SOA Past Exams: What Is Released, and What Is Not
The Society of Actuaries does not release past exams for its four multiple-choice preliminaries. Its own Past Exams and Solutions page says it plainly: Exams P, FM, FAM and SRM will not be released, and if a past exam or solution is not listed on that page, it is not available. What the SOA does post is written-answer papers with solutions for Exam PA, ALTAM, ASTAM and the fellowship-track exams, plus official sample question sets for P, FM, FAM and SRM (1,438 items in total) that FreeFellow hosts free with worked solutions.
I passed the SOA preliminaries on my way to the FSA, and the single most common wasted hour I see candidates spend is hunting for an Exam P or FM paper that does not exist. This post is the map, so you can stop hunting and start practicing.
The release policy, exam by exam
| Exam | Past exams released? | What the SOA publishes instead |
|---|---|---|
| P (Probability) | No | 654 official sample questions with solutions (hosted free) |
| FM (Financial Mathematics) | No | 456 sample questions (hosted free) |
| FAM (Fundamentals of Actuarial Mathematics) | No | 262 sample questions (hosted free) |
| SRM (Statistics for Risk Modeling) | No | 66 sample questions (hosted free) |
| PA (Predictive Analytics) | Yes | Project statements and model solutions for recent sittings (graded walkthroughs) |
| ALTAM | Yes | Written-answer papers with solutions, plus 56 sample items (hosted free) |
| ASTAM | Yes | Written-answer papers with solutions, plus 20 sample items (hosted free) |
| Fellowship exams (ILA, RET, GH, GI, INV, CFE, ERM, QFI, CP tracks) | Yes | Papers and solutions on the SOA page, sittings back to Fall 2022 |
The SOA page also carries the line that past exams up to five years old are available to candidates upon request. Read it together with the next sentence: that request route exists for the written-answer exams, and the four preliminaries are excluded from it outright.
Why P, FM, FAM and SRM are never released
All four are computer-based tests. The SOA's own results notices explain the mechanics: each administration consists of multiple versions of the exam given over several days, the versions are built and scored with Item Response Theory, and every operational item has been calibrated for difficulty in advance. Items are the asset. Publishing a sitting would burn calibrated questions that the SOA reuses to keep versions comparable, so it does not.
The practical consequence for you: there is no back catalogue of retired P or FM sittings anywhere legitimate. Anything sold or shared as a "past Exam P" is either the official sample set repackaged, a third-party mock, or the pre-CBT paper exams from before the 2000s syllabus changes.
What to use instead for P, FM, FAM and SRM
1. The official sample question sets
These are the closest thing to past exams that exists, and the SOA says so in the P set's own preamble: some of the questions in the study note are taken from past SOA examinations, and the rest are written to represent the depth of understanding the exam requires. FreeFellow hosts every set free, interactively, with the worked solution shown alongside each item:
- Exam P: 654 SOA sample questions
- Exam FM: 456 SOA sample questions
- Exam FAM: 262 SOA sample questions
- Exam SRM: 66 SOA sample questions
Work them for calibration, not as your only drill. The distribution of sample questions by topic is not meant to mirror the exam blueprint, and SRM's 66 items in particular run out fast.
2. Volume from a full free bank
Once you have seen the official items, the rest is repetition against the blueprint. FreeFellow's banks are free with step-by-step solutions: Exam P, Exam FM, Exam FAM, and Exam SRM, each with a 12-question diagnostic that needs no account.
3. Timed practice exams
Nothing replaces sitting a full 30-question, 3-hour block (P and FM), 34 questions in 3.5 hours (FAM), or 35 questions in 3.5 hours (SRM) under the clock. Build the timed sessions from the bank rather than waiting for a paper that will not come.
What the pass rates say about the bar
The SOA publishes results by sitting. The most recent figures, each on the pass mark of average percent correct shown:
| Exam | Sitting | Wrote | Passed | Pass rate | Pass mark |
|---|---|---|---|---|---|
| P | May 2026 | 1,952 | 873 | 44.7% | 71% |
| P | January 2026 | 2,363 | 1,163 | 49.2% | 71% |
| FM | April 2026 | 1,650 | 805 | 48.8% | 71% |
| FAM | July 2025 | 1,341 | 765 | 57.0% | 60% |
| SRM | May 2026 | 1,550 | 1,050 | 67.7% | 63% |
Source: SOA percentage-results notices for each sitting. Two things stand out. P and FM require roughly 71% average correct to pass and clear fewer than half of candidates; FAM and SRM set a lower pass mark and pass a clear majority. Whichever exam you are on, the sample set plus a few thousand bank questions is the standard preparation, not a hunt for old papers.
Where the released exams live
- Exam PA: the SOA posts the project statement and model solution for recent sittings. Every released sitting from October 2023 through April 2026 is also on FreeFellow as a free graded walkthrough, and the Exam PA study guide covers the format.
- ALTAM and ASTAM: full written-answer papers with solutions for recent sittings on the SOA page, plus the official sample items hosted on FreeFellow with rubric point weights (ALTAM, ASTAM). The ALTAM study guide explains how the graders score.
- Fellowship exams: the ILA, RET, GH, GI, INV, CFE, ERM, QFI and CP track papers and solutions are on the SOA page, with sittings posted back to Fall 2022. FreeFellow does not cover the fellowship exams.
Frequently Asked Questions
Q: Does the SOA release past exams for Exam P or Exam FM? No. The SOA's Past Exams and Solutions page states that Exams P, FM, FAM and SRM will not be released. Both are computer-based, given in multiple versions per sitting, and scored with calibrated items the SOA reuses. Use the official sample question sets, which include some items taken from past examinations.
Q: Where can I find SOA past exams and solutions? On the SOA's Past Exams and Solutions page under syllabus and study materials. It lists Exam PA, ALTAM, ASTAM and the fellowship-track exams with papers and solutions posted for recent sittings. Anything not listed there is not available.
Q: Are the SOA sample questions the same as past exam questions? Partly. The Exam P sample set says in its preamble that some of the questions are taken from past SOA examinations, and the sets are written by the same committee to represent the depth the exam requires. They are the closest legitimate substitute, and FreeFellow hosts all 1,438 P, FM, FAM and SRM items free with worked solutions.
Q: How many SOA sample questions are there? 654 for Exam P, 456 for Exam FM, 262 for Exam FAM and 66 for Exam SRM as of 2026, plus 56 ALTAM and 20 ASTAM written-answer sample items. All are hosted free and interactively on FreeFellow.
Start With the Sample Sets
If you came here looking for a past Exam P, open the 654 official sample questions instead, then move to the full free bank. The same route works for FM, FAM and SRM. The paper you were searching for does not exist; the practice that passes the exam does, and it is free.