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The examination for this course consists of three hours of multiple-choice questions offered through Computer-Based Testing. The purpose of this course is to develop a knowledge of probability. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of calculus and probability topics is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.

Exam FM is a three–hour multiple–choice examination. The syllabus for Exam FM develops the candidate's understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows.

The Financial Economics Segment (Exam MFE) is a two and a half hour multiple-choice examination and is identical to CAS Exam 3F. The examination is jointly sponsored and administered by the SOA, CAS and the Canadian Institute of Actuaries (CIA). The examination is also jointly sponsored by the American Academy of Actuaries (AAA) and the Conference of Consulting Actuaries (CCA).

The Life Contingencies Segment (Exam MLC) is a three-hour multiple choice examination. The examination is jointly sponsored and administered by the SOA and the Canadian Institute of Actuaries (CIA). The examination is also jointly sponsored by the American Academy of Actuaries (AAA) and the Conference of Consulting Actuaries (CCA).

Exam C is a three and a half hour multiple–choice examination and is identical to Casualty Actuarial Society (CAS) Exam 4. The syllabus provides an introduction to modeling and covers important actuarial methods that are useful in modeling. A thorough knowledge of calculus and probability is assumed.