Free SOA Exam FM (Financial Mathematics) Lessons

All 19 SOA Exam FM (Financial Mathematics) lessons are free to read, each with worked examples and audio narration. No signup required.

Time Value of Money

• Interest Rates and the Time Value of Money (20 min)
• Solving for Unknown TVM Variables (11 min)
• Rate Conversions (12 min)
• Equation of Value (13 min)

Annuities and Non-Contingent Cash Flows

• Annuity Definitions (14 min)
• Annuity Calculations (16 min)
• Varying Annuity Calculations (20 min)
• Annuities Payable m-thly and Continuously (14 min)

Loans

• Loan Terminology and Amortization (19 min)
• Loan Calculations and Refinancing (16 min)
• Refinancing and Loan Restructuring (12 min)

Bonds

• Bond Terminology and Definitions (14 min)
• Bond Calculations (14 min)
• Callable Bond Pricing (9 min)
• Premium and Discount Amortization Schedules (10 min)

General Cash Flows, Portfolios, and Asset-Liability Management

• Yield Rates, Duration, Convexity, Spot Rates, Forward Rates, and Immunization (12 min)
• Duration and Convexity Calculations, Yield Curve Applications (20 min)
• Immunization and Cash Flow Matching Construction (16 min)
• Spot Rates, Forward Rates, and Yield-Curve Pricing (14 min)