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1、Financial Mathematics ExamOctober 2011 The Financial Mathematics exam is called Exam FM by the SOA and Exam 2 by the CAS. This three-hour exam consists of 35 multiple-choice questions. The examination is administered by Preliminary Actuarial Examinations/SOA. The examination is jointly sponsored and
2、 administered by the CAS, SOA, and the Canadian Institute of Actuaries (CIA). The examination is also jointly sponsored by the American Academy of Actuaries (AAA) and the Conference of Consulting Actuaries (CCA). The Financial Mathematics Exam is administered as a computer-based test. For additional
3、 details, please refer to “Computer-Based Testing Rules and Procedures” The goal of the syllabus for this examination is to provide an understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various stre
4、ams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting, and valuing contingent cash flows. The candidate will also be given an introduction to financial instruments, including derivatives, and the concept of no-
5、arbitrage as it relates to financial mathematics. The Financial Mathematics Exam assumes a basic knowledge of calculus and an introductory knowledge of probability. The following learning objectives are presented with the understanding that candidates are allowed to use specified calculators on the
6、exam. The education and examination of candidates reflects that fact. In particular, such calculators eliminate the need for candidates to learn and be examined on certain mathematical methods of approximation. Please check the Updates section on this exams home page for any changes to the exam or s
7、yllabus. The ranges of weights shown are intended to apply to the large majority of exams administered. On occasion, the weights of topics on an individual exam may fall outside the published range. Candidates should also recognize that some questions may cover multiple learning objectives. Each mul
8、tiple-choice problem includes five answer choices identified by the letters A, B, C, D, and E, only one of which is correct. Candidates must indicate responses to each question on the computer. Candidates will be given three hours to complete the exam. As part of the computer-based testing process,
9、a few pilot questions will be randomly placed in the exam (paper and pencil and computer-based forms). These pilot questions are included to judge their effectiveness for future exams, but they will NOT be used in the scoring of this exam. All other questions will be considered in the scoring. All u
10、nanswered questions are scored incorrect. Therefore, candidates should answer every question on the exam. Since the CBT exam will be offered over a period of a few days, each candidate will receive a test form composed of questions selected from a pool of questions. Statistical scaling methods are u
11、sed to ensure within reasonable and practical limits that, during the same testing period of a few days, all forms of the test are comparable in content and passing criteria. The methodology that has been adopted is used by many credentialing programs that give multiple forms of an exam. LEARNING OB
12、JECTIVES I. Interest Theory (65-80%) A. Time Value of Money (5-15%) 1. The candidate will be able to define and recognize the definitions of the following terms: a. Interest rate (rate of interest) b. Simple interest c. Compound interest d. Accumulation function e. Future value f. Present value/net
13、present value g. Discount factor h. Discount rate (rate of discount) i. Convertible m-thly j. Nominal rate k. Effective rate l. Inflation and real rate of interest m. Force of interest n. Equation of value 2. The candidate will be able to: a. Given any two of interest rate, present value, or future
14、value, calculate the third based on simple or compound interest. b. Given any one of the effective interest rate, the nominal interest rate convertible m-thly, the effective discount rate, the nominal discount rate convertible m-thly, or the force of interest, calculate all of the other items. c. Wr
15、ite the equation of value given a set of cash flows and an interest rate. B. Annuities with payments that are not contingent (5-20%) 1. The candidate will be able to define and recognize the definitions of the following terms: a. Annuity-immediate b. Annuity-due c. Perpetuity d. Payable m-thly, or P
16、ayable continuously e. Level payment annuity f. Arithmetic increasing/decreasing payment annuity g. Geometric increasing/decreasing payment annuity h. Term of annuity 2. The candidate will be able to: a. Given an annuity with level payments, immediate (or due), payable m-thly, (or payable continuously), and any three of present value, future value, interest rate, payment, and term calculate the remain
