Exam Guide
The actuarial preliminary exams are administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). These exams are the foundation of every actuarial career, testing advanced probability, financial mathematics, risk modeling, and predictive analytics. Passing all preliminary exams is required before advancing to fellowship-level credentials (FSA or FCAS).
7
Preliminary Exams
3-3.5 Hr
Avg Duration
~45%
Avg Pass Rate
$275-475
Per Exam
Covers probability theory, random variables, distributions, expected values, and risk modeling. The most common starting exam for actuarial candidates.
Covers time value of money, annuities, bonds, loans, interest rate theory, derivatives, and basic financial instruments.
Covers actuarial models for life contingencies, loss distributions, credibility theory, and insurance product fundamentals.
SOA track. Covers advanced life contingencies, multi-state models, pension mathematics, and long-term insurance product design.
SOA/CAS track. Covers advanced loss models, aggregate claims, reinsurance, ratemaking, and reserving for short-term insurance.
Covers linear models, time series, principal components, decision trees, cluster analysis, and generalized linear models for actuarial applications.
SOA track. A project-based exam using R to build and evaluate predictive models on real actuarial datasets. Tests communication of findings and business recommendations.
Education: There is no formal education requirement to sit for actuarial exams. Candidates of any academic background may register.
Math Background: A strong foundation in calculus, probability, and statistics is essential. Most successful candidates hold degrees in actuarial science, mathematics, statistics, economics, or a related quantitative field.
Exam Order: The preliminary exams can be taken in any order, though most candidates begin with Exam P or Exam FM. SOA and CAS share the first three exams (P, FM, and FAM) before their tracks diverge.
Registration: Exams are offered multiple times per year at Prometric testing centers. Candidates register through the SOA or CAS website depending on their career track.
Most preliminary exams are multiple-choice and computer-based, administered at Prometric testing centers. Exam durations range from 3 to 5 hours. The early exams (P, FM, SRM) are entirely multiple-choice, while advanced exams (FAM, ALTAM, ASTAM) include written-answer components. Exam PA is entirely project-based, requiring candidates to build predictive models using R and write a professional report within the 5-hour time limit.
Actuarial exams are among the most challenging professional certifications. The general recommendation is 300 to 400 hours of study per exam, spread over 3 to 6 months. Most candidates take 5 to 10 years to complete all exams through fellowship. Timed practice exams under real conditions are the single best predictor of success on exam day.
ActuaryPractice provides targeted practice exams for each preliminary exam, covering probability, financial math, actuarial modeling, and predictive analytics with questions designed to match the difficulty and style of the real SOA and CAS exams.