Investment and Financial Markets (IFM) Exam


 1. Bell Ouelega FSA CERA MAAA CQF (


PAK Study Manual for IFM Exam

The PAK Study Manual for the IFM exam is divided into two parts: 
  • PAK-Part-I: Corporate Finance (5 sections), and; 
  • PAK-Part-II: Derivatives pricing (5 sections).


Each of the section is in turn organized in many subsections spanning the official source syllabus: 

  • The PAK subsections synthesize the theories and  concepts from the official source reading, 
  • The PAK subsections contain examples and practice to illustrate the theories and  concepts from the official source reading, 
  • The PAK subsections are inter-connected and assembled in a way that will facilitate a holistic comprehension of the official source reading and enhance the understanding of the official source reading, 
  • The PAK subsections are beautifully written, they provide clear and better explanations, illustrative examples to fix the concepts. 
  • Each of the 5 sections of PAK-Part-II contains a set of 30+ practice exam-type questions and detailed solutions in addition to the illustrative examples contained in the PAK study notes. 
  • The PAK subsections are well-organized and user-friendly and the organization of the PAK sections and subsection allows a more efficient learning process.


The PAK study notes are designed to help students adequately prepare for the IFM exam without recourse to the source materials (including SOA approved papers). The student is expected to (i) Read the PAK study notes, (ii) work the practice examples and the MOCK questions included in the PAK study notes and (iii) work the official practice questions from the SOA website, then (iv) re-work (ii) and (iii) until he/she can answer all questions independently.


PAK IFM Manual Sample

Sample PDF


About the Author


After graduating with a Masters degree in Statistical science from the George Washington University (Washington D.C-June 2005), Bell started his career in Actuarial science as an Actuarial Analyst in Fort Wayne, Indiana in September 2005. Bell completed his ASA (Associate of the Society of Actuaries), CERA (Certified Enterprise Risk Analyst) and his fellowship FSA-December-2011 in Finance and ERM. Immediately after his FSA, Bell completed his CQF (Certificate in Quantitative Finance-October 2012) while he was the Director in Quantitative Research in the Asset and Liability Management (ALM) of Aviva life insurance in Des Moines, Iowa.

He joined the PAK Study Group as a contributor right after his FSA designation (2012). He started to write the PAK study notes for the financial economics and the risk management FSA exams. Ever since, Bell consistently helps many FSA students pass their exams.

Bell’s extra curriculum activities include studying humanities, history, anthropology and religion. He also likes playing soccer/football.

Exam Focus: PAK Study Manual and related study aids for QFICQFIA, and IRM exams.

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