SOA ILA LAMIndividual Life & Annuities — Life ALM & Modeling
Fellowship (FSA)
5 hours·≈10 written-answer questions·≈400 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
2023–2025 LAM
Modeling and ALM questions with numeric duration/hedging parts and governance essays.
2014–2022 LRM / LFV predecessors
ALM and hedging items transfer directly; reserving-regulation items are dated.
Recurring question patterns
- Duration/immunisation calculation with critique
- ESG selection and calibration reasoning
- Hedging programme design and residual risks
- Model validation frameworks
The practice tab reproduces these patterns with original numbers — work a pattern here, then confirm against the official paper.