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. Public samples need no signup. The full original question bank is free with an account, subject to usage limits.
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.
Instant readiness score in about 6 minutes. No signup to start.
Sample Questions
Question 1
Easy
What is the term of an annuity?
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Correct Answer: E
Solution
E is correct.
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).
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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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Free practice questions, worked solutions, and written lessons.
The full original question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Exam FM prep are free forever. Full access requires a free account and is subject to usage limits. 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 original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Full access requires a free account and is subject to usage limits. Fellow adds mock exams, flashcards, analytics, and a personalized study plan.
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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 based on practice history
No paywalls on original questions · no trial period · no credit card
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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
Dates mark the start of each testing window. Confirm dates directly with the Society of Actuaries before registering.
Exam date
Status
Dec 3, 2026
Confirmed
Feb 4, 2027
Confirmed
Apr 1, 2027
Confirmed
Jun 10, 2027
Confirmed
Aug 5, 2027
Confirmed
Oct 1, 2027
Confirmed
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.
How many questions are on the Exam FM exam, and how long is it?
The Exam FM delivers 30 multiple-choice questions (SOA). Testing time is 2 hours 30 minutes. FreeFellow's Exam FM practice questions follow this format, and the free mixed practice draws from the full bank.
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?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Timed mock exams, spaced-repetition flashcards, AI grading on supported exams (5 attempts a day), performance analytics, and a personalized study plan. Practice and grading usage limits apply.
What does the $79 Fellow tier unlock for Exam FM?
Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. Fellow adds 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?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The original question bank, worked solutions, and written lessons stay free forever. Fellow is $39 per month or $79 per quarter, per exam family (USD). See https://freefellow.org/pricing for package prices and coverage.
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. 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?
Exam FM is a 2.5-hour computer-based test with 30 multiple-choice questions, administered at Prometric testing centers. Each question has five answer choices and only one is correct. That works out to 5 minutes per question, the tightest pacing of the preliminaries. The SOA cut FM from 35 questions in 3 hours to 30 in 2.5 hours, so older prep material still quotes the retired format.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who has passed thirteen of the hardest exams in finance, all on his first attempt. He paid four-figure prep fees along the way.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 exams with more than 45,000 original practice questions.
01
Cost shouldn't decide who gets in.
A CFA charter, a CPA license, an actuarial credential. Each opens a real career, but prep fees add to the cost of getting there. FreeFellow keeps its original question bank and written lessons free so you can study even if a paid course is out of reach.
02
Free should mean free.
The original question bank, the worked solutions, the topic lessons, mixed practice, and your readiness score stay free, forever. Full access needs a free account, and practice usage limits apply. Fellow adds AI grading on supported exams, spaced-repetition flashcards, full-length mock exams, analytics, and a study plan that adapts to your progress.
All 1,062 Exam FM questions, worked solutions, and lessons are free. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free.
