---
path: /students/cas-exams/exam-fm
title: "Exam FM (CAS Exam 2): Financial Mathematics — study guide"
description: "Exam FM (CAS Exam 2) (Financial Mathematics) study guide: format, syllabus topics, and study tips for the CAS exam path. The time value of money and the mathematics of interest, annuities, bonds, and cash flows."
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# Exam FM (CAS Exam 2): Financial Mathematics — study guide

The time value of money and the mathematics of interest, annuities, bonds, and cash flows. This guide covers the format, the syllabus topics, and how to study for Exam FM (CAS Exam 2) on the path to your CAS credentials. Always confirm current fees, dates, and syllabus weights on the official page before you register.

## Format

Computer-based, multiple-choice (Prometric)

## What it covers

- Time value of money and interest theory
- Annuities and cash flows
- Loans and amortization
- Bonds and general financial instruments
- Immunization and asset-liability concepts

## How to study

- Build fluency with the financial functions before drilling word problems.
- P and FM can be taken in either order — most students take one of them first.
- Practice under time pressure; the math is not hard but the pace is.

## Where it sits on the path

Exam FM (CAS Exam 2) is a preliminary requirement administered by the SOA. See the full CAS path from preliminary exams through the ACAS and FCAS designations.