- AFE4 has 50 questions, a 3-hour limit, and requires a 70% score to pass.
- Section 1 (asset/liability accounting) carries 42% weight - 21 of 50 questions.
- Initial exam fee is $200 for SOFE members, $275 for non-members; retakes are cheaper.
- The AFE4 outline is built on Property-Casualty Insurance Accounting, 11th edition (2021).
What AFE-FA Actually Is (Quick Refresher)
The Society of Financial Examiners (SOFE) awards the Accredited Financial Examiner designation. It's a four-exam pathway built for insurance-department examiners and financial-solvency regulators, not a generic finance credential. If you landed here needing the fundamentals before diving into a cheat sheet, read What Is AFE-FA? or the shorter breakdown at AFE-FA Meaning first.
This page assumes you're already committed to the credential and just need every hard number in one place - fees, question counts, section weights, and deadlines - condensed for a final review pass before test day. For the full narrative version of these same domains, see AFE-FA Exam Domains 2026: Complete Guide to All 3 Content Areas.
Exam Mechanics at a Glance
Every AFE exam, including AFE4, follows the same structural rules set by SOFE:
- 50 questions, randomly selected from the exam bank, multiple-choice format
- 3-hour time limit - roughly 3.6 minutes per question if you pace evenly
- 70% passing score required to clear the exam
- Delivered on SOFE's Test.com/myTestcom platform through a SOFE-approved proctor
- Available throughout the year - no fixed testing windows to wait for
Because questions are randomly selected each sitting, memorizing a fixed question order won't help - you need to actually understand the accounting mechanics behind each topic. That distinction matters more for AFE4 than people expect; see How Hard Is the AFE-FA Exam? Complete Difficulty Guide 2026 for why the randomization changes how you should prepare.
| Item | Detail |
|---|---|
| Total questions | 50, randomly selected |
| Time limit | 3 hours |
| Passing score | 70% |
| Platform | Test.com/myTestcom via SOFE-approved proctor |
| Scheduling | Year-round availability |
AFE4 Outline: Sections, Weights, Topics
The current AFE4 outline is dated April 2025 and is based on Property-Casualty Insurance Accounting, 11th edition (2021). It splits into three official sections with published question counts and weights that don't leave much room for guesswork about where to focus.
Domain 1: Section 1 - Property Casualty Insurance Accounting (42%, 21 questions)
The largest and heaviest-weighted section. It covers the balance-sheet side of P&C accounting.
- Assets, including bonds and stocks
- Estimated liabilities for losses and loss adjustment expenses
- Earned and unearned premiums
- Other liabilities
- Capital and surplus
Domain 2: Section 2 - Property Casualty Insurance Accounting (22%, 11 questions)
The smallest section by question count, focused on income-statement mechanics.
- Written premium
- Losses and loss adjustment expenses
- Other expenses
- Investment income
Domain 3: Section 3 - Property Casualty Insurance Accounting (36%, 18 questions)
The second-largest section, and arguably the most regulatory in flavor.
- Reinsurance
- Taxation and income taxes
- Risk-based capital
- GAAP accounting
- SEC reporting
- Financial management and financial strength
Key Takeaway
Section 1 and Section 3 together account for 78% of the exam (39 of 50 questions). If your review time is limited, prioritize estimated loss liabilities, premium recognition, and the regulatory topics in Section 3 - reinsurance, RBC, and taxation - over Section 2's narrower expense/income scope.
For a deeper walk-through of each topic with worked examples, cross-reference AFE-FA Exam Domains 2026: Complete Guide to All 3 Content Areas, and confirm the exact score you need with AFE-FA Passing Score 2026: Exactly What You Need to Pass.
Fees and Registration Cheat Sheet
Budgeting for AFE4 is straightforward once you know the two fee tiers:
| Attempt Type | Member Fee | Non-Member Fee |
|---|---|---|
| Initial exam | $200 | $275 |
| Retake | $150 | $210 |
Membership pricing applies across all four AFE exams, not just AFE4. If you're weighing membership against non-member pricing across the full pathway, the math and full fee breakdown is covered in AFE-FA Certification Cost 2026: Complete Pricing Breakdown.
Eligibility and Deadline Numbers
Passing AFE4 is only part of earning the designation. SOFE also requires:
- An accounting bachelor's, MS, or MBA - or an active CPA license - or another bachelor's degree plus six semester hours of accounting, three of finance/economics, and three of business law
- Two years of qualifying insurance-department or contracted financial-solvency regulation experience within the preceding three years
- General Membership in good standing with SOFE
- Application approval
Two timing numbers matter more than most candidates realize:
- Conditional exam credits last 36 months - pass a section, and the clock starts
- The completed designation application is due within 38 months following the month of your first passed examination
That 38-month window is the real deadline that governs your pacing across all four AFE exams - not just AFE4. Full eligibility detail lives at AFE-FA Requirements 2026: Eligibility, Prerequisites & How to Qualify, and if you're mapping out when to sit for each exam, AFE-FA Exam Dates 2026: Testing Windows, Deadlines & Scheduling covers scheduling logistics in detail.
Testing Platform and Proctor Rules
AFE4 runs on SOFE's Test.com/myTestcom platform through a SOFE-approved proctor, and you can sit for it either in person or remotely. Remote candidates should plan around these specific requirements:
- Continuously active webcam and microphone for the full three-hour session
- Identity verification and a room check before the exam begins
- Uninterrupted screen sharing - no other applications or windows open
- No unauthorized materials at your workstation
- Copying or sharing exam questions is strictly prohibited
CRE Maintenance After You Pass
Passing AFE4 and earning the designation isn't the finish line - SOFE ties ongoing status to Continuing Regulatory Education:
- 20 CRE hours minimum annually, including two ethics hours and the current NAIC Examiner or Analysis Update
- 120 CRE hours per three-year cycle
- Current cycle runs January 1, 2026 - December 31, 2028, with triennial reporting due January 31, 2029
- Annual CRE reporting is due January 31 of the following year; initial periods are prorated under SOFE's rules
Understanding this before you sit for AFE4 helps you evaluate whether the credential fits your long-term career plan - see Is the AFE-FA Certification Worth It? Complete ROI Analysis 2026 for the fuller cost-versus-benefit picture, and AFE-FA Jobs for who typically hires AFE holders in insurance regulation and solvency examination roles.
One-Week Review Schedule
If you're using this cheat sheet in the final stretch before your AFE4 sitting, allocate review time proportional to question weight rather than evenly across sections.
Section 1 Deep Review (42% weight)
- Rework bonds/stocks valuation and estimated loss/LAE liability problems
- Drill earned vs. unearned premium calculations
- Review capital and surplus mechanics
Section 3 Deep Review (36% weight)
- Reinsurance accounting treatment and risk-based capital thresholds
- GAAP vs. statutory differences, SEC reporting basics
- Taxation and financial strength indicators
Section 2 Pass (22% weight)
- Written premium recognition, losses/LAE expense flow
- Investment income treatment
Full Mixed Review
- Timed practice mirroring the 50-question, 3-hour format
- Confirm proctor/webcam setup if testing remotely
For a longer-horizon plan that spans weeks instead of days, see AFE-FA Study Guide 2026: How to Pass on Your First Attempt. And if you want to gauge readiness against how other candidates fare, AFE-FA Pass Rate 2026: What the Data Shows puts your prep in context. You can also run full-length timed simulations on our practice test platform to rehearse the exact 50-question, 70%-to-pass format before exam day.
FAQ
The April 2025 AFE4 outline is based on Property-Casualty Insurance Accounting, 11th edition (2021). Study from this edition specifically, since terminology and examples align to it.
Section 1 has 21 questions (42%), Section 2 has 11 questions (22%), and Section 3 has 18 questions (36%), for 50 total.
Yes. SOFE's approved proctor process supports both in-person and remote testing, though remote candidates must keep webcam and microphone continuously active and share their screen with no other applications open.
Conditional exam credits last 36 months, and the completed designation application must be submitted within 38 months following the month of your first passed exam. Missing that window can jeopardize credit for earlier passed exams, so track this date closely alongside your eligibility requirements.
No. AFE is the examiner-track designation covering AFE1 through AFE4. SOFE's separate analyst track sits at the CFE-A (Certified Financial Examiner) level and is a different pathway entirely.