Exam 3 consists of five hours of multiple-choice questions offered in two independent segments. Exam 3F is a two-and-a-half-hour segment on financial economics that is administered by Preliminary Actuarial Examinations/SOA and is identical to SOA Exam MFE. Exam 3L is a two-and-a-half-hour segment on life contingencies and statistics that is administered by the CAS. Each segment will be graded separately. A candidate will not be required to take both segments during the same exam administration period.