With This Download You Get:

  • Free Practice Exam - with questions formatted exactly like the real exam.
  • Free Study Guide - ensuring you focus on the most important topics.
  • Free Chapter - access to the entire chapter one of the course.
  • Formulas - a list of the formulas that you need to memorize to pass this exam, and a list of the formulas that you do not need.
  • 10 Steps To Pass - our 10 step process to study, focus on the most difficult topics, and pass.
  • Other resources - free access to other resources including our breakdown of the most important topics and most difficult part of the exam.


Full Course Includes:

  • COMPLETE ONLINE COURSE - covers everything that will be on the CPCU® 540 exam. Designed for faster, easier studying. Completely online and downloadable as a PDF for those that would rather print a physical copy of the course.
  • FILL IN THE BLANK STUDY GUIDE - designed to ensure you take notes on the most important topics.
  • FORMULAS - a section for each chapter to review formulas, the most important aspect of the CPCU® 540 exam.
  • 440+ PRACTICE QUESTIONS - quiz questions for each topic of the CPCU® 540 exam to ensure you grasp the main concepts.
  • QUIZ EXPLANATION – detailed explanation about the correct answer for every quiz question.
  • 2 COMPLETE PRACTICE EXAMS - 85 questions each, formatted exactly like the actual CPCU® 540 exam (with the same number of exam questions) to give you a "real exam" feel.
  • CPCU® INSIGHT - course includes our insight detailing what to expect from each chapter on the CPCU® 540 exam, detailed answer explanation of each quiz question, and our personal email support to provide advice on any question or exam topic.
  • MOBILE APP - download the AssociatePI mobile App and study on the go! Perfect for your commute to work.
  • MONEY BACK GUARANTEE - pass with our Comprehensive Course or your full money back, guaranteed.
  • 99% SUCCESS RATE - we have helped thousands of students pass their CPCU® exams. In that time, only a few students have failed.

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The CPCU® 540 exam is the fourth CPCU® exam in a series of eight required exams to complete your CPCU® designation.

This exam consists of 85 multiple choice questions split up into two sections:

  • 60 part A questions (concept questions)
  • 25 part B questions (case questions)

For more info about what to expect on the exam, see our blog about the CPCU® 540 Exam Overview.


According to the National CPCU® pass rates, the CPCU® 540 is the hardest CPCU® exam with around a 70% pass ratio. The numbers don’t lie; the CPCU® 540 exam is the largest in terms of content (12 chapters) and is by far the most math-intensive of all the CPCU® exams. This exam will test your will to complete the CPCU®; many students get stuck on the CPCU® 540 and give up after failing a couple of times. Prepare yourself now and set aside a little extra study time for the CPCU® 540 because there are a lot of new concepts to grasp and a lot of formulas to memorize.

For more insight, see our blog about the CPCU® 540 Difficulty.


The CPCU® 540 exam focuses on the topics of finance and accounting including financial statements, valuations, investment management and capital management. The reason this exam is so tough is because the questions are heavily math intensive. There are A LOT of formulas to know for the CPCU® 540 exam.

According to The Institutes, there are 34 math formulas that you’ll be required to know to pass the CPCU® 540 exam, but we estimate that there’s closer to 80 formulas that you need to pass the CPCU® 540. Of these 34 formulas; 7 of them are provided to you at the exam (The Institutes will give you the formula) and 27 are not provided to you at the exam (meaning you’ll have to memorize the formula). In addition, The Institutes will provide you with 4 tables to use on the CPCU® 540 exam including: future value table, present value table, future value of an annuity table and present value of an annuity table. You not only have to memorize the formulas but you have to know when to use each formula and how to apply the formulas to a given case question.

For more info about the most important topics see our blog about the CPCU® 540 Exam Important Topics.


You will be provided with a small list of some formulas on the CPCU® 540 exam, you do not need to memorize these formulas because they will be given to you. The list of formulas provided to you on the CPCU® 540 exam includes:

  • Future Value Over a Single or Multiple Period
  • Future Value Over Multiple Periods With Payment Periods Less Than One Year
  • Present Value Over a Single or Multiple Periods
  • Future Value of an Annuity
  • Present Value of an Annuity
  • Present Value of a Perpetuity
  • Net Present Value

According to the exam, there are 34 formulas that are NOT given to you on the CPCU® 540 exam. Unfortunately, this greatly underestimates the actual number of formulas that you’ll need to memorize for the CPCU® 540 exam. According to our count, there are approximately 80 CPCU® 540 formulas that you should know before taking the CPCU® 540 exam.


These are the 3 most important formulas on the CPCU® 540 exam, memorize these:

  • Present and future value tables
  • CAPM
  • Annual rate of return

For more information about the CPCU® 540 formulas that you need see our blog on the Most Important CPCU® 540 Formulas.


Here’s all four videos to our CPCU® 540 video series, covering everything you need to know to prepare for your CPCU® 540 exam:



Remember, every CPCU® exam is different. No single exam is the same. Be sure to study ALL topics (not just our recommendation). This resource is intended to provide you with a general idea of where your focus should be. Make sure to thoroughly study every topic of this exam.

Difficulty rank, importance rank, and the advice provided in this resource are solely the opinion of AssociatePI. This resource is intended to provide you with a general idea of where your focus should be. Each exam administered by The Institutes is different. AssociatePI is not affiliated with The Institutes or involved in the exam writing process. Please be sure to thoroughly study every chapter and every topic of this course.

CPCU® exams are administered by the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI does not administer the actual exams, we are an independent resource of free content, advice, and study material for professional insurance education. This blog is intended for informational purposes only, to inform prospective students of the benefit of the CPCU® designation.

CPCU® and API are trademarks of the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI LLC is not affiliated with, associated with, endorsed by or otherwise supported or recognized by The Institutes in any way. AssociatePI LLC is not authorized by The Institutes to offer courses, practice examinations, or any other resources related to the Institutes’ designations or other programs.

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