Preparing for the Society of Actuaries (SOA) Exam FM—Financial Mathematics—can feel like a balancing act, especially when you’re juggling a full-time job, family, and other responsibilities. You’re not alone; thousands of working professionals face this challenge every year. The good news? With the right strategies, you can maximize your retention, reduce study time, and increase your odds of passing—without burning out. Let’s walk through seven evidence-based study techniques, grounded in both research and real-world experience, that can help you make the most of every study session.
Start with a Clear Roadmap #
Before you crack open a textbook, take a moment to review the official SOA Exam FM syllabus for your sitting—whether it’s October, December, or February[1]. The syllabus outlines every topic you’ll be tested on, along with recommended readings and learning objectives. Think of it as your GPS for the next few months. Without it, you risk spending precious hours on material that won’t even appear on the exam.
Here’s a practical tip: Print the syllabus or keep it open in a pinned browser tab. As you study, check off each topic as you master it. This not only keeps you organized but also gives you a visual sense of progress, which can be a huge motivator on tough days.
Break Down Your Study Plan into Phases #
A common mistake is to dive straight into practice problems without building a solid foundation. Instead, structure your preparation into three clear phases: learning, practicing, and reviewing[3].
During the learning phase (typically 2–3 months), focus on understanding core concepts. Use study manuals, video lessons, and online resources to grasp the material[2][8]. Don’t rush—take the time to truly understand annuities, loans, bonds, and the time value of money. If a concept feels hazy, rewatch a video or seek out alternative explanations until it clicks.
Next, shift to the practice phase. This is where the real retention happens. Spend the majority of your study time working through problems—ideally, hundreds of them. Start untimed, focusing on accuracy and understanding. As you gain confidence, introduce timed sessions to mimic exam conditions[2][6]. Platforms like Coaching Actuaries and AnalystPrep offer adaptive question banks that adjust to your skill level, making practice both efficient and effective[2][3].
Finally, dedicate the last month before your exam to full-length practice tests and targeted review. Identify your weak spots and revisit those areas. Don’t just skim—engage deeply. For example, if you keep missing questions on amortization schedules, work through several variations until the process feels automatic.
Practice with Purpose—Not Just Repetition #
It’s tempting to think that doing more problems automatically leads to better results. But not all practice is created equal. Effective practice means analyzing your mistakes, understanding why you got a question wrong, and learning how to avoid that pitfall next time[2][6].
After each study session, spend 10 minutes reviewing incorrect answers. Ask yourself: Was it a calculation error? A misunderstanding of the concept? Or perhaps a misread of the question? Keep a log of these reflections. Over time, patterns will emerge, revealing which topics need extra attention.
Here’s a real-life example: One candidate kept confusing nominal and effective interest rates. By tracking this mistake, they created a simple mnemonic (“Nominal is named, Effective is actual”) and practiced converting between the two until it became second nature. Small adjustments like this can lead to big improvements.
Leverage Multiple Learning Resources #
No single resource has all the answers. Combine study manuals, video tutorials, online forums, and flashcards to reinforce your understanding from different angles[2][3][8]. For visual learners, video explanations can clarify complex topics. For those who learn by doing, interactive problem banks are invaluable. And for quick review, flashcards help cement formulas and definitions.
Platforms like The Infinite Actuary offer over 80 video lessons, 1,200+ solved problems, and full-length practice exams—all scheduled to keep you on track[8]. If you miss a day, the system automatically adjusts your plan, so you’re always moving forward. This kind of flexibility is crucial for working professionals with unpredictable schedules.
Make Time Management a Priority #
Let’s be honest: Finding time to study is half the battle. The general rule of thumb is to budget 150–200 hours for Exam FM, but this can vary based on your background and study habits[6]. If you’re working full-time, aim for 10–15 hours per week over 3–4 months. Block out specific times in your calendar—early mornings, lunch breaks, evenings—and treat these sessions as non-negotiable appointments[5].
Use techniques like the Pomodoro method: Study for 50 minutes, then take a 10-minute break. During these focused blocks, silence your phone, close unrelated tabs, and eliminate distractions. Consistency matters more than marathon sessions. Even 30 minutes a day adds up over time.
One working actuary shared that she used her commute to listen to FM concept reviews and her lunch break to work through a few practice problems. By integrating study into her daily routine, she made steady progress without feeling overwhelmed.
Simulate Exam Conditions Early and Often #
The SOA Exam FM is a timed, computer-based test with no notes allowed[3]. To perform your best, you need to build both knowledge and stamina. Start taking timed practice exams at least a month before your test date. This helps you gauge your pacing, identify time sinks, and build the mental endurance needed for a three-hour exam[2][6].
When practicing, use only the calculator models approved by the SOA. Get comfortable with its functions—especially those for calculating present and future values, and for switching between payment modes. On exam day, you don’t want to waste time figuring out how your calculator works.
After each mock exam, review not just what you got wrong, but also what took too long. Maybe you spent 10 minutes on a bond question because you hesitated on the setup. Note this, and practice similar problems until your approach becomes efficient.
Reflect, Adjust, and Stay Positive #
Studying for Exam FM is a marathon, not a sprint. There will be days when concepts just won’t stick, and that’s okay. The key is to reflect regularly, adjust your plan as needed, and maintain a positive mindset.
After each study session, ask yourself: What went well? What could be improved? Celebrate small wins—like mastering a tricky topic or improving your mock exam score. If you hit a wall, reach out to online communities or study groups. Sometimes, a fresh perspective is all you need to break through.
Remember, the actuarial exams are designed to challenge you, but they’re also a rite of passage. Every actuary has been where you are now. With a clear plan, purposeful practice, and a bit of resilience, you’ll not only maximize your retention for Exam FM—you’ll also build skills that serve you throughout your career.
Putting It All Together: A Sample Study Schedule #
To make these strategies concrete, here’s a sample 12-week study plan for a working professional aiming to sit for Exam FM:
Weeks 1–6: Foundation Building
- Monday–Friday: 1 hour of video lessons or manual reading (focused on one syllabus topic)
- Saturday: 2 hours of untimed practice problems (mix of easy, medium, and hard)
- Sunday: 1 hour reviewing incorrect answers and weak areas
Weeks 7–9: Intensive Practice
- Monday–Friday: 1 hour of timed practice (10–15 questions per session)
- Saturday: Full-length practice exam (simulate real conditions)
- Sunday: Review exam results, revisit tough concepts, and update your error log
Weeks 10–12: Final Review and Mock Exams
- Monday–Friday: 1 hour of targeted review (focus on weakest areas)
- Saturday: Full-length mock exam
- Sunday: Light review, formula memorization, and mental preparation
Adjust this template to fit your schedule, but keep the core structure: learn, practice, review. And remember, it’s better to study a little every day than to cram at the last minute.
Final Thoughts #
Maximizing retention for SOA Exam FM isn’t about working harder—it’s about working smarter. By following a structured plan, practicing with purpose, and leveraging a mix of resources, you can make the most of your limited study time. Stay flexible, track your progress, and don’t be afraid to ask for help when you need it. With these evidence-based strategies, you’ll be well on your way to not just passing Exam FM, but also building a foundation for success in your actuarial career.