Exam LTAM vs. Other Long-Term Exams
How Exam LTAM compares to other long-term actuarial mathematics exams in the SOA curriculum.
Exam LTAM Content
Exam LTAM (Long-Term Actuarial Mathematics) covers life contingencies, survival models, life insurance and annuity valuation, pension mathematics, and policy values. It has historically been considered one of the more challenging preliminary exams due to its breadth and the complexity of multi-life and multi-state models. The exam includes both multiple-choice and written-answer components, requiring candidates to both calculate and explain their reasoning. LTAM content is essential for actuaries working in life insurance, pensions, or health insurance.
Evolution and Alternatives
The SOA has restructured its exam pathway, incorporating LTAM content into Exam FAM (Fundamentals of Actuarial Mathematics) and Exam ALTAM (Advanced Long-Term Actuarial Mathematics). This restructuring spreads the material across multiple sittings, potentially making it more manageable. CAS candidates do not take equivalent long-term exams, as P&C practice does not require life contingencies knowledge. The restructuring reflects the SOA's effort to align exam content with modern practice while maintaining rigorous standards for life insurance and pension actuaries.