Question 1
A winner will receive $5,000 at the end of each year for 10 years from a lottery. The annual effective interest rate is 6.0%.
Calculate the present value of the payments.
Exam FM scores, pass mark and results
You see an unofficial pass or fail on screen as soon as you finish. The official grade, on a 0 to 10 scale where 6 or more passes, reaches your SOA transcript about eight weeks after the testing window.
The 0 to 10 scale
- 0Fail
- 1Fail
- 2Fail
- 3Fail
- 4Fail
- 5Fail
- 6Pass
- 7Pass
- 8Pass
- 9Pass
- 10Pass
| Failing grade | Share of the passing score |
|---|---|
| 5 | 90% to just under 100% |
| 4 | 80% to just under 90% |
| 3 | 70% to just under 80% |
| 2 | 60% to just under 70% |
| 1 | 50% to just under 60% |
| 0 | Below 50% |
Find your grade
SOA grade
5
A fail: 90% of the passing score.
When results arrive
| Sitting | Pass or fail | Pass list published | Grade on your SOA transcript |
|---|---|---|---|
| Exam FM, August 2026 | On screen, then by email within the hour | October 16, 2026 | October 19, 2026 |
| Exam FM, October 2026 | On screen, then by email within the hour | December 11, 2026 | December 14, 2026 |
| Exam FM, December 2026 | On screen, then by email within the hour | February 5, 2027 | February 8, 2027 |
| Pass | A grade of 6 to 10 |
|---|---|
| Pass mark | 71% correct on average (June 2026) |
| Pass rate | 46.0% in June 2026 |
| Unofficial result | Pass or fail on screen, then by email from Prometric |
What the grade means
Grades 0 to 5 are fails, and each step is 10% of the score needed to pass: a 5 means at least 90% of it. A 0 does not mean no marks, only less than half the passing score.
Each sitting uses several versions of the exam, built to be of comparable difficulty, and the pass mark is set before the exam is given.
If you do not pass
- The failed result Prometric emails you includes feedback by topic, to guide your next attempt.
- Grades are final: SOA does not regrade exams.
- Exam FM is offered six times a year, so the next sitting is about two months away.
Try 2 questions
Question 2
Cy borrows $10,000, repaid by level payments at the end of each year for 5 years at an annual effective interest rate of 8.0%.
Calculate the interest in payment 3.
Next step
Questions people ask
What is a passing score on Exam FM?
A grade of 6 or more on SOA's 0 to 10 scale. In percent terms, SOA reported that an average of 71% correct was needed to pass the June 2026 sitting.
When do Exam FM results come out?
An unofficial pass or fail appears on screen right after the exam, and Prometric emails it. The official grade reaches your SOA transcript about eight weeks later: August 2026 on October 19, 2026; October 2026 on December 14, 2026; December 2026 on February 8, 2027.
Is the Exam FM instant result reliable?
Yes. SOA reports only one case since February 2007, early in computer-based testing, where the instant result did not match the official grade.