SOA Exam P (Probability) is the first exam most future actuaries take. It's 30 multiple-choice questions in 3 hours, registration is $275, and there are no prerequisites. At the May 2026 sitting, 44.7% of candidates passed (1,952 wrote, 873 passed), after 49.2% in January 2026, and both sittings used a pass mark of 71% average correct. The rate has hovered around 45% historically, so more than half the people who sit it fail.
Exam P was my first actuarial exam. I took it the summer after my junior year, and it shaped how I think about exam prep. The material is approachable if you've had calculus, but the exam rewards speed and setting problems up correctly, not just knowing the formulas.
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| Exam P | |
|---|---|
| Given by | Society of Actuaries (SOA) |
| Format | Computer-based, multiple choice (5 choices) |
| Questions | 30 |
| Time | 3 hours |
| Pass rate | 44.7% at the May 2026 sitting, 49.2% in January 2026 (SOA) |
| Fee | $275 (SOA fee schedule, updated December 2025) |
| Calculator | TI-30XS MultiView, TI BA II Plus, or another model on the SOA's calculator list |
| When | At Prometric centers, in testing windows throughout the year |
Who takes it
Most candidates are college juniors or seniors majoring in math, statistics, actuarial science or another quantitative field, and some take it as early as sophomore year. Career changers from engineering, physics and economics often start here too. There are no formal prerequisites, so anyone with strong calculus and probability skills can try it.
Exam P and Exam FM together are the minimum most employers look for when hiring actuarial analysts. Insurers, consulting firms and reinsurers treat the pair as a sign that you're serious about the career.
What's on it and why people fail
The SOA splits Exam P into three areas:
- General probability (23% to 30%): set theory, combinatorics, conditional probability, Bayes' theorem, independence
- Univariate random variables (44% to 50%): discrete and continuous distributions (binomial, Poisson, normal, exponential, gamma, beta, uniform), expected value, variance, moment generating functions, transformations
- Multivariate random variables (23% to 30%): joint, marginal and conditional distributions, covariance, correlation, order statistics, convolutions
Insurance applications like deductibles, policy limits, loss models and expected claim costs come up within these areas. Every question is an applied problem, so the exam is testing whether you can set one up and solve it under time pressure. Plenty of candidates who know the material run out of time or set a problem up wrong, and that's most of why the pass rate sits in the mid-40s.
The SOA doesn't publish separate first-time and repeat pass rates for Exam P. First-timers probably pass at a slightly lower rate than the overall figure, since repeat takers who narrowly missed often pass on their second try.
How much to study
I'd budget 250 to 300 hours of study for Exam P. Math and statistics majors typically need 150 to 200 hours, and people with less probability background may need 300 to 350. A typical plan runs 10 to 14 weeks at 2 to 3 hours a day. Spend most of that time solving problems rather than reading, since candidates who pass usually work through 1,000 or more practice problems before exam day.
You register on the SOA website and pick your date and Prometric location. There's no degree, coursework or work experience requirement, which is why Exam P is the standard way into the profession.
You also don't need to spend hundreds of dollars on study materials. FreeFellow has 1,100+ free Exam P practice questions, organized by topic and three difficulty levels, each with a full solution, plus a free readiness score. Timed practice exams and focus practice on your weakest topics come with Fellow.