The SOA doesn't release past exams for P, FM, FAM or SRM. Its Past Exams and Solutions page says those four won't be released, and that if a past exam or solution isn't listed there, it isn't available. What the SOA does post is written-answer papers with solutions for Exam PA, ALTAM, ASTAM and the fellowship-track exams, plus sample question sets for P, FM, FAM and SRM. Those sample sets add up to 1,436 items, and FreeFellow hosts all of them free with worked solutions.

I passed the SOA preliminaries on my way to the FSA, and the wasted hour I see most often is a candidate hunting for an Exam P or FM paper that doesn't exist. Here's what's out there instead.

What the SOA releases, exam by exam

Exam Past exams released? What the SOA publishes instead
P (Probability) No 654 sample questions with solutions (hosted free)
FM (Financial Mathematics) No 454 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 says past exams up to five years old are available to candidates on request. That route is only for the written-answer exams, though, and the page excludes the four preliminaries from it outright.

The four aren't released because of how they're built. They're computer-based tests, and the SOA's own results notices explain the mechanics: each administration is several 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. Publishing a sitting would burn calibrated questions the SOA reuses to keep the versions comparable, so it doesn't. That means there's no back catalogue of retired P or FM sittings anywhere legitimate. Anything sold or shared as a "past Exam P" is the sample set repackaged, a third-party mock, or one of the pre-CBT paper exams from before the 2000s syllabus changes.

For the exams that are released, here's where to find them. The SOA posts the Exam PA project statement and model solution for recent sittings, and every released sitting from October 2023 through April 2026 is also on FreeFellow as a free graded walkthrough. The Exam PA study guide covers the format. ALTAM and ASTAM have full written-answer papers with solutions for recent sittings on the SOA page, and FreeFellow hosts the sample items with rubric point weights. The ALTAM study guide explains how the graders score. The ILA, RET, GH, GI, INV, CFE, ERM, QFI and CP track papers are on the SOA page back to Fall 2022, though FreeFellow doesn't cover the fellowship exams.

What to use instead for P, FM, FAM and SRM

The sample sets are the closest thing to past exams that exists, and the Exam P set says so in its own preamble: some of its questions are taken from past SOA examinations, and the rest are written to represent the depth of understanding the exam requires. FreeFellow has every set free, with the worked solution next to each item:

Use them to calibrate, not as your only practice. The topic mix in the sample sets isn't meant to match the exam blueprint, and SRM's 66 items run out fast.

After that it's volume against the blueprint. FreeFellow's banks are free with step-by-step solutions: Exam P, Exam FM, Exam FAM and Exam SRM, and each has a 12-question diagnostic you can take without an account.

Then sit full blocks under the clock: 30 questions in 3 hours for P, 30 in 2.5 hours for FM, 34 in 3.5 hours for FAM and 35 in 3.5 hours for SRM. Build the timed sessions from the bank rather than waiting for a paper that won't come.

Pass rates by sitting

The SOA publishes results for each sitting. Here are the most recent, with the pass mark shown as average percent correct:

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 2026 1,341 764 57.0% 60%
SRM May 2026 1,550 1,050 67.7% 63%

Source: SOA percentage-results notices for each sitting. P and FM need roughly 71% average correct and pass fewer than half of candidates. FAM and SRM set a lower pass mark and pass a clear majority. Whichever one you're on, the standard preparation is the sample set plus a few thousand bank questions.

If you came here looking for a past Exam P, open the 654 SOA sample questions and then move to the full free bank. The same route works for FM, FAM and SRM.