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FM Exam Workshop Sean Ke

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Basic Introduction - Registration Exams provided every two months. (even #) Register at www.soa.orgwww.soa.org Fees: $225 Deadline: About a month before the exam. Related class: Math 172A

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Basic Introduction - Content Financial Mathematics Interest Theory Time Value of Money, Annuities, Loans, Bonds, Cash Flow and Portfolios,Immunization. Financial Economics (Derivative Market) Derivative, Options, Forwards and Futures, Swaps, Hedging and investment Strategies.

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Basic Introduction - Materials Interest Theory – Mathematics Interest Theory (2 nd Edition) Chapter 1 – 9 (excluding 1.13, 3.10 3.12, 4.7, 5.5, 6.7, 6.8, 6.10, 7.2-7.4, 9.5; 8.3 only for Chapter 8.) Financial Economics (Derivative Market) – A Basic Course in the Theory of Interest and Derivatives Markets Chapter 57 - 74

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Basic Introduction - Materials SOA Sample questions for both interest theory (73) and Financial Economics (34). Study Manual – ASM (Hard) – Actex (Easy) – Guo Yufeng (Shortcuts & methods)

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Basic Introduction – Exams 35 multiple-choice questions. 3 Hours. – Average: 5 mins per question. – 5 testing questions, not graded. – 30 questions graded, 70% - passed. 65 – 80% interest theory 20 – 35% financial economics Immediately know the result

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Basic Introduction – Calculator Yes, you can bring 2 calculator! BA II Plus & TI – 30XS (MultiView)

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Break-Downs – Interest Theory 1.Time Value of Money (5-15%) Easy Play around with interest rate! Monthly, effective, nominal, discount, simple, compound, force of interest, convertible….

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Break-Downs - Interest Theory 2.Annuities (5-20%) Medium 3.Loans (5-20%) Medium 4.Bonds (5-20%) Medium Deal with multiple payments.

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Break-Downs - Interest Theory 5.General Cash flows and Portfolios (5-20%) Hard 6.Immunization (5-15%) Medium

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Break-Downs – Financial Economics 1.General Derivatives (0-5%) Easy 2.Options (0-5%) Easy 3.Forwards and Futures (0-10%) Easy

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Break-Downs – Financial Economics 4. Swaps (0-5%) Medium 5. Hedging and Investment Strategies (5-15%) Hard

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Some Tips Manage your study time. Distribute your time according to percentage of the break-downs. Start from Easy, and make sure you are comfortable with both Easy and Medium parts Do sample exams at https://www.soa.org/Education/Exam- Req/Syllabus-Study-Materials/edu-exam-p- online-sample.aspx

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Some Tips Questions you don’t know how to solve? Bring the answers to the question. Eliminate some obviously wrong answers and pick one. No penalty for wrong answers.

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Some Tips Example: Kathryn deposits 100 into an account at the beginning of each 4-year period for 40 years. The account credits interest at an annual effective interest rate of i. The accumulated amount in the account at the end of 40 years is X, which is 5 times the accumulated amount in the account at the end of 20 years. Calculate X. (A) 4695 (B) 5070 (C) 5445 (D) 5820 (E) 6195

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Some Tips Useful Websites http://www.beanactuary.org http://www.actuarialoutpost.com/actuarial_di scussion_forum/ http://www.actuarialoutpost.com/actuarial_di scussion_forum/ www.soa.org

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Some Tips Find your study partners!

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1 Chapter 05 Time Value of Money 2: Analyzing Annuity Cash Flows McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

1 Chapter 05 Time Value of Money 2: Analyzing Annuity Cash Flows McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

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