Actuarial Exam FM (Financial Mathematics)
SOA (Society of Actuaries)
Complete guide to passing the Actuarial Exam FM (Financial Mathematics) exam on your first attempt.
$275 per exam
~45%
Lifetime (per exam)
Global
SOA (Society of Actuaries)
$80k-$250k+ (increases per exam passed)
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Complete Overview
Exam FM (Financial Mathematics) is a preliminary actuarial exam administered by the Society of Actuaries, delivered as a 2.5-hour computer-based test of 30 multiple-choice questions. The SOA fee schedule updated on December 16, 2025 lists registration at $275, and that fee includes electronic access to the required study notes. The candidates who sit it are undergraduate students in actuarial science, mathematics, statistics and economics, career changers moving into insurance and pension work, and analysts already employed who need SOA exam credit on the path to the Associate of the Society of Actuaries designation.
Every question presents five answer choices labeled A through E, and exactly one is correct. A few pilot questions are placed randomly on each form and are not counted in scoring, so the paper you sit contains items that do not affect your result and you cannot tell which. All unanswered questions are scored incorrect, so the SOA explicitly advises candidates to answer every question. Answers to some questions have been rounded, which matters when your calculator output sits between two choices.
The syllabus has five topics with published weight ranges: time value of money at 5 to 15 percent, annuities and cash flows with non-contingent payments at 20 to 30 percent, loans at 15 to 25 percent, bonds at 15 to 25 percent, and general cash flows, portfolios and asset-liability management at 20 to 30 percent. These are bands, not point values, and the SOA notes that the weights on an individual exam may fall outside the published range, so they do not sum to 100. Derivatives are no longer on the FM syllabus, so forwards, futures, options and swaps are not tested. The syllabus assumes a basic knowledge of calculus and states that the learning objectives were written on the understanding that candidates use one of the specified calculators.
Scoring uses Item Response Theory. Each operational item is calibrated for difficulty before the exam is delivered, and the pass mark is fixed before the window opens rather than set afterwards against the candidate cohort. For the April 2026 administration, the most recent the SOA has published, an average of 71 percent correct was needed to pass. Of 1,650 candidates, 805 passed, a 48.8 percent pass rate; among the 1,397 candidates who reached at least half the passing score, the effective pass rate was 57.6 percent. The December 2025 sitting ran lower, 829 passes from 1,905 candidates for 43.5 percent, so the recent band is roughly 43 to 49 percent rather than a single number.
The FM syllabus states that unofficial pass or fail results are emailed within one hour of the appointment to the address used to schedule it; the SOA customer service centre asks candidates to allow up to 24 hours and to check the spam folder. Passing is permanent credit toward the ASA and CERA pathways, with no expiry and no continuing education attached to the exam itself. The next FM computer-based windows are October 1 to 12, 2026 and December 3 to 14, 2026, with registration deadlines of September 2 and November 4, 2026, followed by February 4 to 15, 2027 with a January 5, 2027 deadline. Passing candidate numbers for the October 2026 sitting are due December 11, 2026 and transcripts December 14, 2026.
Why Get Actuarial Exam FM (Financial Mathematics) Certified?
Exam FM is one of the preliminary exams required for the Associate of the Society of Actuaries designation, and the credit never expires, so a pass at age 20 still counts at age 40.
Candidates who clear Exam P and Exam FM before graduating are competitive for actuarial internships, because most entry-level actuarial postings ask for one or two passed exams rather than a specific degree.
The SOA reported a 48.8 percent pass rate for the April 2026 FM administration and 43.5 percent for December 2025, so the credential filters candidates in a way a transcript does not.
The exam builds working fluency with the Texas Instruments BA II Plus time value of money keys, amortization worksheet and cash flow worksheet, the same tools used daily in pricing, valuation and asset-liability work.
Duration, convexity, Redington immunization and cash flow matching sit on the FM syllabus and reappear in later SOA exams and in day-to-day investment actuarial work, so the study time compounds.
Many employers pay exam fees and grant paid study hours once you have passed one or two exams, so the $275 registration is often the last one you personally fund.
FM is delivered in multiple windows each year, so a failed attempt costs weeks rather than a full year of waiting.
Exam Format & Structure
Duration
2.5 hours
Questions
30 multiple-choice questions, plus a small number of unscored pilot questions placed randomly on each form
Passing Score
The SOA does not publish a fixed passing percentage. The pass mark is set before each administration using Item Response Theory. It has been reported as an average of 71 percent correct on every FM sitting the SOA has published since 2023, including April 2026.
Question Types
- Multiple choice with five answer choices labeled A through E, one correct
- Numerical calculation items where some answers have been rounded
- Items that cover more than one learning outcome at once
Delivery Method
Computer-based testing at Prometric test centers, offered over a window of several days, with each candidate receiving a form drawn from a question pool and statistical scaling applied across forms. A paper and pencil option has also been offered on a single date in some sittings.
Exam Domains & Topics
Present value, current value and accumulated value calculations across simple and compound interest. Candidates convert freely between effective interest rates, nominal rates convertible m-thly, effective and nominal discount rates, and the force of interest, and write an equation of value for a given set of cash flows and an interest rate.
Key Topics to Master:
- Simple interest, compound interest and the accumulation function
- Effective rate, nominal rate convertible m-thly, discount rate and force of interest conversions
- Variable force of interest problems
- Inflation and the real rate of interest
- Net present value and the discount factor
- Writing and solving an equation of value
- Solving for the missing item given any three of rate, time, present value and future value
The heaviest topic by published weight. Candidates calculate present value, current value and accumulated value for sequences of non-contingent payments and solve for any missing element given enough of the others. The syllabus covers level annuities of finite term, level perpetuities, and non-level payment streams in arithmetic and geometric progression.
Key Topics to Master:
- Annuity-immediate versus annuity-due
- Perpetuities, including deferred and increasing perpetuities
- Annuities payable m-thly and payable continuously
- Arithmetic increasing and decreasing annuities, finite term and perpetuity
- Geometric increasing and decreasing annuities, finite term and perpetuity
- Other non-level cash flow patterns
- Solving for term of annuity or interest rate given payment and value
Loan mechanics and amortization. Given any four of term, interest rate, payment amount, payment period and principal, candidates calculate the fifth. The topic also covers outstanding balance at any point in time, the split of a given payment between interest and principal repayment, and the same calculations reworked when a loan is refinanced part way through its term.
Key Topics to Master:
- Amortization schedules and the amortization method
- Outstanding balance by prospective and retrospective methods
- Interest and principal components of an individual payment
- Drop payments and balloon payments as the final payment
- Refinancing an existing loan mid-term
- Solving for the loan interest rate given payment and principal
- Sinking fund arrangements
Bond pricing and book value mechanics. Candidates work between price, book value, market value, redemption value, face value, yield rate, coupon rate and term, calculating any missing item from the others. The syllabus explicitly excludes valuation of bonds between coupon payment dates, and includes pricing a callable bond to achieve a specified minimum yield.
Key Topics to Master:
- Price of a bond by the basic, premium/discount and base amount formulas
- Amortization of premium and accumulation of discount
- Book value at a point in time
- Accumulated value with reinvestment of coupons
- Callable and non-callable bonds, call price and call premium
- Pricing a callable bond to guarantee a minimum yield
- Solving for yield rate, coupon rate or term of bond
Yield curves, rates of return and immunization theory. Candidates calculate duration and convexity of a cash flow set, convert between Macaulay and modified duration, approximate the change in present value from a change in interest rate, and value cash flows using a yield curve built from spot and forward rates. Portfolio construction for immunization and exact cash flow matching is also examinable.
Key Topics to Master:
- Macaulay duration and modified duration, and converting between them
- Convexity of a set of cash flows
- First-order approximation of price change using modified duration
- First-order approximation using Macaulay duration
- Spot rates, forward rates and building a yield curve
- Redington immunization conditions
- Full immunization
- Exact cash flow matching and duration matching
- Required study note FM-24-17 on using duration and convexity to approximate change in present value
Recommended Study Plan
- 1Buy a Texas Instruments BA II Plus or BA II Plus Professional and work through the SOA's Review of Calculator Functions for the Texas Instruments BA II Plus, linked from the FM syllabus.
- 2Set P/Y and C/Y to 1 and practise resetting the TVM registers between problems until it is automatic.
- 3Read the time value of money chapter in your chosen text, for example Broverman Chapter 1 excluding 1.2.1 and 1.8.
- 4Drill conversions between effective rate, nominal rate convertible m-thly, discount rate and force of interest until you can do them without looking up a formula.
- 5Download the SOA Notation and Terminology note for Exam FM and learn the symbols used in question stems.
- 1Work every equation of value exercise in your text chapter on interest measurement.
- 2Practise variable force of interest problems, which require integration rather than the calculator.
- 3Add inflation and real rate of interest problems, which appear as short two-step calculations.
- 4Complete 40 timed practice questions on time value of money at five minutes each.
- 5Start an error log recording the exact step where each wrong answer went wrong.
- 1Cover annuity-immediate, annuity-due and perpetuity theory in your primary text.
- 2Solve every level annuity type on the BA II Plus using the TVM keys rather than the algebraic formula, and time yourself.
- 3Practise deferred annuities and annuities where the unknown is the term or the interest rate.
- 4Work annuities payable m-thly and payable continuously.
- 5Attempt 50 annuity questions from the SOA Exam FM sample questions and solutions set.
- 1Study arithmetic increasing and decreasing annuities, finite term and perpetuity.
- 2Study geometric increasing and decreasing annuities, including the case where the growth rate equals the interest rate.
- 3Build a one-page summary sheet of the increasing and decreasing annuity symbols and their relationships.
- 4Work the non-level cash flow exercises in Vaaler, Harper and Daniel, Mathematical Interest Theory, Chapter 4.
- 5Take a 30-question mixed quiz across topics 1 and 2 under a 150-minute clock.
- 1Learn the BA II Plus AMORT worksheet and use it to produce outstanding balance and interest/principal splits.
- 2Practise both the prospective and retrospective methods for outstanding balance and check they agree.
- 3Work drop payment and balloon payment problems until the rounding convention is second nature.
- 4Solve refinancing problems where the rate or term changes mid-loan.
- 5Add sinking fund repayment problems and compare against the amortization method.
- 1Work through the bond pricing formulas in Brown and Kopp, Financial Mathematics: Theory and Practice, Chapter 6.
- 2Use the BA II Plus BOND worksheet and the TVM keys and confirm you get the same price both ways.
- 3Build amortization of premium and accumulation of discount schedules by hand for a short bond.
- 4Practise callable bond pricing to a specified minimum yield, testing both the earliest and latest call dates.
- 5Solve for yield rate given price, and for term given book value.
- 1Study spot rates, forward rates and the construction of a yield curve.
- 2Value a set of cash flows using a yield curve rather than a single flat rate.
- 3Practise bootstrapping forward rates from spot rates and vice versa.
- 4Work the rate of return and portfolio yield material in your primary text.
- 5Take a full 30-question practice exam covering topics 1 through 4 under exam conditions.
- 1Read study note FM-24-17, Using Duration and Convexity to Approximate Change in Present Value, sections 1 to 4, which is required reading on the syllabus.
- 2Practise calculating Macaulay duration, modified duration and convexity for a cash flow set.
- 3Drill both first-order approximations named in the syllabus, one based on modified duration and one based on Macaulay duration.
- 4Work Redington immunization problems, checking all three conditions each time.
- 5Work full immunization and exact cash flow matching problems, which are constructed differently.
- 1Take the SOA's free Online Sample Exam FM, which mirrors the computer-based testing interface.
- 2Work released FM exam papers from the SOA archive of released exams since 2000, skipping any derivatives questions from older papers.
- 3Sit at least three full 30-question papers at 150 minutes each, no pauses.
- 4Rework every question you flagged during each paper and add it to the error log.
- 5Practise the deliberate skip: mark and move on after two minutes on any single question.
- 1Rank your five syllabus topics by practice accuracy and give the bottom two the majority of the week.
- 2Re-derive every formula on your summary sheet from scratch once, then stop using the sheet.
- 3Confirm your Prometric appointment details and that the name matches your government-issued photo ID exactly.
- 4Clear your calculator memory and practise showing a cleared display, since the supervisor checks it before you enter the room.
- 5Take one final timed paper 48 hours before the exam and then stop drilling new material.
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Best Study Resources
SOA Exam FM syllabus
Official syllabusThe authoritative document. It lists the five topics with their weight ranges, every learning outcome, the permitted textbook chapters and the required study note. Read it before you buy any third-party material.
Free
SOA Online Sample Exam FM
Practice examThe SOA's own online sample exam, offered at no cost. Questions are coded to the FM learning objectives and the interface resembles the computer-based test, so it is the closest free preview of exam day pacing.
Free
SOA released FM exam papers and sample questions
Question bankThe SOA publishes released exam papers going back to 2000 plus a standalone sample questions and solutions set. Older papers include derivatives questions that are no longer on the syllabus, so skip those items.
Free
Study note FM-24-17
Required readingUsing Duration and Convexity to Approximate Change in Present Value. Sections 1 to 4 are required reading on the syllabus. The $275 registration fee includes electronic access to required study notes.
Free with registration
Broverman, Mathematics of Investment and Credit, 8th edition
TextbookOne of five texts listed on the SOA syllabus, published by ACTEX Learning in 2024. The syllabus names the exact chapters and the subsections to exclude, so read against that list rather than cover to cover.
Paid, priced by the publisher
Vaaler, Harper and Daniel, Mathematical Interest Theory, 3rd edition
TextbookPublished by the Mathematical Association of America in 2019 and listed on the SOA syllabus. Strong on annuity theory and the derivation behind the formulas, which helps on non-standard cash flow patterns.
Paid, priced by the publisher
Coaching Actuaries
Online course and adaptive question bankVideo lessons, a written manual and an adaptive practice engine that scales question difficulty to your measured level. Widely used by North American candidates for timed drilling.
Paid subscription, tiered by duration
Texas Instruments BA II Plus or BA II Plus Professional
CalculatorThe SOA syllabus strongly recommends this model because it can solve for interest rates, and states there may be exam problems that require it. Budget several weeks of practice with the TVM, AMORT, BOND and CF worksheets.
Retail purchase, price varies by seller
SOA Review of Calculator Functions for the Texas Instruments BA II Plus
Reference guideThe SOA's own keystroke guide, linked from the FM syllabus. It covers the worksheets that FM questions actually use and is written against the exam's notation.
Free
SOA Identification and Calculators page
Policy pageLists the exact approved calculator models, the ID rules for testing inside and outside your country of citizenship, and the memory clearing requirement. Read it in the week before your appointment.
Free
Common Mistakes to Avoid
Studying derivatives material because an older manual or an older released exam paper includes forwards, futures, options and swaps.
The current FM syllabus contains five topics and none of them is derivatives. Check every practice question against the five published learning objectives and discard anything about option payoffs or swap pricing.
Leaving hard questions blank when time runs out.
The SOA syllabus states that all unanswered questions are scored incorrect and advises candidates to answer every question. There is also no fixed distribution of correct answers, so a letter could appear many times or not at all. Fill every blank before the clock stops.
Buying a TI-30Xa or BA-35 because it is on the approved list and cheaper.
The SOA syllabus says there may be examination problems that require the BA II Plus or BA II Plus Professional in order to find the answer, because those models solve for interest rates. Use one of those two as your primary calculator.
Leaving P/Y and C/Y at the BA II Plus factory default of 12 and getting annuity answers that are close but wrong.
Set P/Y and C/Y to 1 and clear the TVM registers between every problem. Build the reset keystroke into your practice routine so you do it without thinking on exam day.
Treating Macaulay duration and modified duration as interchangeable in the approximation formulas.
The syllabus lists two separate first-order approximations, one built on modified duration and one built on Macaulay duration. Learn both, and learn which one a question is asking for from the wording of the stem.
Assuming Redington immunization and full immunization are the same construction.
Redington protects against small rate changes and requires asset convexity to exceed liability convexity at the current rate. Full immunization requires liability cash flows to be bracketed by asset cash flows and holds for a rate change of any size. Practise them as separate problem types.
Skipping the required study note FM-24-17 because it is short.
Sections 1 to 4 of FM-24-17 are named as required reading on the syllabus, and the duration and convexity topic carries a 20 to 30 percent weight range. Read it and work the examples.
Practising untimed, then discovering on exam day that 30 questions in 150 minutes leaves five minutes each.
Drill full 30-question papers at 150 minutes from week seven onward. Set a personal two-minute rule: if you have not found the route to the answer in two minutes, flag it and move on.
Chasing an exact match with an answer choice and re-doing a correct calculation.
The syllabus states that answers for some questions have been rounded. If your figure sits very close to one choice and far from the others, select it and move on rather than spending two more minutes hunting a phantom error.
Exam Day Tips
- 1
Bring a hard copy, non-expired, government-issued ID with your name in the English or Latin alphabet, a recognizable photograph and your signature. Digital IDs and photocopies are refused at Prometric locations and at SOA paper and pencil sites.
- 2
If you are testing outside your country of citizenship, your primary ID must be a passport. Nothing else is accepted in that situation.
- 3
The name on every ID you present must match your scheduling notification exactly, so fix any mismatch with the SOA before the appointment rather than at the door.
- 4
Carry only approved calculators: the BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II in solar or battery form, or TI-30XS MultiView. Using a model outside that list disqualifies the exam.
- 5
Clear your calculator memory before you enter and be ready to show the supervisor a cleared display. The BA II Plus, BA II Plus Professional, TI-30X IIS, TI-30XB and TI-30XS MultiView all require this check.
- 6
Leave calculator covers and instruction booklets outside the exam room. They are not permitted even though the calculator itself is.
- 7
You may bring more than one approved calculator plus spare batteries, which removes the risk of a dead battery ending your attempt.
- 8
No books, papers, phones, smart watches or wearable fitness trackers enter the room, and no reference material is supplied. The text references, study notes and the notation and terminology note are not available during the exam.
- 9
Expect your unofficial pass or fail result by email within one hour of finishing, sent to the address you used to schedule the appointment.
Career Paths & Salary Ranges
Actuarial analyst or actuarial student
The standard entry role at a life insurer, health insurer, property and casualty carrier or consultancy. Employers commonly require one or two passed preliminary exams to hire, and most run a formal exam support programme covering fees and paid study hours as you progress toward ASA.
$80k-$250k+ (increases per exam passed)
Investment or asset-liability management actuary
Uses the FM material directly. Duration matching, convexity, Redington immunization and yield curve valuation are the daily working vocabulary of an ALM team inside an insurer or pension plan.
$80k-$250k+ (increases per exam passed)
Pension actuary
Values defined benefit obligations and advises plan sponsors on funding and contribution policy. FM's annuity and discounting mechanics form the arithmetic base for pension liability valuation.
$80k-$250k+ (increases per exam passed)
Insurance pricing analyst
Sets rates for life, annuity or general insurance products. Present value of premium and benefit cash flow streams, the core FM skill, drives every pricing model in the role.
$80k-$250k+ (increases per exam passed)
Risk analyst in banking or reinsurance
Passing P and FM signals quantitative capability to employers outside insurance as well. Interest rate risk, bond pricing and immunization work in a treasury or reinsurance function draws on the same syllabus.
$80k-$250k+ (increases per exam passed)
Prerequisites & Requirements
- There is no degree requirement, no work experience requirement and no prior credential requirement to register for Exam FM.
- The SOA syllabus states that the exam assumes a basic knowledge of calculus, which is needed for variable force of interest problems.
- Candidates are expected to use one of the SOA-approved calculators, and the syllabus notes that the learning objectives were written on the understanding that such calculators are permitted.
- Exam FM has no ordering requirement with Exam P, so either can be attempted first, although many candidates sit P first.
- You need a valid, non-expired government-issued photo ID to be admitted, and a passport specifically if you test outside your country of citizenship.
Frequently Asked Questions
How much does Exam FM cost?
The SOA fee schedule updated December 16, 2025 lists the Financial Mathematics exam at $275.00, and that fee includes electronic access to the required study notes. The Probability exam is listed at the same $275.00. The SOA has not offered refunds for its examinations since January 2011, so a fee paid is a fee spent whether or not you sit.
How many questions are on Exam FM and how long is it?
Exam FM is a 2.5-hour computer-based test consisting of 30 multiple-choice questions. That gives an average of five minutes per question. A few pilot questions are placed randomly on each form to test their effectiveness for future exams and are not counted in scoring.
What score do you need to pass Exam FM?
The SOA does not publish a permanent fixed passing percentage, because the pass mark is set before each administration using Item Response Theory. In practice the SOA has reported an average of 71 percent correct as the pass mark on every published FM sitting since 2023, including April 2026. Each operational item is calibrated for difficulty in advance so that all versions of the exam delivered during a window are comparable.
What is the Exam FM pass rate?
The SOA publishes candidate counts and pass rates for each administration. April 2026, the most recent released, had 1,650 candidates writing, 805 passing and a 48.8 percent pass rate. The SOA also reports an effective pass rate, counting only candidates who achieved at least 50 percent of the passing score; on that basis April 2026 was 57.6 percent from 1,397 effective candidates. December 2025 was lower at 43.5 percent, from 1,905 writing and 829 passing.
How long does it take to get Exam FM results?
The FM syllabus states that unofficial pass or fail results are sent within one hour to the email address you used to schedule your appointment; the SOA customer service centre asks candidates to allow up to 24 hours and to check the spam folder. Official results and grade slips appear in your MySOA account, and the SOA posts passing candidate numbers about eight weeks after the session. For the October 2026 FM window that release date is December 11, 2026, with transcripts on December 14, 2026.
What happens if you fail Exam FM?
You register and pay again for a later testing window; there is no refund and no partial credit. The SOA does not publish a mandatory waiting period between FM attempts, so in practice the constraint is the next available window and its registration deadline. The upcoming FM computer-based windows are October 1 to 12, 2026 (deadline September 2, 2026), December 3 to 14, 2026 (deadline November 4, 2026) and February 4 to 15, 2027 (deadline January 5, 2027).
Which calculators are allowed on Exam FM?
Only these Texas Instruments models: the BA-35, the BA II Plus, the BA II Plus Professional, the TI-30Xa, the TI-30X II in solar (IIS) or battery (IIB) form, and the TI-30XS MultiView or XB battery version. Using a calculator outside this list disqualifies the exam. The SOA syllabus strongly recommends the BA II Plus or BA II Plus Professional because they can solve for interest rates and some exam problems require that capability.
Does the calculator memory have to be cleared?
Yes. Candidates using the BA II Plus, BA II Plus Professional, TI-30X IIS, TI-30XB or TI-30XS MultiView must show the examination supervisor that the memory has been cleared on entry to the room. Calculator covers and instruction booklets are not permitted inside the exam room, though you may bring more than one approved calculator and spare batteries.
What ID do you need for Exam FM?
A non-expired, valid, government-issued identification showing your name in the English or Latin alphabet, a photograph and a signature. Digital IDs and photocopies are not accepted at Prometric testing locations or SOA paper and pencil locations. Testing outside your country of citizenship requires a passport as the primary ID, and every document must match the name on your scheduling notification exactly.
Are reference materials or formula sheets provided during Exam FM?
No. The SOA syllabus states that the text references, study notes, and the notation and terminology note will not be available with the exam. Every formula you use has to be in your head or reproducible from your calculator's worksheets.
Are derivatives still on the Exam FM syllabus?
No. The current FM syllabus lists five topics: time value of money, annuities and cash flows with non-contingent payments, loans, bonds, and general cash flows, portfolios and asset-liability management. Forwards, futures, options and swaps do not appear. Released exam papers from earlier years still contain derivatives questions, so filter them out when you practise.
How do you request testing accommodations for Exam FM?
You must request accommodations before scheduling your exam appointment, because accommodations cannot be added to an existing appointment. The SOA directs requests to [email protected], and once a request is approved you receive instructions on how to schedule.
Does Exam FM credit expire?
No. A pass on a preliminary SOA exam is permanent credit toward the Associate of the Society of Actuaries and Chartered Enterprise Risk Analyst pathways. There is no renewal fee and no continuing education requirement attached to the exam itself, although the SOA has changed the ASA pathway structure over time, so check which exams the current pathway requires.
How does Exam FM compare with Exam P?
Both are preliminary SOA exams priced at $275.00, and there is no required order between them. Exam P covers probability and requires calculus-based probability distributions, while FM covers interest theory and leans heavily on calculator fluency rather than integration. Many candidates find FM's calculation load higher and its formula list longer, which is why timed practice matters more on FM.
How many study hours does Exam FM need?
The SOA does not publish a required number of study hours. A ten to twelve week plan at ten to fourteen hours a week, as laid out above, gives roughly 110 to 140 hours of focused work, and candidates repeating the exam or new to interest theory usually need more. The better gauge is your accuracy and speed on full 30-question papers at 150 minutes rather than an hours total.
Is Exam FM offered in languages other than English?
The SOA delivers its preliminary exams in English. The identification policy assumes documents in the English or Latin alphabet and requires a secondary ID when a name is not written in those characters, which is a further indication that the exam itself is English-only.
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