Which Actuarial Exam Should You Take First?
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 have even chosen a track. Exam P covers probability; Exam FM covers financial mathematics. Most candidates take whichever matches their current coursework, then the other.
If you are still deciding between the two societies at all, the SOA vs CAS path guide covers the industry difference, and the free SOA vs CAS sampler quiz lets you feel the question style from both tracks in ten questions.
The Full Actuarial Exam Order
The first two exams are shared. After that the SOA and CAS sequences diverge:
| 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 do not have to follow the later order rigidly. Candidates often sit SRM early because it is calculator-and-computer statistics rather than heavy theory. But P and FM come first for almost everyone.
Exam P vs Exam FM: Which of the Two First?
There is no wrong order. P and FM are independent, so pick by fit:
- Take Exam P first if you are coming out of a probability or calculus course, enjoy distribution theory, and want the exam that most resembles a math class. Exam P is three hours of multiple choice built on probability. See what Exam P covers.
- Take Exam FM first if you prefer interest theory, annuities, and bond math, and you are quick with a financial calculator. FM rewards speed and precision more than proofs. See what Exam FM covers.
Per-attempt pass rates sit at 47% for Exam P and 50% for Exam FM, and each recommends roughly 200 hr to 225 hr of study. Neither is a formality. For a realistic schedule, see how many hours to study for Exam P.
What Comes After P and FM
SOA path
Take FAM next. It blends short-term loss models with an introduction to life contingencies. Then take SRM for regression, generalized linear models, and statistical learning. From there 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.
CAS path
Take MAS-I next (probability models, statistics, and extended linear models), then MAS-II (credibility, linear mixed models, statistical learning, and time series). The two MAS exams overlap the SOA statistics material closely. If you want to see how much, read MAS-I vs Exam SRM. After MAS-II come the upper CAS exams (5 through 9) toward FCAS.
When to Sit Your First Exam
Sit as early as you can. There is no degree requirement to register for P or FM, and you do not need your VEE credits in place first. VEE is validated separately from the exams and can come later. Employers and internships weigh passed exams heavily, so one or two passes before you graduate is a strong signal.
How to Prepare for Free
Every actuarial exam bank on FreeFellow is free, with worked solutions and no signup to start. Take a free Exam P diagnostic to benchmark where you are, then work the full bank. The best free actuarial prep roundup lists what is available across P, FM, FAM, SRM, and the CAS exams.