SOA Exam P is a 3-hour, 30-question computer-based probability exam, and 44.7% of candidates passed it at the May 2026 sitting. The January 2026 rate was 49.2%, and both sittings used a pass mark of 71% average correct (SOA). So more than half of candidates fail on a given attempt. For most people it's the first actuarial exam.
It was my first one too. I took it the summer after my junior year, studied for about 10 weeks and passed on the first try. The people who pass tend to do the same handful of things.
What's on the exam and how long to study
The SOA syllabus has three sections. General probability (23 to 30% of the exam) covers set functions, independence, combinatorics, conditional probability and Bayes' theorem. Univariate random variables (44 to 50%) covers PDFs, CDFs, expected value, variance, MGFs, the common distributions (binomial, Poisson, normal, exponential, gamma, beta, uniform) and insurance applications like deductibles, policy limits and expected claim costs. Multivariate random variables (23 to 30%) covers joint, marginal and conditional distributions, covariance, correlation and transformations.
Nobody asks you to recite a formula. Every question asks you to set up a problem and combine several ideas under time pressure, so practice setting up integrals and identifying distributions until you do it without thinking.
The SOA suggests 250 to 300 hours. Your background moves the number:
- Math or stats major: 150 to 200 hours over 8 to 10 weeks
- Engineering or econ: 250 to 300 hours over 12 to 14 weeks
- Limited probability exposure: 300 to 350 hours over 16+ weeks
I did 2 to 3 hours every morning before class. Studying daily for 12 weeks works better than cramming 8-hour days in the last 3 weeks, because the concepts build on each other.
How I'd spend 12 weeks
Weeks 1 to 4: general probability and univariate distributions
Start with general probability and univariate distributions. Spend real time on conditional probability and Bayes' theorem, which show up on nearly every sitting. Work 20 to 30 problems a day, and care about accuracy more than speed.
Weeks 5 to 8: multivariate distributions
Move into multivariate distributions, transformations and order statistics. They're a big chunk of the exam and trip up most candidates. Practice double integrals for joint distributions until they feel routine.
Weeks 9 to 12: timed practice exams
Switch to timed practice. Take a full 30-question practice exam every 2 to 3 days under real conditions, at about 6 minutes per question, because full exams build the stamina that topic practice doesn't.
Throughout, attempt every problem before you read the solution, and write down your approach even when you're stuck. Review wrong answers right away and sort each one: setup error, distribution mixup or calculation mistake. Candidates who pass typically work 1,000+ practice problems and score 70%+ on practice exams in the final two weeks.
FreeFellow has 1,100+ free Exam P practice questions by topic and difficulty, each with a full solution, plus a free readiness score. A score of 7 or higher out of 10 generally means you're well prepared. Fellow adds analytics by topic and difficulty, focus practice on your weakest learning objectives and timed 30-question, 3-hour mocks.
Formulas, exam day and free resources
You still need these memorized:
- Bayes' theorem and the law of total probability
- and the conditional variance formula
- Mean, variance and MGF for the normal, exponential, Poisson, binomial, gamma and uniform
- Transformations by the CDF method and the Jacobian method
- Expected claim cost with a deductible and limit , and the loss elimination ratio
On exam day, if a problem passes 8 minutes, mark it and move on. Spending 12 minutes on a hard one early leaves you rushing at the end. If you have to guess, cutting even one wrong choice helps your odds. Watch for "at least one" versus "exactly one," and conditional versus marginal distributions. Draw diagrams for conditional probability and write out the support of every distribution.
The SOA publishes 654 sample questions with solutions. Paul's Online Math Notes is a good calculus and integration refresher, and MIT OpenCourseWare 18.05 has free probability course materials. For practice, start with FreeFellow's free Exam P questions.