SOA CFE SDMCorporate Finance & ERM — Strategic Decision Making
Fellowship (FSA)
5 hours·≈8–10 case-based written-answer questions·≈450 study hoursWhat is officially available
Every FSA written-answer exam since the mid-2000s is published on soa.org with the model solution and examiner report, plus the case study where one is used. Actuarium does not reproduce copyrighted papers; use the official archive and the original practice set here.
Sittings worth mining
2019–2025 CFE SDM
Every question references the published case study; examiner reports emphasise quantified, decision-first answers.
2014–2018 CFE FD / SDM
Valuation and ERM-in-strategy items remain representative.
Recurring question patterns
- Valuation with sensitivity and recommendation
- Strategy evaluated against risk appetite
- Decision analysis / value of information
- Board-level communication of results
The practice tab reproduces these patterns with original numbers — work a pattern here, then confirm against the official paper.