SOACASPreliminaryRetiredASA trackAlso CAS Exam 3F
SOA Exam IFM Pass Rates
Exam IFM: Investment and Financial Markets
48.1%
November 2022 raw pass rate
−0.5 ptsvs 48.6% in July 2022
The latest SOA Exam IFM pass rate was 48.1% (November 2022), down from 48.6% in July 2022. Across 14 sittings since 2018, the average is 50.8%, with a low of 42.0% (March 2022) and a high of 59.6% (March 2020). The SOA administers Exam IFM; the CAS also uses it, as CAS Exam 3F.
- All-time high
- 59.6%March 2020
- All-time low
- 42.0%March 2022
- Average
- 50.8%across 14 sittings
- Std. deviation
- 4.8 ptssitting to sitting
- Candidates tracked
- 29,7412018 to 2022
- Sittings
- 14all counted
Raw pass rate
Every Exam IFM sitting
| Sitting | Candidates | Passed | Raw rate | Effective rate |
|---|---|---|---|---|
| November 2022 | 2,488 | 1,197 | 48.1% | 51.7% |
| July 2022 | 2,161 | 1,051 | 48.6% | 52.2% |
| March 2022 | 1,468 | 616 | 42.0% | 45.4% |
| November 2021 | 2,081 | 1,087 | 52.2% | 56.1% |
| July 2021 | 2,009 | 956 | 47.6% | 51.5% |
| March 2021 | 1,970 | 1,022 | 51.9% | 55.3% |
| November 2020 | 2,657 | 1,550 | 58.3% | 61.3% |
| July 2020 | 2,199 | 1,254 | 57.0% | 59.0% |
| March 2020 | 1,140 | 679 | 59.6% | 62.1% |
| November 2019 | 2,655 | 1,277 | 48.1% | 51.5% |
| July 2019 | 2,401 | 1,153 | 48.0% | 51.7% |
| March 2019 | 2,368 | 1,168 | 49.3% | 52.8% |
| November 2018 | 2,572 | 1,297 | 50.4% | 54.5% |
| July 2018 | 1,572 | 781 | 49.7% | 52.2% |
About Exam IFM
IFM replaced Exam MFE in 2018, covering corporate finance and derivatives pricing. It was retired after the July 2022 sitting when the redesigned ASA curriculum dropped the requirement.
Data: Society of Actuaries official exam statistics, 2018 to 2022. Last updated July 5, 2026.