Table of Contents #

1. Exam Overview
2. Interest Rate Theory
   • Short Rate Models
   • Forward Rates and Yield Curves
   • Bond Pricing and Duration
3. Derivatives Pricing
   • Black-Scholes Model
   • Option Greeks
   • Put-Call Parity
4. Binomial Option Pricing
   • Single-Period Model
   • Multi-Period Models
   • American Options
5. Advanced Option Strategies
   • Basic Strategies
   • Complex Combinations
   • Exotic Options
6. Financial Risk Management
   • Value at Risk (VaR)
   • Portfolio Risk Measures
   • Credit Risk
7. Investment Theory and Portfolio Management
   • Modern Portfolio Theory
   • Capital Asset Pricing Model
   • Arbitrage Pricing Theory
8. Derivatives Markets and Applications
   • Forward and Futures Contracts
   • Swaps
   • Credit Derivatives
9. Numerical Methods
   • Monte Carlo Simulation
   • Finite Difference Methods
10. Exam Strategies and Tips

Exam Overview #

The Fundamentals of Actuarial Mathematics – Financial (FAM-F) exam is a comprehensive 3-hour examination consisting of approximately 30 multiple-choice questions. This exam tests candidates’ understanding of financial economics, derivatives pricing, risk management, and investment theory from both theoretical and practical perspectives.