Compare certifications · Updated 16 September 2026
SOA Exam P and FM vs CFA: cost, hours, pass rates and which to take
SOA Preliminary Actuarial Exams: Exam P (Probability) and Exam FM (Financial Mathematics) against Chartered Financial Analyst (CFA), from the issuing bodies' own fee schedules.
The SOA Exam P and FM costs $940 to $2,100 all-in and takes 600 to 800 study hours; the CFA costs $3,520 to $9,500 and takes 900 to 1200 hours. Exam P and Exam FM are worth it if you intend to become an actuary, because employers use passed exams as the hiring screen and then fund the rest; they are not worth it as a general quantitative credential, since no data science or trading employer recognises them. The CFA is worth it if you are already in, or credibly aiming at, an investment seat - equity or credit research, asset management, portfolio management, investment risk or institutional wealth - where it is a stated screen and employers often reimburse it; it is not worth it for investment banking, private equity or corporate finance, where deal experience and modelling tests decide hiring.
| SOA Exam P and FM | CFA | |
|---|---|---|
| Issuing body | Society of Actuaries (SOA); both exams are jointly sponsored with the Casualty Actuarial Society | CFA Institute |
| Exam fee | USD 275 (SOA fee schedule updated 16 December 2025) | USD 1,140 early registration / USD 1,490 standard registration |
| All-in cost | $940–$2,100 | $3,520–$9,500 |
| Study hours | 600–800 | 900–1200 |
| Calendar months | 6–14 | 18–48 |
| Levels / exams | 2 | 3 |
| Pass rate | the Society of Actuaries publishes a rate for every sitting: Exam P was 44.7% in May 2026 and Exam FM 48.8% in April 2026 | CFA Institute publishes a pass rate for every sitting: 39% for Level I in May 2026 against a long-term average of 40%, about 43% at Level II and about 50% at Level III |
| Format | Exam P is 30 multiple-choice questions in 3 hours and Exam FM is 35 questions in 3 hours 30 minutes, computer-based at Prometric with continuous year-round registration | three sequential computer-based levels: 180 multiple-choice questions at Level I, 88 vignette-linked item-set questions at Level II, and constructed-response essays plus item sets at Level III |
| Prerequisites | None. No degree, coursework or experience is required to register, though Exam P assumes multivariable calculus and Exam FM assumes comfort with compound interest algebra. | A bachelor's degree, final year of one, or 4,000 hours of work and higher education over three sequential years; the charter also needs 4,000 qualified investment hours. |
| Renewal | None: preliminary exam credit is permanent, with no maintenance fee and no continuing education until you hold a credential. | No re-examination. Charterholders pay annual CFA Institute membership dues of roughly USD 350 and file a Professional Conduct Statement. |
| Pay impact | The DW Simpson Actuarial Salary Survey, the long-running industry compensation benchmark, reports entry-level actuarial analyst salaries stepping up with each exam passed, with a clear increment between zero, one and two passed exams before any credential is held. The US Bureau of Labor Statistics separately reports a median annual wage for actuaries roughly three times the all-occupations median. source | CFA Institute's Compensation Study finds that base salaries for CFA Institute members and charterholders rose faster year over year than the general market, and that the charter is associated with meaningfully higher total compensation in investment roles (portfolio management, research and risk), where the gap is widest. The effect is much smaller in roles far from portfolio decisions. source |
| Careers that use it | Actuary, Quantitative Analyst, Data Scientist, Financial Analyst | Investment Banking Analyst, Private Equity Associate, Quantitative Analyst, Financial Analyst, Management Consultant |
| Fees checked | September 2026 | September 2026 |
Is the SOA Exam P and FM worth it?
Passing P and FM is worth it if you want to be an actuary, and it is close to the only way in. Employers use exam passes as the hiring screen for entry-level analyst roles, most will not interview a graduate with zero passes, and once hired the firm typically pays for every subsequent exam plus 100 or more study hours a year and a raise per pass. Two exams cost about USD 550 in fees and, with Coaching Actuaries, another USD 400-1,200 in materials - a very cheap option on a career with a median wage roughly three times the national average. It is also a reasonable hedge for a quantitative graduate weighing data science: the material genuinely overlaps with probability and financial mathematics. It is not worth it if you are not going to pursue the credential to at least ASA, because two preliminary exams on their own signal nothing outside actuarial hiring - no data science or quant trading employer cares. It is also a poor fit if you dislike long, solitary, heavily timed problem-solving, since the ASA track takes most people four to seven years and ten or more assessments. Do not start without checking that your target market (life, health, P&C, pensions, consulting) is hiring in your region.
Is the CFA worth it?
The CFA is worth it if you are already in, or credibly trying to get into, an investment role where the charter is a stated or implicit screen: equity or credit research, asset management, portfolio management, investment risk, or institutional wealth. In those seats the cost is small relative to the pay, employers often reimburse it, and passing Level II in particular is treated as real evidence of technical depth. It is also one of the few credentials that can help a non-target-school candidate get read at all. It is not worth it if you want investment banking or private equity, where deal experience and modelling tests decide hiring and the charter is largely ignored; if you are in corporate FP&A, where an MBA or CPA travels further; or if you are hoping a credential alone will move you into finance from an unrelated field, which it very rarely does. Be honest about the real price: roughly 900 to 1,200 hours of evenings and weekends over several years, with a better-than-even chance of failing at least one level. If you would not do the reading for its own sake, the expected value is poor.
SOA Exam P and FM vs CFA FAQ
Which costs more, the SOA Exam P and FM or the CFA?
All in, the SOA Exam P and FM runs $940 to $2,100 and the CFA runs $3,520 to $9,500, including membership, required education, study materials and one exam sitting. Exam fees alone: USD 275 (SOA fee schedule updated 16 December 2025) for the SOA Exam P and FM and USD 1,140 early registration / USD 1,490 standard registration for the CFA, checked September 2026 and September 2026 against the issuing bodies.
Which takes longer to study for, the SOA Exam P and FM or the CFA?
Candidates report 600 to 800 study hours over 6 to 14 months for the SOA Exam P and FM, against 900 to 1200 hours over 18 to 48 months for the CFA. the Society of Actuaries publishes a rate for every sitting: Exam P was 44.7% in May 2026 and Exam FM 48.8% in April 2026. CFA Institute publishes a pass rate for every sitting: 39% for Level I in May 2026 against a long-term average of 40%, about 43% at Level II and about 50% at Level III.
Should I take the SOA Exam P and FM or the CFA first in 2026?
Exam P and Exam FM are worth it if you intend to become an actuary, because employers use passed exams as the hiring screen and then fund the rest; they are not worth it as a general quantitative credential, since no data science or trading employer recognises them. The CFA is worth it if you are already in, or credibly aiming at, an investment seat - equity or credit research, asset management, portfolio management, investment risk or institutional wealth - where it is a stated screen and employers often reimburse it; it is not worth it for investment banking, private equity or corporate finance, where deal experience and modelling tests decide hiring. Prerequisites differ: None. No degree, coursework or experience is required to register, though Exam P assumes multivariable calculus and Exam FM assumes comfort with compound interest algebra. For the CFA: A bachelor's degree, final year of one, or 4,000 hours of work and higher education over three sequential years; the charter also needs 4,000 qualified investment hours.
Who asks for the SOA Exam P and FM versus the CFA by name?
Life, health, property and casualty insurers, reinsurers, pension and benefits consultancies and the actuarial practices of the large consulting firms screen entry-level applicants on passed exams, and most will not interview a graduate with none. Asset managers, equity and credit research shops, pension and endowment investment offices, investment risk and performance teams, and institutional and private wealth managers ask for the CFA by name, frequently as "CFA charterholder or candidate" in the job posting itself. Outside those seats - investment banking, corporate financial planning and analysis, consulting - it is a nice-to-have that nobody screens on.