Exam FM - Financial Mathematics
Develop fluency in the time-value-of-money and interest theory concepts that underpin every later actuarial exam.
What Exam FM covers
Time value of money and annuities
- Simple and compound interest; present and future value
- Annuity-immediate and annuity-due, level and varying
- Amortization schedules and sinking funds
Bonds and general cash flows
- Bond pricing and yield rates
- General cash flow and portfolio valuation
- Yield curves and spot/forward rates
Interest rate risk
- Duration and convexity
- Immunization strategies
- Asset-liability matching
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