Best Free Actuarial Exam Prep Resources in 2026
The Society of Actuaries (SOA) preliminary exams (P, FM, FAM, SRM, PA, ALTAM, ASTAM) are the first hurdle in the actuarial credentialing path, with published pass rates ranging from the mid-40s (Exam P) to about 68% (Exam SRM) depending on the exam (SOA). Free study resources now cover every one of them, and they're good enough to pass on.
I spent thousands on materials as a student. Coaching Actuaries, ACTEX manuals, TIA subscriptions. Each exam ran $300–$500 in materials alone, on top of the exam fees. By the time I earned my FSA, I'd dropped well over $5,000 just on prep. That's a big part of why I built FreeFellow.
The math has changed since then. Strong free resources now exist for every SOA preliminary exam, and the candidates who pass on a budget are the ones who stitch them together well.
FreeFellow: 6,100+ Free SOA Practice Questions
FreeFellow offers the largest free actuarial question bank available, covering all six MCQ preliminary exams, plus free graded past-exam walkthroughs for Exam PA:
| Exam | Questions | Link |
|---|---|---|
| Exam P (Probability) | 1,188 | Practice |
| Exam FM (Financial Mathematics) | 1,062 | Practice |
| Exam FAM (Fundamentals of Actuarial Mathematics) | 1,027 | Practice |
| Exam SRM (Statistics for Risk Modeling) | 1,028 | Practice |
| Exam PA (Predictive Analytics) | Free graded past-exam walkthroughs (constructed-response) | Practice |
| Exam ALTAM (Advanced Long-Term Actuarial Mathematics) | 890 | Practice |
| Exam ASTAM (Advanced Short-Term Actuarial Mathematics) | 963 | Practice |
Every question carries a worked solution. Here is what the platform gives you, and which parts are free:
- Adaptive practice targeting your weakest learning objectives (Fellow)
- Readiness scoring estimating your probability of passing (free)
- Full practice exams simulating real conditions, 30 MCQs in 3 hours on most exams and 35 in 3.5 hours on SRM (Fellow)
- Performance analytics with topic-level accuracy breakdowns (Fellow)
- Flashcards with spaced repetition for concept review (Fellow)
- Dynamic study plans based on your exam date and progress (Fellow)
FreeFellow covers all seven SOA preliminary exams, with 6,100+ questions across the six MCQ exams (P, FM, FAM, SRM, ALTAM, ASTAM) plus free AI-graded past-exam walkthroughs for Exam PA. The question banks, worked solutions, and written lessons are free, with no trial and no card. The adaptive, analytics, flashcard, and study-plan layers are part of Fellow.
SOA Official Resources
The SOA hands out free resources that most candidates skim past:
Sample Questions and Solutions
The SOA publishes official sample questions for each exam, written by the same committee that writes the real thing, and some of the items are taken from past examinations. FreeFellow hosts every set free with worked solutions: Exam P (654 questions), Exam FM (456), Exam FAM (262), and Exam SRM (66).
SOA Past Exams
Candidates search for SOA past exams expecting a full archive. That is not what the SOA publishes. Its Past Exams and Solutions page says past exams up to five years old are available to candidates on request, then states plainly that Exams P, FM, FAM and SRM will not be released, and that anything not listed on the page is not available. There is no back catalogue of retired computer-based sittings for the four multiple-choice preliminaries.
What is posted, as direct PDF downloads:
- Exam PA: project statement and model solution for recent sittings
- ALTAM and ASTAM: full written-answer papers with solutions for recent sittings
- Fellowship exams: papers and solutions across the ILA, GH, GI, RET, INV, CFE, ERM, and QFI tracks
The full breakdown, exam by exam, is in SOA past exams: what is released and what to use instead. For P, FM, FAM, and SRM the practical substitute is the sample question sets above plus volume: work the samples for calibration, then drill Exam P, Exam FM, FAM, and SRM for the reps. Of those four, SRM has the smallest published sample set at 66 items, and the Exam SRM sample question guide covers how to spend them.
Free Textbooks on the Syllabus
Some exams point straight at open-source textbooks. Exam SRM leans heavily on An Introduction to Statistical Learning (ISLR), free from its authors. Read the syllabus before you buy anything.
The SOA sample questions are the single best free supplement. They're written by the people who write your exam.
Free Video Resources
A handful of actuarial educators keep YouTube channels going:
- The Infinite Actuary – selected free lessons for Exam P and FM
- Coaching Actuaries – some sample lectures published publicly
- Professor Leonard – not actuarial-specific, but his calculus and probability lectures are about as clear as it gets
University OpenCourseWare earns its keep too:
- MIT 18.05 – probability topics that map directly to Exam P
- MIT 18.S096 – math with applications in finance (relevant to FM)
- Yale STAT 241 – probability theory
Study Manuals and Notes
Are Marcel Finan's free study guides still good for Exam P and FM?
Yes. Marcel Finan's free study guides (written at Arkansas Tech University) remain a solid primary text for Exam P and Exam FM: thorough, well-organized, and full of practice problems. Two caveats. First, check each guide against the current SOA syllabus, since the guides update less often than the exams do. Second, pair the reading with a large question bank, because the guides' own problem sets are not enough volume on their own. A common free stack is Finan for the theory plus the free Exam FM question bank or Exam P bank for drilling.
ACTEX free samples pull the high-weight topics out of their paid manuals. Not complete, but handy for targeted review.
How to Combine Free Resources
Finding the resources is the easy part. Here's how I'd put them to work:
Phase 1: Learn the Material (40% of study time)
Use study notes, textbooks, and video lectures to learn each topic. Marcel Finan's books, or ISLR for SRM, give you the theoretical floor.
Phase 2: Practice Problems (50% of study time)
This is where most of your hours belong. Start with topic-specific practice on FreeFellow, clearing the easier questions before you climb. The three difficulty levels (D1, D2, D3) let you build up rung by rung.
Phase 3: Practice Exams (10% of study time)
In the final 2–4 weeks, sit full-length practice exams under the clock. FreeFellow's practice exam feature generates realistic simulations for each SOA exam.
Many candidates spend 80% of their time reading and 20% practicing. Flip that ratio. Practice is where learning happens.
The Real Cost Comparison
| Resource | Cost Per Exam | All 6 Exams |
|---|---|---|
| Coaching Actuaries | $300–$500 | $1,800–$3,000 |
| ACTEX/ASM Study Manual | $100–$200 | $600–$1,200 |
| The Infinite Actuary | $250–$400 | $1,500–$2,400 |
| FreeFellow | 0 |
The commercial providers build good products, and plenty of candidates get real value from their structured video courses. But if what you actually need is practice questions and performance tracking, you can get all of it for free.
I used commercial providers myself and found them valuable. But the $300–$500 per exam barrier keeps some students from even starting. That shouldn't happen.
Which Free Resources by Exam
- Exam P: FreeFellow (1,188q) + SOA samples (654) + Marcel Finan + MIT 18.05
- Exam FM: FreeFellow (1,062q) + SOA samples + Marcel Finan FM
- Exam FAM: FreeFellow (1,027q) + SOA study notes + Bowers et al.
- Exam SRM: FreeFellow (1,028q) + ISLR (free) + SOA samples
- Exam PA: free AI-graded past-exam walkthroughs (constructed-response) + SOA released Project Statements and Model Solutions
- Exam ALTAM: FreeFellow (890q) + SOA study notes + Dickson, Hardy & Waters
- Exam ASTAM: FreeFellow (963q) + SOA study notes + Klugman
Start Your Preparation
What stands between you and an actuarial pass isn't money. It's consistent effort and smart practice. With over 6,100 free questions across six SOA exams plus free graded walkthroughs for Exam PA, FreeFellow gives you the tools to get there. Start with whichever exam is next on your list.