Free SOA Exam FM (Financial Mathematics) Lessons

All 19 SOA Exam FM (Financial Mathematics) lessons are free to read, each with worked examples. Just a free account, no card.

Time Value of Money

• Interest Rates and the Time Value of Money (22 min)
• Solving for Unknown TVM Variables (14 min)
• Rate Conversions (14 min)
• Equation of Value (16 min)

Annuities and Non-Contingent Cash Flows

• Annuity Definitions (16 min)
• Annuity Calculations (20 min)
• Varying Annuity Calculations (23 min)
• Annuities Payable m-thly and Continuously (17 min)

Loans

• Loan Terminology and Amortization (23 min)
• Loan Calculations and Refinancing (20 min)
• Refinancing and Loan Restructuring (14 min)

Bonds

• Bond Terminology and Definitions (17 min)
• Bond Calculations (18 min)
• Callable Bond Pricing (11 min)
• Premium and Discount Amortization Schedules (13 min)

General Cash Flows, Portfolios, and Asset-Liability Management

• Yield Rates, Duration, Convexity, Spot Rates, Forward Rates, and Immunization (14 min)
• Duration and Convexity Calculations, Yield Curve Applications (23 min)
• Immunization and Cash Flow Matching Construction (19 min)
• Spot Rates, Forward Rates, and Yield-Curve Pricing (16 min)