SOA Exam P and FM: cost, study hours and pass rate

USD 275 each, so USD 550 for the pair, under the SOA fee schedule updated 16 December 2025, and the fee includes electronic access to the required study notes. Materials are the larger cost: Coaching Actuaries is USD 195 for an ADAPT practice licence or USD 618 for the Learn and Practice bundle with a pass guarantee, and an ASM manual runs USD 150 to USD 250. All in, most candidates spend USD 940 to USD 2,100 on both exams.

Either, and it depends on your strengths rather than any rule. Take Exam P first if you are comfortable with multivariable calculus and probability distributions; take Exam FM first if you are stronger in algebra and finance, since FM is generally considered the more approachable paper. Recent pass rates are close: 44.7% on Exam P in May 2026 and 48.8% on Exam FM in April 2026. Employers do not care about the order, only about how many you have passed.

Whenever you are ready. Both exams use continuous registration with year-round Prometric sittings, so you choose your own date rather than waiting for a fixed window, which is a real advantage over exam cycles such as the CFA or FRM. The SOA does impose a waiting period before you can re-sit an exam you failed, so check the current registration page for the interval before booking a backup date. Seats at popular centres go early in busy months.

No, there is no prerequisite of any kind. Plenty of successful candidates come from mathematics, statistics, economics, physics, engineering and computer science, and the exams are open to anyone who registers and pays the USD 275 fee. What you genuinely need is multivariable calculus for Exam P and comfort with compound interest algebra for Exam FM. A relevant degree helps mainly because it usually comes with the three VEE topics you will need later for the ASA designation.

No. Preliminary exam credit is permanent, carries no maintenance fee and creates no continuing education obligation until you actually hold a credential, and VEE credits and modules do not expire either. That makes the pair unusually low-risk to start: a pass you earn now still counts if you come back to the track in five years. Continuing professional development requirements begin only once you are an Associate or Fellow.

Six to fourteen months. Budget about 300 hours per exam, so 600 to 800 hours in total, which at ten to twelve hours a week is roughly five to six months each. Because registration is continuous you can book each sitting when your practice scores say you are ready, rather than waiting for a fixed window. Most working candidates pass one, take a short break, then start the second; trying to prepare for both at once is how people burn out.

Different careers, not different routes to the same one. Two actuarial exams cost about USD 550 in fees and 600 to 800 hours and are the entry screen for insurance and pensions work, where the Bureau of Labor Statistics puts the median actuary wage at USD 130,000 in May 2025 and projects 9% growth to 2035. The CFA runs roughly USD 3,520 to USD 9,500 and 900 to 1,200 hours across three levels and points at investment research and portfolio management. Pick by the industry you want, because neither transfers well to the other.

Yes, if you are genuinely aiming at actuarial work and no if you are hedging. They are close to the only way in: most employers will not interview an entry-level applicant with zero passes, and once you are hired the firm typically pays for every later exam plus paid study hours and a raise per pass. Two exams on their own signal nothing outside actuarial hiring, though, and the full ASA track takes most people four to seven years. Check that insurers in your region are hiring first.