Take Exam P or Exam FM first. Both are jointly administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), neither has a prerequisite, and both count toward either society, so you can pass them before you've even picked a track. Exam P covers probability and Exam FM covers financial mathematics. Most candidates take whichever matches their current coursework, then the other.
If you're still deciding between the two societies, the SOA vs CAS path guide covers how the industries differ, and the free SOA vs CAS sampler quiz gives you ten questions in the style of both tracks.
The full exam order
The first two exams are shared, and after that the SOA and CAS sequences split:
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| Stage | SOA (life, health, pension) | CAS (property and casualty) |
|---|---|---|
| Start here (joint) | Exam P, then Exam FM | Exam P, then Exam FM |
| Next | FAM (Fundamentals of Actuarial Mathematics) | MAS-I (Modern Actuarial Statistics I) |
| Then | SRM (Statistics for Risk Modeling) | MAS-II (Modern Actuarial Statistics II) |
| Associate level | ATPA, PA, plus VEE and modules toward ASA | Exam 5, Exam 6, plus VEE toward ACAS |
| Fellowship | ALTAM or ASTAM and FSA specialty modules | Exams 7, 8, 9 toward FCAS |
You don't have to follow the later order strictly, and plenty of candidates sit SRM early because it's calculator-and-computer statistics rather than heavy theory.
Exam P or Exam FM first
There's no wrong order, since the two are independent, so pick by fit. Take Exam P first if you're coming out of a probability or calculus course, you like distribution theory, and you want the exam that feels most like a math class. It's three hours of multiple choice built on probability (what Exam P covers). Take Exam FM first if you'd rather do interest theory, annuities and bond math and you're quick with a financial calculator. FM rewards speed and precision more than proofs (what Exam FM covers).
Per-attempt pass rates are 47% for Exam P and 50% for Exam FM, and each takes roughly 200 hr to 225 hr of study, so neither one is a formality. For a realistic schedule, see how many hours to study for Exam P.
What comes after, and when to start
On the SOA path, FAM comes next and combines short-term loss models with an introduction to life contingencies. SRM follows, covering regression, generalized linear models and statistical learning. After that, the Associate requirements add PA, ATPA, the VEE credits and modules on the way to ASA, and Fellowship runs through ALTAM or ASTAM plus specialty modules.
On the CAS path, MAS-I comes next (probability models, statistics and extended linear models), then MAS-II (credibility, linear mixed models, statistical learning and time series), then the upper CAS exams (5 through 9) toward FCAS. The two MAS exams overlap the SOA statistics material closely, and MAS-I vs Exam SRM shows by how much.
Sit your first exam as early as you can. There's no degree requirement to register for P or FM, and you don't need your VEE credits in place first, since VEE is validated separately from the exams and can come later. Employers and internship recruiters weigh passed exams heavily, so one or two passes before you graduate is a strong signal.
Every actuarial bank on FreeFellow is free, with worked solutions. Start with the free Exam P diagnostic, which needs no signup, to see where you stand, then work through the full bank. The best free actuarial prep roundup lists what's available across P, FM, FAM, SRM and the CAS exams.