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Exam M comprises of five and a half hours of multiple–choice questions offered in two independent segments, the second one being The Financial Economics Segment (Exam MFE) is a two and a half–hour multiple–choice examination and is identical to Casualty Actuarial Society (CAS) Exam 3F.The applying candidates must be able to pass the Enrolled Actuary examinations with a strong calculus, probability ,interest theory, math/statistics background and a knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks.

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