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北美精算师(SOA)考试MFE 2012年4月课程大纲

北美精算师(SOA)考试MFE 2012年4月课程大纲
北美精算师(SOA)考试MFE 2012年4月课程大纲

Models for Financial Economics—April 2012

The Models for Financial Economics is called Exam MFE by the SOA and Exam 3F by the CAS. This three-hour exam consist of 30 multiple-choice questions. Also, a normal distribution calculator will be available during the test by clicking a link on the item screen. Details are available on the Prometric Web Site. The examination is jointly sponsored and administered by the SOA, CAS, 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 purpose of the syllabus is to develop the candidate’s knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability, interest theory and the earlier chapters of the McDonald textbook (which are in the syllabus of Exam FM/2) is assumed. Formulas are provided for the density and distribution functions for the standard normal and lognormal random variables. For paper and pencil examinations, tables of the standard normal distribution function are provided. Since the tables will be provided to the candidate at the examination, candidates will not be allowed to bring copies of the tables into the examination room. For CBT candidates, a normal distribution calculator is provided. See the link below for more information.

Note: It is anticipated that candidates will have done the relevant exercises in the textbooks. Check the Updates section of the web site for any changes to the exam or syllabus.

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 outcomes.

Each multiple-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.

As part of the computer-based testing process, 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 unanswered questions are scored incorrect. Therefore, candidates should answer every question on the exam. There is no set requirement for the distribution of correct answers for the

SOA/CAS/CIA multiple-choice preliminary examinations. It is possible that a particular answer choice could appear many times on an examination or not at all. Candidates are advised to answer each question to the best of their ability, independently from how they have answered other questions on the examination.

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 used 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 OUTCOMES – MODELS FOR FINANCIAL ECONOMICS

A. Interest rate models (10-15%)

1. Evaluate features of the Vasicek and Cox-Ingersoll-Ross bond price models.

2. Explain why the time-zero yield curve in the Vasicek and Cox-Ingersoll-Ross bond

price models cannot be exogenously prescribed.

3. Construct a Black-Derman-Toy binomial model matching a given time-zero yield

curve and a set of volatilities.

B. Rational valuation of derivative securities (65-75%)

1. Use put-call parity to determine the relationship between prices of European put and

call options and to identify arbitrage opportunities.

2. Calculate the value of European and American options using the binomial model.

3. Calculate the value of European options using the Black-Scholes option-pricing

model.

4.Identify the situations where the values of European and American options are the

same.

5. Interpret the option Greeks.

6.Explain the cash flow characteristics of the following exotic options: Asian, barrier,

compound, gap, and exchange.

7.Explain the properties of a lognormal distribution and explain the Black-Scholes

formula as an expected value for a lognormal distribution.

8.Explain what it means to say that stock prices follow a diffusion process.

9. Apply It?’s lemma in the one-dimensional case.

C. Simulation (10-15%)

1. Simulate lognormal stock prices.

2. Use variance reduction techniques to accelerate convergence.

D. Risk management techniques (5-10%)

1. Explain and demonstrate how to control risk using the method of delta-hedging. Note: Concepts, principles and techniques needed for Exam MFE/3F are covered in the

reference listed below. Candidates and professional educators may use other

references, but candidates should be very familiar with the notation and terminology used in the listed references.

Texts – Models for Financial Economics*

Derivatives Markets (Second Edition), 2006, by McDonald, R.L.,

Chapter 9,

Chapter 10, (excluding “Options on Commodities” on page 334),

Chapter 11, Sections 11.1 – 11.4, Appendices 11.A and 11.B,

Chapter 12, Sections 12.1–12.5, Appendix 12.A,

Chapter 13, including Appendix 13.B,

Chapter 14,

Chapter 18,

Chapter 19, Sections 19.1–19.5

Chapter 20, Sections 20.1–20.6 (up to but excluding “Multivariate It?’s Lemma”

on pages 665-666) and 20.7 (up to but excluding “Valuing a Claim on S a Q b on

pages 670-672 and excluding “Finding the lease rate” on top one-half of page

669),

Chapter 21, Sections 21.1 – 21.2 (excluding “What If the Underlying Asset Is Not an Investment Asset” on pages 688-690) and 21.3 ( excluding “The Backward

Equation” on pages 691-692, and excluding the paragraph on page 692 that

begins “If a probability…” and through the end of the section),

Chapter 22, Section 22.1 (but with only those definitions in Tables 22.1 and 22.2 that are relevant to Section 22.1),

Chapter 23, Sections 23.1 – 23.2 (pp.744 thru the middle of p.746 only),

Chapter 24, Sections 24.1–24.5 (up to but excluding “Forward rate agreements”

on pages 806-808),

Appendix B.1, Appendix C and including relevant Errata (see below).

Unless otherwise stated chapter appendices are not included in the required readings from this text.

*Any textbook errata are included below.

Other Resources – Models for Financial Economics

for paper/pencil

Exam MFE/Exam 3F Formulas and Tables

Formulas and Tables for CBT:

? A normal distribution calculator will be available during the test by clicking buttons on the item screen.

?Formula document

Some Remarks on Derivatives Markets

Derivatives Markets, Errata 2006 Second Edition, by R. McDonald,

https://www.sodocs.net/doc/6718602372.html,/faculty/mcdonald/htm/typos2e.html

All released exam papers, since 2000 can be found here.

Exam MFE/3F Sample Questions and Solutions (1-76)

中国精算师资格考试体系简介

中国精算师资格考试体系简介 中国精算师资格考试体系简介中国精算师资格考试体系简介建立中国保险精算制度的基本思路是在其保险精算监管系统中实行首席精算师签字的精算报告制度,制度本身包括两个方面的内容:中国精算师认可制度和保险公司的精算报告制度。 1、中国精算师认可制度 认可制度中国保险业的精算师认可制度是实行考试认可制度。考生通过保险监管部门要求的全部课程考试,可取得中国精算师考试合格证书。 纵观世界各国,大体有两种精算师认可制度。一是考试认可制度,即设定一系列考试课,无论什么教育背景,只要通过全部考试,即可获得精算师资格。这以北美精算师协会和英国精算师协会的考试最为典型,属于这种类型的国家有英、美、加、澳、日本等国家。二是学历认可制度,通常在大学设立精算专业,类似于准精算师和精算师水平,分本科和研究生两个阶段,精算专业研究生毕业,即可获得精算师资格。属于这种类型的有德、法、意、瑞士、西班牙、荷兰、巴西、墨西哥等国家。这两种制度也有其共同点,一是对保险公司的指定精算师或首席精算师,除要求精算师资格外,还要求最低的精算专业从业年限,强调精算工作业绩。 中国精算教育始于1988年南开大学招收第一届中美联合培养

的精算研究生,至今,国内已有近20所院校招收精算专业本科生、研究生,精算教育目前还有迅速发展的趋向。但这些院校师资力量、教学水平差别很大,又没有统一的课程设置标准,如采用学历认可制度,很难控制精算师的质量。有鉴于此,借鉴英、美等国经验,建立中国精算师资格考试制度是符合中国现状的。 中国精算师的职业制度基本思路在考试认可制度下,取得精算师考试合格证书仅是精算师职业制度的开端:①取得中国精算师资格证书者,若以精算师名义在商业保险机构执业,还需向中国保监会申请注册,在取得精算师执业证书后,方可执业:②执业的精算师应加入精算师的专业团体中国精算师协会,每年需参加中国精算师协会规定的职业培训,接受其监督管理;③保险公司聘请一名执业精算师作为公司的首席精算师,并报中国保监会备案(首席精算师需经中国保监会的资格审查认可);④首席精算师离职应当报中国保险监督管理委员会备案。保险公司解除其首席精算师的职务,应当向中国保险监督管理委员会陈述理由,并报中国保险监督管理委员会备案。 2、保险公司精算报告制度 配合中国保险业精算监管系统的建立和完善,中国保监会将逐步建立保险公司的精算报告制度。在每一经营年度完了,保险公司除应向保险监管部门提交精算财务报告外,还必须提供由公司首席精算师签署的有关精算报告,其基本内容是(1)提供各项准备金评估时所采用的精算假设、计算方法、并列明各项准备金结果等;(2)公司偿付能力、财务稳定性分析:(3)模拟、测算不同运营环境下,公司现金

PAK Study Manual QF-北美精算师(QFIQF)

Intro-Maths-Fin-1 Financial Derivatives (A Brief Introduction ) Background This chapter deals with the two basic building blocks of financial derivatives: 1. Options 2. Forwards and futures. We briefly introduce the third class of derivative: swap. We see how a complex swap can be decomposed into a number of forwards and options. Definitions Derivatives securities are financial contracts that ‘derive’ their value from cash market instruments such as stocks, bonds, currencies and commodities. At the time of the maturity of the derivative contract, denoted by T , the price F(T) of the derivative asset is completely determined by the market price of the underlying asset (S T ). For instance, the value at maturity (T ) of a long position in a call option of strike (K) written on an asset (S T ) is: Max [S T ?K ;0] Also, the value of time T of a long position in a forward contract of forward price (F) written on an underlying asset worth (S(T) at time T is given by: S (T )?F Types of derivatives We group derivatives into three general headings: 1. Futures, Forwards, Repos, Reverse Repos and Flexible Repos (Basic building blocks ) 2. Options and 3. Swaps Many of these instruments will be discussed in other parts of the syllabus for the QF Exam. The underlying asset : We let (S t ) represent the price of the relevant cash instrument, which we call the underlying asset . The five main groups of underlying asset : We list five main groups of underlying assets:

【SOA】我用这个秘诀,快速搞定美国精算师FM考试

我用这个秘诀,快速搞定北美精算师考试FM 科目…… 宏景4月传捷报, 北美精算师考试看宏景。 宏景国际教育在北美精算师SOA考试 2018年3月期的Exam FM通过率再创辉煌! 近日,2018年3月的北美精算师考试Exam FM科目考试成绩公布,宏景学员ZHUOFU LI、XIAOFENG YAN、YIDAN CAO、CHONGPU LIU、LAN LIU、JINPENG GAO、JING LIANG等又一批学员在准精算师ASA阶段考试中,Exam FM 考试内容合格。 接下来,让我们来一睹学员Exam FM 考试合格成绩截图(因涉及信息保护,只展示部分学员成绩截图)★

有点小激动,这是有史以来第一次,我们SOA学员Exam FM考试通过人数最多的一次;这是有史以来我们学员Exam FM科目通过率最高的一次……对,你没有看错!! 这些喜人成绩的取得与宏景国际教育有口碑的SOA教学质量是分不开的。宏景国际教育北美精算师特训营,提供从考试申请、考位预定、课程培训,到牌照申请等一站式服务,让你有更多的时间和精力去准备考试。全职海归组成的教师团队采用单对单教学模式传授SOA考试金牌秘籍;全球最权威、最经典SOA ASM教

材让你的学习事半功倍……在课堂教学和报考服务、工作推荐等工作上形成一套特色体系,使人才培养质量达到更高的水平。 在此,我们对在此次考试中取得优异成绩的学员表示祝贺。同时,希望他们再接再厉,在新的起点上,奋发图强,坚持不懈,争取更大的辉煌。也希望其他学员能够学习总结师兄师姐成功经验、锲而不舍,在自己的SOA考试中取得优秀的成绩。 来源:宏景AICPA 原创分享,转载请联系授权,未经授权禁止转载。文中图片部分来自于网络,版权归原作所有,如有侵权行为请联系删除。

北美精算师ASA如何申请

北美精算师ASA如何申请 1.哪些人适合申请精算? 这里所说的适合包含两层含义,一层是自己觉得适合,另一层是自己具备一定条件有把握收到ADMISSION或OFFER. 先说第一层,何为自己觉得适合?这里需要考虑几个问题。第一个问题是你选择专业的指导思想是什么?兴趣,热门,高薪……? 如果你选的是第一个答案那你继续往下看。第二个问题是你是否对数学感兴趣,你是否有很强的分析能力和business sense, 你是否愿意一辈子和模型打交道?这个问题的思考不仅有助于你的PS写作,而且对你今后的CAREER有指导意义,因为有些人选了精算专业,工作后才发现虽然年薪很高,可是自己事业上却有点力不从心。 第二层,你申请的胜算有多少? 首先,我们把申请人群作个区分。申请人大致可分为在中国的和在美国的。这个区分相当重要,因为他们的录取机会相差很大。明确了自己属于哪个申请群,你就知道自己的竞争对手和应该怎样使你的申请材料超越对手。 如果你在美国,那恭喜你。只要你有足够的MONEY,录取不是件很难的事。不管你以前是学什么专业的,你都有机会被录取。 计算机,机械,环境,英语,文学,教育……NO PROBLEM! 美国的高等教育很普及,大学只要你有钱都能上。有些人可能想不通,为

什么念英语的也能念精算?但是,这就是事实。在这念精算的中国人很多,背景五花八门,不过大家都念得很好。 如果你在中国,那也恭喜你,因为你受到了挑战。人生有什么比受到挑战更快乐的了?它使你超越别人和自我。拿破仑说过:我感谢困难,因为它像篱笆,把不如我的都挡在了后面。 挑战之一来自你的专业,因为你属于这个申请群,所以你的专业必须和精算有联系。这包括数学,统计,金融(保险,投资,银行),会计等等。 挑战之二来自你的背景。因为国内的申请人数庞大,所以你必须脱颖而出。你的竞争对手很强,你必须比他们更强。 挑战之三来自你的签证。美国签证很难,精算签证尤胜。 看到这有些人垂头丧气,有些人手舞足蹈。前者对生活抱悲观态度,后者则用乐观向上的精神指引人生。你属于哪种?你希望自己是哪种?要不要改变?申请的过程是痛苦的,每个人都会有软弱的时候,你必须有一个强大的精神支柱! 2、材料的准备 所有申请材料中两样东西最重要,成绩单和PS。成绩单是死的,PS是活的。 如果你是大一大二或者大三,那你的成绩单也是活的,趁着在校多修修很精算有关的课程。 以下着重阐述PS写作。

北美精算师考试内容及考试制度精算师考试.doc

北美精算师考试制度分为二个阶段:第一阶段是准精算师(ASA)。目前对准精算师的考试要求为300学分。除了100系列的11门课程(复利数学、精算数学等)外,还须通过200系列的4门课程(经济保障计划、精算实务等)。每门课在10至30学分不等。 学员在获得300学分后即成为ASA,之后可继续考FSA课程。ASAl00系列的11门课程的考试均采用英文试卷,选择题形式,考试时间分别为1个半小时至4个小时不等;200系列采用英语书写答题形式。考生是否通过某一门课程考试以及所获得的分数,是到该课程全部试卷批完后,按成绩顺序排列后确定的。 第二阶段是精算师(FSA)。考生在取得准精算师资格证书后方可参加FSA课程考试。目前把精算师的考试课程分为财务、团体与健康保险、个人人寿与健康保险、养老金、投资五个方向,每个方向又分若干门课,每门课学分在10至30分不等。要取得FSA资格必须通过以上一个方向的所有课程考试,以及再选择以上方向的其他课程,使学分达到150分,即学分总计要达到450分。当FSA要素的课程考试全部通过后,考生还要参加最后一门课程:正式精算师认可课程(FAC),其内容主要是职业道德和案例,时间为二天半,一般只要自始至终参加,在结束后的晚宴上会获得FSA证书。 北美精算师协会的考点分布在全世界各个国家和地区,考试每年5月和11月举行两次,考试时间由北美精算师协会确定,世界各地统一,考卷由北美精算师协会提供。

报名及考试地点:南开大学、湖南财经学院、复旦大学、中国人民大学、中山大学、中国科技大学、陕西财经学院、平安总公司 北美精算学会考试课程 准精算师考试: 100系列课程:100微积分和线性代数、110概率论和数理统计、120应用统计、130运筹学、135数值分析、140复利数学、150精算数学、151风险理论、160生存模型和生命表编制、161人口数学、165匀修数学 200系列课程:200经济保障计划概论、210精算实务概论、220资产管理和公司财务概论、230资产和负债管理原理 正精算师的考试课程分为五个方向: 一财务 包括科目:财务管理、公司财务等 二团体和健康保险 包括科目:团体和个人健康保险的设计和销售等 三个人人寿和年金保险 包括科目:个人人寿和年金保险的精算实务调查、人寿保险法和税收等 四养老金

北美精算师考试官方样题2015-12-exam-fm-syllabus

Financial Mathematics Exam—December 2015 The Financial Mathematics exam is three-hour exam that consists of 35 multiple-choice questions and is administered as a computer-based test. For additional details, please refer to Exam Rules 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 streams 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-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 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 exam's home page for any changes to the exam or syllabus. Each multiple-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, 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 unanswered questions are scored incorrect. Therefore, candidates should answer every question on the exam. There is no set requirement for the distribution of correct answers for the multiple-choice preliminary examinations. It is possible that a particular answer choice could appear many times on an examination or not at all. Candidates are advised to answer each question to the best of their ability, independently from how they have answered other questions on the examination. 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 used 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. The ranges of weights shown in the Learning Objectives below 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.

【SOA】关于北美精算师,你必须知道的入门级知识——Exam P

关于北美精算师,你必须知道的入门级知识——Exam P 成为一名北美准精算师(ASA)必须要经历五门SOA的准精算师考试,而其中最简单也是大部分人最先开始学习准备的就是Exam P,即probability。顾名思义,Exam P考察的就是最基本的数理统计与概率问题。下面我们就来了解一下Exam P的考试形式与内容。 考试目的 考生可以掌握用于定量评估风险的基本的概率方法,并着重于用这些方法应用解决精算学中遇到的问题。参加这门考试的考生应具有一定的微积分基础,并了解基本的概率、保险和风险管理的概念。 考试形式 Exam P采用机考的形式,总共30道单项选择题,考试时间为3个小时。每道选择题共有5个选项,其中只有一个正确选项。 与SAT考试不同的是,Exam P考试答错并不会额外扣分,也就是说考生一定不要空任何一道题。Exam P中会随机分布几道“pilot question”,这些题目是主办方用来分析从而改进将来的考试而出现的,它们的正确与否并不会影响到考生的实际分数。但是由于考生并无法分辨出这些题目,所以对每一道题目,考生都要同样认真地对待。 考试内容

概率(占总分10%-20%) 最基本的事件概率计算问题。包括集合方程与表示(sat functions)、互斥事件(mutually exclusive events)、事件独立性(independence of events)、组合概率(Combinatorial probability)、条件概率(Conditional probability)以及贝叶斯定理(Bayes theorem)等。 拥有单因素概率分布的随机变量(占总分35%-45%) 连续分布或离散分布的单因素随机变量的研究。包括PDF&CDF(Probability density functions and Cumulative distribution functions)、独立随机事件的和的分布、众数(Mode)、中位数(Median)、百分位数(Percentile)、动差(Moment)、方差(Variance)以及变形等问题。 拥有多因素概率分布的随机变量(占总分35%-45%) 包括联合PDF&CDF、中心极限定理(central limit theorem)、条件与边缘概率分布与动差(Conditional and marginal probability distributions and moments)、条件与边缘概率分布的方差、协方差与概率系数(Covariance and correlation coefficients)以及变换与顺序统计(Transformation and order statistics)等。 提醒:众所周知,2018年7月1日起,SOA新课程体系将正式生效,其中Exam P科目不变,考试大纲有变动,具体有那些变化???后台回复“Exam P”免费获取Exam P最新考试大纲。 考试时间

北美精算师(SOA)考试 FM 2001 November 年真题

November 2001 Course 2 Interest Theory, Economics and Finance Society of Actuaries/Casualty Actuarial Society

1.Ernie makes deposits of 100 at time 0, and X at time 3 . The fund grows at a force of interest 2 100 t t δ=, t > 0 . The amount of interest earned from time 3 to time 6 is X. Calculate X. (A)385 (B)485 (C)585 (D)685 (E)785

2.The production of a good requires two inputs, labor and capital. At its current level of daily output, a competitive firm employs 100 machine hours of capital and 200 labor hours. The marginal product of machine hours is 10 units. The marginal product of labor hours is 5 units. The rental rate, or “price,” of capital is 20 per machine hour. If the firm minimizes its costs, what is the hourly wage rate? (A) 2.5 (B) 5.0 (C)10.0 (D)20.0 (E)40.0

【北美精算师资格考试】ASA---exam-p 【考试说明】-----即概率论考试

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北美精算师考试内容及考试制度

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半,一般只要自始至终参加,在结束后的晚宴上会获得fsa证书。 北美精算师协会的考点分布在全世界各个国家和地区,考试每年5月和11月举行两次,考试时间由北美精算师协会确定,世界各地统一,考卷由北美精算师协会提供。 报名及考试地点:南开大学、湖南财经学院、复旦大学、中国人民大学、中山大学、中国科技大学、陕西财经学院、平安总公司北美精算学会考试课程 准精算师考试: 100系列课程:100微积分和线性代数、110概率论和数理统计、120应用统计、130运筹学、135数值分析、140复利数学、150精算数学、151风险理论、160生存模型和生命表编制、161人口数学、165匀修数学 200系列课程:200经济保障计划概论、210精算实务概论、220资产管理和公司财务概论、230资产和负债管理原理正精算师的考试课程分为五个方向: 一财务包括科目:财务管理、公司财务等 二团体和健康保险包括科目:团体和个人健康保险的设计和销售等 三个人人寿和年金保险包括科目:个人人寿和年金保险的精算实务调查、人寿保险法和税收等 四养老金包括科目:养老金估价原理i、退休计划设计等

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北美精算师(SOA)考试MFE 2012年4月课程大纲

Models for Financial Economics—April 2012 The Models for Financial Economics is called Exam MFE by the SOA and Exam 3F by the CAS. This three-hour exam consist of 30 multiple-choice questions. Also, a normal distribution calculator will be available during the test by clicking a link on the item screen. Details are available on the Prometric Web Site. The examination is jointly sponsored and administered by the SOA, CAS, 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 purpose of the syllabus is to develop the candidate’s knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability, interest theory and the earlier chapters of the McDonald textbook (which are in the syllabus of Exam FM/2) is assumed. Formulas are provided for the density and distribution functions for the standard normal and lognormal random variables. For paper and pencil examinations, tables of the standard normal distribution function are provided. Since the tables will be provided to the candidate at the examination, candidates will not be allowed to bring copies of the tables into the examination room. For CBT candidates, a normal distribution calculator is provided. See the link below for more information. Note: It is anticipated that candidates will have done the relevant exercises in the textbooks. Check the Updates section of the web site for any changes to the exam or syllabus. 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 outcomes. Each multiple-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. As part of the computer-based testing process, 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 unanswered questions are scored incorrect. Therefore, candidates should answer every question on the exam. There is no set requirement for the distribution of correct answers for the SOA/CAS/CIA multiple-choice preliminary examinations. It is possible that a particular answer choice could appear many times on an examination or not at all. Candidates are advised to answer each question to the best of their ability, independently from how they have answered other questions on the examination. 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 used 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

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