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本教材适用于2018年SOA Exam FM / CAS Exam 2，教材版本号为Spring 2018 Edition，是当前官网同步更新的最新版本，此版本可用于2017年6月至2018年8月（含）之间的任何FM考试。共783页（含封面） / 2本装订。

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ACTEX STUDY MANUAL for FM:

The ACTEX Study Manual for the Society of Actuaries’ Exam FM is comprehensive and is written in an easy-to-understand style, providing thorough explanations of all the Exam FM topics, from the basic material to the most difficult topics. Concepts are introduced in a clear way so that students can quickly understand new topics.

The manual was extensively revised and updated to reflect changes in the SOA syllabus for Exam FM which were effective with the June 2017 administration of the exam. The syllabus eliminated most of the material on Financial Derivatives, but increased the emphasis on one type of derivative: Interest Rate Swaps, including a study note on this topic. The FM manual covers this material in a module on Interest Rate Swaps. The syllabus also includes study notes on “The Determinants of Interest Rates” and “Using Duration and Convexity to Approximate Present Value.” This material is covered in a written module on Determinants of Interest Rates plus a module on Asset-Liability Management. Many sections of the other modules in the manual provide additional explanations, examples, and solutions.

Among the many features of this manual are detailed review examples and exercises embedded into the text, so that students can see how to apply each new concept as it is learned. There are many additional practice problems at the end of each module, along with a summary of the key formulas introduced in the module. Also included are three “mid-term” exams at the end of major topics, which allow the student to gauge his/her progress.

In addition, the manual provides step-by-step calculator instructions for all of the relevant features of the SOA-approved financial calculator (the Texas Instruments BA II Plus), including many examples of its use on problems covering all of the Exam FM topics. The manual also features study tips and exam-taking techniques, which will help students plan their study schedule and methods and prepare their exam strategy.

The material for Exam FM is presented in 3 sections, each consisting of 3 modules, with a “mid term” exam at the end of each section. The first section presents basic concepts (the time value of money, annuities, and loan repayment). In the modules of the second section, these concepts are applied to a variety of topics (bonds, yield rates, and the term structure of interest rates). The final section of the manual examines more complex real-world concepts (asset-liability management, the factors that influence market interest rates, and interest rate swaps). Each section builds on the preceding sections, and together they cover all of the Exam FM material in a logical and thoroughly understandable way.

The manual concludes with eleven sample practice exams. These exams are presented in order of increasing difficulty. The first few exams are easier and should be considered a review and a warm-up for the later exams. The last few exams are more difficult, and are intended to be taken in a timed environment to replicate the experience of the actual exam. Detailed solutions to all of the exam problems are included. In many cases, two or three solution methods are provided for a single problem, in order to improve the student’s understanding and to allow students to identify the method that works best for them. By completing all eleven of these exams, a student should be well prepared for Exam FM.

NEW IN THE SPRING 2018 EDITION: Expanded section on interest rate swaps. SOA Sample questions from February 2017 with worked solutions. Further clarification on some more difficult material. Plus, correction of all known errata.

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