Free SOA Exam FM (Financial Mathematics) Practice Questions
The entire SOA Exam FM question bank is free: 1,062 practice questions on time value of money, annuities, bonds, loans, and asset-liability management. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
1,062 questions5 topics19 lessons2026 syllabus
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
The **term** of an annuity is the duration of time from when payments begin to when they end, typically measured by the number of payment periods.
Question 2
Medium
Which of the following statements about convexity is NOT correct?
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Correct Answer: C
Solution
C is correct.
The statement that convexity is always negative for a standard fixed-coupon bond is NOT correct. Convexity for standard fixed-coupon bonds is always **positive** because the second derivative of the price with respect to yield is positive: C=P1dy2d2P>0
Positive convexity means the price-yield curve bows upward, which benefits the bondholder: prices rise more than duration predicts when yields fall, and fall less when yields rise. Negative convexity only occurs for callable bonds or mortgage-backed securities where cash flows change with interest rates.
Question 3
Hard
Given i(4)=10%, calculate d(6).
🎉
Correct Answer: E
Solution
E is correct.
Convert i(4) to the force of interest δ.
δ=4ln(1+4i(4))=4ln(1.025)=4×0.024693=0.098771
Convert δ to d(6): d(6)=6(1−e−δ/6)=6(1−e−0.016462)
e−0.016462=0.98367 d(6)=6×0.01633=0.09796≈9.80%
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The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Exam FM prep are free forever. No trial period, no credit card. Become a Fellow ($79/qtr) only if you want mock exams, flashcards, analytics, and a personalized study plan.
What's Free, and What Fellow Unlocks
The 70% of Exam FM prep you actually need to pass (questions, solutions, lessons, mixed practice) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan) unlocks when you become a Fellow. Use the free tier as long as you like.
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1,062 practice questions with detailed solutions
19 full lessons
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
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Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
Personalized study plan that adapts to your exam date
How FreeFellow Compares
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $79 per quarter, a small fraction of what traditional providers charge.
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Coaching Actuaries
$200–$400/exam
The Infinite Actuary
$150–$350/exam
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
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The free tier covers what most candidates need to pass. Fellow ($79/qtr) adds the pacing tools.
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1,062+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
Dates mark the start of each testing window. Projected dates follow the Society of Actuaries's historical exam cadence for sittings the body has not yet published. Confirm dates directly with the Society of Actuaries before registering.
Exam date
Status
Oct 1, 2026
Confirmed
Dec 3, 2026
Confirmed
Feb 4, 2027
Projected
Apr 8, 2027
Projected
Jun 10, 2027
Projected
Aug 5, 2027
Projected
Frequently Asked Questions
How many free Exam FM practice questions does FreeFellow have?
FreeFellow currently offers 1062 free Exam FM practice questions across 5 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What Exam FM topics are covered?
The questions cover 5 topics: Time Value of Money, Annuities and Non-Contingent Cash Flows, Loans, Bonds, General Cash Flows, Portfolios, and Asset-Liability Management. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Does FreeFellow have Exam FM study lessons?
Yes. FreeFellow includes 19 comprehensive text lessons for Exam FM, covering key concepts and worked examples for each topic. Lessons are free to read with a free account (no card) and are designed to complement question practice.
Is FreeFellow really free for Exam FM prep, or is there a catch?
No catch. The 70% of Exam FM prep you actually need to pass is free forever: the full question bank of 1062 practice questions, detailed solutions on every question, 19 lessons, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $79 Fellow tier unlock for Exam FM?
Fellow ($39 per month or $79 per quarter, per track; the $199 annual is Fellow Plus) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.
How does FreeFellow compare to Coaching Actuaries, ASM, or TIA on price?
Traditional Exam FM prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $79 per quarter (a small fraction of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Exam FM entirely on the free tier.
How should I use FreeFellow to study for Exam FM?
Start with the lessons to build your conceptual foundation, then move to topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the Exam FM pass rate?
The Exam FM pass rate is approximately 50%, based on historical SOA data. Pass rates vary by sitting. The SOA publishes pass rate statistics after each exam window.
How many hours should I study for Exam FM?
The SOA recommends 250 to 300 study hours for each preliminary exam. Candidates with strong mathematical backgrounds may need 150 to 200 hours, while those new to the material may need 300 to 350 hours. Consistent daily study over 10 to 14 weeks is more effective than cramming.
What calculator is allowed on Exam FM?
The SOA permits a list of Texas Instruments models including the BA II Plus (and Professional), TI-30Xa, TI-30X II, TI-30XS and TI-30XB MultiView, and TI-36X Pro. Most candidates bring the TI-30XS MultiView for statistics-heavy exams and the BA II Plus where time-value-of-money work dominates (FM, FAM, ALTAM).
How is Exam FM scored?
SOA preliminary exams are scored on a 0-10 scale, with 6 as the passing threshold. You receive a pass/fail result along with your numeric score. The exam uses multiple-choice questions and the score is based on the number of correct answers.
What is the Exam FM exam format?
SOA preliminary exams are 3-hour, 30-question computer-based tests administered at Prometric testing centers. All questions are multiple choice. The exam is offered in multiple testing windows throughout the year.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 35 finance credentials with more than 40,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.
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Cost shouldn't decide who gets in.
The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.
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Free should mean free.
No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.
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Built by someone who sat where you sit.
He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.
