Exams Released by the SOA and CAS

SOA MFE Spring 2009 Exam   

SOA MFE Spring 2007 Exam 

SOA Sample MFE Exam (76 Questions)

CAS/CIA Fall 2007 Exam 3 (Questions 13-29 are relevant for MFE.)

CAS/CIA Spring 2007 Exam 3 (Questions 3, 4, 12-17, 20, 21, 32-37 are relevant for MFE.)

ActuarialBrew.com has prepared detailed solutions to the relevant questions for the exams listed above.  These solutions are available as a free download on the MFE Downloads page of our website.

Note: The SOA has only released the Spring 2007 and the Spring 2009 MFE Exams.


Exam MFE Study Notes and MFE Exam Information

March 2017

The Exam MFE Syllabus with Learning Objectives can be found here.

The SOA Home Page for Exam MFE can be found here.

Check for Updates from the SOA/CAS here.

Please review these SOA-suggested Resources: 

Past SOA exam questions and solutions can be found here.

It is especially important for students to work the sample questions from the Exam MFE Sample Questions and Solutions Study Note, as well as the questions from the actual May 2007 and May 2009 MFE Exams (These have been the only MFE/3F exams released by the SOA/CAS so far).  Students may also find it helpful to work the questions from our Set of Four Practice MFE/3F Exams.

The MFE Exam is a computer based test (CBT).  The SOA exam rules can be found here.

The 2017 SOA CBT schedule can be found here.

The CBT window for the March 2017 MFE Exam will be March 10 - 16. The registration deadline is February 7.

The CBT window for the July 2017 MFE Exam will be July 6 - 12. The registration deadline is May 31.

The CBT window for the November 2017 MFE Exam will be November 16 - 22. The registration deadline is October 10.

The MFE/3F exam is a 3 hour exam.  With CBT, pilot questions have been added, so the exam consists of 30 multiple-choice questions.  For more details, visit the Future Actuary.  Please check back here or with the SOA and CAS websites for updates.  We will update this post as information is released. 

Before CBT, the MFE exam had been first a 2-hour exam and later a 2.5-hour exam.  Initially, the MFE exam was a 2-hour exam with approximately 20 questions.  The Spring 2007 MFE exam consisted of 19 multiple-choice questions and the Spring 2009 MFE exam consisted of 20 multiple choice questions, but since then (before CBT) the exams were 2.5 hours with approximately 25 questions each.  With CBT and the addition of pilot questions, the exam has 30 questions over 3 hours.  In any event, at the start of the exam, it is important to note the number of questions in the exam and to allocate your time accordingly,

Exam MFE with CBT now uses a normal distribution calculator.  When you are working problems offline, you may want to use the old standard normal table.  This table is also provided at the end of our Exam MFE Study Manual, as well as our MFE Questions.   


Other Useful Exam MFE/3F Links

McDonald Derivatives Markets Text Errata    

ActuarialBrew.com Free MFE Downloads


July 2017 Changes to MFE Exam

Significant changes to the MFE syllabus are coming in July 2017. More information can be found here.

An overview of the ASA and CERA curriculum changes can be found here.

Students who are using an older edition of the MFE Study Manual for the July 2017 and later exams should exclude the sections that are listed in this document.