellow.org/blog/best-free-cfa-study-materials-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"Are free CFA study materials as good as paid ones?","answer":"Free materials now cover the full CFA Level I curriculum. The main advantage of paid providers like Kaplan or Mark Meldrum is structured video instruction and curated study plans. For practice questions and analytics, free platforms like FreeFellow are comparable.","source_url":"https://freefellow.org/blog/best-free-cfa-study-materials-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-12","exam":"cfa"},{"question":"What is the Series 7 pass rate?","answer":"The FINRA Series 7 pass rate is approximately 72%, based on historical data. This reflects a well-prepared, firm-sponsored candidate pool.","source_url":"https://freefellow.org/blog/what-is-series-7/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"How many questions are on the Series 7 exam?","answer":"The Series 7 exam consists of 125 multiple-choice questions to be completed in 225 minutes (3 hours 45 minutes).","source_url":"https://freefellow.org/blog/what-is-series-7/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"Do I need to pass the SIE before taking the Series 7?","answer":"Yes. FINRA requires candidates to pass the Securities Industry Essentials (SIE) exam before or concurrently with the Series 7. The SIE can be taken without firm sponsorship, but the Series 7 requires sponsorship from a FINRA member firm.","source_url":"https://freefellow.org/blog/what-is-series-7/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"How much does the Series 7 exam cost?","answer":"The Series 7 registration fee is $245, paid by the sponsoring firm. Most candidates do not pay out of pocket for the exam itself.","source_url":"https://freefellow.org/blog/what-is-series-7/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"What score do you need to pass the Series 7?","answer":"The passing score for the Series 7 is 72%. You must answer at least 90 of the 125 questions correctly.","source_url":"https://freefellow.org/blog/what-is-series-7/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"What is the SIE exam pass rate?","answer":"The FINRA SIE pass rate is approximately 74%, based on historical data. The relatively high pass rate reflects the foundational nature of the exam content.","source_url":"https://freefellow.org/blog/what-is-the-sie/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"Do I need a firm sponsor to take the SIE?","answer":"No. The SIE is the only FINRA qualification exam that does not require firm sponsorship. Anyone 18 or older can register and take it independently.","source_url":"https://freefellow.org/blog/what-is-the-sie/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"How many questions are on the SIE exam?","answer":"The SIE exam consists of 75 multiple-choice questions to be completed in 105 minutes (1 hour 45 minutes).","source_url":"https://freefellow.org/blog/what-is-the-sie/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"What score do you need to pass the SIE?","answer":"The passing score for the SIE is 70%. You must answer at least 53 of the 75 questions correctly.","source_url":"https://freefellow.org/blog/what-is-the-sie/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"How long is the SIE valid?","answer":"A passing SIE score is valid for 4 years. If you do not pass a representative-level exam (such as the Series 7 or Series 65) within that period, you must retake the SIE.","source_url":"https://freefellow.org/blog/what-is-the-sie/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"series"},{"question":"How many questions are on the CAIA Level I exam?","answer":"CAIA Level I consists of 200 multiple-choice questions administered in a 4-hour computer-based exam at Prometric testing centers.","source_url":"https://freefellow.org/blog/caia-level-1-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"caia"},{"question":"What is the CAIA Level I pass rate?","answer":"The CAIA Association does not publish exact pass rates, but historical estimates suggest approximately 60 to 70% per level (CAIA Association).","source_url":"https://freefellow.org/blog/caia-level-1-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"caia"},{"question":"How many hours should I study for CAIA Level I?","answer":"The CAIA Association recommends approximately 200 hours of study. Most candidates study over 2 to 4 months, dedicating 12 to 15 hours per week.","source_url":"https://freefellow.org/blog/caia-level-1-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"caia"},{"question":"Is a calculator allowed on the CAIA Level I exam?","answer":"No. The CAIA Level I exam does not permit calculators. Questions are designed so that calculations can be done by hand or are conceptual in nature.","source_url":"https://freefellow.org/blog/caia-level-1-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"caia"},{"question":"What is the CPA AUD pass rate?","answer":"The CPA AUD pass rate is approximately 49% (AICPA), making it one of the more challenging Core sections.","source_url":"https://freefellow.org/blog/cpa-aud-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"cpa"},{"question":"How many questions are on the CPA AUD exam?","answer":"The AUD section includes multiple-choice questions (MCQs) and task-based simulations (TBS). The total exam time is 4 hours.","source_url":"https://freefellow.org/blog/cpa-aud-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"cpa"},{"question":"How long should I study for CPA AUD?","answer":"Most candidates need 80 to 100 hours of study over 6 to 8 weeks. Candidates with audit work experience may need less time.","source_url":"https://freefellow.org/blog/cpa-aud-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"cpa"},{"question":"What topics are most important on CPA AUD?","answer":"The audit risk model, types of audit evidence, audit opinions (unmodified, qualified, adverse, disclaimer), and internal controls are the highest-tested topics.","source_url":"https://freefellow.org/blog/cpa-aud-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"cpa"},{"question":"Should I take AUD before or after FAR?","answer":"Most candidates take FAR first (hardest section) and AUD second. There is some overlap between FAR and AUD on financial statement concepts, so taking them in sequence helps.","source_url":"https://freefellow.org/blog/cpa-aud-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"cpa"},{"question":"How many questions are on Exam SRM?","answer":"Exam SRM consists of 35 multiple-choice questions to be completed in 3.5 hours (210 minutes). It is computer-based and administered at Prometric testing centers.","source_url":"https://freefellow.org/blog/soa-exam-srm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"What is the Exam SRM pass rate?","answer":"The SOA Exam SRM pass rate is approximately 50 to 55%, based on historical data published by the Society of Actuaries.","source_url":"https://freefellow.org/blog/soa-exam-srm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"What topics does Exam SRM focus on?","answer":"Exam SRM focuses heavily on regression (linear and generalized linear models), time series, principal component analysis, decision trees, and cluster analysis. GLMs are the single most important topic.","source_url":"https://freefellow.org/blog/soa-exam-srm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"What textbook is used for Exam SRM?","answer":"The primary reference is 'An Introduction to Statistical Learning' (ISLR) by James, Witten, Hastie, and Tibshirani, which is freely available online from the authors' website.","source_url":"https://freefellow.org/blog/soa-exam-srm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"Do I need programming knowledge for Exam SRM?","answer":"No. Exam SRM is a paper-style multiple-choice exam. You need to understand statistical concepts and interpret output, but you do not need to write or read code.","source_url":"https://freefellow.org/blog/soa-exam-srm-study-guide/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"What is SOA Exam FAM?","answer":"Exam FAM (Fundamentals of Actuarial Mathematics) is an SOA preliminary exam covering both short-term and long-term actuarial mathematics. It replaced introductory components of the former Exams STAM and LTAM.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"What is the Exam FAM pass rate?","answer":"The Exam FAM pass rate is approximately 45 to 50%, based on historical SOA data from the first several sittings since the exam was introduced.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"How many questions are on Exam FAM?","answer":"Exam FAM consists of 35 multiple-choice questions to be completed in 3.5 hours (210 minutes).","source_url":"https://freefellow.org/blog/what-is-soa-exam-fam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"What topics does Exam FAM cover?","answer":"Exam FAM covers severity and frequency models, aggregate loss models, survival models, life contingencies (insurance and annuity present values), and basic reserving concepts for both short-term and long-term insurance.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"When should I take Exam FAM in the exam sequence?","answer":"Most candidates take Exam FAM after passing Exams P and FM. Some candidates take it concurrently with Exam SRM. It is typically the third or fourth preliminary exam.","source_url":"https://freefellow.org/blog/what-is-soa-exam-fam/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-15","exam":"actuarial"},{"question":"How long should I study for FRM Part I?","answer":"GARP candidate-survey data points to roughly 275 hours of preparation on average, with reported study times ranging from under 100 to more than 400 hours (GARP). A 6-month plan at 10 to 12 hours per week lands in the sweet spot for most working candidates.","source_url":"https://freefellow.org/blog/frm-part-1-study-plan-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"How many practice questions should I do for FRM Part I?","answer":"Aim for 2,000 or more practice questions before exam day, with at least 3 full-length 4-hour mock exams in the final month. GARP includes 2 complimentary practice exams with Part I registration.","source_url":"https://freefellow.org/blog/frm-part-1-study-plan-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"What order should I study FRM Part I topics in?","answer":"Follow the GARP topic order: Foundations of Risk Management first (it sets the framework), then Quantitative Analysis (you reuse this math everywhere), then Financial Markets and Products, then Valuation and Risk Models. Save mixed practice and full mocks for the final month.","source_url":"https://freefellow.org/blog/frm-part-1-study-plan-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"Should I read the GARP books or use a third-party prep provider?","answer":"Both have a place. The GARP books are the authoritative source and every Exam question maps to a stated learning objective. Third-party Exam Preparation Providers (EPPs) condense the material and add structured practice. For a self-disciplined candidate with 6 months, GARP Learning plus a high-quality free question bank is enough.","source_url":"https://freefellow.org/blog/frm-part-1-study-plan-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"What calculator can I use on the FRM Exam?","answer":"GARP allows only the Texas Instruments BA II Plus (and BA II Plus Professional), Hewlett Packard 12C (including Platinum, 25th Anniversary, 30th Anniversary, and Prestige editions), HP 10B II, HP 10B II+, and HP 20B (GARP). Any other calculator may result in your Exam not being graded.","source_url":"https://freefellow.org/blog/frm-part-1-study-plan-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"When are the 2026 FRM Part I exam windows?","answer":"GARP offers FRM Part I in three 2026 windows: May 9 to 15, August 7 to 8 (AM session only), and November 14 to 20 (GARP). Pick a window first, then back-plan your 6-month study schedule from that date.","source_url":"https://freefellow.org/blog/frm-part-1-study-plan-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"How much does the FRM exam cost?","answer":"GARP charges a one-time USD 400 enrollment fee paid with your first Part I registration, plus USD 600 (early) or USD 800 (standard) per part. A complete Part I plus Part II run-through costs roughly USD 1,400 to USD 2,000 in fees alone (2026 GARP Candidate Guide).","source_url":"https://freefellow.org/blog/frm-cost-comparison-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"Is Bionic Turtle worth it?","answer":"Bionic Turtle is the most established FRM-only provider, with David Harper's video lectures, study notes, and a large practice question bank. It is widely respected, but at roughly USD 400 to USD 600 per part it is also the priciest premium option. It is worth it if you learn well from video instruction and want a single, FRM-focused course.","source_url":"https://freefellow.org/blog/frm-cost-comparison-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"What is the cheapest way to study for the FRM?","answer":"The unavoidable floor is GARP fees: USD 1,400 to USD 2,000 across both parts. Beyond that, you can prep entirely with free resources. The GARP Study Guide, Learning Objectives, and provided practice exams plus FreeFellow's free FRM question bank, lessons, and readiness tracking cover the core curriculum without adding any prep-provider cost.","source_url":"https://freefellow.org/blog/frm-cost-comparison-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"Can I pass the FRM with free resources?","answer":"Yes, candidates pass the FRM every year using only the GARP curriculum and free or low-cost practice. You will need self-discipline, because you do not get the polished video instruction that paid providers offer. If you read well from text and benefit from working a high volume of practice questions, free is a realistic path.","source_url":"https://freefellow.org/blog/frm-cost-comparison-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"What does GARP give you for free?","answer":"GARP includes the Study Guide and Learning Objectives with your registration, plus a small set of official practice questions and practice exams (generally one to two per part). They do not include video lectures, an extensive question bank, or a full course.","source_url":"https://freefellow.org/blog/frm-cost-comparison-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"How does FreeFellow compare to Bionic Turtle for FRM?","answer":"FreeFellow is a different value proposition: free practice questions, lessons, and analytics with no video lectures and no signature instructor personality. Bionic Turtle wraps a full course around David Harper's videos. We do not claim parity. We claim FreeFellow is a much cheaper complement to the GARP curriculum, and that for many candidates it is enough.","source_url":"https://freefellow.org/blog/frm-cost-comparison-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-04-29","exam":"frm"},{"question":"How many task-based simulations are on the CPA FAR exam?","answer":"The CPA FAR exam includes 7 task-based simulations distributed across two TBS testlets, alongside 50 multiple-choice questions in two MCQ testlets (AICPA Blueprint, effective January 2024). Task-based simulations contribute approximately 50% of the scaled FAR score.","source_url":"https://freefellow.org/blog/cpa-far-task-based-simulations-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-01","exam":"cpa"},{"question":"What types of task-based simulations does AICPA use on FAR?","answer":"AICPA uses several TBS item formats on FAR: cell-fill (entering numerical or text answers into a grid), document review (annotating a draft document with keep-or-replace options), journal entry preparation, and research (locating an authoritative reference in the FASB Codification). Most FAR simulations involve cell-fill tasks tied to consolidation, accruals, or financial statement preparation.","source_url":"https://freefellow.org/blog/cpa-far-task-based-simulations-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-01","exam":"cpa"},{"question":"How is a task-based simulation graded?","answer":"Each TBS contains multiple sub-items (cells, documents, or research lookups). Sub-items are individually scored as correct or incorrect against a model answer with tolerance bands for numerical inputs (typically rounded to whole dollars). The 7 FAR simulations contribute roughly half the scaled score, so each individual sub-item carries meaningful weight.","source_url":"https://freefellow.org/blog/cpa-far-task-based-simulations-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-01","exam":"cpa"},{"question":"How long should I spend on each TBS during the exam?","answer":"AICPA allocates 4 hours total to FAR. A common pacing strategy is 18-20 minutes per TBS (roughly 2 hours total across all 7 simulations) and 45-60 seconds per multiple-choice question. Practice both formats under timed conditions before sitting — TBS pacing breaks down for many candidates the first time they see a real one under pressure.","source_url":"https://freefellow.org/blog/cpa-far-task-based-simulations-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-01","exam":"cpa"},{"question":"Does FreeFellow have task-based simulations for CPA FAR?","answer":"Yes. FreeFellow includes task-based simulations for CPA FAR with cell-fill grading that mirrors the AICPA exam format — supporting documents, journal-entry-style data entry, and per-cell verdicts on correctness. TBS practice is a Fellow feature ($59 per quarter or $149 per year per track). Multiple-choice question practice and lessons remain free forever.","source_url":"https://freefellow.org/blog/cpa-far-task-based-simulations-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-01","exam":"cpa"},{"question":"What is the difference between Macaulay and modified duration?","answer":"Macaulay duration is the weighted-average time to receive a bond's cash flows, expressed in years. Modified duration is Macaulay duration divided by (1 + y/n), and it measures price sensitivity to a small change in yield. Macaulay describes timing, modified describes price risk.","source_url":"https://freefellow.org/blog/macaulay-vs-modified-vs-effective-duration-cfa/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"When should I use effective duration instead of modified duration?","answer":"Use effective duration whenever the bond has embedded options (callable, putable, MBS, convertible) or when expected cash flows change with the yield curve. Modified duration assumes cash flows are fixed, which fails for option-embedded bonds.","source_url":"https://freefellow.org/blog/macaulay-vs-modified-vs-effective-duration-cfa/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"What is the duration formula on the CFA Level I exam?","answer":"The exam tests three. Macaulay is the weighted average of times until each cash flow. Modified equals Macaulay divided by (1+y). Effective is the average price change for a parallel yield-curve shift, computed as (P_minus minus P_plus) divided by 2 times P_0 times delta-y.","source_url":"https://freefellow.org/blog/macaulay-vs-modified-vs-effective-duration-cfa/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"How heavily is duration tested on CFA Level I?","answer":"Fixed Income carries 11-14% of the exam (CFA Institute). Duration and convexity make up a sizable portion of that, easily 5-7 questions on a 180-question exam. The distinction between effective and modified duration is a routine trap in those questions.","source_url":"https://freefellow.org/blog/macaulay-vs-modified-vs-effective-duration-cfa/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"Does duration measure interest-rate risk for all bonds?","answer":"Modified duration only measures rate risk accurately when cash flows are fixed. For callable, putable, or mortgage-backed securities, you must use effective duration because cash flows themselves change as rates move. Using modified duration on a callable bond underestimates the risk.","source_url":"https://freefellow.org/blog/macaulay-vs-modified-vs-effective-duration-cfa/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"Why does the Sharpe ratio overstate hedge fund performance?","answer":"Sharpe assumes returns are normally distributed and uses total volatility (standard deviation) as the risk measure. Many hedge fund and illiquid strategies have negatively skewed, fat-tailed returns. Smoothed valuations also understate volatility. Both push the Sharpe ratio artificially high.","source_url":"https://freefellow.org/blog/sharpe-vs-sortino-vs-modified-sharpe/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What is the Sortino ratio?","answer":"Sortino divides excess return by downside deviation rather than total volatility. The denominator only counts return shortfalls below a target (often the risk-free rate or zero). It rewards strategies that have upside volatility but limited downside.","source_url":"https://freefellow.org/blog/sharpe-vs-sortino-vs-modified-sharpe/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What is the Modified Sharpe ratio?","answer":"Modified Sharpe uses a Cornish-Fisher expansion to adjust the normal-distribution z-score for skewness and kurtosis. The result is a Value-at-Risk-style denominator that accounts for fat tails, giving a more realistic risk-adjusted return for non-normal strategies.","source_url":"https://freefellow.org/blog/sharpe-vs-sortino-vs-modified-sharpe/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"When should I use Sharpe vs Sortino vs Modified Sharpe?","answer":"Use Sharpe when returns are roughly symmetric and normally distributed (long-only equity, diversified beta strategies). Use Sortino when investors only care about downside (most retail and institutional mandates). Use Modified Sharpe for hedge funds, structured products, and any strategy with material skew or kurtosis.","source_url":"https://freefellow.org/blog/sharpe-vs-sortino-vs-modified-sharpe/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"How heavily are these ratios tested on CAIA Level I?","answer":"Risk metrics appear across multiple CAIA topics, especially in Hedge Funds, Real Assets, and Private Equity sections. Expect 4-6 questions involving Sharpe, Sortino, or related risk-adjusted measures on a single Level I exam (CAIA Association).","source_url":"https://freefellow.org/blog/sharpe-vs-sortino-vs-modified-sharpe/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What is the difference between TVPI and MOIC?","answer":"TVPI is total value (distributions plus residual NAV) divided by paid-in capital. MOIC is total value divided by invested capital. The difference is the denominator. PIC includes management fees and expenses called from LPs. Invested capital is just what was deployed into deals. TVPI is the LP-perspective ratio. MOIC is the deal-level or GP-perspective ratio.","source_url":"https://freefellow.org/blog/tvpi-dpi-rvpi-moic-private-equity-multiples/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What does the J-curve mean in private equity?","answer":"Early in a fund's life, fees and write-downs cause the IRR and TVPI to be negative or below 1.0x. As deals mature and exits occur, returns rise. The shape of the cumulative performance curve resembles a letter J: down first, then up. Most funds spend years 1-3 in the negative portion.","source_url":"https://freefellow.org/blog/tvpi-dpi-rvpi-moic-private-equity-multiples/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"Why is DPI more important for mature funds than TVPI?","answer":"TVPI includes the unrealized residual NAV, which is a GP-marked estimate. For a mature fund (year 8 or later), most of the value should already have been distributed. If TVPI is high but DPI is low, the fund is still relying on unrealized marks. DPI is realized cash, which is harder to fudge.","source_url":"https://freefellow.org/blog/tvpi-dpi-rvpi-moic-private-equity-multiples/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What is a good TVPI for a private equity fund?","answer":"Top-quartile buyout funds historically deliver TVPI of 1.8-2.2x with IRRs of 18-25% (Cambridge Associates). Median funds deliver around 1.5x and 12-15%. Anything below 1.0x at maturity means the LP lost money on the fund.","source_url":"https://freefellow.org/blog/tvpi-dpi-rvpi-moic-private-equity-multiples/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"How are these multiples tested on CAIA Level I?","answer":"Private equity makes up 10-20% of CAIA Level I (CAIA Association). Expect 3-5 calculation questions on TVPI, DPI, and RVPI plus several conceptual questions on J-curve, vintage years, and PIC vs IC distinctions on a single sitting.","source_url":"https://freefellow.org/blog/tvpi-dpi-rvpi-moic-private-equity-multiples/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What is the difference between VaR and CVaR?","answer":"VaR is the loss threshold not exceeded with probability alpha. CVaR (also called Expected Shortfall) is the expected loss given that the loss exceeds VaR. VaR tells you the cliff edge. CVaR tells you how far down you fall once you go over.","source_url":"https://freefellow.org/blog/var-vs-cvar-expected-shortfall/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"Why is VaR not a coherent risk measure?","answer":"VaR can violate sub-additivity. The VaR of a combined portfolio can exceed the sum of the VaRs of the individual sub-portfolios. This contradicts the diversification principle and is why Artzner, Delbaen, Eber, and Heath (1999) deemed VaR non-coherent. Expected Shortfall does not have this problem.","source_url":"https://freefellow.org/blog/var-vs-cvar-expected-shortfall/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"Why did Basel III move from VaR to Expected Shortfall?","answer":"Basel III's Fundamental Review of the Trading Book (FRTB) replaced 99% VaR with 97.5% Expected Shortfall as the regulatory market-risk measure. The change was driven by ES being coherent (sub-additive) and capturing tail risk that VaR ignores. The 97.5% ES roughly matches the 99% VaR for normal distributions but exceeds it under fat tails.","source_url":"https://freefellow.org/blog/var-vs-cvar-expected-shortfall/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What are the three main methods for estimating VaR?","answer":"Parametric (variance-covariance), assuming normality and using mean plus z-score times sigma. Historical simulation, ranking past returns and reading off the alpha-quantile. Monte Carlo, simulating returns from a specified distribution and reading off the quantile. Each has tradeoffs in accuracy, computational cost, and tail-capture.","source_url":"https://freefellow.org/blog/var-vs-cvar-expected-shortfall/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"Is VaR still useful given its limitations?","answer":"Yes, when paired with Expected Shortfall and stress tests. VaR remains a useful daily summary statistic for trading desks because it is interpretable. The professional standard is to report VaR alongside ES, never alone. Most regulators and risk committees now require both.","source_url":"https://freefellow.org/blog/var-vs-cvar-expected-shortfall/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"caia"},{"question":"What is the put-call parity formula?","answer":"For a European option on a non-dividend stock, c plus PV(X) equals p plus S_0. The call premium plus the present value of the strike equals the put premium plus the spot price. Any deviation creates an arbitrage opportunity.","source_url":"https://freefellow.org/blog/put-call-parity-cfa-derivatives/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"Why does put-call parity hold?","answer":"Both sides of the equation produce the same payoff at expiration. The call plus a zero-coupon bond worth X at expiration replicates the put plus the underlying stock. Since the payoffs are identical and there is no arbitrage, the costs today must be equal.","source_url":"https://freefellow.org/blog/put-call-parity-cfa-derivatives/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"How is put-call parity adjusted for dividends?","answer":"Replace S_0 with S_0 minus PV(dividends). Or, in continuous form, replace S_0 with S_0 times exp(-q*T) where q is the dividend yield. The adjustment captures that the dividend reduces the value of the underlying without compensating the call holder.","source_url":"https://freefellow.org/blog/put-call-parity-cfa-derivatives/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"What is a synthetic long call?","answer":"A long stock plus a long put plus borrowing at the risk-free rate produces the same payoff as a long call. From put-call parity, c equals S_0 plus p minus PV(X). The right side is the synthetic call. Useful when the actual call is mispriced or unavailable.","source_url":"https://freefellow.org/blog/put-call-parity-cfa-derivatives/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"How heavily is put-call parity tested on CFA Level I?","answer":"Derivatives is 5-8% of CFA Level I (CFA Institute), but put-call parity is the most consistently tested concept within derivatives. Expect 1-3 questions every sitting, often as a missing-price calculation or a synthetic position identification.","source_url":"https://freefellow.org/blog/put-call-parity-cfa-derivatives/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"What are the five components of Net Periodic Pension Cost?","answer":"Service Cost, Interest Cost, Expected Return on Plan Assets (a credit), Amortization of Prior Service Cost, and Amortization of Net Gain or Loss. The formula is NPPC equals SC plus IC minus ER plus APSC plus or minus AGL.","source_url":"https://freefellow.org/blog/npp-pension-cost-cpa-far-walkthrough/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"What did ASU 2017-07 change about pension cost reporting?","answer":"ASU 2017-07 (effective 2018) requires only Service Cost to be presented in operating income. The other four components (Interest Cost, Expected Return, Amortization of PSC, and Amortization of Gain/Loss) must be reported below operating income, typically in a Non-Operating or Other Income/Expense line. This was a major exam-tested change.","source_url":"https://freefellow.org/blog/npp-pension-cost-cpa-far-walkthrough/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"What is the difference between PBO and ABO?","answer":"Projected Benefit Obligation (PBO) measures pension liability based on projected future salary levels. Accumulated Benefit Obligation (ABO) measures it based on current salary levels (no projection). PBO is used for NPPC calculation under ASC 715. ABO is used for minimum-funding tests and certain disclosure requirements.","source_url":"https://freefellow.org/blog/npp-pension-cost-cpa-far-walkthrough/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"How is funded status calculated?","answer":"Funded Status equals the Fair Value of Plan Assets minus the Projected Benefit Obligation. A positive funded status means the plan has more assets than obligations (overfunded). A negative funded status means underfunded. The funded status is recognized on the balance sheet under ASC 715-20.","source_url":"https://freefellow.org/blog/npp-pension-cost-cpa-far-walkthrough/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"How heavily are pensions tested on CPA FAR?","answer":"Pensions and post-retirement benefits sit in F3 (Compensation) and account for roughly 4-7% of FAR. Expect 2-4 multiple-choice questions plus a frequent appearance on Task-Based Simulations (AICPA blueprint). The five-component NPPC formula is one of the most consistently tested numerical concepts on FAR.","source_url":"https://freefellow.org/blog/npp-pension-cost-cpa-far-walkthrough/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"Is Kaplan Schweser worth it for CFA Level I?","answer":"Kaplan Schweser is widely respected, with the SchweserNotes condensed study guides, OnDemand video lectures, a large QBank, and full-length mock exams. The Premium package runs around $899 and PremiumPlus around $1,499 (Kaplan Schweser, 2026 pricing). It is worth it if you learn well from video, want polished condensed notes, and value a 25-plus-year track record. It is harder to justify if you mostly learn from practice questions or are paying out of pocket on a tight budget.","source_url":"https://freefellow.org/blog/freefellow-vs-kaplan-schweser-cfa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"Can I pass CFA Level I without buying Kaplan Schweser?","answer":"Yes. Many candidates pass CFA Level I using only the CFA Institute curriculum plus a free or low-cost question bank. The CFA Level I pass rate has hovered around 43% in recent sittings (CFA Institute), and it is not the case that every candidate who passes uses Schweser. The biggest predictor of passing is doing 2,000 to 3,000 practice questions and taking 3 to 4 full mock exams, which you can do without paying for a premium course.","source_url":"https://freefellow.org/blog/freefellow-vs-kaplan-schweser-cfa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"What does FreeFellow include for CFA Level I?","answer":"FreeFellow's free tier for CFA Level I includes 1,201 practice questions across all 10 topics, 86 written lessons with audio narration, a formula sheet, mixed practice, and readiness scoring. Detailed solutions explain the reasoning step by step. The Fellow tier ($59 per quarter or $149 per year per track) adds timed mock exams, SM-2 spaced-repetition flashcards, performance analytics, and a personalized study plan. FreeFellow is a CFA Institute Prep Provider.","source_url":"https://freefellow.org/blog/freefellow-vs-kaplan-schweser-cfa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"How does FreeFellow compare to Kaplan Schweser on price?","answer":"Kaplan Schweser CFA Level I packages run $899 (Premium) to $1,499 (PremiumPlus) for a single attempt. FreeFellow Fellow is $149 per year per track, roughly one-sixth to one-tenth the cost of Schweser. The free tier of FreeFellow is $0. We do not match Schweser on video instruction or alumni network depth, so the comparison is not apples-to-apples on every dimension. It is on free and discounted-tier value.","source_url":"https://freefellow.org/blog/freefellow-vs-kaplan-schweser-cfa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"Should I use both FreeFellow and Schweser?","answer":"Some candidates do. A common pattern on r/CFA: use Schweser videos and condensed notes for the primary study spine, then drill FreeFellow's free question bank for extra question volume and use the readiness score as a second opinion on exam readiness. If you have employer reimbursement for Schweser, this is reasonable. If you are paying out of pocket, FreeFellow plus the CFA Institute curriculum is usually enough.","source_url":"https://freefellow.org/blog/freefellow-vs-kaplan-schweser-cfa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"Is Becker worth the price for CPA prep?","answer":"Becker is the most established CPA prep brand and has the largest task-based simulation bank in the industry. The full 4-section package runs roughly $2,000 to $3,500 (Becker, 2026 pricing). It is worth it if your employer reimburses, if you specifically need polished simulation practice across all four sections, or if you value the brand certainty of a 65-plus-year track record. It is harder to justify out of pocket if your study budget is tight.","source_url":"https://freefellow.org/blog/freefellow-vs-becker-cpa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"What is the cheapest way to study for the CPA exam?","answer":"The cheapest path is to use AICPA's free sample tutorial, the AICPA Blueprints, and a free or low-cost question bank. FreeFellow's free tier covers 1,181 FAR multiple-choice questions plus AUD, REG, BAR, ISC, and TCP. The Fellow tier ($59 per quarter or $149 per year per track) adds task-based simulations, mocks, and analytics. Total cost outside AICPA exam fees can be $0 if you use only free resources, or roughly $149 per year if you use Fellow.","source_url":"https://freefellow.org/blog/freefellow-vs-becker-cpa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"How does FreeFellow compare to Becker on task-based simulations?","answer":"Becker has the larger and more polished TBS bank. They have decades of refinement and substantial coverage across all four sections. FreeFellow's TBS engine is in beta as of May 2026, with one full FAR simulation (a business-combination consolidation) and the bank growing weekly. The cell-fill grading mirrors AICPA format with tolerance bands and per-cell verdicts, but the library size is much smaller. If TBS depth across all four sections is your top priority, Becker is the right product today.","source_url":"https://freefellow.org/blog/freefellow-vs-becker-cpa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"Can I pass the CPA exam without Becker?","answer":"Yes. Many candidates pass CPA without Becker, using providers like Surgent, Wiley, Roger, Gleim, or free or low-cost alternatives plus the AICPA Blueprints. The biggest predictors of passing are doing 2,000 to 3,000 multiple-choice questions per section and practicing simulations under timed conditions, not the specific provider. r/cpa includes regular threads from candidates who passed using only one provider plus AICPA's free sample tutorial.","source_url":"https://freefellow.org/blog/freefellow-vs-becker-cpa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"Should I use both FreeFellow and Becker?","answer":"Some candidates do. A common workflow: use Becker for the primary teaching surface and TBS bank, then drill FreeFellow's free question bank for additional MCQ volume and use the readiness score as a second opinion. If your employer reimburses Becker, this is reasonable. If you are paying out of pocket, FreeFellow Fellow plus the AICPA Blueprints and AICPA's free sample tutorial is usually enough for the MCQ side. The TBS gap is real and you should know about it.","source_url":"https://freefellow.org/blog/freefellow-vs-becker-cpa-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"Is Bionic Turtle worth the price for FRM?","answer":"Bionic Turtle is the most established FRM-only prep provider. David Harper's video lectures are widely respected, and the practice question bank is large. Pricing runs roughly $400 to $600 per part for Pro membership (Bionic Turtle, 2026 pricing). It is worth it if you learn well from video, want a single FRM-focused course, and value 15-plus years of FRM track record. It is harder to justify if you mostly learn from text plus practice questions or are paying out of pocket.","source_url":"https://freefellow.org/blog/freefellow-vs-bionic-turtle-frm-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"Can I pass the FRM without Bionic Turtle?","answer":"Yes. Candidates pass the FRM every year using only the GARP curriculum, GARP's free practice exams, and a free or low-cost question bank. FreeFellow's free FRM Part I (997 questions) and Part II (511 questions) plus lessons is one path. The biggest predictor of passing is doing 2,000-plus practice questions per part and taking GARP's practice exams under timed conditions, not the specific prep provider.","source_url":"https://freefellow.org/blog/freefellow-vs-bionic-turtle-frm-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"What does FreeFellow include for FRM?","answer":"FreeFellow's free tier for FRM includes 997 Part I practice questions, 511 Part II practice questions, written lessons with audio narration, mixed practice, and readiness scoring. Detailed solutions explain the reasoning step by step. The Fellow tier ($59 per quarter or $149 per year per track) adds timed practice exams, SM-2 spaced-repetition flashcards, performance analytics, and a personalized study plan. As of writing, FreeFellow LLC is not yet listed on garp.org/frmepp.","source_url":"https://freefellow.org/blog/freefellow-vs-bionic-turtle-frm-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"How does FreeFellow compare to Bionic Turtle on price?","answer":"Bionic Turtle Pro membership runs roughly $400 to $600 per part. FreeFellow Fellow is $149 per year per track, roughly one-third to one-quarter the cost of a single part of Bionic Turtle. The free tier of FreeFellow is $0. We do not match Bionic Turtle on video instruction depth (David Harper's library is broader). The comparison is not apples-to-apples on every dimension.","source_url":"https://freefellow.org/blog/freefellow-vs-bionic-turtle-frm-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"Is FreeFellow listed by GARP?","answer":"FreeFellow LLC is not yet listed on garp.org/frmepp. The Endorsed Prep Provider listing is pending. GARP does not endorse, promote, review, or warrant the accuracy of the products or services offered by FreeFellow LLC. Our FRM curriculum is paraphrased from publicly available GARP outline materials and does not reproduce GARP-proprietary text.","source_url":"https://freefellow.org/blog/freefellow-vs-bionic-turtle-frm-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"Is Dalton worth it for the CFP exam?","answer":"Dalton Education is one of the most established CFP review providers, with case studies that are widely considered the industry standard for multi-topic financial-planning scenarios. The full review course runs roughly $1,500 to $2,300 (Dalton, 2026 pricing). It is worth it if you have employer reimbursement, if case-study practice is your main gap, or if you value 30-plus years of CFP-specific track record. It is harder to justify if you primarily need question volume and your case-study comfort is already strong.","source_url":"https://freefellow.org/blog/freefellow-vs-dalton-cfp-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfp"},{"question":"What is the cheapest way to study for the CFP exam?","answer":"The cheapest path is to use the official CFP Board Practice Analysis (free) plus a free or low-cost question bank. FreeFellow's free tier covers 1,600 questions across all 8 CFP domains plus written lessons and a formula sheet. The Fellow tier ($59 per quarter or $149 per year per track) adds mocks, flashcards, and analytics. Total cost outside CFP Board exam fees can be $0 if you use only free resources, or roughly $149 per year if you use Fellow.","source_url":"https://freefellow.org/blog/freefellow-vs-dalton-cfp-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfp"},{"question":"How does FreeFellow compare to Dalton on case studies?","answer":"Dalton's case-study depth is genuinely ahead. They have built multi-topic financial-planning scenarios that span insurance, investments, tax, retirement, and estate planning in a single integrated case, refined over decades. FreeFellow's CFP question bank includes scenario-based questions across all 8 domains, but the integrated multi-topic case-study format is thinner. If integrated case-study practice is your top priority, Dalton is the right product.","source_url":"https://freefellow.org/blog/freefellow-vs-dalton-cfp-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfp"},{"question":"Can I pass the CFP exam without Dalton?","answer":"Yes. Many candidates pass the CFP using providers like Kaplan, Brett Danko, the College for Financial Planning, or free or low-cost alternatives plus the CFP Board Principal Knowledge Topics. The biggest predictors of passing are doing 2,000-plus practice questions, completing case-study work, and maintaining accuracy across all 8 domains. The provider matters less than the discipline and the volume.","source_url":"https://freefellow.org/blog/freefellow-vs-dalton-cfp-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfp"},{"question":"Should I use both FreeFellow and Dalton?","answer":"Some candidates do. A common workflow on r/CFP: use Dalton case studies for integrated multi-topic scenario practice, then drill FreeFellow's free question bank for additional MCQ volume across all 8 domains. If your employer reimburses Dalton, this is reasonable. If you are paying out of pocket, FreeFellow Fellow plus selective use of Dalton case-study materials targeted at your weakest domain may be the right hybrid.","source_url":"https://freefellow.org/blog/freefellow-vs-dalton-cfp-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfp"},{"question":"Is Coaching Actuaries worth it?","answer":"Coaching Actuaries (CA) is the standard in actuarial exam prep. The ADAPT engine for adaptive practice is genuinely best-in-class, video lessons by experienced FSAs are well-regarded, and the platform has been refined across all SOA preliminary exams (Exam P through ASTAM) for over 15 years. Pricing runs roughly $200 to $400 per exam (Coaching Actuaries, 2026 pricing). It is worth it for most candidates, especially first-time takers who benefit from adaptive practice.","source_url":"https://freefellow.org/blog/freefellow-vs-coaching-actuaries-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"Can I pass Exam P without Coaching Actuaries?","answer":"Yes. Candidates pass Exam P every sitting using only the official SOA sample questions, free or low-cost practice banks, and Paul's Online Math Notes for refreshers. FreeFellow's free Exam P tier (1,100-plus questions) covers all four SOA topic areas. The biggest predictor of passing is doing 1,000-plus practice problems and taking timed mock exams under realistic conditions, not the specific provider.","source_url":"https://freefellow.org/blog/freefellow-vs-coaching-actuaries-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"What does FreeFellow include for actuarial exams?","answer":"FreeFellow's free tier includes 1,100-plus Exam P questions, 850-plus FM, 900-plus FAM, 1,000-plus SRM, 850-plus ALTAM, and 950-plus ASTAM. Each exam includes written lessons with audio narration, formula sheets, mixed practice, and readiness scoring. The Fellow tier ($59 per quarter or $149 per year per track) adds timed practice exams, SM-2 spaced-repetition flashcards, performance analytics, and a personalized study plan.","source_url":"https://freefellow.org/blog/freefellow-vs-coaching-actuaries-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"How does FreeFellow's adaptive practice compare to CA's ADAPT?","answer":"CA's ADAPT engine is the gold standard. It calibrates difficulty per question based on your prior performance and assigns each problem an Earned Level (EL) score that maps to a probability of passing. The engine has been refined over 15-plus years and the calibration is well-trusted. FreeFellow's adaptive practice is newer and uses a simpler engine that targets your weakest topics. We do not match CA on the EL-style calibration depth, and we do not claim to. We are free at the question-bank tier where CA is not.","source_url":"https://freefellow.org/blog/freefellow-vs-coaching-actuaries-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"Should I use both FreeFellow and Coaching Actuaries?","answer":"Some candidates do. A common workflow on the actuarial outpost: use CA's ADAPT engine and video lessons for the primary study spine, then drill FreeFellow's free question bank for additional volume. If your employer reimburses CA, this is the right pattern. If you are paying out of pocket, FreeFellow free plus the official SOA sample questions is enough for many candidates, with selective CA supplementation only on a specific weak topic.","source_url":"https://freefellow.org/blog/freefellow-vs-coaching-actuaries-comparison/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"What is the CPA FAR pass rate?","answer":"Recent NASBA quarterly reports show FAR pass rates in the 38 to 44 percent range, the lowest of the four CPA core sections (AICPA, NASBA).","source_url":"https://freefellow.org/blog/why-cpa-far-has-lowest-pass-rate/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"Why is FAR so much harder than AUD or REG?","answer":"Three reasons. The syllabus is wider (US GAAP plus governmental plus not-for-profit accounting), task-based simulations carry roughly 50 percent of the score, and the 4-hour test length punishes pacing mistakes.","source_url":"https://freefellow.org/blog/why-cpa-far-has-lowest-pass-rate/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"How many study hours do I need for CPA FAR?","answer":"Most candidates who pass log 180 to 250 hours over 12 to 16 weeks. Career-changers and candidates without recent intermediate accounting coursework should plan for the upper end of that range.","source_url":"https://freefellow.org/blog/why-cpa-far-has-lowest-pass-rate/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"Should I take FAR first or last?","answer":"I recommend taking FAR first. It has the broadest syllabus, the heaviest TBS load, and benefits the most from fresh study energy and a full 18-month credit window.","source_url":"https://freefellow.org/blog/why-cpa-far-has-lowest-pass-rate/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"What are task-based simulations on FAR?","answer":"TBS items present source documents (a trial balance, contract excerpt, prior-year financial statements) and ask you to populate journal entries, financial statement line items, or research authoritative literature. They count for roughly half your FAR score.","source_url":"https://freefellow.org/blog/why-cpa-far-has-lowest-pass-rate/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cpa"},{"question":"What is the CFA Level III essay session?","answer":"The morning session of CFA Level III is a constructed-response (essay) format. Candidates write out their answers to vignette-based prompts. The afternoon session uses the standard item-set format. Both sessions are weighted roughly equally (CFA Institute).","source_url":"https://freefellow.org/blog/cfa-level-3-essay-strategy-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"How is the Level III essay session graded?","answer":"CFA Institute graders use a published rubric for each question, awarding partial credit for correct calculations, justifications, and supporting work. The rubric is transparent: graders are looking for specific concepts, not specific phrasings.","source_url":"https://freefellow.org/blog/cfa-level-3-essay-strategy-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"Should I write in bullets or paragraphs?","answer":"Bullets when the command word is calculate, identify, list, or determine. Short paragraphs when the command word is justify, explain, or critique. Never write a five-paragraph essay when a three-bullet answer earns the same points in a third of the time.","source_url":"https://freefellow.org/blog/cfa-level-3-essay-strategy-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"How can I practice essay grading without an instructor?","answer":"FreeFellow offers AI essay grading (Fellow tier) that scores your written response against the CFA Institute rubric and gives instant feedback. Free-tier candidates can use the copy-to-AI prompt builder to grade essays in ChatGPT or Claude with the same rubric structure.","source_url":"https://freefellow.org/blog/cfa-level-3-essay-strategy-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"How long should I spend on each Level III essay question?","answer":"The morning session is roughly 2 hours and 12 minutes for 11 questions, averaging about 12 minutes per question. Allocate strictly. A question worth 8 minutes gets 8 minutes.","source_url":"https://freefellow.org/blog/cfa-level-3-essay-strategy-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"cfa"},{"question":"What is SOA Exam FAM?","answer":"Exam FAM (Fundamentals of Actuarial Mathematics) is a 3.5-hour SOA preliminary exam with 30 to 35 hybrid items, mixing multiple-choice and written-answer questions. It bridges short-term and long-term actuarial math, replacing the older Exam STAM/LTAM model.","source_url":"https://freefellow.org/blog/how-to-pass-exam-fam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"What is the FAM pass rate?","answer":"FAM has historically passed at roughly 50 percent (SOA), in the middle of the SOA preliminary exam pass-rate distribution.","source_url":"https://freefellow.org/blog/how-to-pass-exam-fam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"Do I need to take Exam P and FM before FAM?","answer":"No, the SOA does not require P and FM as prerequisites for FAM. But the material on FAM assumes comfort with probability distributions, expected value, and time value of money. Taking P and FM first makes FAM significantly easier.","source_url":"https://freefellow.org/blog/how-to-pass-exam-fam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"How is the written-answer portion of FAM scored?","answer":"The SOA grades written-answer items based on the work shown, not just the final number. Partial credit is available. You should set up the equations, identify the relevant distributions or formulas, and clearly label your final answer.","source_url":"https://freefellow.org/blog/how-to-pass-exam-fam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"How many hours should I study for FAM?","answer":"Most candidates who pass log 250 to 400 hours over 12 to 16 weeks. Candidates with strong P and FM backgrounds tend toward the lower end; those without recent statistics coursework should plan for the upper end.","source_url":"https://freefellow.org/blog/how-to-pass-exam-fam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"actuarial"},{"question":"What is the FRM exam?","answer":"The Financial Risk Manager (FRM) exam is a two-part certification administered by the Global Association of Risk Professionals (GARP). It tests competence in market, credit, operational, liquidity, and investment risk management.","source_url":"https://freefellow.org/blog/what-is-the-frm-exam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"What is the FRM pass rate?","answer":"Recent GARP data shows pass rates of approximately 45 to 50 percent for both FRM Part I and Part II, with some sittings ranging higher or lower (GARP).","source_url":"https://freefellow.org/blog/what-is-the-frm-exam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"How is the FRM exam structured?","answer":"FRM Part I has 100 multiple-choice questions over 4 hours. FRM Part II has 80 multiple-choice questions over 4 hours. Both parts are computer-based and offered multiple times per year.","source_url":"https://freefellow.org/blog/what-is-the-frm-exam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"What experience is required for the FRM designation?","answer":"After passing both parts, candidates must demonstrate 2 years of full-time professional experience in financial risk management or a related field to earn the FRM designation (GARP).","source_url":"https://freefellow.org/blog/what-is-the-frm-exam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"How much does the FRM exam cost?","answer":"Total GARP fees for a candidate who registers early are approximately $1,600: $400 enrollment plus $600 for Part I plus $600 for Part II. Late registration fees can add several hundred dollars per part. Study materials are additional.","source_url":"https://freefellow.org/blog/what-is-the-frm-exam-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-06","exam":"frm"},{"question":"Which CFA Institute Prep Providers offer a free question bank?","answer":"FreeFellow. The name is literal: 'free' is the first word, and the entire CFA question bank is free, not a trial slice. The full bank covers 1,201 Level I questions, 1,204 Level II questions, and 1,512 to 1,541 questions per Level III pathway (Portfolio Management, Private Wealth, Private Markets). All free with no trial period, no question cap, no signup required to browse, and no credit card. CFA Institute's own Learning Ecosystem is bundled with the $1,250 to $1,450 exam registration. Other major paid Prep Providers (Kaplan Schweser, Wiley, AnalystPrep, Bloomberg Exam Prep) offer limited free trials only. CFA Institute does not endorse, promote, review, or warrant FreeFellow products or services.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"What is a CFA Institute Prep Provider?","answer":"A CFA Institute Prep Provider is a company that has signed the Prep Provider Agreement with CFA Institute, paid the annual program fee, and agreed to specific content rules in exchange for the ability to reference CFA Institute curriculum coverage in marketing. Prep Provider status does not mean CFA Institute endorses, promotes, reviews, or warrants the provider's materials. The authoritative directory of current Prep Providers is published on cfainstitute.org.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"Is FreeFellow's CFA question bank really free?","answer":"Yes. The full CFA question bank, all written lessons (each with AI-narrated audio), formula sheets, mixed practice, glossaries, and readiness scoring are free forever with no trial period and no credit card required. The optional Fellow tier ($59 per quarter or $149 per year per level) adds timed mock exams, SM-2 spaced-repetition flashcards, performance analytics, and a personalized study plan.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"Do Kaplan Schweser, Wiley, AnalystPrep, or Bloomberg offer free CFA question banks?","answer":"No. Kaplan Schweser CFA Level I packages run roughly $599 to $1,499. Wiley CFA Review runs roughly $300 to $1,200 per level. AnalystPrep runs roughly $129 to $399 per level. Bloomberg Exam Prep is subscription-priced. All four offer limited free trials (typically 5 to 50 sample questions, often gated behind email signup) but no fully free standalone CFA question bank. FreeFellow's free CFA question bank is currently the only fully free option among the major CFA Institute Prep Providers in 2026.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"What is included in the CFA Institute Learning Ecosystem?","answer":"The CFA Institute Learning Ecosystem is included with your CFA exam registration ($1,250 standard, $1,450 late) and contains the full curriculum text, end-of-reading practice questions, and topic-level assessments. The end-of-reading questions are the closest source to actual exam style, and every candidate should complete them. The Learning Ecosystem is bundled with registration rather than offered as a standalone free product.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"Do I still need the CFA Institute curriculum if I use FreeFellow?","answer":"Yes. Studying the curriculum issued by CFA Institute is essential to success on the CFA exam. FreeFellow and other Prep Provider materials are developed to complement the curriculum and to facilitate the learning process, not to replace it. The CFA Institute Learning Ecosystem (included with exam registration) contains the curriculum text and end-of-reading practice questions every candidate should work through.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"How does FreeFellow compare to free CFA YouTube content from Mark Meldrum or IFT?","answer":"FreeFellow offers a fully free CFA question bank with detailed step-by-step solutions, per-choice notes, and topic analytics. Mark Meldrum and IFT both publish some free YouTube content (lecture clips, topic walkthroughs) alongside their paid courses; neither provides a fully free standalone question bank. The two are complementary rather than substitutes: video lectures help during the learning phase, and FreeFellow's question bank covers practice volume during the drilling phase. Most candidates use multiple resources.","source_url":"https://freefellow.org/blog/which-cfa-institute-prep-providers-offer-free-question-banks-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-09","exam":"cfa"},{"question":"What is OBBBA and why does the CFP exam test it?","answer":"The One Big Beautiful Bill Act was signed July 4, 2025. It made permanent most of the 2017 TCJA individual provisions that were scheduled to sunset at the end of 2025, and added several new provisions. The CFP exam tests 2026 law, so every dollar threshold, every limit, and every phase-out uses the OBBBA-era number.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"What is the 2026 SALT cap?","answer":"OBBBA raised the state and local tax deduction cap from $10,000 to $40,000 per return ($20,000 MFS). Above $500,000 MAGI the cap phases down by $100 for every $1,000 of additional MAGI, with a floor at $10,000 above $800,000 MAGI.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"What is the new senior bonus deduction under OBBBA?","answer":"OBBBA added a flat-dollar additional standard deduction at age 65+: $2,000 for single or HoH filers, $1,600 per spouse on a joint return. An MFJ couple where both spouses are 65+ adds $3,200 on top of the $32,200 base, for a total standard deduction of $35,400. The bonus phases out for AGI above $200,000 single / $400,000 MFJ.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"Did OBBBA change the child tax credit?","answer":"Yes. OBBBA raised the child tax credit from $2,000 to $2,200 per qualifying child under 17. The refundable portion stays near $1,700. The phase-out is unchanged: a $50 reduction per $1,000 of MAGI above $200,000 single / $400,000 MFJ.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"What happened to the estate tax exemption under OBBBA?","answer":"OBBBA made the $15,000,000 per-person estate, gift, and GST exemption permanent and indexed for inflation. Before OBBBA, the TCJA-doubled exemption was scheduled to sunset to roughly $7,000,000 on January 1, 2026. That cliff is gone. The 40% rate above the exemption is unchanged.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"What are the OBBBA tip and overtime exclusions?","answer":"OBBBA excluded up to $25,000 of qualified tip income per worker and up to $12,500 ($25,000 MFJ) of the premium portion of overtime pay from federal income tax. Both still face FICA. Both phase out above $150,000 single / $300,000 MFJ MAGI.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"Did OBBBA change retirement plan contribution limits?","answer":"No. The 2026 retirement limits ($24,500 401(k), $7,500 IRA, $17,000 SIMPLE, $11,250 super catch-up ages 60 to 63) reflect normal inflation indexing and SECURE 2.0, not OBBBA. The exam still tests these because they are current 2026 law.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"What did OBBBA NOT change?","answer":"NIIT remained at 3.8% on the lesser of net investment income or MAGI excess over $200,000 single / $250,000 MFJ, with no indexing. Capital gains brackets (0/15/20%) kept their structure. Kiddie tax mechanics, the Section 121 home-sale exclusion, 1031 like-kind exchange rules, and Roth conversion rules are all unchanged. Knowing what stayed the same prevents wrong-answer construction on exam day.","source_url":"https://freefellow.org/blog/obbba-cfp-exam-2026-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-11","exam":"cfp"},{"question":"How many SOA Exam P sample questions are there?","answer":"The SOA has published 654 sample probability questions across multiple Sample Questions and Solutions PDFs on soa.org. FreeFellow hosts every one as an interactive practice tool with the worked solution visible alongside each question.","source_url":"https://freefellow.org/blog/free-exam-p-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Are SOA Exam P sample questions representative of the real exam?","answer":"Yes, more so than any third-party question bank. The same SOA committee that writes the live exam writes the published samples. Style, difficulty calibration, and trap patterns transfer directly. The specific items won't appear on your sitting, but the problem structures will.","source_url":"https://freefellow.org/blog/free-exam-p-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"How should I split my time between SOA samples and FreeFellow originals?","answer":"Use the FreeFellow original bank (1,100-plus questions) for topic learning. Use the 654 SOA samples for calibration and final-stretch timed practice. Most candidates work through originals first, then save 250-300 SOA samples for the final two weeks under exam-pacing conditions.","source_url":"https://freefellow.org/blog/free-exam-p-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"What topics do the 654 sample questions emphasize?","answer":"Bayes-style conditional probability shows up in roughly 80 items. Univariate distribution identification (binomial, Poisson, normal, exponential, gamma) accounts for another 200-plus. Joint distributions, marginal extraction, and double integrals over rectangular and non-rectangular regions are heavily represented. Insurance applications (deductible, limit, loss elimination ratio) appear in about 100 items.","source_url":"https://freefellow.org/blog/free-exam-p-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Can I work the samples without an account?","answer":"Yes. The full FreeFellow Exam P practice surface, including all 654 SOA samples, is browsable without signing up. An account is only needed if you want to track progress across sessions.","source_url":"https://freefellow.org/blog/free-exam-p-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"How many Exam FM sample questions are there?","answer":"The SOA has published 456 sample questions for Exam FM, covering every section of the financial mathematics syllabus. FreeFellow hosts every one interactively with worked solutions.","source_url":"https://freefellow.org/blog/free-exam-fm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Is Exam FM a calculator exam?","answer":"Functionally yes. Most live exam questions are solvable by setting up the right cash-flow structure on a BA-II Plus (or Casio approved equivalent) and executing the right button sequence. Fluency with the calculator is the practical difference between a 90-minute sitting and a 180-minute one. The SOA samples train this fluency by repeating the same cash-flow shapes with different inputs.","source_url":"https://freefellow.org/blog/free-exam-fm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"What topics do the 456 sample questions emphasize?","answer":"Annuities account for roughly 130 items (level, increasing, decreasing, deferred). Bond pricing and yield calculations account for about 100. Loan amortization and sinking funds account for 40. Term structure, forward rates, and immunization round out the rest with about 80 combined.","source_url":"https://freefellow.org/blog/free-exam-fm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Are immunization problems on the FM samples?","answer":"Yes, but lightly. The asset-liability management subset is about 26 items, which is enough to learn the Redington and full-immunization conditions but not enough to drill them to mastery. Supplement with the FreeFellow original FM bank for additional immunization practice.","source_url":"https://freefellow.org/blog/free-exam-fm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Can I practice the samples without a BA-II Plus?","answer":"Yes, but most candidates do their final-stretch practice on the same calculator they'll use on exam day to build button-sequence muscle memory. The TI BA-II Plus or Casio FC-200V are the two approved options.","source_url":"https://freefellow.org/blog/free-exam-fm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"How many SOA Exam FAM sample questions are there?","answer":"The SOA has published 262 sample questions for Exam FAM across the short-term (loss models, credibility) and long-term (survival models, life contingencies) halves. FreeFellow hosts all 262 interactively with worked solutions visible alongside each item.","source_url":"https://freefellow.org/blog/free-exam-fam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"How is FAM different from FM or SRM?","answer":"FAM is the first exam where actuarial-specific reasoning matters. P and FM are math and finance with actuarial framing; FAM is where you start manipulating mortality, claim frequency, and severity distributions as the primary objects. The two halves (short-term and long-term) test different mental models, which is the most-cited reason candidates underestimate the exam.","source_url":"https://freefellow.org/blog/free-exam-fam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"How should I split study time between the short-term and long-term halves?","answer":"Roughly 50/50, but study them as two separate exams that happen on the same day. Bühlmann credibility (short-term) and the multi-state-model framework (long-term) don't share intuitions. Most successful candidates run two parallel study tracks rather than trying to alternate concepts.","source_url":"https://freefellow.org/blog/free-exam-fam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"What topics are most heavily tested in the 262 samples?","answer":"Aggregate loss models (compound Poisson, Panjer recursion) appear in 30+ items. Bühlmann and Bühlmann-Straub credibility account for 25+. Survival models (force of mortality, life table mechanics) account for 35+. Life insurance and annuity pricing under uniform-distribution-of-deaths and constant-force assumptions account for 40+. Multi-state Markov models with three or four states are over-represented relative to two-state.","source_url":"https://freefellow.org/blog/free-exam-fam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Is the long-term half harder than the short-term half?","answer":"Most candidates find the long-term half conceptually denser. The notation is heavy (commutation functions, status notation, joint-life functions). The trick is to stop trying to memorize formula tables and instead derive each formula from first principles (expected value of present-value random variable) every time you set up a problem.","source_url":"https://freefellow.org/blog/free-exam-fam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Why are there so few SRM sample questions compared to P or FM?","answer":"Exam SRM is a relatively new preliminary exam (introduced 2018 in its current form) and the SOA has accumulated fewer publicly-released items than the older P/FM/FAM exams. The 66 sample questions are the entire current released set as of 2026.","source_url":"https://freefellow.org/blog/free-exam-srm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Are 66 sample questions enough to prepare?","answer":"On their own, no. The 66 items work best as final-stretch calibration, not as your primary practice. Most candidates pair them with the FreeFellow original SRM bank (1,000-plus questions) and the free ISLR textbook (the canonical SRM reference text).","source_url":"https://freefellow.org/blog/free-exam-srm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"What topics do the 66 sample items cover?","answer":"Generalized linear models (logistic regression, Poisson regression, link functions) account for roughly 20 items. Decision trees (CART, splitting criteria, pruning) account for 12. Time series (AR, MA, ARMA, stationarity) account for another 12. Principal component analysis, clustering, and model-selection topics fill in the rest.","source_url":"https://freefellow.org/blog/free-exam-srm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Is SRM more conceptual or computational than P/FM?","answer":"More conceptual. Where P/FM reward setup speed and calculator fluency, SRM rewards understanding when and why to use a given model. You will compute log-likelihoods and Poisson regression coefficients, but the harder questions ask which model is appropriate given the data structure, what assumptions are being made, and how the bias-variance tradeoff plays out.","source_url":"https://freefellow.org/blog/free-exam-srm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"What free textbook should I pair with the samples?","answer":"ISLR, An Introduction to Statistical Learning by James, Witten, Hastie, and Tibshirani. It is the canonical SRM textbook, freely available from its authors at statlearning.com, and it covers GLMs, trees, time series, PCA, and clustering at the depth SRM tests. Most SRM candidates make ISLR their primary study text and the SOA samples their calibration check.","source_url":"https://freefellow.org/blog/free-exam-srm-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"How many ASTAM sample items are there?","answer":"The SOA has published 20 constructed-response sample items for Exam ASTAM in the November 2022 Sample Questions and Solutions PDF. FreeFellow hosts all 20 inside an interactive simulator with rubric point weights visible after submission.","source_url":"https://freefellow.org/blog/free-exam-astam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"What makes ASTAM different from FAM or SRM?","answer":"Format. ASTAM is the first SOA preliminary that is mostly writing. You do not pick a letter; you derive an answer, justify your method choice in prose, present every intermediate calculation, and submit a written response that gets graded against a published rubric. Math is necessary but not sufficient. Presentation drives the score.","source_url":"https://freefellow.org/blog/free-exam-astam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"How are written answers graded?","answer":"On FreeFellow, the simulator does not auto-grade your prose. You submit, the SOA reference solution renders alongside your answer with rubric point allocations visible per sub-part, and you self-grade. Auto-grading constructed-response is a roadmap item; AI grading is live for CFA Level III essays and will extend to ASTAM later. Self-grading against the published rubric is the canonical approach and remains effective.","source_url":"https://freefellow.org/blog/free-exam-astam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"What does ASTAM cover?","answer":"Aggregate loss models (compound Poisson, Panjer recursion). Severity modeling (lognormal, Pareto, Weibull). Frequency modeling (Poisson, negative binomial). Credibility (limited fluctuation, Bühlmann, Bühlmann-Straub). Ruin theory (discrete-time, continuous-time, adjustment coefficient). Loss reserving (chain ladder, Bornhuetter-Ferguson, Bühlmann-Straub triangle methods). Reinsurance (quota share, excess-of-loss, stop-loss with deductible and limit). Risk measures (VaR, TVaR, distortion premium principles).","source_url":"https://freefellow.org/blog/free-exam-astam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Why is ASTAM so hard?","answer":"Most candidates can do the math. They lose points on presentation. A written answer that derives the right number but skips the model-justification step, the assumption-statement step, or the intermediate-calculation step will score 50 to 60 percent on a rubric where 80 percent is the passing threshold. The samples are the only public training set for the writing skill.","source_url":"https://freefellow.org/blog/free-exam-astam-sample-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-15","exam":"actuarial"},{"question":"Where can I get free CMA practice questions?","answer":"FreeFellow.org. The entire IMA CMA Part 1 bank (738 questions) and entire Part 2 bank (585 questions) are free with detailed step-by-step solutions, per-choice notes, and 40 lessons with AI-narrated audio. No trial, no signup required to browse, no credit card. Full URLs: https://freefellow.org/free/cma-part-1/ and https://freefellow.org/free/cma-part-2/","source_url":"https://freefellow.org/blog/free-cma-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":null},{"question":"What does the CMA exam cover?","answer":"Part 1 (Financial Planning, Performance, and Analytics) covers external financial reporting (15%), planning and budgeting (20%), performance management (20%), cost management (15%), internal controls (15%), and technology and analytics (15%). Part 2 (Strategic Financial Management) covers financial statement analysis (20%), corporate finance (20%), decision analysis (25%), enterprise risk management (10%), capital investment decisions (10%), and professional ethics (15%).","source_url":"https://freefellow.org/blog/free-cma-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":null},{"question":"What is the CMA pass rate?","answer":"Global pass rates run in the mid-40s to low-50s on each part based on IMA-published statistics, with Part 1 typically a few points lower than Part 2. Both parts are widely regarded as challenging. The IMA reports rolling pass rates periodically on imanet.org.","source_url":"https://freefellow.org/blog/free-cma-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":null},{"question":"How long does it take to pass the CMA?","answer":"Most candidates complete both parts in 6 to 12 months. IMA and most prep providers recommend 150 to 170 hours of study per part for candidates with a relevant background, and 200+ hours per part for those new to managerial accounting and finance. The exam is offered three times per year (January-February, May-June, September-October), and candidates have seven years from passing the first part to complete the second.","source_url":"https://freefellow.org/blog/free-cma-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":null},{"question":"CMA vs CPA, what is the difference?","answer":"The CMA focuses on internal management accounting, planning, performance, decision analysis, and corporate finance. It is the credential for accountants working inside companies (FP&A, controllership, treasury, internal audit, cost accounting). The CPA focuses on external financial reporting, auditing, taxation, and regulation, and is required to sign public-company audit opinions. CMA is two parts and typically takes 6 to 12 months. CPA is four sections and typically takes 12 to 18 months. Many accountants hold both.","source_url":"https://freefellow.org/blog/free-cma-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":null},{"question":"Is FreeFellow affiliated with the IMA or ICMA?","answer":"No. FreeFellow is a private review course and is not sponsored or endorsed by ICMA or the IMA. ICMA does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services. FreeFellow materials are independently authored to complement the IMA Content Specification Outlines and Learning Outcome Statements. CMA, Certified Management Accountant, and ICMA are registered trademarks of the Institute of Certified Management Accountants; IMA is a registered trademark of the Institute of Management Accountants, Inc.","source_url":"https://freefellow.org/blog/free-cma-practice-questions-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":null},{"question":"When does the CFA 2027 curriculum take effect?","answer":"CFA Institute publishes new Level I curriculum each August, and the syllabus is effective for sittings beginning in February of the following year. So the 2027 Level I curriculum becomes effective for the February 2027 sitting. Candidates registered for the May 2027 and August 2027 windows also study under the 2027 syllabus. If you are sitting in November 2026, you are still on the 2026 syllabus.","source_url":"https://freefellow.org/blog/cfa-level-1-2027-syllabus-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"cfa"},{"question":"Do I need to restudy if I have already studied the 2026 syllabus?","answer":"Most of the underlying material carries over. The 2026 to 2027 changes at Level I were structural (some readings renamed, split, or merged) rather than wholesale content rewrites. Topics like Time Value of Money, Equity Valuation, Fixed Income Pricing, and Portfolio Management math are essentially identical year over year. If you have studied the 2026 readings and your sitting is in 2027, focus your re-study time on (1) Ethics and Standards (always a refresher target), (2) Quantitative Methods (a few new probability and machine learning readings), and (3) any readings that were renamed or restructured so you can find them in your study materials.","source_url":"https://freefellow.org/blog/cfa-level-1-2027-syllabus-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"cfa"},{"question":"What changed structurally from CY2026 to CY2027 at CFA Level I?","answer":"The biggest visible change is the addition of an Introduction to Financial Data Science reading in the Quantitative Methods module. Several Ethics and Standards subtopics were reorganized. Equity valuation was restructured to lead with the discounted dividend model framework before introducing free cash flow valuation. The published Learning Outcome Statements were renumbered, so any third-party study material that referenced specific LOS numbers from 2026 will not map cleanly to 2027.","source_url":"https://freefellow.org/blog/cfa-level-1-2027-syllabus-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"cfa"},{"question":"How did FreeFellow update its CFA Level I content for CY2027?","answer":"FreeFellow regenerated 102 lessons to align with CY2027 readings, remapped 95 of 107 concept flashcards to the new LO structure, and re-tagged 1,245 practice questions with their CY2027 LO keys through an alias map (every CY2026 LO key has an explicit successor in CY2027, or is marked as removed). Questions deprecated by the CY2027 readings are retained but flagged. The questions table content itself is unchanged where the underlying concept did not change; only LO tags moved. Studying CFA Institute curriculum directly is essential to success on the exam, and FreeFellow materials complement (do not replace) the official readings.","source_url":"https://freefellow.org/blog/cfa-level-1-2027-syllabus-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"cfa"},{"question":"Is FreeFellow a CFA Institute Prep Provider for 2027?","answer":"Yes. FreeFellow LLC is a CFA Institute Prep Provider with current 2027 listing. CFA Institute does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services. Among CFA Institute Prep Providers specifically, FreeFellow is the only one offering the entire question bank free.","source_url":"https://freefellow.org/blog/cfa-level-1-2027-syllabus-changes/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"cfa"},{"question":"What does CAS Exam MAS-I cover?","answer":"MAS-I (Modern Actuarial Statistics I) covers three topic areas: probability models (parametric loss distributions, severity and frequency models, mixture distributions, MLE applied to P&C insurance data), statistical inference (hypothesis testing, confidence intervals, Bayesian estimation, Monte Carlo simulation), and extended linear models (generalized linear models, link functions, model selection, residual diagnostics, applied regression for insurance ratemaking and classification). The CAS publishes the Syllabus of Basic Education that allocates approximately 25% to probability models, 25% to statistical inference, and 50% to GLMs.","source_url":"https://freefellow.org/blog/cas-mas-i-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"actuarial"},{"question":"What is the MAS-I pass rate?","answer":"MAS-I pass rates from CAS-published statistics typically run in the high 40s to mid 50s, similar to other CAS preliminary exams. The CAS publishes pass rate by sitting on casact.org. Most candidates take 200 to 300 study hours to pass.","source_url":"https://freefellow.org/blog/cas-mas-i-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"actuarial"},{"question":"How does MAS-I fit into the CAS credentialing path?","answer":"MAS-I is the third preliminary exam in the CAS credentialing path. Candidates first pass Exam 1/P (Probability) and Exam 2/FM (Financial Mathematics), both jointly administered with the SOA. Then MAS-I and MAS-II (Modern Actuarial Statistics II) are CAS-only preliminary exams. After the four preliminaries, candidates move into the upper-level exams (5, 6, 7, 8, 9) on the path to Associate (ACAS) and Fellow (FCAS) status. MAS-I is the transition point where the CAS path diverges from the SOA path.","source_url":"https://freefellow.org/blog/cas-mas-i-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"actuarial"},{"question":"What is the difference between MAS-I and SOA Exam SRM?","answer":"MAS-I and SOA Exam SRM have meaningful content overlap, especially in the GLM section. Both cover the foundations of statistical learning, regression, and model selection. The differences: MAS-I is calibrated to P&C insurance applications (ratemaking, classification, loss modeling) where SRM is calibrated to broader actuarial applications. MAS-I has more emphasis on Bayesian statistics and Monte Carlo simulation. SRM has more emphasis on time series and decision trees. A candidate who has passed SRM has a head start on the GLM section of MAS-I but still needs targeted study on the P&C calibration and the probability/statistics sections.","source_url":"https://freefellow.org/blog/cas-mas-i-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"actuarial"},{"question":"What free MAS-I resources does FreeFellow offer?","answer":"445 practice questions across the three MAS-I topic areas, with detailed step-by-step solutions and per-choice notes. A dedicated MAS-I formula sheet (downloadable PDF). Written lessons with AI-narrated audio. Plus a reproduction of CAS-published Sample Question PDFs (verbatim, with attribution), which is the canonical training set for the exam's question style. The full bank is free with no trial period, no question cap, and no credit card. FreeFellow is not affiliated with the Casualty Actuarial Society.","source_url":"https://freefellow.org/blog/cas-mas-i-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-16","exam":"actuarial"},{"question":"What does CAS Exam MAS-II cover?","answer":"MAS-II (Modern Actuarial Statistics II) covers four topic areas: credibility theory (classical limited-fluctuation, Buhlmann, Buhlmann-Straub, Bayesian credibility), linear mixed models (random effects, ICC, BLUP, REML, hierarchical structures), statistical learning (KNN, decision trees and ensembles, PCA, K-means and hierarchical clustering, neural networks, predictive-accuracy measures including AUROC, Gini, lift, and double lift charts), and time series with constant variance (AR, MA, ARIMA, ACF and PACF diagnostics, stationarity, seasonality, forecasting). The CAS-published 2026 Content Outline allocates approximately 15-25% to credibility, 10-20% to LMM, 40-50% to statistical learning, and 15-25% to time series.","source_url":"https://freefellow.org/blog/cas-mas-ii-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-19","exam":null},{"question":"What is the MAS-II pass rate?","answer":"MAS-II historical pass rates from CAS-published statistics typically run in the high 40s to mid 50s, similar to MAS-I and other CAS preliminary exams. The CAS publishes pass rate by sitting on casact.org. Most candidates take 200 to 300 study hours to pass; candidates with prior statistics or machine-learning coursework often succeed at the lower end of that range.","source_url":"https://freefellow.org/blog/cas-mas-ii-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-19","exam":null},{"question":"How does MAS-II differ from MAS-I?","answer":"MAS-I focuses on probability models, statistical inference, and generalized linear models (GLMs) for P&C ratemaking. MAS-II picks up where MAS-I leaves off and covers more advanced statistical-learning methods (tree ensembles, PCA, clustering, neural networks) plus credibility theory and time series. Where MAS-I is 50% GLMs, MAS-II is roughly 45% statistical learning. The two exams together cover the bulk of modern statistical methods used in P&C actuarial practice. Most candidates take MAS-I first because credibility theory in MAS-II builds on the Bayesian / posterior thinking introduced in MAS-I.","source_url":"https://freefellow.org/blog/cas-mas-ii-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-19","exam":null},{"question":"What is the difference between MAS-II and SOA Exam SRM?","answer":"Both MAS-II and SOA Exam SRM cover statistical-learning foundations, but the calibration and coverage differ. MAS-II is calibrated to P&C insurance (ratemaking, classification, loss modeling) and includes credibility theory and time series, both absent from SRM. SRM is calibrated to broader actuarial applications and covers more decision-tree / random-forest material than MAS-II. A candidate who has passed SRM has a head start on the K-means, PCA, and tree sections of MAS-II but still needs targeted study on credibility theory (the largest novel section by topic-area) and on the LMM and time-series sections that SRM does not cover.","source_url":"https://freefellow.org/blog/cas-mas-ii-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-19","exam":null},{"question":"What free MAS-II resources does FreeFellow offer?","answer":"616 original practice questions across the four MAS-II topic areas, with detailed step-by-step solutions and per-choice notes. 21 written lessons covering the syllabus with charts, decision-tree diagrams, K-means scatter plots, hierarchical clustering dendrograms, ACF / PACF plots, and worked examples. A dedicated MAS-II formula sheet (downloadable PDF). Plus 12 verbatim CAS Sample Questions and 126 questions reproduced from past CAS exam papers (Fall 2018, Spring 2019, Fall 2019), all with per-question source attribution. The full bank is free with no trial period, no question cap, and no credit card. FreeFellow is not affiliated with the Casualty Actuarial Society.","source_url":"https://freefellow.org/blog/cas-mas-ii-study-guide-2026/","author":"Jeffrey Ting, FSA, CFA","date_published":"2026-05-19","exam":null}]}