Level and varying annuities paid annually or more frequently, annuities due and immediate, and deferred annuities.
These are the key learning objectives for Annuities on SOA Exam FM. Paraphrased from the public SOA syllabus — we recommend also checking the current syllabus on soa.org before your exam sitting.
Compute present and accumulated values for level, arithmetic, and geometric annuities
Work with annuities payable more frequently than interest is convertible
Value annuities with level and varying payments including perpetuities
Upload your ACTEX Exam FM digital edition, scanned ASM pages, TIA handouts, or your own notes. exclam.ai extracts the Annuities sections and generates flashcards automatically.
Generate multiple-choice quizzes specifically on Annuities. Weak questions get re-surfaced until you get them right consistently.
Because Annuities is 15–20% of your exam, losing it during review costs you. FSRS brings it back at the optimal moment.
SOA Exam FM has 8 topic areas. Annuities is weighted at approximately 15–20% of the exam — here is where it sits relative to the other topics.
| Topic area | Weight |
|---|---|
| Time Value of Money | 10–15% |
| → Annuities | 15–20% |
| Loans | 10–15% |
| Bonds | 10–15% |
| General Cash Flows and Portfolios | 15–20% |
| Immunization | 10–15% |
| Interest Rate Swaps | 0–5% |
| Determinants of Interest Rates | 0–10% |
Interest rates, discount rates, present and future value, and the relationships between different interest measurement conventions.
Loan repayment, amortization schedules, sinking funds, and varying loan payments.
Bond pricing, yield to maturity, premium and discount, and book value schedules.
Valuing arbitrary cash flow streams, net present value, internal rate of return, dollar-weighted and time-weighted returns.
Portfolio immunization strategies, Redington immunization, full immunization, and asset-liability matching.
Basic mechanics of interest rate swaps, including fixed and floating legs and swap rate determination.
Economic and market factors that shape interest rates, including inflation, risk premiums, and the yield curve.
Upload your ACTEX Exam FM digital edition, scanned ASM pages, TIA handouts, or your own notes. exclam.ai generates a fully guided study plan with adaptive flashcards and quizzes for this topic.