Exam IFM

Exam IFM

Everything You Need to Pass

Coaching Actuaries gives you the tools to study smarter and pass the Investment and Financial Markets Exam.

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Here to Help

Meet our team of expert coaches who will guide you through
Exam IFM.

Mike Carmody, FSA, MAAA, CFA

Exam IFM Video Coach
Attained FSA via the QFI Track

I've been teaching actuaries how to pass exams for 20 years, and I've been close friends with Dave Kester for even longer. During my actuarial career, I've worked on everything from indexed annuity designs to investments to unique projects like life insurance policies for oil wells. I also run a company that makes specialized mobile tornado shelters. Much like Dave, I also just like to run. Finance is a huge passion of mine, and I like to bring that out in my video lessons for IFM, VEE, and the CFA exams.

Content Team

Tong Khon Teh, FSA, CFA

Exam IFM Product Manager
Attained FSA via the QFI Track

I have taught different undergraduate actuarial science courses and exam prep courses at Drake University since 2010. I received my FSA in 2016 and am currently the Product Manager for Coaching Actuaries overseeing FM, IFM, LTAM, and CFA courses. I love helping students understand challenging concepts and raise their odds in passing the exams! In my free time, I enjoy cross-training and hanging out with colleagues and friends over wine and beer.

Exam IFM Overview

What To Expect

Exam Details

30 Computer-based, multiple-choice questions

Registration Deadline

October 22, 2019 (Midnight CST)

Exam Duration

3 Hours

Next Available Sitting

November 21-27, 2019

Before the Exam

  • Exams You Should Pass First

    Exams P and FM. IFM uses probability and interest theory to create and price derivatives. Those concepts are also used in Corporate Finance and Portfolio Theory.

  • Exam IFM Offerings

    IFM is offered three times per year, in March, July, and November.

  • How Do I Register?

    1. Register online at www.soa.org before the registration deadline.
    2. Wait 3-5 business days to receive an email confirmation letter.
    3. Schedule a seat at a Prometric Center.

    Learn more about how to register for official SOA exams on their website.

  • Highest-Weighted Concepts

    Questions related to these concepts will appear the most on the exam.

    1. Option Pricing (Binomial, Black-Scholes)
    2. Lognormal Model for Stock Prices
    3. Mean-Variance Portfolio Theory

  • Tip from Coach Fred

    "Make sure you have a deep understanding of the exam concepts. This new exam has a blend of quantitative and qualitative questions. Put your focus on the material related to the learning objectives stated in the exam syllabus."

  • Tip from Coach Mike, FSA

    "There are many formulas on this exam, but you don't need to memorize all of them. Several of the formulas are related. If you focus on the conceptual relationship between formulas, you'll be able to quickly derive the specific one you need on the exam. That will drastically reduce the number of formulas you need to memorize for the exam."

Day of Exam

  • What to Bring:

    • A government-issued photo ID that includes a signature
    • Recommended Calculator: TI-30XS MultiView AND BA II Plus - You will want both!
      (See Other Options)

  • Tip #1 from Coach Tong, FSA

    "The goal in the exam is to get enough questions correct to pass. Keep in mind that all questions in the multiple choice exams count the same. Solving a very easy problem correctly gets you the same number of points as solving a very difficult problem correctly. Thus, you must be willing to skip a problem."

  • Tip #2 from Coach Tong, FSA

    "If you read a problem and don't understand it during the first read, skip it. If you read a problem and think that you may be able to solve the problem if you took some time on it, mark it and skip it. Apply this strategy to all the questions during the first round through. After that, come back to the questions that you've marked and attempt those questions in your second round through."

After the Exam

  • Getting Your Exam Results

    After you complete your exam, you will receive a preliminary Pass-Fail result. This is not your official final result.

    After approximately 8 to 11 weeks, the SOA will release the list of passing candidates' ID numbers. A few days after this list has been published, you will be able to see your final score in your official SOA transcript when you log into the SOA website.

  • Next Steps

    SOA Track
    Exams     STAM and LTAM are typically the next exams taken once you've passed IFM.

    CAS Track
    Exam MAS-I     is the next exam on your path to the ACAS designation.

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