Actuarial exams are the defining feature of the profession — a multi-year credentialing process that transforms quantitative aptitude into verified expertise in financial risk. There is no shortcut through them, but the path has become significantly more flexible in 2026 thanks to structural changes from both the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS).
This guide covers every exam on both pathways, with current scheduling, fees, pass rate data, and practical study advice drawn from what we observe tracking the profession daily at actuary.info.
How the Exam System Works
Unlike law or medicine, actuarial credentialing doesn’t require graduate school. Instead, candidates progress through a structured sequence of exams administered by professional societies — primarily the SOA and CAS in North America. You can begin taking exams while still in college and continue while working full-time, which is how the vast majority of actuaries earn their credentials.
This “earn while you learn” model is one of the profession’s distinctive advantages. Most actuarial employers provide substantial exam support: paid study hours during the workweek (typically 100–200+ hours per year), exam fee reimbursement, study material subsidies, and salary increases or bonuses for each exam passed. These benefits effectively subsidize your continued professional education while you earn a full salary.
The two societies credential different insurance domains:
The SOA covers life insurance, health insurance, retirement and pensions, finance, investments, and enterprise risk management. The SOA awards the ASA (Associate) and FSA (Fellow) designations, plus the CERA (Chartered Enterprise Risk Analyst) for ERM specialists.
The CAS covers property and casualty insurance — auto, homeowners, commercial lines, workers’ compensation, and related areas. The CAS awards the ACAS (Associate) and FCAS (Fellow) designations.
Both pathways begin with the same two preliminary exams (P and FM), so you don’t need to choose a path immediately. Most candidates decide during or after college, often based on their first internship or job. For a deeper comparison, see the SOA vs. CAS section in our main career guide.
Preliminary Exams: The Starting Point
The first two exams are jointly administered by the SOA and CAS. Passing them counts toward both pathways, giving you flexibility before committing to one track.
Exam P — Probability
Exam P tests your understanding of probability as it applies to actuarial risk assessment. It covers general probability, univariate and multivariate distributions, conditional probability and expectation, and common parametric distributions (normal, exponential, Poisson, gamma, etc.).
| Detail | Information |
|---|---|
| Format | 30 multiple-choice questions, computer-based testing (CBT) |
| Duration | 3 hours |
| Testing | Offered continuously year-round at Prometric test centers |
| Fee | $275 per attempt (no student discount for P or FM) |
| Calculator | TI-30XS MultiView (or approved alternatives) |
| Scoring | Item Response Theory; scaled 0–10, need 6 to pass |
| Results | Unofficial pass/fail immediately; official score on SOA transcript 8–11 weeks later |
| Prerequisites | Strong foundation in calculus and introductory probability |
Pass rate context: Exam P historically passes around 40–50% of candidates per sitting. The SOA’s aggregate data shows preliminary exam pass rates averaging 46.9%. This means roughly half of candidates who sit for the exam in any given window don’t pass — which is normal and expected.
Study guidance: The standard recommendation is 100 hours of study per hour of exam time, so approximately 300 hours for Exam P. Many candidates find 250–350 hours realistic depending on their background. Free study resources exist — The Infinite Actuary (TIA) offers comprehensive free materials for Exam P. Paid options include Coaching Actuaries ADAPT (known for its adaptive practice exam platform), ACTEX manuals, and ASM study manuals. The most effective approach combines a structured manual or video course with extensive practice on timed, exam-format problems.
When to take it: Many students sit for Exam P after completing a course in probability — typically during sophomore or junior year of college. Some candidates with strong math backgrounds take it even earlier.
Exam FM — Financial Mathematics
Exam FM covers the mathematical foundations of finance: time value of money, annuities, loan amortization, bonds, general cash flows, interest rate sensitivity, and basic derivative instruments.
| Detail | Information |
|---|---|
| Format | 30 multiple-choice questions, CBT |
| Duration | 2.5 hours |
| Testing | Offered continuously year-round at Prometric test centers |
| Fee | $275 per attempt |
| Calculator | TI-30XS MultiView (or approved alternatives) |
| Scoring | Item Response Theory; scaled 0–10, need 6 to pass |
| Results | Unofficial pass/fail immediately; official score 8–11 weeks later |
| Prerequisites | Basic calculus; introductory probability helpful but not required |
Pass rate context: Exam FM pass rates are generally comparable to Exam P — typically in the 45–55% range. The SOA’s April 2025 administration required approximately 71% of questions answered correctly to pass.
Study guidance: Similar time commitment to Exam P — approximately 250–300 hours. The material is more formulaic than Exam P (more about applying financial math formulas to word problems), which some candidates find easier and others find more tedious. The same study providers (Coaching Actuaries, ACTEX, ASM, TIA) offer FM-specific materials.
P or FM first? Either works. Candidates with stronger pure math backgrounds often start with P; those who’ve taken financial math courses may find FM more accessible. There’s no strategic advantage to either order.
SOA Pathway: Exams to ASA
After passing P and FM, SOA-bound candidates continue with these components:
Exam FAM — Fundamentals of Actuarial Mathematics
The third exam for most SOA candidates. FAM combines short-term actuarial mathematics (insurance frequency and severity models, aggregate loss models, credibility) with long-term actuarial mathematics (life contingencies, survival models, life insurance and annuity valuation, premium and reserve calculations).
| Detail | Information |
|---|---|
| Format | 34 multiple-choice questions, CBT |
| Duration | 3.5 hours |
| Offered | 3 times per year: March, July, November |
| Fee | $357 (student rate available) |
| Prerequisites | Assumes thorough knowledge of calculus, probability (Exam P level), and financial math (Exam FM level) |
| 2026 Registration Deadlines | Jan 27 (March sitting), Jun 2 (July sitting), Sep 22 (November sitting) |
Pass rate context: FAM is generally considered more challenging than P or FM due to its breadth — it covers material that was formerly split across multiple exams. Pass rates have typically been lower than the preliminary exams.
What candidates find challenging: The dual-topic structure means you’re essentially studying two sub-disciplines. The short-term section draws heavily from Exam P concepts applied to insurance loss distributions, while the long-term section introduces life contingencies — a new mathematical framework for most candidates.
Exam SRM — Statistics for Risk Modeling
SRM covers regression analysis, time series, principal component analysis, decision trees, and cluster analysis — essentially the statistical modeling toolkit that actuaries use in practice.
| Detail | Information |
|---|---|
| Format | 35 multiple-choice questions, CBT |
| Duration | 3.5 hours |
| Offered | 3 times per year: January, May, September |
| Fee | $357 (student rate available) |
Practical note: SRM can be taken before or after FAM. Some candidates take it earlier because the material overlaps with what they’ve studied in statistics or data science courses. The exam order is flexible — Penn State’s actuarial program, for instance, recommends multiple possible orderings depending on your coursework progression.
Exam ATPA — Advanced Topics in Predictive Analytics
ATPA replaced the former PA (Predictive Analytics) exam and takes a different format: it’s a take-home, project-based assessment where candidates analyze real datasets, build predictive models, and write professional reports communicating their findings and recommendations.
| Detail | Information |
|---|---|
| Format | Multi-module project-based assessment (take-home) |
| Fee | ~$1,316 |
| Assessment windows | Multiple per year |
Why this matters: ATPA reflects the profession’s shift toward applied data science skills. It tests not just whether you can build a model, but whether you can communicate actuarial findings to business stakeholders — a skill that consistently differentiates actuaries who advance quickly.
Additional ASA Requirements
Beyond the exams, the ASA pathway includes:
- VEE (Validation by Educational Experience) — Credit in Economics, Corporate Finance, and Applied Statistics. Typically earned through approved college coursework (minimum grade of B–). You must pass two SOA/CAS exams before formally applying for VEE credit. Many employers cover the application fees, so candidates often wait until they’re employed to submit.
- Pre-Actuarial Foundations (PAF) Module — E-learning module covering professional development topics. Fee: $224.
- Actuarial Science Foundations (ASF) Module — E-learning module on applied actuarial concepts. Fee: $224.
- APC (Associateship Professionalism Course) — A seminar (virtual or in-person) covering actuarial ethics and professional standards. Fee: $658 virtual, $847 in-person.
Total estimated cost through ASA (exam fees and modules only): Approximately $3,500–$4,500+ depending on attempts, not including study materials. Most employers reimburse these costs.
SOA Pathway: Exams to FSA (New 2025–2026 Structure)
The SOA significantly restructured its Fellowship pathway effective Fall 2025. The traditional specialized “tracks” have been replaced by flexible practice areas, and the exam experience itself has been improved.
What Changed
The key improvements that we’ve been tracking through SOA announcements:
- All FSA course exams are now 3 hours (with 2.5 hours of scored content) — down from up to 5 hours previously
- Grading turnaround reduced from 11 weeks to 4 weeks from the end of the testing period
- High-demand courses offered 3 times per year starting March 2026 — up from twice per year
- 2026 tentative exam dates: March 23–27, July 20–24, and November 16–20
- International candidates can bypass U.S. or Canadian regulatory material
- Near-pass candidates can opt for personalized written feedback
FSA Requirements
To earn the FSA designation, candidates must complete:
- Four technical courses — Two from the same practice area (e.g., GI 101 and GI 201 for General Insurance), plus two additional courses from any practice area or Cross Practice options
- DMAC (Decision Making and Communications) — A course focused on professional communication skills. Fee: $337.
- FAC (Fellowship Admissions Course) — A capstone seminar. Fee: $2,305 virtual, $2,953 in-person.
Practice Areas
- Corporate Finance and ERM (CFE)
- Group and Health Insurance (GH)
- General Insurance (GI)
- Individual Life and Annuities (ILA)
- Investment (INV)
- Retirement Benefits (RET)
- Cross Practice (CP) — Courses relevant across multiple areas
Each practice area includes a “101” foundational course and a “201” advanced course. This structure lets candidates build deep expertise in one area while exploring others — or combine courses for a more generalized profile.
CAS Pathway: Exams to ACAS
After Exams P and FM (designated as Exams 1 and 2 in CAS terminology), the CAS pathway continues with exams specific to property and casualty insurance.
Exam MAS-I — Modern Actuarial Statistics I
Covers mathematical statistics, stochastic modeling, and applied statistics relevant to P&C insurance — including regression, time series analysis, and Bayesian methods.
| Detail | Information |
|---|---|
| Format | 45 multiple-choice questions, CBT at Pearson VUE centers |
| Duration | 4 hours |
| Offered | 4 times per year in 2026: Jan/Feb, Apr/May, Jul/Aug, Oct/Nov |
| Fee | ~$550 |
2026 change: MAS-I is now offered four times per year, up from three in 2025 — a significant improvement in scheduling flexibility. The January/February 2026 administration (Jan 28 – Feb 3) was the first under this expanded schedule.
Exam MAS-II — Modern Actuarial Statistics II
Extends MAS-I into advanced topics: generalized linear models, credibility theory, Markov chains, and additional statistical methods applied to insurance pricing and reserving.
| Detail | Information |
|---|---|
| Format | 45 multiple-choice questions, CBT |
| Duration | 4 hours |
| Offered | 4 times per year in 2026 (same windows as MAS-I) |
| Fee | ~$550 |
Practice exams available: The CAS now offers official MAS practice exams ($99) developed jointly by The Infinite Actuary, ACTEX, and Coaching Actuaries.
Exam 5 — Basic Ratemaking and Estimating Claim Liabilities
The core P&C actuarial exam. Covers how to set insurance rates (ratemaking) and how to estimate reserves for claims that have been reported but not yet settled, or not yet reported at all (IBNR estimation using development triangles and chain-ladder methods).
| Detail | Information |
|---|---|
| Format | Constructed-response (essay/calculation), CBT |
| Offered | Twice per year: Apr/May and Oct/Nov |
| Fee | ~$700 |
Pass rate context: CAS Spring 2025 reported a 42.6% pass rate for Exam 5. This is the exam where P&C actuarial work really comes into focus.
Exam 6 — Regulation and Financial Reporting
Covers insurance regulation, statutory accounting, GAAP, and financial reporting. Comes in three jurisdiction-specific variants:
- 6-US (United States)
- 6-Canada
- 6-International
| Detail | Information |
|---|---|
| Format | Constructed-response, CBT |
| Offered | 6-US and 6-Canada: twice per year; 6-International: once per year (Oct/Nov) |
| Fee | ~$700 |
Pass rate context: CAS Spring 2025 reported a 53.4% pass rate for Exam 6.
PCPA — Property and Casualty Predictive Analytics
New requirement beginning January 1, 2026. PCPA has two components:
- PCPA Exam: Available on-demand at Pearson VUE test centers (continuous availability)
- PCPA Project: A take-home independent project administered quarterly
Both parts must be completed for ACAS credential. This mirrors the SOA’s shift toward testing applied data analytics skills alongside traditional actuarial knowledge.
Additional ACAS Requirements
- Three CAS DISCs (Data Insurance Series Courses): Introduction to Data and Analytics, Risk Management and Insurance Operations, and Insurance Accounting/Coverage Analysis/Insurance Law/Regulation. Each is an online course through The Institutes with a 75-question multiple-choice exam (100 minutes). Available in quarterly windows throughout 2026. Fee includes one exam attempt.
- VEE credits in Corporate Finance and Economics
- Course on Professionalism
CAS Pathway: Exams to FCAS
Three additional exams beyond ACAS:
Exam 7 — Estimation of Policy Liabilities, Insurance Company Valuation, and Enterprise Risk Management
Advanced reserving techniques and enterprise risk management for P&C insurers.
| Detail | Information |
|---|---|
| Offered | Twice per year: Apr/May and Oct/Nov (increased from once per year starting 2025) |
Exam 8 — Advanced Ratemaking and Product Management
Advanced pricing, product development, and regulatory considerations.
| Detail | Information |
|---|---|
| Offered | Twice per year starting 2026: Apr/May and Oct/Nov (increased from once per year) |
Exam 9 — Financial Risk Management and Insurance Company Valuation and Capital Management
Enterprise-level financial risk, capital modeling, and solvency assessment.
| Detail | Information |
|---|---|
| Offered | Twice per year starting 2026: Apr/May and Oct/Nov (increased from once per year) |
By April 2026, all CAS exams except Exam 6-International will be offered at least twice per year — the final initiative delivered through the CAS’s Admissions Transformation Plan. When the increased exam frequency was announced at the 2024 CAS Annual Meeting, the audience erupted in cheers, according to CAS reporting. The change addresses years of candidate feedback about scheduling inflexibility.
All CAS upper-level exams (MAS-I, MAS-II, and 5 through 9) are also available in French for candidates sitting in Québec.
Pass Rate Data: How Hard Are These Exams?
Historical aggregate data from SOA and CAS results archives:
| Organization | Preliminary Exams Avg. Pass Rate | Fellowship Exams Avg. Pass Rate |
|---|---|---|
| SOA | 46.9% | 47.4% |
| CAS | 50.1% | 44.2% |
Recent specific results:
| Exam | Session | Pass Rate | Notes |
|---|---|---|---|
| CAS Exam 5 | Spring 2025 | 42.6% | Basic Ratemaking |
| CAS Exam 6 | Spring 2025 | 53.4% | Regulation and Reporting |
| SOA Exam FM | April 2025 | ~71% correct needed | Pass mark threshold |
The difficulty is real, but context matters: most successful actuaries have failed at least one exam. It’s a normal part of the process. Fewer than 50% of candidates who begin the credentialing journey ultimately achieve Fellowship, but this reflects the multi-year commitment as much as the difficulty of any single exam. Attrition is gradual, not sudden.
Sources: SOA and CAS official results archives; Actuarial Lookup Pass Rates; Grokipedia: Actuary
Exam Costs: What You’ll Pay
A realistic picture of the financial investment:
Exam Fees (per attempt)
| Exam | Fee | Notes |
|---|---|---|
| Exam P | $275 | No student discount |
| Exam FM | $275 | No student discount |
| SOA Exam FAM | $357 | Student discount available |
| SOA Exam SRM | $357 | Student discount available |
| SOA Exam ATPA | ~$1,316 | Modules + assessment |
| CAS MAS-I | ~$550 | — |
| CAS MAS-II | ~$550 | — |
| CAS Exams 5–9 | ~$700–$850 | — |
Study Materials (per exam)
- Free options: The Infinite Actuary (TIA) for P and FM
- Budget option: Study manuals ($100–$200)
- Full-package option: Online course + adaptive practice exams ($300–$700)
SOA Module/Course Fees (through ASA)
- Pre-Actuarial Foundations: $224
- Actuarial Science Foundations: $224
- APC Seminar: $658 (virtual)
Total Estimated Cost
- Through first 2 exams (self-funded): $550–$1,500 including study materials
- Through ASA (SOA): $3,500–$5,500+ in fees and modules
- Through FSA (SOA): Add ~$4,000–$5,000 for FSA courses, DMAC, and FAC
The critical financial reality: most candidates pay for only the first 1–2 exams out of pocket. Once you land an actuarial position, employers typically cover all subsequent exam fees, study materials, and often provide bonuses for passing. This employer support is one of the profession’s most valuable perks and a strong argument for securing an actuarial role as early as possible.
Fee assistance programs: The SOA offers student exam fee discounts, an Academic Exam Fee Reimbursement program (80% reimbursement for full-time university faculty and PhD students who pass eligible exams), and a jointly-sponsored Actuarial Exam Support Program with the CAS for candidates demonstrating financial need. The SOA also reimburses exam fees for African American, Hispanic, and Native American students who pass Exams P or FM.
Sources: SOA Exam and Module Fees (updated December 2025); CAS Exam Registration; Etched Actuarial: Exam Costs 2026
Study Strategy: What Works
From tracking exam results, candidate experiences shared in industry forums, and patterns across successful actuaries:
Start early, study consistently. The standard recommendation of 300 hours per preliminary exam translates to roughly 15–20 hours per week over 4–5 months. Cramming in the final weeks is a common mistake. The material compounds — later topics build on earlier ones.
Use adaptive practice platforms. Coaching Actuaries’ ADAPT system and similar tools let you practice with questions calibrated to exam difficulty. The consensus among candidates is that doing practice problems under timed, exam-like conditions is the single most important study activity. Reading the manual is necessary but not sufficient.
Leave 2–4 weeks for pure practice. After working through the study manual, shift entirely to timed practice exams. This builds speed and identifies weak areas while the material is fresh.
Don’t neglect exam mechanics. Know your calculator (TI-30XS MultiView is standard). Familiarize yourself with the CBT interface through the sample exams available at Prometric’s website. On exam day, don’t hesitate to skip and return to difficult questions — easy questions are worth the same as hard ones.
Plan for failure — it’s not a setback, it’s data. If you don’t pass, analyze what went wrong. Most actuaries have failed at least one exam, and employers understand this. A retake within the next sitting, with a targeted study plan addressing weaknesses, is the normal professional approach.
After passing P and FM, seek employer support. The shift from self-funded studying to employer-supported studying is transformational. Paid study hours, covered fees, and access to colleagues who’ve recently taken the same exams all dramatically improve pass rates.
For more on choosing a study program, see our Exam Resources page →
Where to Go From Here
The exam system is demanding, but the rewards compound: each exam passed brings a salary increase, expanded responsibilities, and progress toward a credential that provides career-long job security and earning power.
If you’re just starting: Focus on Exam P or FM. Don’t try to plan your entire exam career — just pass the first one.
If you’re mid-pathway: Take advantage of the 2026 scheduling improvements. The CAS’s expanded frequency and the SOA’s new 3x/year FSA course schedule give you significantly more flexibility than candidates had even two years ago.
If you’re weighing SOA vs. CAS: See the decision framework in our main career guide. The first two exams are the same regardless, so you have time.
For ongoing coverage of exam schedule changes, pass rate announcements, and credentialing news, follow our daily coverage at actuary.info. For study material recommendations, visit our Exam Resources page →