Acturial Study Materials

ASM Study Manual for Exam FM

By: Cherry & Shaban

Edition: 13th Edition



ASM will answer questions about this manual received from original purchasers of the 13th edition! Just send an e-mail to and we will do our best to answer your questions in a timely manner.

The 13th edition of the ASM SOA Exam FM Study Manual reflects syllabus changes that are effective with the October 2018 administration of Exam FM. The most significant change is that “sinking funds” are no longer part of the syllabus. The sinking fund section has been deleted from Module 3, and the sinking fund problems in the practice exams have been replaced with new problems on other Exam FM topics. In addition, an appendix has been added presenting helpful tips on using the Texas Instruments BA II Plus (the recommended calculator for this exam).

The 13th edition of the manual has the following features:

  • The manual conforms to the syllabus updated for SOA FM exams beginning in October 2018

    • The topic of sinking funds has been removed from the syllabus

    • A new learning objective has been added requiring students to be able to calculate the present value of a set of cash flows, using a yield curve developed from forward and spot rates

  • The concepts of financial mathematics are explained in plain English, in a manner that appeals to your intuition and common sense.

  • The manual shows you tricks and shortcuts for various types of problems, warns you about common traps that students fall into, and tells you how to avoid them.

  • Over 1,000 problems with detailed solutions, about half of them from prior SOA/CAS exams and half that are original to the manual.

  • After each topic there are examples called “Stepping Stones” that are designed to tell you whether you have understood what you have just read, and to serve as a bridge to more difficult exam-level problems.

  • There is a summary of the key concepts and formulas after each topic.

  • There are 9 sets of Calculator Notes that give you detailed instructions for using the BA II Plus calculator.

  • Six original full-length (35 questions) practice exams, with complete solutions are included.

  • About 600 pages in all.

Printed manual is three-hole punched, shrink-wrapped, and notebook-ready for convenient transporting. 

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Available formats:

  • Printed manual is three-hole punched, shrink-wrapped, and notebook-ready for convenient transporting. 

  • Digital manualis available in 6-month or 12-month licenses.

    • 6-month digital license: no printing

    • 12-month digital license: Print up to 30% of the manual, total

  • License extensions:

    • 3-month and 6-month paid license extensions are available to customers with confirmed access to this edition of the manual. Extensions are only available by calling customer service and must be purchased prior to the expiration of a current license (of the same content,) for exclusive use by the original recipient. Extensions do not include printing rights and may not be shared, sold or manipulated in any way.

      • Customers in violation of these terms forfeit their licenses and are not eligible for reimbursement.

      • Copyright infringement is in violation of the CAS & SOA Code of Professional Conduct and can result in discipline procedures. 

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ASM authors/instructors are well-known as creators of the most comprehensive study manuals available for the SOA and CAS exams. ASM consistently offers students more practice problems with detailed solutions and more sample practice exams with original questions. We are very confident that using ASM study manuals will help you receive a passing score. In fact, we offer you this guarantee to help ensure your success using ASM study manuals:

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To renew your non-transferable license, please email this retailer with proof of your original purchase & failing grade from the most recent exam sitting relative to the end of your most recent license (no later than 60-days following the expiration of that license.) Additional 6-month renewals (when applicable) are subject to the same terms. Please note, customers who purchase a printed manual from this retailer are considered to have an initial ‘license period’ of 12 Months from the date their manual is first shipped.

Please note: Exams and syllabi sometimes undergo significant changes. Renewals of materials for discontinued exams may be substituted with material for an exam that offers equivalent credit by the SOA or CAS, ONE TIME ONLY.

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Actuarial Study Materials

ASM has been helping students prepare for actuarial exams since 1983. We offer study materials for Exams P/1, FM/2, MLC, MFE/3F, C/4, S and EA-1, EA-2F and EA-2L, written by an outstanding team of authors. ASM Products are sold at ACTEX Learning | Mad River Books and The Actuarial Bookstore.