Let’s talk about passing the SOA Exam FM—Financial Mathematics. It’s a big deal for anyone starting an actuarial career, and while it’s not the hardest exam out there, it’s still a major hurdle. You’ll hear plenty of advice: study hard, do lots of problems, manage your time. But what if I told you there’s a smarter way to study? Not just more hours, but better hours. That’s where deliberate practice comes in. It’s not just about grinding through practice questions; it’s about practicing with a plan, learning from every mistake, and steadily building the skills you need to pass. Over the years, I’ve seen students who put in hundreds of hours and still struggle, while others pass with less time but more focus. The difference? Deliberate practice. Let’s break down what that means, how you can use it for Exam FM, and how it can help you maximize your study efficiency—so you spend less time spinning your wheels and more time making real progress.

Understanding Deliberate Practice #

Deliberate practice is a term you might have heard in sports or music, but it’s just as powerful for exam prep. It means practicing with a clear goal, focusing on your weaknesses, and getting feedback on your performance. For Exam FM, this doesn’t just mean doing a ton of problems—it means doing the right problems, the right way. Think of it like a basketball player who doesn’t just shoot hoops for hours, but works on free throws, three-pointers, and dribbling drills, tracking every shot to see where improvement is needed. In the same way, you need to target the areas of Exam FM where you’re weakest, not just the ones you’re already good at.

One common mistake is to keep redoing practice exams without really learning from them. You might feel productive, but if you’re making the same mistakes over and over, you’re not improving[4]. Deliberate practice means stopping after each mistake, understanding why you got it wrong, and making sure you know how to get it right next time. It’s about quality, not just quantity.

Setting Up Your Study Plan #

Before you dive into problems, you need a plan. The SOA provides a detailed syllabus for Exam FM, and it’s updated regularly—make sure you’re working from the latest version[6]. Break your study into phases: first, learn the material; then, practice; finally, simulate exam conditions. AnalystPrep suggests a three-phase approach: learning, practicing, and testing[2]. During the learning phase, focus on understanding concepts, not just memorizing formulas. Use textbooks, video lessons, or online courses—whatever works best for you.

Once you’ve covered the material, shift to practice. But don’t just do random problems. Start with a diagnostic test to see where you stand. Identify your weak spots—maybe it’s annuities, bonds, or interest rate swaps. Then, focus your practice there. Coaching Actuaries recommends using their question banks to target your weaknesses, not just your strengths[1]. This is where deliberate practice really shines: you’re not just going through the motions, you’re actively working to improve where you need it most.

As you get closer to the exam, start taking timed practice tests. Simulate the real thing: no distractions, no notes, just you and the clock. This helps you build stamina and get used to the pressure. But don’t fall into the trap of taking practice exam after practice exam without reviewing your mistakes. That’s a waste of time. Instead, after each test, go through every question you got wrong. Understand the solution, then redo the problem until you can solve it confidently[3]. This is how you turn weaknesses into strengths.

Practical Strategies for Deliberate Practice #

Let’s get specific. Here are some actionable steps you can take to make deliberate practice work for you on Exam FM.

Target Your Weaknesses
After each practice session, make a list of the topics or types of questions you struggled with. Maybe you keep missing problems on loan amortization or perpetuity-due calculations. Focus your next study session on those areas. Use resources like Coaching Actuaries or AnalystPrep to find targeted practice questions[1][2]. Don’t move on until you’re scoring at least 75% on a topic—this ensures you’re not just skimming the surface[3].

Analyze Your Mistakes
Every time you get a question wrong, don’t just glance at the answer and move on. Write down why you missed it. Was it a calculation error? Did you misapply a formula? Did you misread the question? Understanding your mistakes is the key to avoiding them in the future. Keep an error log and review it regularly. You’ll start to see patterns—maybe you always rush through annuity problems, or you forget to adjust for different compounding periods. Fixing these habits will make a huge difference on exam day.

Redo Problems Until You Master Them
If you get a problem wrong, don’t just do it once more and call it good. Redo it two or three times, ideally on different days, to make sure you really understand it[3]. This reinforces the correct approach and helps move the solution from short-term to long-term memory. It’s tempting to move on to new material, but mastery comes from repetition.

Use Timed Practice
Time management is a huge part of Exam FM success. During your practice sessions, time yourself. If a question is taking too long, mark it and come back later. This mimics the real exam environment and helps you learn to prioritize. Coaching Actuaries suggests integrating timed practice into your routine to build this skill[1]. You’ll learn to recognize when to move on and when to dig deeper.

Simulate Exam Conditions
When you’re ready, take full-length practice exams under real exam conditions: no notes, no distractions, strict timing. This not only tests your knowledge but also your ability to perform under pressure. Feeling a little nervous is normal—it means you’re taking it seriously[4]. The more you practice in exam-like conditions, the more comfortable you’ll be on the real day.

Get Feedback
If possible, work with a study group or a coach. Sometimes, you need an outside perspective to spot where you’re going wrong. A coach can point out bad habits you might not notice yourself. If you’re studying solo, use online forums or discussion boards to ask questions and get explanations for tricky problems.

Examples of Deliberate Practice in Action #

Let’s say you’re struggling with bond pricing problems. You keep mixing up the formulas for dirty price and clean price, and you’re not sure when to use each. Here’s how deliberate practice would look:

• Diagnose the Problem: After a practice test, you notice you missed every bond pricing question.
• Target Practice: You find a set of bond pricing problems in your question bank and work through them one by one.
• Analyze Mistakes: For each mistake, you write down what went wrong. Maybe you forgot to account for accrued interest, or you used the wrong yield.
• Redo and Review: You redo each problem until you can solve it quickly and accurately. You even make flashcards for the key formulas.
• Timed Practice: You set a timer and try to solve a mix of bond pricing problems in 30 minutes. If you get stuck, you move on and come back later.
• Simulate Exam Conditions: On the weekend, you take a full practice exam, making sure to apply what you’ve learned about bonds.

This focused, repetitive approach is what turns a weakness into a strength. It’s not glamorous, but it works.

The Role of Practice Exams #

Practice exams are a crucial part of your prep, but they’re not the whole story. Some candidates take 15 or 20 practice exams in the final weeks, thinking more is better. But if you’re not learning from your mistakes, you’re just reinforcing bad habits[4]. The real value of practice exams is in the review. After each exam, spend as much time reviewing as you did taking it. Go over every question, especially the ones you got wrong or guessed on. Understand not just the right answer, but why the other answers are wrong. This deep review is what leads to real improvement.

Time Management and Exam Day Strategies #

On exam day, time is your enemy and your ally. You have three hours to answer 35 questions—that’s just over five minutes per question. But some questions will take longer, and others will be quick. The key is to keep moving. If you hit a tough question, don’t panic. Mark it, guess if you have to, and move on. You can always come back if you have time at the end[1][2]. This strategy maximizes your chances of answering all the questions you know well, rather than getting stuck on one or two and running out of time.

Before the exam, make sure you’re familiar with your calculator. Practice with it every day so you’re fast and accurate[3]. On exam day, arrive early, bring your ID, and get comfortable. You won’t be allowed to bring notes, so your preparation needs to be internalized. The exam interface lets you mark questions for review, but don’t overuse this feature—time is limited, and you need to keep moving[2].

Personal Insights and Encouragement #

I’ve coached dozens of students through Exam FM, and I’ve seen every kind of struggle. Some people fail the first time, get discouraged, and give up. Others fail, learn from their mistakes, and come back stronger. The ones who succeed are the ones who use deliberate practice—who focus on their weaknesses, learn from every error, and keep pushing forward. It’s not about being a genius; it’s about being persistent and smart about how you study.

If you fail, don’t give up. It just means you have more to learn, and you’ll get there eventually. I’ve helped people pass on their third, fourth, or even fifth attempt—anything is possible if you keep improving[3]. The actuarial exams are a marathon, not a sprint. Every hour of deliberate practice brings you closer to your goal.

Relevant Statistics and Facts #

While the SOA doesn’t publish detailed pass rates for every sitting, historically, Exam FM has a pass rate around 40–50%. That means about half of the candidates pass each sitting. But here’s the thing: the candidates who follow a structured study plan, use deliberate practice, and take plenty of practice exams are much more likely to pass than those who study casually[2]. The difference isn’t just time spent—it’s how that time is used.

A general rule of thumb is that it takes about 100 hours of study for every hour of exam time. For Exam FM, that’s about 300 hours of study[3]. But those hours are only valuable if they’re focused and purposeful. Deliberate practice helps you make the most of every minute.

Final Thoughts and Next Steps #

Passing Exam FM is within your reach, but it won’t happen by accident. Deliberate practice—targeted, focused, and reflective—is the most efficient way to prepare. Start with a plan, diagnose your weaknesses, practice purposefully, and learn from every mistake. Use resources like Coaching Actuaries, AnalystPrep, or The Infinite Actuary to get high-quality practice questions and exams[1][2][7]. Simulate exam conditions, manage your time, and don’t be afraid to ask for help.

Remember, the goal isn’t just to pass—it’s to really understand the material. These concepts will come up again and again in your actuarial career. Mastering them now will pay off for years to come.

So, roll up your sleeves, grab your calculator, and get to work. With deliberate practice, you’re not just studying for an exam—you’re building skills that will last a lifetime. Good luck, and see you on the other side.