FreeFellow FAQ

FreeFellow is an exam prep library where the original practice question bank is free across every credential on the site: CFA Levels I to III, CPA (six sections), CFP, SOA & CAS actuarial (P, FM, FAM, SRM, PA, ALTAM, ASTAM, MAS-I, MAS-II, Exam 5, Exam 6U), CAIA Levels I and II, GARP FRM (Parts I and II), FINRA / NASAA Series (SIE, 6, 7, 79, 63, 65, 66), IRS Enrolled Agent (Parts 1, 2, 3), IMA CMA (Parts 1 and 2), and IIA CIA (Parts 1, 2, 3). Full access requires a free account and is subject to usage limits. FreeFellow is a CFA Institute Prep Provider.

Yes. The full original question bank, all 1,100+ lessons, formula sheets, mixed practice, and readiness scoring are free forever with no trial and no credit card. The optional Fellow tier ($39 per month or $79 per quarter per track; the $199 annual is Fellow Plus) adds timed mock exams, spaced-repetition flashcards, performance analytics, AI grading on Level III essays (5 attempts a day on Fellow; Fellow Plus removes that allowance, subject to grading rate and usage limits), and a personalized study plan.

The free tier is $0. Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. One subscription covers the available exams in one credential family. Prices shown are in USD. Regional INR pricing is available for eligible exam families in India. Choose your exam family on the pricing page to see its price. Firm Plan B2B licensing for organizations starts at $159 per seat per year.

Jeffrey Ting, FSA, CFA. Fellow of the Society of Actuaries and Chartered Financial Analyst. Built FreeFellow after paying four-figure prep fees for his own three CFA exams and three actuarial exams. Full bio at https://freefellow.org/founder/.

The founder paid four-figure prep fees for his own CFA and actuarial exams and built FreeFellow so the next cohort would not face the same wall. The marginal cost per candidate using the free question bank is small (database queries and bandwidth). The optional Fellow tier covers infrastructure.

FreeFellow. Across 40 finance exams, every original practice question is free with an account, subject to usage limits. Free accounts can access 300 different practice questions a week, with limits of 120 a day and 60 an hour. The weekly allowance resets on Monday at 00:00 UTC. Repeating a question within the same week does not use another question from the weekly allowance. Roughly 45,000+ original questions.

FreeFellow. The full original CFA question bank is free across all three levels and Level III pathways: 1,804 Level I questions, 2,337 Level II questions, 1,713 to 1,737 questions per Level III pathway. Public samples need no signup; the full bank needs an account and has usage limits. CFA Institute does not endorse, promote, review, or warrant FreeFellow products or services.

Public sample questions are browsable without an account at https://freefellow.org/free/. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. Free accounts can access 300 different practice questions a week, with limits of 120 a day and 60 an hour. The weekly allowance resets on Monday at 00:00 UTC. Repeating a question within the same week does not use another question from the weekly allowance.

Yes. Fellow members get instant AI grading on CFA Level III constructed-response essays (5 attempts a day on Fellow; Fellow Plus removes that allowance, subject to grading rate and usage limits) using the practice item's rubric and reference solution. The grader runs on Anthropic's Claude with a per-criterion verdict and qualitative notes. Free-tier candidates can use a copy-to-AI prompt builder to grade in their own ChatGPT or Claude at zero cost. CFA Institute does not endorse, promote, review, or warrant FreeFellow products or services.

The original question bank is syllabus-aligned and passes automated quality checks. The founder personally holds CFA and FSA. Every question includes a detailed step-by-step solution plus per-choice notes explaining why each distractor is wrong.

FreeFellow is a CFA Institute Prep Provider and a CAIA Association Preparatory Program Provider. These are specific contractual relationships for which neither CFA Institute nor CAIAA endorses, promotes, reviews, or warrants our products. FreeFellow is not affiliated with, sponsored by, or endorsed by the SOA, CFP Board, AICPA, IRS, GARP, or IMA.

FreeFellow includes attributed sample questions and licensed curriculum practice alongside its original question bank. FreeFellow does not reproduce CFA Institute mock exam questions, AICPA CPA exam questions, CFP Board exam questions, GARP FRM practice exam questions, or any other proprietary mock exam content. The original question bank is written by FreeFellow. FreeFellow also reproduces verbatim SOA-published sample questions (Exam P, FM, FAM, SRM, ALTAM, ASTAM) with attribution, and CFA Institute end-of-reading practice items under its CFA Prep Provider Agreement.

No. FreeFellow doesn’t promise a passing score. Any purchase benefit applies only on the terms shown with that offer.

FreeFellow's free program earnings lookup at https://freefellow.org/free/program-earnings/ covers every US accounting, finance, economics, and business program in the Department of Education's 2026 Program Performance Data: median earnings four years after completion, median federal student debt, and the applicable federal earnings benchmark, next to what the professional credential in that field costs and what surveys report its holders earn. No signup and no email gate.

The Department of Education publishes program earnings at four digits of the CIP code, and actuarial science is 52.1304, a six-digit code. It is pooled into 52.13 (Management Sciences and Quantitative Methods) alongside management science and business statistics, so no federal figure describes an actuarial program on its own. Exam progression is the more informative outcomes signal for an actuarial program; the free program earnings lookup at https://freefellow.org/free/program-earnings/ documents the rollup.

By total workload, the CFA. It's three levels and roughly 900 hours, and Level I pass rates have historically run around 40 to 45 percent. The CPA is broad across four sections, and the CFP is the most focused of the three. Your background changes how hard each one feels, but the CFA takes the most hours.

Source: CFA vs CFP vs CPA: Which Credential Is Right for You?

Pay depends more on the role than the letters. CFA charterholders in investment management and CPAs in senior accounting or finance roles tend to have the highest ceilings, and CFP earnings follow the advisory practice you build. Pick the credential that fits the career you want rather than the one with the highest average salary.

Source: CFA vs CFP vs CPA: Which Credential Is Right for You?

Yes, and some people do, but you rarely need all three. Most people pick the one that fits their path. Adding a second makes sense when your job spans investments, planning and accounting.

Source: CFA vs CFP vs CPA: Which Credential Is Right for You?

The one your current or target job needs. That's the CPA for accounting, audit and tax, the CFP for financial planning and advice, and the CFA for investment research and portfolio management.

Source: CFA vs CFP vs CPA: Which Credential Is Right for You?

Plan on roughly two to four years each. The CFA averages about 900 study hours across three levels, the CPA is four sections within a 30-month window once you pass your first one, and the CFP is one exam plus coursework and an experience requirement.

Source: CFA vs CFP vs CPA: Which Credential Is Right for You?

Most candidates find Level III the hardest because of the constructed-response format and the integrated portfolio management questions. Level I has the lowest pass rate, though, at about 43% (CFA Institute), because the candidate pool is large and the curriculum is broad.

Source: CFA Level I vs II vs III: Pass Rates, Difficulty & Hours

CFA Institute requires a minimum of 2 years, with exams offered in multiple windows per year. Most candidates take 2.5 to 4 years to pass all three levels once you count study time and retakes.

Source: CFA Level I vs II vs III: Pass Rates, Difficulty & Hours

The same 10 topic areas appear at all three levels, but the weights and depth change a lot. Level I tests breadth, Level II tests analytical application, and Level III tests portfolio management and synthesis.

Source: CFA Level I vs II vs III: Pass Rates, Difficulty & Hours

No. You have to pass the levels in order: Level I before you can register for Level II, and Level II before Level III.

Source: CFA Level I vs II vs III: Pass Rates, Difficulty & Hours

They're constructed-response questions where you write out your answers to vignette-based prompts. There are 11 essay sets worth 12 points each, mixed in with 11 item sets across two sessions, and the essays and item sets carry roughly equal weight (CFA Institute).

Source: CFA Level III Essay Strategy: How to Write for Maximum Points (2026)

CFA Institute graders use a published rubric for each question and give partial credit for correct calculations, justifications and supporting work. They're looking for specific concepts, not specific wording.

Source: CFA Level III Essay Strategy: How to Write for Maximum Points (2026)

Bullets when the command word is calculate, identify, list or determine. Short paragraphs when it's justify, explain or critique. Don't write five paragraphs when a three-bullet answer earns the same points in a third of the time.

Source: CFA Level III Essay Strategy: How to Write for Maximum Points (2026)

FreeFellow's free copy-to-AI prompt builder puts the scenario, the question, your answer and the rubric into one prompt you can paste into ChatGPT or Claude. Fellow adds AI grading in the platform that scores your answer against the question's rubric point by point, with five graded attempts a day, and Fellow Plus lifts that limit.

Source: CFA Level III Essay Strategy: How to Write for Maximum Points (2026)

Each essay set is worth 12 points, and the exam runs at about a minute a point, so plan on roughly 12 minutes per set. Stick to the budget. A question worth 8 minutes gets 8 minutes.

Source: CFA Level III Essay Strategy: How to Write for Maximum Points (2026)

CFA Institute publishes the new Level I curriculum each August, and it's effective for sittings from February of the following year. So the 2027 Level I curriculum starts with the February 2027 sitting, and candidates in the May 2027 and August 2027 windows study it too. If you're sitting in November 2026, you're still on the 2026 syllabus.

Source: CFA® Program Level I 2027 Syllabus: What Changed and How FreeFellow Updated

Mostly no. The 2026 to 2027 changes at Level I were structural (some readings renamed, split or merged) rather than wholesale rewrites. Time Value of Money, Equity Valuation, Fixed Income Pricing and Portfolio Management math are essentially the same year over year. If you studied the 2026 readings and you sit in 2027, spend your re-study time on Ethics and Standards (always worth a refresher), Quantitative Methods (a few new probability and machine learning readings) and any readings that were renamed or restructured, so you can find them in your study materials.

Source: CFA® Program Level I 2027 Syllabus: What Changed and How FreeFellow Updated

The biggest visible change is a new Introduction to Financial Data Science reading in Quantitative Methods. Several Ethics and Standards subtopics were reorganized. Equity Valuation now leads with the discounted dividend model before introducing free cash flow valuation. And the Learning Outcome Statements were renumbered, so third-party material that cites 2026 LOS numbers won't map cleanly to 2027.

Source: CFA® Program Level I 2027 Syllabus: What Changed and How FreeFellow Updated

It regenerated 102 lessons to match the CY2027 readings, remapped 95 of 107 concept flashcards to the new LO structure, and re-tagged the 1,245 practice questions it had then (the bank has since grown to about 1,800) with CY2027 LO keys through an alias map. Every CY2026 LO key has an explicit CY2027 successor or is marked as removed. Questions on concepts removed in CY2027 are kept but flagged, and question content didn't change where the underlying concept didn't. FreeFellow's material is meant to go alongside the CFA Institute curriculum, not replace it.

Source: CFA® Program Level I 2027 Syllabus: What Changed and How FreeFellow Updated

Yes. FreeFellow LLC is a CFA Institute Prep Provider with a current 2027 listing, and it's independent of CFA Institute. Among CFA Institute Prep Providers, FreeFellow is the only one offering its entire question bank free.

Source: CFA® Program Level I 2027 Syllabus: What Changed and How FreeFellow Updated

Set your exam date to the November 2026 sitting in FreeFellow and the app filters your Lessons list and question bank to the 2026 curriculum. Only one lesson is 2027-only and safe to skip: Introduction to Financial Data Science under Quantitative Methods, which the app hides once your date is set. Everything else carried over, roughly 95 percent of the material, so don't skip the rest. Two topics run the other way: Market Efficiency and GIPS were removed for 2027 but are still on your November 2026 exam, so give them a little extra time with your CFA Institute curriculum reading.

Source: CFA® Program Level I 2027 Syllabus: What Changed and How FreeFellow Updated

The FRM is the more direct fit. Hedge fund risk roles want someone who knows the risk categories and the modeling. The CFA helps as a second credential, but the FRM is the main one. If you also want to move into trading or portfolio management at the same fund, the CFA matters more.

Source: CFA vs FRM: Equity Research vs Risk Management (2026 Comparison)

Usually not. Equity research wants the CFA, and the FRM doesn't tell anyone much about how well you value companies. The exception is sell-side credit research, where the FRM can help.

Source: CFA vs FRM: Equity Research vs Risk Management (2026 Comparison)

The CFA is broader and longer, and the FRM is deeper but shorter. Exam for exam, CFA Level II is widely considered the hardest single exam in finance because of the volume and the vignette format, and FRM Part 1 is harder per question because it's so computational. Overall the CFA is harder because it takes 2 to 4 years of sustained work.

Source: CFA vs FRM: Equity Research vs Risk Management (2026 Comparison)

Yes, but be deliberate about it. Most FRM hiring happens inside large banks, so if you don't have a path to a bank role, the FRM is less directly useful than the CFA. Hedge funds, asset managers and consulting firms also value it, and it can help you get into risk roles at those firms.

Source: CFA vs FRM: Equity Research vs Risk Management (2026 Comparison)

You can register for both in the same window, but Part 2 is only scored if you pass Part 1. Most candidates take Part 1 in one window and Part 2 in the next. Some experienced quant professionals take both in the same window and pass.

Source: CFA vs FRM: Equity Research vs Risk Management (2026 Comparison)

Pay varies more by role and employer than by credential. CFA roles in asset management and hedge funds have a higher top end, and portfolio manager and hedge fund analyst pay can run to high six figures and beyond. FRM roles at large banks usually sit in a narrower $85,000 to $200,000 range with more stability. Both add to your pay at the margin.

Source: CFA vs FRM: Equity Research vs Risk Management (2026 Comparison)

It's been in the mid-40s percent range in recent years. It moves a few points each administration, so think of it as roughly 4 in 10 passing. That's usually higher than Level I, but most candidates consider Level II the most technically demanding of the three exams.

Source: How to Pass CFA Level II: 2026 Study Guide

CFA Institute surveys put average preparation near 300 hours, and that's what I tell candidates. Over 5 to 6 months that's about 12 to 15 hours a week. If your Level I was rusty or you're weak in accounting or quant, plan on more than 300.

Source: How to Pass CFA Level II: 2026 Study Guide

It's all item sets, also called vignettes. You read a case of a page or two with text, tables and exhibits, then answer 4 multiple-choice questions on it. There are about 22 vignettes, split into two sessions on one day.

Source: How to Pass CFA Level II: 2026 Study Guide

Financial Statement Analysis, Equity Investments and Fixed Income are consistently among the largest, along with Ethics. CFA Institute publishes the weights as ranges rather than fixed percentages, so check the current curriculum, but those four deserve most of your time.

Source: How to Pass CFA Level II: 2026 Study Guide

Most candidates find it harder, and so did I, even though the pass rate looks friendlier. Level I tests whether you recognize concepts. Level II tests whether you can apply them inside a case full of data you don't need, so memorizing without understanding doesn't hold up.

Source: How to Pass CFA Level II: 2026 Study Guide

It's generally been between 40 and 50 percent in recent years. The exact figure moves each administration, so treat any single number as an estimate rather than a fixed rate. CFA Institute publishes the results after each sitting.

Source: How to Pass CFA Level III (Private Wealth Pathway): 2026 Study Guide

Most candidates spend around 300 or more hours. If you're comfortable with the shared core from earlier levels, you may land near the low end. If the essay format or the private wealth material is new to you, plan on more and start earlier.

Source: How to Pass CFA Level III (Private Wealth Pathway): 2026 Study Guide

It combines the shared Level III core (asset allocation, portfolio construction, performance and ethics) with content on individual and family investors: after-tax investing, retirement and goals-based planning, behavioral finance and private wealth practice topics.

Source: How to Pass CFA Level III (Private Wealth Pathway): 2026 Study Guide

Level III has two question types: constructed-response (essay) questions and item sets, which are vignettes with multiple-choice questions. The essays ask you to write and, in some parts, to calculate and justify. Both count toward your score.

Source: How to Pass CFA Level III (Private Wealth Pathway): 2026 Study Guide

Level III candidates choose one of three pathways: Portfolio Management, Private Wealth or Private Markets. They all share a common core and Ethics, then split into specialized readings. Your choice doesn't change the credential you earn.

Source: How to Pass CFA Level III (Private Wealth Pathway): 2026 Study Guide

It's run near 50 percent in recent years, generally the highest of the three levels. That still means about half of a well-prepared group doesn't pass. Check CFA Institute for the exact figure from your sitting, since it moves a few points each window.

Source: How to Pass CFA Level III (Private Markets Pathway): 2026 Study Guide

Most candidates report around 300 hours, and CFA Institute survey averages have landed in that range across levels. If your quantitative or writing skills are rusty, plan on more. Spread it over four to six months so you have several weeks at the end for essay practice.

Source: How to Pass CFA Level III (Private Markets Pathway): 2026 Study Guide

The shared core (asset allocation, portfolio construction, performance, ethics and related topics) plus pathway content on private equity, private debt, real estate and infrastructure. You pick one pathway when you register, and it doesn't change the core material everyone studies.

Source: How to Pass CFA Level III (Private Markets Pathway): 2026 Study Guide

It's a one-day, computer-based exam split into two sessions. You get item sets (vignettes with multiple-choice questions) and constructed-response (essay) questions where you write or type your answers. The essays are what make Level III different from the first two levels.

Source: How to Pass CFA Level III (Private Markets Pathway): 2026 Study Guide

There's no evidence that one pathway is harder than the others. They share the same core and the same essay format. Pick the one that matches your work or interests, because motivation and familiarity matter more than any small difference in difficulty.

Source: How to Pass CFA Level III (Private Markets Pathway): 2026 Study Guide

Most charterholders start as a research or investment analyst, move into senior analyst or associate portfolio manager roles, and work toward portfolio manager, investment strategist or Chief Investment Officer. The charter is most valuable in asset management, equity research and investment management, where it's close to a baseline expectation.

Source: CFA Charterholder Salary and Career Path (2026)

It depends a lot on role and seniority. Early-career analysts start well below the charterholder median, while senior portfolio managers and CIOs sit in the top decile. The sourced entry, median and top-decile figures are in the post above, drawn from the CFA Institute compensation study.

Source: CFA Charterholder Salary and Career Path (2026)

The charter goes along with higher pay, and the effect is largest in investment roles (asset management, research, portfolio management) where it signals technical depth. The further a role is from portfolio decisions, the smaller the premium. It works as a signal over a whole career more than as an immediate raise.

Source: CFA Charterholder Salary and Career Path (2026)

Passing the three levels usually takes two to four years, and you also need qualified investment work experience, which can come before, during or after the exams. Most candidates earn the charter three to four years after starting Level I.

Source: CFA Charterholder Salary and Career Path (2026)

For a career in asset management, equity research or portfolio management, the charter pays for itself many times over, especially if you prepare with free materials. For roles outside investment management, the return is smaller. The Finance Credential ROI Map has the full cost-versus-pay comparison.

Source: CFA Charterholder Salary and Career Path (2026)

More than one overall percentage. At a minimum they should show accuracy by topic, by Learning Outcome and by difficulty, with a trend over time so you can see whether a weak topic is improving. The most useful level is the likely error behind each miss, because it gives you something specific to check against your working and a fresh question, instead of just a topic to reopen.

Source: What Your CFA Practice Analytics Should Tell You (2026)

A topic score like "55% in Fixed Income" tells you where you've been missing but not why. Fixed Income covers duration, credit, yield measures and securitization. If your misses cluster on one convention, rereading the whole topic is a slow way to fix it. You need some idea of the error behind each miss, then a look at your working to confirm it.

Source: What Your CFA Practice Analytics Should Tell You (2026)

The CFA Institute Learning Ecosystem, included with registration, has topic-level assessments and progress tracking, and it's worth using. For targeted practice and more detail on each miss, you can add a separate question bank that reports accuracy by Learning Outcome and difficulty.

Source: What Your CFA Practice Analytics Should Tell You (2026)

The readiness score is free. Fellow adds analytics by topic, Learning Outcome and difficulty with trends over time, and focus practice aimed at your weakest topics. Fellow Plus adds Common traps, which matches your wrong answers to the misunderstanding each wrong choice was written around, shows the ones you keep picking, and lets you drill them. The label is what the choice was written to catch, so check it against your own working.

Source: What Your CFA Practice Analytics Should Tell You (2026)

Four. Everyone takes the three Core sections (AUD, FAR and REG), and you choose one Discipline section (BAR, ISC or TCP).

Source: CPA Exam Structure 2026: Core + Discipline Sections Guide

75 on a 0 to 99 scale in each section. You have to pass all four within a 30-month rolling window that starts from your first passing score.

Source: CPA Exam Structure 2026: Core + Discipline Sections Guide

It depends on how many hours a week you can study and which Discipline you choose. The table in this guide gives a planning estimate for each section, so add your three Core sections to your Discipline and divide by your weekly hours.

Source: CPA Exam Structure 2026: Core + Discipline Sections Guide

I'd usually go FAR first, since it's the hardest and you want to hit it with the most energy, then AUD, then REG, with your Discipline section last. Some people start with their strongest section to lock in a pass early, and that works too.

Source: CPA Exam Structure 2026: Core + Discipline Sections Guide

Four. Everyone takes the three Core sections (AUD, FAR and REG), plus one Discipline section of their choice (BAR, ISC or TCP).

Source: What Is the CPA Exam? Certified Public Accountant Exam Overview

At least 75 on each section, on a scale of 0 to 99 (AICPA).

Source: What Is the CPA Exam? Certified Public Accountant Exam Overview

You have to pass all four sections within a 30-month rolling window. The clock starts when you get your first passing score, and if a section expires before you finish, you have to retake it (AICPA).

Source: What Is the CPA Exam? Certified Public Accountant Exam Overview

It varies a lot by section. AICPA's 2024 to 2025 rates run from about 42% for BAR and 43% for FAR, through 50% for AUD and 64% for REG, to 68% for ISC and 78% for TCP. FAR has the lowest pass rate of the Core sections.

Source: What Is the CPA Exam? Certified Public Accountant Exam Overview

Yes. A common approach that works is to start with FAR, the hardest Core section, while your study energy is highest.

Source: What Is the CPA Exam? Certified Public Accountant Exam Overview

Roughly half of AUD attempts pass. The AICPA posts current quarterly and annual pass rates for every section on its CPA exam pass rates page, so check there for the latest figure.

Source: CPA AUD Study Guide (2026)

78 multiple-choice questions and 7 task-based simulations, in a 4-hour sitting.

Source: CPA AUD Study Guide (2026)

There's no fixed number. I'd plan on about eight weeks of steady study, and the guide above gives my hour estimate. If you've worked in audit, you may need less.

Source: CPA AUD Study Guide (2026)

The AICPA blueprint gives the most weight to evidence and procedures (30 to 40%), then risk assessment (25 to 35%). Within those, I'd prioritize the audit risk model, types of audit evidence and internal controls, plus the four audit opinions (unmodified, qualified, adverse and disclaimer).

Source: CPA AUD Study Guide (2026)

You can take the sections in any order. I like FAR before AUD because the two overlap on financial statement concepts, so taking them back to back helps, but that's a study choice, not a requirement.

Source: CPA AUD Study Guide (2026)

7, spread across three simulation testlets, alongside 50 multiple-choice questions in two testlets (AICPA Blueprint, effective January 2026). The simulations count for about 50% of the scaled FAR score.

Source: CPA FAR Task-Based Simulations 2026: 7 TBS, 50% of Score

Cell-fill (entering numbers or text into a grid), document review (keeping or replacing options in a draft document) and journal entry preparation. Most FAR simulations are cell-fill tasks on consolidation, accruals or financial statement preparation. There's no citation lookup anymore. FAR still tests applied research, where a simulation gives you excerpts from the FASB Codification and you use them to work out the answer.

Source: CPA FAR Task-Based Simulations 2026: 7 TBS, 50% of Score

Each simulation has several sub-items (cells, document options or journal entry rows), and each one is scored right or wrong against a model answer. Numbers get a tolerance band, typically rounding to whole dollars. The 7 simulations make up roughly half the scaled score, so every sub-item carries real weight.

Source: CPA FAR Task-Based Simulations 2026: 7 TBS, 50% of Score

FAR gives you 4 hours in total. A common plan is 18 to 20 minutes per simulation (about 2 hours for all 7) and 45 to 60 seconds per multiple-choice question. Practice both under timed conditions before you sit, since a lot of candidates' pacing falls apart the first time they see a real simulation under pressure.

Source: CPA FAR Task-Based Simulations 2026: 7 TBS, 50% of Score

Yes. There are 46 FAR simulations with cell-fill grading in the AICPA format: supporting documents, journal-entry-style data entry and a verdict on each cell. The first one, a business-combination consolidation, is a free preview. Sign in with a free account, open FAR, choose Browse simulations and filter the list to Free preview. You can work, submit and score it without paying. The other 45 are part of Fellow (monthly or quarterly per track) and the annual Fellow Plus plan, and buying a single mock exam also opens the simulations in that form once you start the mock. Multiple-choice practice and lessons stay free. Current prices and billing options are on the pricing page.

Source: CPA FAR Task-Based Simulations 2026: 7 TBS, 50% of Score

Service cost, interest cost, expected return on plan assets (a credit), amortization of prior service cost, and amortization of net gain or loss. The formula is NPPC equals SC plus IC minus ER plus APSC plus or minus AGL.

Source: Net Periodic Pension Cost (NPPC): Components and a Worked Example

Since ASU 2017-07 took effect in 2018, only service cost is presented in operating income. The other four components (interest cost, expected return, amortization of prior service cost and amortization of gain or loss) go below operating income, usually on a non-operating or other income/expense line.

Source: Net Periodic Pension Cost (NPPC): Components and a Worked Example

The projected benefit obligation (PBO) measures the pension liability using projected future salaries. The accumulated benefit obligation (ABO) uses current salaries, with no projection. The PBO is what NPPC uses under ASC 715, and the ABO is used for minimum-funding tests and certain disclosures.

Source: Net Periodic Pension Cost (NPPC): Components and a Worked Example

Funded status is the fair value of plan assets minus the projected benefit obligation. Positive means the plan is overfunded and negative means it's underfunded. Under ASC 715-20 the funded status is recognized on the balance sheet.

Source: Net Periodic Pension Cost (NPPC): Components and a Worked Example

Lightly, under the current blueprint. The AICPA FAR blueprint effective January 2026 has three areas, Financial Reporting (30-40%), Select Balance Sheet Accounts (30-40%) and Select Transactions (25-35%), and none of its representative tasks covers pension cost. Pension items still come up when a question asks which items belong in other comprehensive income.

Source: Net Periodic Pension Cost (NPPC): Components and a Worked Example

UWorld is the number two CPA prep brand behind Becker, and its question bank with visual explanations has a strong following. It sells four-section packages, so check its CPA course page for the current price and access terms. It's worth it if your employer reimburses you, if you learn well from visual explanations and video, or if you want the pass-guarantee tier. It's harder to justify out of pocket on a tight budget.

Source: FreeFellow vs UWorld CPA: 2026 Comparison

Use AICPA's free sample tutorial and the Blueprints plus a free or low-cost question bank. FreeFellow's free tier covers 1,440 FAR multiple-choice questions plus full banks for AUD, REG, BAR, ISC and TCP for $0, with no trial and no credit card. Fellow is billed monthly or quarterly per track and adds task-based simulations, mocks and analytics. The annual plan is Fellow Plus, which also includes lesson audio, Common traps, the readiness deep-dive and debriefs for supported mock exams. Current prices are on the pricing page.

Source: FreeFellow vs UWorld CPA: 2026 Comparison

UWorld has the larger and more polished simulation bank, with broad coverage across all four sections and years of refinement. FreeFellow had more than 200 task-based simulations across all six CPA sections (46 for FAR) as of October 2026, graded in the AICPA format with tolerance bands and per-cell verdicts. The bigger gap is format: FreeFellow's simulations are cell-fill and dropdown tasks, and it doesn't have document review or journal entry simulations yet, which UWorld does. If you need that full range, UWorld is the stronger product today.

Source: FreeFellow vs UWorld CPA: 2026 Comparison

Yes. Plenty of candidates pass with a free or low-cost question bank plus the AICPA Blueprints and AICPA's free sample tutorial. What predicts passing is doing 2,000 to 3,000 multiple-choice questions per section and practicing simulations under timed conditions, not which provider you used.

Source: FreeFellow vs UWorld CPA: 2026 Comparison

Some candidates do. They use UWorld for the visual explanations and the simulation bank, then work through FreeFellow's free bank for extra volume and use the readiness score as a second opinion. That makes sense if your employer pays for UWorld. If you're paying yourself, FreeFellow Fellow Plus plus the AICPA Blueprints covers the multiple-choice side, but its simulations don't cover every item type UWorld's do yet.

Source: FreeFellow vs UWorld CPA: 2026 Comparison

Becker has been around since 1957, and its Premium package lists more than 400 task-based simulations. Its CPA course page lists Advantage at $2,499 for all four sections with 24 months of access and Premium at $3,099 with unlimited access (checked October 3, 2026). It's worth it if your employer reimburses you, if you want more simulation practice and formats than FreeFellow has, or if you learn best from video. It's harder to justify out of pocket on a tight budget.

Source: FreeFellow vs Becker CPA: 2026 Comparison

Use AICPA's free sample tutorial, the AICPA Blueprints and a free or low-cost question bank. FreeFellow's free tier covers 1,440 FAR multiple-choice questions plus AUD, REG, BAR, ISC and TCP. Fellow is billed monthly or quarterly per track and adds task-based simulations, mocks and analytics. The annual plan is Fellow Plus, which also includes lesson audio, Common traps, the readiness deep-dive and debriefs for supported mock exams. Outside AICPA exam fees you can spend $0 if you stick to free resources. Current prices are on the pricing page.

Source: FreeFellow vs Becker CPA: 2026 Comparison

Becker's bank is larger: its Premium package lists more than 400 task-based simulations. FreeFellow had more than 200 across all six CPA sections (46 for FAR) as of October 2026, with cell-fill grading in the AICPA format, tolerance bands and per-cell verdicts. The bigger gap is format: FreeFellow doesn't have document review or journal entry simulations yet. If you need that full range, Becker is the right product today.

Source: FreeFellow vs Becker CPA: 2026 Comparison

Yes. Becker isn't required, and other courses like Surgent, UWorld and Gleim, as well as free and low-cost options, all work from the same AICPA Blueprints. Whatever you use, work through a full multiple-choice bank for each section, do simulations under timed conditions, review every miss, and take AICPA's free sample tutorial so the exam interface isn't new on test day.

Source: FreeFellow vs Becker CPA: 2026 Comparison

Some candidates do. They use Becker for the teaching and the simulation bank, then work through FreeFellow's free bank for more multiple-choice practice and use the readiness score as a second opinion. That makes sense if your employer pays for Becker. If you're paying yourself, Fellow Plus covers the multiple-choice side and the cell-fill simulations, and the AICPA Blueprints and free sample tutorial fill in the exam format. The simulation gap is real, though, and you should know about it.

Source: FreeFellow vs Becker CPA: 2026 Comparison

In AICPA's published pass rates for calendar 2025 and the first half of 2026, fewer than half of FAR attempts passed, the lowest of the three CPA core sections (AICPA).

Source: Why CPA FAR Has the Lowest Pass Rate (and How to Beat It)

Three reasons. The syllabus is wider (for-profit and not-for-profit GAAP, SEC reporting for public companies and the basic governmental concepts), task-based simulations carry roughly 50 percent of the score, and the 4-hour test length punishes pacing mistakes.

Source: Why CPA FAR Has the Lowest Pass Rate (and How to Beat It)

FAR usually takes more study time than any other CPA section. The 4-month plan in this post assumes about 10 to 15 hours a week. If you're changing careers or haven't taken intermediate accounting recently, plan for more.

Source: Why CPA FAR Has the Lowest Pass Rate (and How to Beat It)

I'd take FAR first. It has the broadest syllabus and the heaviest TBS load, and it benefits the most from fresh study energy and a full 30-month credit window.

Source: Why CPA FAR Has the Lowest Pass Rate (and How to Beat It)

TBS items give you source documents (a trial balance, a contract excerpt, prior-year financial statements) and ask you to fill in journal entries or financial statement line items. They count for roughly half your FAR score.

Source: Why CPA FAR Has the Lowest Pass Rate (and How to Beat It)

Yes. The EA lets you represent clients before the IRS, and many small tax practices and solo preparers work with only the EA. The CPA opens more doors (Big 4 tax, corporate tax departments, complex tax structures), but you don't need it to practice tax.

Source: CPA vs EA vs CMA: Which Accounting Credential for Which Job (2026)

It depends on your role. In FP&A, management accounting or corporate finance, the CMA adds a recognized credential in that area. In public accounting, audit or tax, it adds little, and many CPAs in industry skip it.

Source: CPA vs EA vs CMA: Which Accounting Credential for Which Job (2026)

BAR for corporate finance, FP&A, controller and public company reporting paths. TCP for tax-focused roles like Big 4 tax, corporate tax or a tax practice. ISC for IT audit, SOC work or accounting roles close to cybersecurity. BAR is the broadest and the most common pick.

Source: CPA vs EA vs CMA: Which Accounting Credential for Which Job (2026)

The EA takes 6 to 12 months including study time, and the CMA takes 12 to 18 months. The CPA takes 12 to 24 months from your first section to your fourth, plus 1 to 2 years of experience.

Source: CPA vs EA vs CMA: Which Accounting Credential for Which Job (2026)

All three require continuing education to keep them. The CPA needs 40 hours a year (varies by state), the EA needs 72 hours every 3 years, and the CMA needs 30 hours a year, including 2 hours of ethics.

Source: CPA vs EA vs CMA: Which Accounting Credential for Which Job (2026)

The CPA leads to the widest range of careers, so its ceiling depends on where you go: Big 4 partner, corporate controller or public company CFO. The EA's ceiling is lower, since most EAs run small tax practices or work at mid-sized tax firms. The CMA's ceiling is similar to the CPA's in corporate finance, with less upside in public accounting.

Source: CPA vs EA vs CMA: Which Accounting Credential for Which Job (2026)

Cumulative pass rates published by the AICPA have recently been in the mid-60s percent for REG, the highest of the three Core sections. The number moves every quarter, so I'd plan around that range rather than any single quarter.

Source: How to Pass CPA REG (Regulation): 2026 Study Guide

I'd budget 100 to 160 hours. If you've had a recent tax course or work in tax, you'll probably land near the low end. If you haven't touched federal tax since undergrad, plan for the high end, with extra time on individual taxation and property transactions.

Source: How to Pass CPA REG (Regulation): 2026 Study Guide

Five areas: Ethics, Professional Responsibilities, and Federal Tax Procedures; Business Law; Federal Taxation of Property Transactions; Federal Taxation of Individuals; and Federal Taxation of Entities. The three federal tax areas make up most of the score.

Source: How to Pass CPA REG (Regulation): 2026 Study Guide

Four hours. You get 72 multiple-choice questions across two MCQ testlets and 8 task-based simulations across three TBS testlets, plus a standardized 15-minute break that doesn't count against exam time.

Source: How to Pass CPA REG (Regulation): 2026 Study Guide

FAR covers more material, but REG tests narrower rules with more precision, and that's what makes it tough. Once you can work basis, depreciation recapture and partnership distributions comfortably under time pressure, REG gets a lot more manageable.

Source: How to Pass CPA REG (Regulation): 2026 Study Guide

NINJA is the budget-friendly name in CPA prep, built around the Another71 community and a month-to-month subscription. Its FAQ lists Supplement at $67 per month and Full Course at $87 per month (checked September 7, 2026). The full-course comparison here uses the $87 plan, so check the package details for included materials and section access. It's worth it if you want a complete standalone course at a low monthly price and you study fast enough to keep the subscription short. It's harder to justify if you study slowly over many months, since the monthly fee keeps running.

Source: FreeFellow vs NINJA CPA: 2026 Comparison

Use AICPA's free sample tutorial and the Blueprints plus a free or low-cost question bank. FreeFellow's free tier covers more than 1,400 FAR multiple-choice questions plus full banks for AUD, REG, BAR, ISC and TCP for $0, with no trial and no credit card. Fellow is billed monthly or quarterly per track and adds task-based simulations, mocks, flashcards and analytics. The annual plan is Fellow Plus, which also includes lesson audio, Common traps, the readiness deep-dive and debriefs for supported mock exams. NINJA is inexpensive for a paid course but is still a recurring subscription. Current prices are on the pricing page.

Source: FreeFellow vs NINJA CPA: 2026 Comparison

FreeFellow's free tier is $0 and includes the full multiple-choice banks for all six CPA sections. NINJA's FAQ lists Full Course at $87 per month and Supplement at $67 per month (checked September 7, 2026). If you finish quickly, NINJA's total can be modest, but over six to twelve months it adds up. FreeFellow Fellow Plus is billed annually per track, and you'd renew if you study past the paid year. Current prices are on the pricing page.

Source: FreeFellow vs NINJA CPA: 2026 Comparison

NINJA has the bigger bank and a full video library: 8,200-plus multiple-choice questions, 340-plus simulations across all item types and 300-plus hours of video lectures. FreeFellow has more than 1,400 FAR questions plus full banks for the other five sections, more than 200 task-based simulations across all six sections (46 for FAR, as of October 2026), and written lessons but no video. NINJA is ahead on volume and video, and FreeFellow is ahead on free access and a modern study app.

Source: FreeFellow vs NINJA CPA: 2026 Comparison

Some candidates do. A reasonable setup is to work through FreeFellow's free banks for volume and use the readiness score as a second opinion, then lean on NINJA's video and NINJA Notes for topics you're seeing for the first time. If you're paying yourself and watching cost, FreeFellow's free tier plus the AICPA Blueprints covers the multiple-choice side, and Fellow Plus adds mocks and analytics for a fixed annual price.

Source: FreeFellow vs NINJA CPA: 2026 Comparison

You can do most of your preparation with free materials, but plan multiple-choice and simulation practice together, since your section score combines both. Free question banks cover multiple-choice practice for all six sections with worked solutions. Free simulation practice is thinner. The AICPA sample test has six simulations and shows you the exam interface, but you'll probably want a low-cost simulation source for more volume.

Source: Best Free CPA Study Materials 2026 (Ranked)

FreeFellow has more than 7,000 free CPA practice questions across all six sections (AUD, FAR, REG, BAR, ISC and TCP), each with a step-by-step solution. The full bank is free with an account, with no trial period or credit card and subject to practice usage limits, while Becker, UWorld and the other commercial reviews only offer time-limited free trials.

Source: Best Free CPA Study Materials 2026 (Ranked)

Yes. The AICPA publishes a free sample test that runs in the same software you'll see at Prometric. It's a single test with items from several sections rather than one per section, with ten multiple-choice questions and six task-based simulations, so it's more useful for learning the interface than for volume. Take it before your first section.

Source: Best Free CPA Study Materials 2026 (Ranked)

A common order is FAR first, since it's the broadest and benefits from fresh coursework, then AUD or your chosen discipline (BAR, ISC or TCP), with REG wherever your tax knowledge is strongest. Your state board sets how long each passed section stays valid while you pass the rest, so check its rule and start with the section you can prepare for most fully.

Source: Best Free CPA Study Materials 2026 (Ranked)

The AICPA's published pass rates put FAR at 42.12% for 2025, the lowest of the three core sections. Half the score comes from task-based simulations, so practice them alongside multiple choice rather than leaving them for the end.

Source: Free CPA FAR Practice Questions 2026: 1,400+ With Solutions

FAR is a 4-hour exam split across five testlets: two multiple-choice testlets and three testlets of task-based simulations. Roughly half your scaled score comes from multiple choice and half from simulations, so both halves need real practice time.

Source: Free CPA FAR Practice Questions 2026: 1,400+ With Solutions

There isn't a set number. Work through every FAR topic, and review each miss until you can do the calculation yourself. FreeFellow has more than 1,400 FAR questions across every topic area at three difficulty levels. Practice task-based simulations too, since they're half the score.

Source: Free CPA FAR Practice Questions 2026: 1,400+ With Solutions

I'd plan extra time for consolidations and the statement of cash flows. The blueprint expects you to prepare both from supporting documents and correct errors in them, which is the kind of work the simulations ask for. After that, your accuracy by topic shows where you're weakest.

Source: Free CPA FAR Practice Questions 2026: 1,400+ With Solutions

Recent AICPA data puts BAR in the low 40% range, usually the lowest of the three Discipline sections. Rates move a few points from period to period, so treat any single quarter's figure as an estimate.

Source: How to Pass CPA BAR (Business Analysis and Reporting): 2026 Study Guide

Most candidates need roughly 130 to 180 hours. Business Analysis is quantitative and takes time, so I'd put more of your hours into ratio analysis, variance analysis and financial modeling instead of spreading them evenly.

Source: How to Pass CPA BAR (Business Analysis and Reporting): 2026 Study Guide

Three areas: Business Analysis (40 to 50%), Technical Accounting and Reporting (35 to 45%), and State and Local Governments (10 to 20%). Expect financial statement analysis, revenue recognition, leases, derivatives, business combinations and governmental accounting.

Source: How to Pass CPA BAR (Business Analysis and Reporting): 2026 Study Guide

It's a 4-hour section built from 5 testlets: two multiple-choice testlets with about 50 questions in total and three task-based simulation testlets with about 7 simulations. Scores are scaled from 0 to 99, and you need 75 to pass.

Source: How to Pass CPA BAR (Business Analysis and Reporting): 2026 Study Guide

By pass rate, yes. BAR has generally trailed ISC and TCP. It combines dense technical accounting with quantitative business analysis, and a lot of candidates find the volume and the simulations tough.

Source: How to Pass CPA BAR (Business Analysis and Reporting): 2026 Study Guide

AICPA cumulative pass rates for ISC climbed from the high 50s in 2024 to the high 60s in 2025, second only to TCP among the three Discipline sections. They move by quarter, so treat any single number as a snapshot rather than a guarantee.

Source: How to Pass CPA ISC (Information Systems and Controls): 2026 Study Guide

Most candidates budget about 80 to 120 hours. With a hands-on IT audit or security background you can land near the low end. If the material is new to you, plan for the high end and spread it over 6 to 9 weeks.

Source: How to Pass CPA ISC (Information Systems and Controls): 2026 Study Guide

Three areas: Information Systems and Data Management; Security, Confidentiality and Privacy; and Considerations for System and Organization Controls (SOC) Engagements. The first two carry the most weight. SOC engagements is the smallest area, but it packs in a lot of concepts.

Source: How to Pass CPA ISC (Information Systems and Controls): 2026 Study Guide

ISC is a 4-hour section of multiple-choice questions and task-based simulations. The multiple-choice questions count for 60% of your score and the simulations for 40%, the only CPA section not split 50/50. There's no written communication component.

Source: How to Pass CPA ISC (Information Systems and Controls): 2026 Study Guide

It depends on your background. ISC suits candidates who are comfortable with IT general controls, security concepts and SOC reporting more than heavy calculation. Its pass rate runs below TCP's and well above BAR's, but that reflects who chooses each section as much as the content. If your background is technology or audit, ISC is usually the most natural pick.

Source: How to Pass CPA ISC (Information Systems and Controls): 2026 Study Guide

The AICPA publishes section pass rates every quarter. In the first year of CPA Evolution, TCP was among the higher Discipline sections, generally in the upper half of the pass-rate range across sections. It moves, so check the current quarterly release rather than relying on an old number.

Source: How to Pass CPA TCP (Tax Compliance and Planning): 2026 Study Guide

Most candidates spend about 120 to 160 hours. If your day job isn't in tax, budget toward the top of that range, because the entity and property-transaction material moves quickly and the simulations expect you to compute, not just recognize.

Source: How to Pass CPA TCP (Tax Compliance and Planning): 2026 Study Guide

Individual tax compliance and personal financial planning, entity tax compliance for C corporations, S corporations and partnerships, entity tax planning, and property transactions (gains, losses and basis). It's the tax-heavy Discipline of the three.

Source: How to Pass CPA TCP (Tax Compliance and Planning): 2026 Study Guide

TCP is a single 4-hour section with roughly 68 multiple-choice questions and 7 task-based simulations, split across five testlets. The two formats count about equally toward your score.

Source: How to Pass CPA TCP (Tax Compliance and Planning): 2026 Study Guide

They overlap, but they aren't the same. REG, a Core section, covers business law and broad taxation. TCP goes deeper into tax planning and entity mechanics and assumes you already have the foundation REG builds. If you passed REG recently, TCP feels like an extension rather than a fresh start.

Source: How to Pass CPA TCP (Tax Compliance and Planning): 2026 Study Guide

In public accounting, the ladder runs staff, senior, manager, senior manager, partner. In industry, CPAs move from staff accountant to senior accountant to accounting manager or controller, and some reach CFO. The license gets you in, and it's what separates people on the partner and controller tracks.

Source: CPA Salary and Career Path (2026)

It depends a lot on track and location. Entry-level staff accountants start modestly, mid-career managers and controllers earn well into six figures, and partners and industry CFOs sit in the top decile. The sourced entry, median and top-decile figures are in the post above.

Source: CPA Salary and Career Path (2026)

Yes. Salary guides consistently put the CPA premium at roughly 5 to 15 percent over unlicensed peers in the same role, and the license is effectively required for the partner track in public accounting and for many controller and CFO jobs in industry.

Source: CPA Salary and Career Path (2026)

Audit manager, tax manager, controller, forensic accountant and CFO on the industry track, plus government and advisory roles. The CPA is the most widely recognized accounting credential in the US, which is why it opens the most doors.

Source: CPA Salary and Career Path (2026)

For a career in public accounting or corporate accounting and finance, yes. The license is close to mandatory for the senior jobs, and its premium compounds over a career. The Finance Credential ROI Map compares its cost and pay against other credentials.

Source: CPA Salary and Career Path (2026)

Discipline sections (BAR, ISC, TCP) get one target release date per testing window. Before July 2027, Core sections (AUD, FAR, REG) get the target date paired with the first received-by cutoff your exam data file makes. From July 12, 2027, Core sections move to testing windows too, each with one target date. All dates are subject to change.

Source: CPA Exam Dates 2027: Testing Windows and Score Release Dates

The exam moves to a new technology delivery platform with a new user interface. There's no testing from July 1 to 11, 2027, and testing restarts July 12. The AICPA's adjusted schedule, published through June 2028, offers Core sections in four testing windows instead of continuously, each with one target release date.

Source: CPA Exam Dates 2027: Testing Windows and Score Release Dates

Before July 2027, Discipline sections are offered only in the first month of each quarter and scored in one batch after the window closes. Core cutoffs come about every three weeks. If a credit deadline depends on a Discipline score, check your state board's rules first. From July 12, 2027, both run on testing windows.

Source: CPA Exam Dates 2027: Testing Windows and Score Release Dates

Your exam can't be scored until the AICPA receives your file from Prometric, the company that administers the exam. Before July 2027, the Core cutoffs refer to when that file arrives, not the day you sat, so leave a buffer before the cutoff you're aiming for. From July 12, 2027, what matters is which testing window you sit in.

Source: CPA Exam Dates 2027: Testing Windows and Score Release Dates

Not as of September 2026. The AICPA publishes the schedule in batches and has now extended it through the April 1 to June 15, 2028 Core window (releasing June 27, 2028) and the April 2028 Discipline window (releasing June 16, 2028). Later dates will come in a future update, and every published date carries an explicit "all dates are subject to change" caveat.

Source: CPA Exam Dates 2027: Testing Windows and Score Release Dates

It's a CFP Board program that lets holders of certain professional credentials or degrees skip most of the seven-course CFP education requirement. The Board treats the qualifying credential as evidence you've already learned the material, so you get to the exam sooner. It waives coursework, not the exam.

Source: The CFP Accelerated Path: Which Credentials Skip the Coursework (2026)

Nine qualify as of 2026: Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), Certified Investment Management Analyst (CIMA), Chartered Financial Consultant (ChFC), Chartered Life Underwriter (CLU), a licensed attorney, a Doctor of Business Administration, a PhD in financial planning, finance, business administration or economics, and a CFP certification earned outside the U.S. through an FPSB affiliate. Confirm your eligibility with the CFP Board before you rely on it.

Source: The CFP Accelerated Path: Which Credentials Skip the Coursework (2026)

Yes. The CFP Board added the Certified Investment Management Analyst (CIMA) certification on April 17, 2026. CIMA holders still complete the Capstone course and need a bachelor's degree.

Source: The CFP Accelerated Path: Which Credentials Skip the Coursework (2026)

No. It waives most of the education coursework only. You still pass the CFP exam, complete the Capstone course (or the Capstone Alternative if you qualify), hold a bachelor's degree, meet the experience requirement and satisfy the ethics requirement.

Source: The CFP Accelerated Path: Which Credentials Skip the Coursework (2026)

The standard CFP education program runs roughly $4,000 to $15,000 depending on the provider. The Accelerated Path removes it for qualifying candidates, so what's left is mainly the exam fee, the Capstone and study materials. Free prep keeps the study materials cost at zero.

Source: The CFP Accelerated Path: Which Credentials Skip the Coursework (2026)

For the July 2026 administration, CFP Board reported a 66% overall pass rate, with first-time takers at 69% and repeat takers at 57%. 3,621 candidates sat, the largest July administration on record. March 2026 came in at 67% overall across 4,391 candidates.

Source: CFP Exam Pass Rate: July 2026 Results and Study Hours

170 multiple-choice questions covering eight principal knowledge domains in financial planning. It's heavily scenario-based: CFP Board estimates 74 to 100% of questions are at the application or analysis level.

Source: CFP Exam Pass Rate: July 2026 Results and Study Hours

I'd plan on 250 to 400 hours of study over 3 to 6 months, toward the low end if you already work as a planner or finished your CFP coursework recently.

Source: CFP Exam Pass Rate: July 2026 Results and Study Hours

The eight domains are Professional Conduct and Regulation, General Principles of Financial Planning, Risk Management and Insurance Planning, Investment Planning, Tax Planning, Retirement Savings and Income Planning, Estate Planning, and Psychology of Financial Planning.

Source: CFP Exam Pass Rate: July 2026 Results and Study Hours

People who fail once come back with less confidence, material that's less fresh and other obligations competing for their time. In July 2026 repeat takers passed at 57% against 69% for first-time takers, so it's worth putting in the work to pass the first time, with structured practice across all eight domains.

Source: CFP Exam Pass Rate: July 2026 Results and Study Hours

The most recent administration CFP Board has published is July 2026, at 66%: 2,388 of 3,621 candidates passed. CFP Board emails candidates their results about four weeks after a testing window closes, so check its exam statistics page for the newest figure.

Source: CFP Exam Pass Rate: July 2026 Results and Study Hours

CFP Board's public statistics don't break results out by prep provider. Some education programs quote a first-time rate they attribute to a CFP Board report on their own students, and review courses usually count a narrower group, like students who completed the review or answered a survey afterward. Before you compare a provider's figure with CFP Board's published rate for the same sitting, check who it counts. What you can compare is what each provider gives you: question count, whether the solutions explain the reasoning, and total cost. FreeFellow publishes a side-by-side breakdown of the major CFP providers on those terms.

Source: CFP Exam Pass Rate: July 2026 Results and Study Hours

170 multiple-choice questions. It's heavily scenario-based: the CFP Board estimates 74 to 100% of questions are at the application or analysis level.

Source: What Is the CFP Exam? Certified Financial Planner Exam Overview

In the July 2026 sitting, 69% of first-time takers passed, 57% of repeat takers passed, and the overall rate was 66% (CFP Board). The March 2026 overall rate was 67%.

Source: What Is the CFP Exam? Certified Financial Planner Exam Overview

To sit for the exam, you need to finish the coursework from a CFP Board-registered education program, including the capstone course. A qualifying credential such as the CPA, the CFA charter or a law license puts you on the accelerated path, which skips most of the coursework. You still take the capstone, or the Capstone Alternative if you already meet the experience requirement. The bachelor's degree, the 6,000 hours of experience (or 4,000 in an apprenticeship), and the ethics declaration and background check are requirements for certification. The degree can come up to five years after you pass, and the experience before or after the exam.

Source: What Is the CFP Exam? Certified Financial Planner Exam Overview

Eight domains: Professional Conduct and Regulation, General Principles of Financial Planning, Risk Management and Insurance Planning, Investment Planning, Tax Planning, Retirement Savings and Income Planning, Estate Planning, and Psychology of Financial Planning.

Source: What Is the CFP Exam? Certified Financial Planner Exam Overview

About six hours of testing, split into two 3-hour sessions with a scheduled break in between.

Source: What Is the CFP Exam? Certified Financial Planner Exam Overview

Dalton Education is one of the most established CFP review providers, and its case studies are widely considered the industry standard for multi-topic financial-planning scenarios. Its enrollment page lists The Dalton Review at $1,659 with an eBook (checked September 7, 2026). It's worth it if your employer reimburses you, if case studies are your main gap, or if 30-plus years of CFP-specific track record matters to you. It's harder to justify if you mostly need question volume and you're already comfortable with case studies.

Source: FreeFellow vs Dalton CFP: 2026 Comparison

Use CFP Board's free Practice Analysis plus a free or low-cost question bank. FreeFellow's free tier covers 2,700+ questions across all 8 CFP domains plus written lessons and a formula sheet. Fellow is billed monthly or quarterly per track and adds mocks, flashcards and analytics. The annual plan is Fellow Plus, which also includes Common traps. Outside CFP Board exam fees you can spend $0 if you stick to free resources. Current prices are on the pricing page.

Source: FreeFellow vs Dalton CFP: 2026 Comparison

Dalton is ahead. Its multi-topic scenarios combine insurance, investments, tax, retirement and estate planning in one integrated case, refined over decades. FreeFellow's CFP bank has scenario-based questions across all 8 domains, but its integrated multi-topic case-study format is thinner. If integrated case-study practice is your top priority, Dalton is the right product.

Source: FreeFellow vs Dalton CFP: 2026 Comparison

Yes. Plenty of candidates pass with Kaplan, Brett Danko, the College for Financial Planning, or free and low-cost options plus CFP Board's Principal Knowledge Topics. What predicts passing is doing 2,000-plus practice questions, doing case-study work and staying accurate across all 8 domains. Discipline and volume matter more than the provider.

Source: FreeFellow vs Dalton CFP: 2026 Comparison

Some candidates do. A common setup on r/CFP is to use Dalton's case studies for integrated scenario practice and FreeFellow's free bank for more multiple-choice practice across all 8 domains. That makes sense if your employer pays for Dalton. If you're paying yourself, FreeFellow Fellow Plus plus Dalton case-study material for your weakest domain may be the right mix.

Source: FreeFellow vs Dalton CFP: 2026 Comparison

The One Big Beautiful Bill Act was signed July 4, 2025. It made permanent most of the 2017 TCJA individual provisions that were scheduled to sunset at the end of 2025, and added several new provisions. The CFP exam tests 2026 law, so every dollar threshold, limit and phase-out uses the OBBBA-era number.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

OBBBA raised the state and local tax deduction cap from $10,000 to $40,000 per return ($20,000 MFS). Above $500,000 MAGI the cap phases down by 30 cents for every dollar of additional MAGI, with a $10,000 floor reached at $600,000 MAGI.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

It's a new deduction of $6,000 per individual age 65 or older ($12,000 for a married couple where both spouses qualify), claimed on Schedule 1-A for tax years 2025 through 2028. It stacks on top of the standard or itemized deduction and phases out at 6% of MAGI above $75,000 single / $150,000 MFJ, reaching zero at $175,000 / $250,000. It's separate from the long-standing age-65 additional standard deduction ($2,000 single, $1,600 per spouse MFJ), which OBBBA left in place.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

Yes. It raised the child tax credit from $2,000 to $2,200 per qualifying child under 17. The refundable portion stays near $1,700. The phase-out is unchanged: a $50 reduction per $1,000 of MAGI above $200,000 single / $400,000 MFJ.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

OBBBA made the $15,000,000 per-person estate, gift and GST exemption permanent and indexed for inflation. Before OBBBA, the TCJA-doubled exemption was scheduled to sunset to roughly $7,000,000 on January 1, 2026. That cliff is gone, and the 40% rate above the exemption is unchanged.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

OBBBA excluded up to $25,000 of qualified tip income per worker and up to $12,500 ($25,000 MFJ) of the premium portion of overtime pay from federal income tax. Both still face FICA, and both phase out above $150,000 single / $300,000 MFJ MAGI.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

No. The 2026 retirement limits ($24,500 401(k), $7,500 IRA, $17,000 SIMPLE, $11,250 super catch-up ages 60 to 63) come from normal inflation indexing and SECURE 2.0, not OBBBA. The exam still tests them because they're current 2026 law.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

NIIT stayed at 3.8% on the lesser of net investment income or MAGI above $200,000 single / $250,000 MFJ, with no indexing. Capital gains brackets (0/15/20%) kept their structure. Kiddie tax mechanics, the Section 121 home-sale exclusion, 1031 like-kind exchange rules and Roth conversion rules are all unchanged. Exam questions often include a wrong choice that assumes one of these moved.

Source: OBBBA Tax Changes for the CFP Exam: 2026 Quick Reference

Public data can't answer that. CFP Board's public statistics show results for each sitting, not a breakdown by prep provider. The provider figures that exist count different groups (an education program's own first-time takers in one sitting, students who completed a review, or survey respondents), so they can't be ranked against each other.

Source: CFP Exam Pass Rates by Prep Provider: What's Published (2026)

Dalton advertises a pass rate well above CFP Board's for students who successfully complete The Dalton Review. Its public page doesn't say how many students that covers or which sittings. Its Guarantee to Pass has separate conditions, including a signed contract with an exam deadline and a qualifying score on its Exam Readiness Quiz.

Source: CFP Exam Pass Rates by Prep Provider: What's Published (2026)

Manhattan Prep doesn't offer a CFP review course. It's a Kaplan-owned brand for GMAT, GRE and LSAT prep. Kaplan's CFP programs, through the College for Financial Planning, publish two kinds of figure: a first-time rate for education-program students that Kaplan attributes to a CFP Board report, and a survey-based rate for students who completed its Premium review.

Source: CFP Exam Pass Rates by Prep Provider: What's Published (2026)

CFP Board reported that 2,388 of 3,621 candidates passed the July 2026 sitting, about two out of three, with first-time candidates passing a few points above the overall figure.

Source: CFP Exam Pass Rates by Prep Provider: What's Published (2026)

CFP Board reported 66% overall for July 2026, with first-time takers at 69% and repeat takers at 57%. March 2026 came in at 67%, and recent sittings have run 64% to 68% overall.

Source: Free CFP Question Bank 2026: 2,704 Practice Questions

170 multiple-choice questions in two 3-hour sessions on one day, with a scheduled break between them. Most of the questions are scenario-based.

Source: Free CFP Question Bank 2026: 2,704 Practice Questions

I'd plan for at least 1,000 practice questions over 250 to 400 study hours. CFP Board estimates 74 to 100% of exam questions are scenario-based, so scenario practice matters more than flashcard-style recall.

Source: Free CFP Question Bank 2026: 2,704 Practice Questions

Retirement Savings and Income Planning 18%, Investment Planning 17%, General Principles of Financial Planning 15%, Tax Planning 14%, Risk Management and Insurance Planning 11%, Estate Planning 10%, Professional Conduct and Regulation 8%, and Psychology of Financial Planning 7% (CFP Board).

Source: Free CFP Question Bank 2026: 2,704 Practice Questions

Yes. The questions and lessons use the 2026 tax figures, including the changes from the One Big Beautiful Bill Act (OBBBA), so anything that depends on a threshold, bracket or phase-out uses current-law numbers.

Source: Free CFP Question Bank 2026: 2,704 Practice Questions

For the exam prep, yes. Free question banks now cover all eight CFP domains with worked solutions, and CFP Board publishes free sample questions and a blueprint. What you can't skip is the CFP Board-registered education program. It's a certification requirement and it isn't free, but your practice and review can be.

Source: Best Free CFP Study Materials 2026 (Ranked)

FreeFellow's entire CFP bank is free: 2,704 scenario-based questions across all eight domains, each with a step-by-step solution and most with notes on the answer choices. There's no trial period and no credit card. The full bank needs a free account and has practice usage limits. Commercial CFP reviews (Dalton, Kaplan, Danko) only offer limited free trials.

Source: Best Free CFP Study Materials 2026 (Ranked)

Yes. CFP Board publishes the exam blueprint (the eight principal knowledge domains and their weights), sample questions and the candidate handbook, all free. They're authoritative and worth reading, but they aren't a full question bank or course.

Source: Best Free CFP Study Materials 2026 (Ranked)

The good ones are. FreeFellow's CFP questions and lessons use the 2026 tax figures, including the changes from the One Big Beautiful Bill Act (OBBBA). Check that any free resource uses current-year numbers, since tax thresholds change every year.

Source: Best Free CFP Study Materials 2026 (Ranked)

You bring your own. The CFP Board requires each candidate to supply one or more battery-powered, non-programmable, dedicated financial calculators. The test center doesn't provide one, so buy and learn a model before exam day.

Source: Which Calculator Can You Use on the CFP Exam? (2026)

The CFP Board publishes a list of acceptable models across three brands, and the ones candidates use most are the HP 10bII+, the HP 12C and the Texas Instruments BA II Plus. The rule behind the list is that the calculator must be a dedicated financial calculator that's battery-powered and not programmable.

Source: Which Calculator Can You Use on the CFP Exam? (2026)

Anything programmable, anything with an alphabetic (QWERTY) keyboard and anything that can store text. Phones, tablets, smartwatches and calculator apps aren't allowed either. When in doubt, check your exact model against the CFP Board's calculator policy.

Source: Which Calculator Can You Use on the CFP Exam? (2026)

Yes. Your calculator is inspected and its memory is cleared before the exam, and you clear it again before each session. If your calculator has printed formulas, notes or a pull-out reference card, you have to cover them with solid-color tape beforehand.

Source: Which Calculator Can You Use on the CFP Exam? (2026)

Both are fully acceptable, and both handle the time value of money, cash flow and statistics work the CFP exam requires. The HP 10bII+ is popular with CFP candidates in particular, while the BA II Plus is the more universal choice if you also plan to sit the CFA, FRM or CMA exams. Pick one and learn it thoroughly.

Source: Which Calculator Can You Use on the CFP Exam? (2026)

Most start as a paraplanner or associate planner supporting a lead advisor, move into an associate advisor role with some smaller clients of their own, and work up to lead or senior advisor managing client relationships and a book of business. Some move into owning a practice or into family office roles.

Source: CFP Professional Salary and Career Path (2026)

It ranges widely, from modest entry-level paraplanner pay to strong six figures for experienced planners and those who supervise staff. Pay usually mixes a base salary with variable pay. The sourced figures are in the post above, from the CFP Board compensation study.

Source: CFP Professional Salary and Career Path (2026)

The CFP Board's compensation study found CFP professionals earn more than other planners after accounting for experience, company size and job role. That's an association across survey respondents, not a measure of what the mark would add to your own pay. Whether it pays off depends on whether comprehensive financial planning is the work you want to do.

Source: CFP Professional Salary and Career Path (2026)

Financial planner, wealth manager, private wealth advisor and family office director, at independent RIAs, wirehouses and family offices. The mark is the standard credential for comprehensive financial planning.

Source: CFP Professional Salary and Career Path (2026)

If you want to do comprehensive financial planning for individuals and families, it's the credential built for that work. Weigh it against what it takes: the education program unless you qualify for the accelerated path, the exam fee, a bachelor's degree and the experience requirement. The Finance Credential ROI Map has the full comparison.

Source: CFP Professional Salary and Career Path (2026)

Yes. The audio keeps playing when your phone locks, with controls on the lock screen. The speed setting is remembered, so you only set it once.

Source: Why I Built Narrated Audio for Every CFP Lesson

It's free for everyone with an account for now. The free period started with an end date of October 31, 2026, and every 20 accepted edits or bug reports from users add a day, up to January 31, 2027. The current end date shows on any CFP lesson with audio. After that it's part of Fellow Plus, and you can also unlock 30 days of audio on one exam with 100 contributor points. The written lessons stay free to read either way.

Source: Why I Built Narrated Audio for Every CFP Lesson

One soft bell comes before a key point. Two bells come before an exam trap, a spot where candidates tend to lose points.

Source: Why I Built Narrated Audio for Every CFP Lesson

Tap Report a problem on the player. The report comes to me and I fix it, and it earns contributor points like other reports.

Source: Why I Built Narrated Audio for Every CFP Lesson

CFP was the first, with all 71 lessons narrated. Every other exam on FreeFellow with written lessons has audio now too, from CPA and CFA to the actuarial exams and the FINRA Series.

Source: Why I Built Narrated Audio for Every CFP Lesson

Plan on steady study over several months, and longer if the quant or the markets material is new to you. The 6-month plan above is built for someone working full time with a quantitative background, so stretch or compress it from there.

Source: GARP FRM Part I 6-Month Study Plan: A Week-by-Week Path to Exam Day

Aim for 2,000 or more before exam day, with at least 3 full-length 4-hour mocks in the last month. GARP includes 2 complimentary practice exams with Part I registration.

Source: GARP FRM Part I 6-Month Study Plan: A Week-by-Week Path to Exam Day

Follow GARP's order. Start with Foundations of Risk Management, which sets up the framework, then Quantitative Analysis, since you'll reuse that math everywhere, then Financial Markets and Products, then Valuation and Risk Models. Save mixed practice and full mocks for the last month.

Source: GARP FRM Part I 6-Month Study Plan: A Week-by-Week Path to Exam Day

Both have a place. The GARP books are the authoritative source, and every Exam question maps to a stated learning objective. Third-party Exam Preparation Providers (EPPs) condense the material and add structured practice. If you're disciplined and have 6 months, GARP Learning plus a good free question bank is enough.

Source: GARP FRM Part I 6-Month Study Plan: A Week-by-Week Path to Exam Day

GARP allows only the Texas Instruments BA II Plus (and BA II Plus Professional), the Hewlett Packard 12C (including the Platinum, 25th Anniversary, 30th Anniversary and Prestige editions), the HP 10B II, the HP 10B II+ and the HP 20B (GARP). Any other calculator may result in your Exam not being graded.

Source: GARP FRM Part I 6-Month Study Plan: A Week-by-Week Path to Exam Day

GARP offers Part I in three 2026 windows: May 9 to 15, August 7 to 8 (AM session only) and November 14 to 20 (GARP). May and August have passed, and November is too close for a full 6-month plan if you're starting now, so you'd either shorten the plan or aim for a 2027 window. GARP hasn't published its 2027 dates yet. Pick a window first, then plan your 6 months back from that date.

Source: GARP FRM Part I 6-Month Study Plan: A Week-by-Week Path to Exam Day

GARP charges a one-time USD 400 enrollment fee with your first Part I registration, plus USD 600 (early) or USD 800 (standard) per part. Both parts come to roughly USD 1,600 to USD 2,000 in fees alone (2026 GARP Candidate Guide).

Source: FRM Prep Cost Breakdown 2026: FreeFellow vs Bionic Turtle vs AnalystPrep vs Kaplan Schweser

It's the most established FRM-only provider, with David Harper's video lectures, study notes and a large practice question bank. Its May 2026 published range was USD 400 to USD 700 per part, and current prices couldn't be verified on September 7, 2026. It's worth it if you learn well from video and want one course that focuses only on the FRM.

Source: FRM Prep Cost Breakdown 2026: FreeFellow vs Bionic Turtle vs AnalystPrep vs Kaplan Schweser

GARP's fees are the floor you can't avoid: USD 1,600 to USD 2,000 across both parts. Beyond that you can prep entirely with free resources. The Study Guide, Learning Objectives and practice exams that come with registration, plus FreeFellow's free FRM question bank, lessons and readiness tracking, cover the core curriculum without any prep-provider cost.

Source: FRM Prep Cost Breakdown 2026: FreeFellow vs Bionic Turtle vs AnalystPrep vs Kaplan Schweser

Yes, candidates pass every year using only the GARP curriculum and free or low-cost practice. You'll need self-discipline, because you don't get the polished video instruction paid providers offer. If you read well from text and get a lot out of working practice questions, free is a realistic path.

Source: FRM Prep Cost Breakdown 2026: FreeFellow vs Bionic Turtle vs AnalystPrep vs Kaplan Schweser

Your registration includes the Study Guide and Learning Objectives, plus a small set of practice questions and practice exams, generally one to two per part. It doesn't include video lectures, a large question bank or a full course.

Source: FRM Prep Cost Breakdown 2026: FreeFellow vs Bionic Turtle vs AnalystPrep vs Kaplan Schweser

They're different products. FreeFellow gives you free practice questions, lessons and a readiness score, with analytics on the paid Fellow tier, and it has no video lectures and no signature instructor. Bionic Turtle wraps a full course around David Harper's videos. I don't claim the two are equal. FreeFellow is a much cheaper complement to the GARP curriculum, and for many candidates that's enough.

Source: FRM Prep Cost Breakdown 2026: FreeFellow vs Bionic Turtle vs AnalystPrep vs Kaplan Schweser

GARP's reported Part II pass rates have generally been in the high 50s to low 60s percent in recent windows, though the exact figure moves each administration. GARP doesn't disclose a numeric passing score, and results are reported as pass or fail.

Source: How to Pass GARP FRM Part II: 2026 Study Guide

Candidates commonly budget about 200 to 240 hours over 3 to 4 months. If your day job isn't in risk, plan toward the top of that range. Part II is more applied and narrative than Part I, so the reading time adds up.

Source: How to Pass GARP FRM Part II: 2026 Study Guide

Six areas: Market Risk (20%), Credit Risk (20%), Operational Risk and Resilience (20%), Liquidity and Treasury Risk (15%), Risk Management and Investment Management (15%), and Current Issues in Financial Markets (10%).

Source: How to Pass GARP FRM Part II: 2026 Study Guide

It's 80 multiple-choice questions with four answer choices each, taken in a single 4-hour session. Every question is weighted the same, and a wrong answer just scores zero.

Source: How to Pass GARP FRM Part II: 2026 Study Guide

Most candidates find Part II more conceptual and applied. There's less pure calculation and more judgment about risk management practice, regulation and case-based reasoning, which some people find harder to prepare for.

Source: How to Pass GARP FRM Part II: 2026 Study Guide

The Hewlett Packard 12C (including the 12C Platinum, the Platinum 25th anniversary edition, the 30th anniversary edition and the 12C Prestige), the HP 10B II, the HP 10BII+, the HP 20B and the Texas Instruments BA II Plus (including the BA II Plus Professional). No other model is permitted.

Source: FRM Exam Calculator: The Models GARP Permits (2026)

For most candidates, the Texas Instruments BA II Plus. It's easy to use, the buttons are well labeled, and it handles time value of money, cash flows, NPV and IRR, amortization and discount factors, all of which come up on the FRM exam. It's also affordable and permitted.

Source: FRM Exam Calculator: The Models GARP Permits (2026)

Yes. The Texas Instruments BA II Plus and the HP 12C are permitted on both, so one model covers both credentials. GARP also permits the HP 10B II, 10BII+ and 20B, which aren't on the CFA list, but the BA II Plus is the simplest single choice if you're doing both.

Source: FRM Exam Calculator: The Models GARP Permits (2026)

GARP's policy says there are no exceptions. If a candidate uses a calculator that isn't on the permitted list at any point during the exam, the exam won't be graded, so check your exact model against the current policy before exam day.

Source: FRM Exam Calculator: The Models GARP Permits (2026)

Yes. You can bring two units of the same permitted model. A backup is worth having, since a dead battery or a locked-up calculator during a timed exam is a costly problem you can prevent for the price of a spare.

Source: FRM Exam Calculator: The Models GARP Permits (2026)

Most start as a junior risk analyst in market, credit or operational risk, move into a risk manager role owning a portfolio or desk, and work toward head of a risk function or Chief Risk Officer. Regulatory stress testing (CCAR and DFAST) and Basel capital work are common specialties.

Source: FRM Salary and Career Path in Risk Management (2026)

It ranges from entry-level analyst pay to strong six figures for senior risk managers. Pay is highest at large banks and in financial centers. The sourced figures are in the post above.

Source: FRM Salary and Career Path in Risk Management (2026)

It's a recognized signal in bank and institutional risk management, and it goes along with higher pay in dedicated risk roles. The effect is largest inside risk functions at banks and asset managers, where it's commonly expected for advancement.

Source: FRM Salary and Career Path in Risk Management (2026)

Market risk analyst, credit risk manager, operational risk lead, stress-testing and CCAR manager, and Chief Risk Officer. The certification is aimed squarely at financial risk management at banks, asset managers and regulators.

Source: FRM Salary and Career Path in Risk Management (2026)

For a career in financial risk management, it's a strong, low-cost signal, especially if you prepare with free materials. Outside dedicated risk roles the premium is smaller. The Finance Credential ROI Map has the full comparison, including against the CFA.

Source: FRM Salary and Career Path in Risk Management (2026)

Exam and enrollment fees total $2,390 to $3,190 across both levels, depending on early or standard registration. That's a one-time $400 enrollment fee plus the Level I and Level II exam fees, and each exam fee includes the digital curriculum.

Source: CAIA® Exam Cost 2026: Enrollment, Level I and II Fees, Retakes, Membership

$400, paid once when you register for Level I. It isn't charged again at Level II.

Source: CAIA® Exam Cost 2026: Enrollment, Level I and II Fees, Retakes, Membership

$995 with early registration and $1,395 at the standard deadline. Both include the digital Level I curriculum.

Source: CAIA® Exam Cost 2026: Enrollment, Level I and II Fees, Retakes, Membership

$795 per level, which is less than a first-time exam fee. You don't pay the enrollment fee again.

Source: CAIA® Exam Cost 2026: Enrollment, Level I and II Fees, Retakes, Membership

Yes. Each level's exam fee includes the digital CAIA curriculum, so you don't buy the core study material separately from the CAIA Association.

Source: CAIA® Exam Cost 2026: Enrollment, Level I and II Fees, Retakes, Membership

No. Commercial prep is optional, and prices depend on the provider and package. The included curriculum plus a free question bank is enough for most candidates, and FreeFellow's full CAIA Level I and Level II question banks are free.

Source: CAIA® Exam Cost 2026: Enrollment, Level I and II Fees, Retakes, Membership

200 multiple-choice questions, in two sections of 100 with 130 minutes each and an optional 30-minute break between them. It's a computer-based exam taken at Prometric test centers.

Source: CAIA® Level I Study Guide (2026)

The CAIA Association publishes its pass rates, and recent Level I sittings have run around half, so roughly one candidate in two passes on a given attempt.

Source: CAIA® Level I Study Guide (2026)

It depends on your background. If you plan on about 200 hours, finishing in 12 weeks takes roughly 17 hours a week. At 10 hours a week, the same 200 hours takes about 20 weeks, so start earlier if that's your pace.

Source: CAIA® Level I Study Guide (2026)

Yes. Two models are allowed: the Texas Instruments BA II Plus (including the BA II Plus Professional) and the Hewlett Packard 12C (including the HP 12C Platinum and the 25th Anniversary, 30th Anniversary and Prestige editions). You have to bring your own, since the test center doesn't provide one, and using a model that isn't on the list can void your results. The BA II Plus is the most common choice.

Source: CAIA® Level I Study Guide (2026)

On workload, yes. CAIA is two levels and roughly 400 to 500 hours in total, with pass rates around 51% at Level I and 63% at Level II. The CFA charter is three levels and about 900 hours, with pass rates around 40 to 45%. CAIA is still a demanding specialist exam, and part of its higher pass rate comes from a smaller, more self-selected candidate pool.

Source: CAIA® vs CFA: 2 Levels vs 3, Which Fits You (2026)

Yes. Through the CAIA Stackable Credential Program, a CFA charterholder in good standing can skip CAIA Level I and enter as a Level II candidate. The waiver is permanent, so you sit only CAIA Level II. It doesn't work the other way: CAIA doesn't waive any part of the CFA program.

Source: CAIA® vs CFA: 2 Levels vs 3, Which Fits You (2026)

It depends more on the role and the firm than on which one you hold. CFA-aligned roles (portfolio management, research, asset management) and CAIA-aligned roles (hedge funds, private equity, allocators) both pay well at senior levels, so I'd choose based on the work you want.

Source: CAIA® vs CFA: 2 Levels vs 3, Which Fits You (2026)

Most candidates start with the CFA charter because it's broader and more widely recognized, then add CAIA (Level II only) if they move into alternatives. If your role is already focused on alternatives and you can only do one, CAIA first can make sense.

Source: CAIA® vs CFA: 2 Levels vs 3, Which Fits You (2026)

Within alternatives, yes. CAIA is the specialist credential for hedge funds, private equity, real assets and institutional allocators. The CFA charter has broader name recognition across investment management, and CAIA has deeper recognition in alternatives specifically.

Source: CAIA® vs CFA: 2 Levels vs 3, Which Fits You (2026)

Yes, and many people in alternatives do. The efficient path is the CFA first, then CAIA Level II through the Stackable Credential Program, so the second credential is one more exam. Holding both shows broad investment knowledge plus depth in alternatives.

Source: CAIA® vs CFA: 2 Levels vs 3, Which Fits You (2026)

Most work in alternative investments or move toward them: hedge fund or private equity research, real assets, fund-of-funds, or allocation at a pension or endowment. The ladder runs analyst, senior analyst or associate, portfolio manager or allocator, and for some, head of alternatives.

Source: CAIA® Charterholder Salary and Career Path (2026)

It ranges from entry-level alternatives analyst pay to strong six figures for portfolio managers and allocators, with the top decile in front-office private equity and hedge fund roles. Bonuses make up a large part of alternatives pay. The sourced figures are in the post above.

Source: CAIA® Charterholder Salary and Career Path (2026)

The charter signals specialized knowledge of alternatives (hedge funds, private equity, real assets, structured products), and allocators, fund-of-funds and institutions value it most. In front-office PE and hedge fund roles, pay depends more on the seat than on the charter, but the charter helps you get to those seats.

Source: CAIA® Charterholder Salary and Career Path (2026)

Alternatives analyst, hedge fund researcher, private equity associate, fund-of-funds portfolio manager, and pension or endowment allocator. It's the specialist credential for the alternatives side of investing.

Source: CAIA® Charterholder Salary and Career Path (2026)

For a career in alternatives allocation, fund-of-funds or institutional investing, the charter is a strong, low-cost specialist signal. If you're already in a front-office PE or hedge fund seat, it adds less. The Is CAIA Worth It analysis and the Finance Credential ROI Map cover the trade-off.

Source: CAIA® Charterholder Salary and Career Path (2026)

No. The SOA's Past Exams and Solutions page says Exams P, FM, FAM and SRM won't be released. Both P and FM are computer-based, given in multiple versions per sitting, and scored with calibrated items the SOA reuses. Use the SOA's sample question sets instead, which include some items taken from past exams.

Source: SOA Past Exams: What Is Released, and What to Use for P, FM, FAM, SRM

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 for recent sittings. If something isn't listed there, it isn't available.

Source: SOA Past Exams: What Is Released, and What to Use for P, FM, FAM, SRM

Partly. The Exam P sample set says in its preamble that some of its questions are taken from past SOA exams, and the sets are written by the same committee to represent the depth the exam requires. They're the closest legitimate substitute, and FreeFellow hosts all 1,436 P, FM, FAM and SRM items free with worked solutions.

Source: SOA Past Exams: What Is Released, and What to Use for P, FM, FAM, SRM

654 for Exam P, 454 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. FreeFellow hosts all of them free and interactively.

Source: SOA Past Exams: What Is Released, and What to Use for P, FM, FAM, SRM

The SOA published a 44.7% pass rate for the May 2026 sitting of Exam P (1,952 candidates wrote, 873 passed) and 49.2% for January 2026 (2,363 wrote, 1,163 passed), both on a pass mark of 71% average correct. It usually sits in the mid-40s, so more than half of candidates fail on a given attempt.

Source: Exam P Pass Rate (44.7% in May 2026) and How to Pass: 2026 Study Guide

I'd budget 250 to 300 hours. If you have a strong math background, 150 to 200 hours is often enough. If you haven't done much probability, plan on 300 to 350.

Source: Exam P Pass Rate (44.7% in May 2026) and How to Pass: 2026 Study Guide

The syllabus has three sections: general probability (23 to 30%), covering set theory, combinatorics, conditional probability and Bayes' theorem; univariate random variables (44 to 50%), covering distributions, expected value, MGFs and insurance applications like deductibles and policy limits; and multivariate random variables (23 to 30%), covering joint distributions, covariance and transformations.

Source: Exam P Pass Rate (44.7% in May 2026) and How to Pass: 2026 Study Guide

Only six Texas Instruments models: the BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II (IIS or IIB) and TI-30X MultiView (XS or XB). No other calculators are permitted.

Source: Exam P Pass Rate (44.7% in May 2026) and How to Pass: 2026 Study Guide

There's free practice for all seven SOA exams covered here, but no resource guarantees a pass. P, FM, FAM, SRM, ALTAM and ASTAM have free question banks with worked solutions, Exam PA has free graded past-exam walkthroughs, and the SOA publishes sample questions for each exam. Check your reading against the current syllabus, and pay only where you find a gap, like video lessons or a full manual.

Source: Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More

6,100+ original questions across six preliminary exams (P, FM, FAM, SRM, ALTAM and ASTAM), each with a worked solution, plus free graded past-exam walkthroughs for Exam PA. The banks are free with an account, with no trial and no card.

Source: Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More

FreeFellow has 6,100+ original questions at three difficulty levels across P, FM, FAM, SRM, ALTAM and ASTAM, each with a worked solution, and its readiness score is free. Analytics by topic and timed practice exams come with Fellow, the paid tier. Pair any bank with the SOA's own sample questions, which the exam committee writes.

Source: Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More

No. They build good structured courses, but practice questions with worked solutions, the SOA's sample questions and a readiness score are all available free. If you want video lessons or a full manual, you can buy one for the exam where you need it most and keep your practice free.

Source: Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More

Combine FreeFellow's free question banks (over 1,000 questions each) with the SOA's sample questions and The Infinite Actuary's P and FM courses, which it lists as free with an account. MIT OpenCourseWare 18.05 maps well to Exam P probability.

Source: Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More

No. The SOA's Past Exams and Solutions page says Exams P, FM, FAM and SRM won't be released. It does post papers with model solutions for the written-answer exams (PA, ALTAM and ASTAM) and the fellowship exams. For the four multiple-choice exams, the SOA's sample question sets are the closest thing to a past paper.

Source: Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More

I've stopped recommending them here. Marcel Finan wrote them at Arkansas Tech University as free texts for P and FM, but I couldn't open a copy on the author's site when I checked in September 2026, and they're updated less often than the exams. I'd use the SOA's sample questions and The Infinite Actuary's free P and FM courses instead. If you already have a copy, check each chapter against the current SOA syllabus.

Source: Best Free Actuarial Exam Prep 2026: P, FM, FAM, SRM & More

I'd budget 250 to 300 hours and adjust for your math background. With a strong quantitative background, 150 to 200 hours can be enough. If you've had little exposure to probability, plan on 300 to 400.

Source: How Many Hours to Study for Exam P: Realistic Planning Guide

Most candidates reach passing readiness after 1,000 to 1,500 practice problems, at 70 to 80% accuracy with no topic below 50%. FreeFellow has 1,188 free Exam P questions with solutions and a free readiness score.

Source: How Many Hours to Study for Exam P: Realistic Planning Guide

Plan 8 to 10 weeks with a strong math background and up to 16 to 20 weeks if you're new to probability. Aim to finish most problems in 4 to 6 minutes and reach a readiness score of 7+ out of 10 before exam day.

Source: How Many Hours to Study for Exam P: Realistic Planning Guide

It's possible with a strong quantitative background and close to full-time study, since 150 to 200 hours can fit into about four weeks. Most working candidates spread 250 to 300 hours over 8 to 12 weeks instead.

Source: How Many Hours to Study for Exam P: Realistic Planning Guide

The SOA splits Exam FM into five sections: time value of money (5-15%), annuities and non-contingent cash flows (20-30%), loans (15-25%), bonds (15-25%), and general cash flows, portfolios and asset-liability management (20-30%), which includes duration, convexity and immunization. Derivatives aren't on the current FM syllabus.

Source: SOA Exam FM Study Guide: Financial Mathematics Tips for 2026

Exam FM is a 2.5-hour computer-based exam with 30 multiple-choice questions, given by the SOA.

Source: SOA Exam FM Study Guide: Financial Mathematics Tips for 2026

The BA II Plus is the most common choice for Exam FM. Learn the TVM keys, the amortization worksheet and the cash flow functions well before exam day.

Source: SOA Exam FM Study Guide: Financial Mathematics Tips for 2026

The SOA published a 44.7% pass rate for the May 2026 sitting (1,952 candidates wrote, 873 passed) and 49.2% for January 2026, both on a pass mark of 71% average correct. The rate has historically sat in the mid-40s, so more than half of candidates fail on a given attempt.

Source: SOA Exam P Explained: Format, Topics, 44.7% Pass Rate, Cost (2026)

30 multiple-choice questions in 3 hours, taken on a computer at a Prometric testing center.

Source: SOA Exam P Explained: Format, Topics, 44.7% Pass Rate, Cost (2026)

Only the models on the SOA's list: the TI-30XS and XB MultiView, the TI-30Xa, the TI-30X II (IIS or IIB), the TI BA II Plus and BA II Plus Professional, and the discontinued BA-35. No other calculators are allowed. For Exam P the TI-30XS MultiView is the usual pick, because its two-line display and nCr keys suit probability work.

Source: SOA Exam P Explained: Format, Topics, 44.7% Pass Rate, Cost (2026)

Registration is $275 under the SOA fee schedule updated December 2025. You may also pay for study materials, though free resources like FreeFellow cover the full syllabus.

Source: SOA Exam P Explained: Format, Topics, 44.7% Pass Rate, Cost (2026)

No. There are no formal prerequisites. Anyone can register and sit Exam P, whatever their educational background.

Source: SOA Exam P Explained: Format, Topics, 44.7% Pass Rate, Cost (2026)

30 multiple-choice questions in 2.5 hours, taken on a computer at a Prometric testing center.

Source: SOA Exam FM Explained: Format, Topics, 48.8% Pass Rate, Cost (2026)

Time value of money, annuities and other non-contingent cash flows, loans and amortization, bonds, and general cash flows and portfolios, which includes NPV, IRR, duration, convexity and immunization.

Source: SOA Exam FM Explained: Format, Topics, 48.8% Pass Rate, Cost (2026)

Only the models on the SOA's list: the TI BA II Plus and BA II Plus Professional, the TI-30XS and XB MultiView, the TI-30Xa, the TI-30X II (IIS or IIB), and the discontinued BA-35. No other calculators are allowed. The BA II Plus is the standard pick for FM because its TVM row, cash flow worksheet and amortization worksheet match what the exam asks.

Source: SOA Exam FM Explained: Format, Topics, 48.8% Pass Rate, Cost (2026)

The SOA published a 48.8% pass rate for the April 2026 sitting (1,650 candidates wrote, 805 passed) on a pass mark of 71% average correct. It has historically run close to 50%, a little higher than Exam P.

Source: SOA Exam FM Explained: Format, Topics, 48.8% Pass Rate, Cost (2026)

Registration is $275 under the SOA fee schedule updated December 2025. Study materials can be free: FreeFellow's full Exam FM bank and the SOA's own sample questions cost nothing.

Source: SOA Exam FM Explained: Format, Topics, 48.8% Pass Rate, Cost (2026)

Exam SRM has 35 multiple-choice questions in 3.5 hours (210 minutes). It's computer-based and given at Prometric testing centers.

Source: SOA Exam SRM Study Guide 2026: 68% Pass Rate (May 2026), 13-Week Plan

The SOA published a 67.7% pass rate for the May 2026 sitting of Exam SRM: 1,550 candidates wrote and 1,050 passed, on a pass mark of 63% average correct. January 2026 came in at 71.2% (1,218 wrote, 867 passed). The four most recent published sittings ran between 67.7% and 71.2%.

Source: SOA Exam SRM Study Guide 2026: 68% Pass Rate (May 2026), 13-Week Plan

Regression (linear and generalized linear models), decision trees, time series, principal components analysis and cluster analysis. Linear models, GLMs included, are 40-50% of the exam, and GLMs are the single most important topic.

Source: SOA Exam SRM Study Guide 2026: 68% Pass Rate (May 2026), 13-Week Plan

The main reference is An Introduction to Statistical Learning (ISLR) by James, Witten, Hastie and Tibshirani, which is free from the authors' website.

Source: SOA Exam SRM Study Guide 2026: 68% Pass Rate (May 2026), 13-Week Plan

No. Exam SRM is a multiple-choice exam. You need to understand statistical concepts and read model output, but you don't have to write or read code.

Source: SOA Exam SRM Study Guide 2026: 68% Pass Rate (May 2026), 13-Week Plan

Exam FAM (Fundamentals of Actuarial Mathematics) is an SOA preliminary exam that covers both short-term and long-term actuarial mathematics. It replaced the introductory parts of the old Exams STAM and LTAM.

Source: SOA Exam FAM Explained: 34 Questions, 57% Pass Rate, Short vs Long-Term (2026)

The SOA published a 57.0% pass rate for the July 2026 sitting of Exam FAM (1,341 candidates wrote, 764 passed), on a pass mark of 60% average correct. That's higher than Exam P and Exam FM, which sit in the mid-to-high 40s.

Source: SOA Exam FAM Explained: 34 Questions, 57% Pass Rate, Short vs Long-Term (2026)

34 multiple-choice questions in 3.5 hours (210 minutes). The SOA cut the count from 40 to 34 starting with the November 2024 sitting, and the time limit didn't change.

Source: SOA Exam FAM Explained: 34 Questions, 57% Pass Rate, Short vs Long-Term (2026)

Severity and frequency models, aggregate loss models, survival models, life contingencies (insurance and annuity present values), and basic reserving for both short-term and long-term insurance.

Source: SOA Exam FAM Explained: 34 Questions, 57% Pass Rate, Short vs Long-Term (2026)

Most candidates take it after passing Exams P and FM, and some take it around the same time as Exam SRM. It's usually the third or fourth preliminary exam.

Source: SOA Exam FAM Explained: 34 Questions, 57% Pass Rate, Short vs Long-Term (2026)

It's worth it if you want structured adaptive practice with a proficiency score to aim for, or video lessons. CA's practice is built around ADAPT exams and Earned Level, a 0 to 10 proficiency score based on your practice exam results, and its Learn packages add video and written lessons. It covers the SOA preliminary exams (Exam P through ASTAM) plus the CAS exams and the exams in several FSA courses. Its Exam P pricing page lists Practice at $195 and Learn Complete + Practice at $618 for 180 days, with Student Pricing set to No (checked September 7, 2026). Other exams and access periods are priced differently.

Source: FreeFellow vs Coaching Actuaries: 2026 Comparison

Yes. CA isn't required. You can study from the SOA sample questions, a free or low-cost practice bank, and Paul's Online Math Notes for calculus refreshers. FreeFellow's free Exam P bank (1,100-plus questions) covers every SOA topic area. Whatever you use, take timed mocks under realistic conditions and review every miss until you know which step went wrong.

Source: FreeFellow vs Coaching Actuaries: 2026 Comparison

The free tier has 1,100-plus Exam P questions, 1,050-plus FM, 1,000-plus FAM, 1,000-plus SRM, 850-plus ALTAM and 950-plus ASTAM, plus past-exam walkthroughs with free solutions for Exam PA (constructed-response). It also covers CAS MAS-I, MAS-II, Exam 5 and Exam 6U. Every exam comes with written lessons, formula sheets, mixed practice and the readiness score. Fellow, billed monthly or quarterly per track, adds timed practice exams, spaced-repetition flashcards, analytics and a study plan. The annual plan is Fellow Plus, which adds Common traps and more AI grading on written-answer practice. Current prices are on the pricing page.

Source: FreeFellow vs Coaching Actuaries: 2026 Comparison

They work differently. ADAPT practice exams feed your Earned Level (EL), a 0 to 10 score of your proficiency that moves with your results, and CA publishes survey data on how respondents at different EL levels did. FreeFellow's adaptive practice is newer and simpler: it targets your weakest topics. It has no survey data like that behind it, but its question bank is free and CA's isn't.

Source: FreeFellow vs Coaching Actuaries: 2026 Comparison

You can. One setup is CA's ADAPT practice and videos as the main study plan, with FreeFellow's free bank for extra questions, which makes sense if your employer reimburses CA. If you're paying yourself, start with FreeFellow's free bank and the SOA sample questions, and keep track of your misses by topic. If one topic keeps costing you points after a few weeks, or a whole exam feels shaky, buy CA for that exam.

Source: FreeFellow vs Coaching Actuaries: 2026 Comparison

Exam FAM (Fundamentals of Actuarial Mathematics) is a 3.5-hour, 34-question multiple-choice SOA preliminary exam taken on a computer. It covers short-term insurance math (loss models, credibility, reserving, option pricing) and long-term life contingencies (mortality models, insurance and annuity present values, premiums and policy values), and it replaced the older STAM and LTAM exams.

Source: How to Pass Exam FAM in 4 Months: Study Plan + Pitfalls (2026)

The SOA published a 57.0% pass rate for the July 2026 sitting (1,341 candidates wrote, 764 passed), on a 60% pass mark. That's higher than Exam P and Exam FM, which run in the mid-to-high 40s.

Source: How to Pass Exam FAM in 4 Months: Study Plan + Pitfalls (2026)

No, the SOA doesn't require P and FM before FAM. But FAM assumes you're comfortable with probability distributions, expected value and the time value of money, so taking P and FM first makes it a lot easier.

Source: How to Pass Exam FAM in 4 Months: Study Plan + Pitfalls (2026)

No. FAM is 34 multiple-choice questions in 3.5 hours on a computer, with five answer choices per question and no partial credit. Written-answer work starts at ALTAM and ASTAM. Writing your setup on scratch paper still matters on FAM, because most items are multi-step and the wrong choices are built from common intermediate slips.

Source: How to Pass Exam FAM in 4 Months: Study Plan + Pitfalls (2026)

I'd budget 250 to 400 hours over 12 to 16 weeks. If your P and FM are strong you'll be toward the lower end, and without recent statistics coursework, plan for the upper end.

Source: How to Pass Exam FAM in 4 Months: Study Plan + Pitfalls (2026)

The SOA has published 654 sample probability questions across several Sample Questions and Solutions PDFs on soa.org. FreeFellow hosts every one as interactive practice, with the worked solution next to each question.

Source: Free Exam P Sample Questions: 654 SOA Items with Worked Solutions (2026)

They're a good guide to the exam's style and the traps it sets, since the SOA publishes them itself. The SOA does say the items in its online sample exams, which are drawn from these sample questions, may not represent the average difficulty of an actual exam, so don't read your score on them as a pass prediction. The specific items won't be on your sitting.

Source: Free Exam P Sample Questions: 654 SOA Items with Worked Solutions (2026)

Use the FreeFellow original bank (more than 1,100 questions) to learn the topics, and the 654 SOA samples both for learning and for timed practice near the end. There's no set split. Once you've covered a topic, work some of its samples untimed and read the solution for every miss, and keep a batch you haven't seen for mixed, timed sets later. A good score on those is encouraging, but the SOA says the items in its online sample exams may not match the average difficulty of an actual exam, so it isn't a pass prediction.

Source: Free Exam P Sample Questions: 654 SOA Items with Worked Solutions (2026)

Bayes-style conditional probability shows up in roughly 80 items. Identifying univariate distributions (binomial, Poisson, normal, exponential, gamma) accounts for another 200-plus. Joint distributions, marginals and double integrals over rectangular and non-rectangular regions are heavily represented, and insurance applications (deductible, limit, loss elimination ratio) appear in about 100 items.

Source: Free Exam P Sample Questions: 654 SOA Items with Worked Solutions (2026)

You can open previews without signing up. The full FreeFellow practice surface needs a free account. The published sample PDF is also on soa.org.

Source: Free Exam P Sample Questions: 654 SOA Items with Worked Solutions (2026)

The SOA has published 454 sample questions for Exam FM, covering every section of the financial mathematics syllabus. FreeFellow hosts all of them interactively with worked solutions.

Source: Free Exam FM Sample Questions: 454 SOA-Published Items, Interactive (2026)

Mostly, yes. Most exam questions come down to setting up the right cash-flow structure on a BA-II Plus and running the right button sequence. Calculator fluency is the practical difference between finishing in 90 minutes and running out of time on a 2.5-hour exam. The SOA samples build that fluency by repeating the same cash-flow shapes with different inputs.

Source: Free Exam FM Sample Questions: 454 SOA-Published Items, Interactive (2026)

Annuities account for roughly 130 items (level, increasing, decreasing, deferred), bond pricing and yield for about 100, and loan amortization for about 40. Term structure, forward rates and immunization make up the rest, about 80 combined.

Source: Free Exam FM Sample Questions: 454 SOA-Published Items, Interactive (2026)

Yes, but not many. The asset-liability management subset is about 26 items, enough to learn the Redington and full-immunization conditions but not enough to drill them to mastery. The FreeFellow original FM bank has more immunization practice.

Source: Free Exam FM Sample Questions: 454 SOA-Published Items, Interactive (2026)

Yes, but most candidates do their final practice on the calculator they'll use on exam day, so the button sequences are automatic. For FM that's the TI BA-II Plus (or the BA II Plus Professional). The SOA and CAS list has no Casio or HP models.

Source: Free Exam FM Sample Questions: 454 SOA-Published Items, Interactive (2026)

The SOA has published 262 sample questions for Exam FAM across the short-term (loss models, credibility) and long-term (survival models, life contingencies) halves. FreeFellow hosts all 262 interactively, with the worked solution next to each item.

Source: Free Exam FAM Sample Questions: 262 SOA Items Across Short- and Long-Term (2026)

FAM is the first exam where actuarial reasoning matters. P and FM are math and finance with an actuarial framing; in FAM you start working with mortality, claim frequency and severity distributions directly. The two halves (short-term and long-term) need different ways of thinking, which is the most common reason candidates underestimate it.

Source: Free Exam FAM Sample Questions: 262 SOA Items Across Short- and Long-Term (2026)

Roughly 50/50, but study them as two separate exams that happen on the same day. Bühlmann credibility (short-term) and the multi-state model framework (long-term) don't share intuitions. Most candidates who pass run two parallel study tracks instead of alternating concepts.

Source: Free Exam FAM Sample Questions: 262 SOA Items Across Short- and Long-Term (2026)

Aggregate loss models (compound Poisson, Panjer recursion) appear in 30+ items, Bühlmann and Bühlmann-Straub credibility in 25+, and survival models (force of mortality, life table mechanics) in 35+. Life insurance and annuity pricing under uniform-distribution-of-deaths and constant-force assumptions account for 40+. Multi-state Markov models with three or four states show up more than two-state ones.

Source: Free Exam FAM Sample Questions: 262 SOA Items Across Short- and Long-Term (2026)

Most candidates find the long-term half denser. The notation is heavy (commutation functions, status notation, joint-life functions). What helps is to stop memorizing formula tables and derive each formula from first principles (the expected value of the present-value random variable) every time you set up a problem.

Source: Free Exam FAM Sample Questions: 262 SOA Items Across Short- and Long-Term (2026)

SRM is a newer preliminary exam (in its current form since 2018), so the SOA has built up fewer released items than it has for P, FM and FAM. The 66 sample questions are the entire released set as of 2026.

Source: Free Exam SRM Sample Questions: 66 SOA Items for GLMs, Trees, and Time Series (2026)

Not on their own. They work best as a calibration check near the end, not as your main practice. Most candidates pair them with the FreeFellow original SRM bank (1,000-plus questions) and the free ISLR textbook, the standard SRM reference.

Source: Free Exam SRM Sample Questions: 66 SOA Items for GLMs, Trees, and Time Series (2026)

Generalized linear models (logistic regression, Poisson regression, link functions) account for roughly 20 items, decision trees (CART, splitting criteria, pruning) for 12, and time series (AR, MA, ARMA, stationarity) for another 12. Principal component analysis, clustering and model selection make up the rest.

Source: Free Exam SRM Sample Questions: 66 SOA Items for GLMs, Trees, and Time Series (2026)

More conceptual. P and FM reward setup speed and calculator fluency, and SRM rewards knowing when and why to use a given model. You'll compute log-likelihoods and Poisson regression coefficients, but the harder questions ask which model fits the data structure, what assumptions it makes, and how the bias-variance tradeoff plays out.

Source: Free Exam SRM Sample Questions: 66 SOA Items for GLMs, Trees, and Time Series (2026)

ISLR, An Introduction to Statistical Learning by James, Witten, Hastie and Tibshirani. It's the standard SRM textbook, free from its authors at statlearning.com, and it covers GLMs, trees, time series, PCA and clustering at the depth SRM tests. Most candidates make ISLR their main text and use the SOA samples as the calibration check.

Source: Free Exam SRM Sample Questions: 66 SOA Items for GLMs, Trees, and Time Series (2026)

The SOA has published 20 constructed-response sample items for Exam ASTAM in its November 2022 Sample Questions and Solutions PDF. FreeFellow hosts all 20 in an interactive simulator, with rubric point weights shown after you submit.

Source: Free Exam ASTAM Sample Questions: 20 Constructed-Response Items with SOA Rubrics (2026)

The format. FAM and SRM are multiple choice, and ASTAM is mostly writing. You don't pick a letter; you derive an answer, justify your method in prose, show every intermediate calculation and submit a written response graded against a published rubric. The math has to be right, but presentation drives the score.

Source: Free Exam ASTAM Sample Questions: 20 Constructed-Response Items with SOA Rubrics (2026)

In the simulator, the SOA reference solution appears next to your answer after you submit, with the rubric points for each sub-part, so you can grade yourself. AI grading against the same rubric is also available: Fellow includes five AI-graded attempts a day, and anyone can copy a grading prompt into their own ChatGPT or Claude. Self-grading against the published rubric still works well.

Source: Free Exam ASTAM Sample Questions: 20 Constructed-Response Items with SOA Rubrics (2026)

Aggregate loss models (compound Poisson, Panjer recursion). Severity modeling (lognormal, Pareto, Weibull). Frequency modeling (Poisson, negative binomial). Credibility (limited fluctuation, Bühlmann, Bühlmann-Straub). Ruin theory (discrete-time, continuous-time, adjustment coefficient). Loss reserving (chain ladder, Bornhuetter-Ferguson, Bühlmann-Straub triangle methods). Reinsurance (quota share, excess-of-loss, stop-loss with deductible and limit). Risk measures (VaR, TVaR, distortion premium principles).

Source: Free Exam ASTAM Sample Questions: 20 Constructed-Response Items with SOA Rubrics (2026)

Most candidates can do the math and lose points on presentation. A written answer that gets the right number but skips the model justification, the statement of assumptions or the intermediate calculations will score 50 to 60 percent, below the 70 percent most candidates expect to need. The SOA samples are the only public training set for the writing.

Source: Free Exam ASTAM Sample Questions: 20 Constructed-Response Items with SOA Rubrics (2026)

MAS-I (Modern Actuarial Statistics I) has three sections in the CAS content outline. Probability models (20-30%) covers Poisson processes, survival models, simple life contingencies, simulation, system reliability and Markov chains. Statistics (20-30%) covers estimation, hypothesis testing, frequency, severity and aggregate loss models, order statistics and maximum likelihood. Extended linear models (45-55%) covers generalized linear models: choosing the link function and distribution, reading output, model selection with AIC, BIC and deviance, and diagnostic plots, applied to ratemaking and classification.

Source: CAS Exam MAS-I Study Guide (Modern Actuarial Statistics I, 2026)

CAS-published MAS-I pass rates have typically run from the high 40s to the mid 50s percent, similar to other CAS preliminary exams. The CAS posts the pass rate for each sitting on casact.org. Most candidates put in 200 to 300 study hours.

Source: CAS Exam MAS-I Study Guide (Modern Actuarial Statistics I, 2026)

It's the third preliminary exam. You first pass Exam 1/P (Probability) and Exam 2/FM (Financial Mathematics), which the SOA and CAS give jointly. MAS-I and MAS-II (Modern Actuarial Statistics II) are the CAS-only preliminaries. After those four, you move to the upper-level exams (5, 6, 7, 8 and 9) toward the Associate (ACAS) and Fellow (FCAS) designations. MAS-I is where the CAS path splits from the SOA path.

Source: CAS Exam MAS-I Study Guide (Modern Actuarial Statistics I, 2026)

They overlap on generalized linear models, which are 45-55% of MAS-I and part of SRM's 40-50% linear models section. MAS-I is built around P&C insurance (ratemaking, classification, loss modeling) and adds probability models and statistics, neither of which is an SRM section. SRM adds decision trees, time series and unsupervised learning, which aren't on MAS-I. If you've passed SRM, the GLM section will feel familiar, but you'll still need to study the other two sections and the P&C framing.

Source: CAS Exam MAS-I Study Guide (Modern Actuarial Statistics I, 2026)

719 practice questions across the three MAS-I sections, each with a step-by-step solution and notes on the answer choices, plus 26 written lessons, a downloadable MAS-I formula sheet, and the CAS sample questions reproduced word for word with attribution. The full bank is free with an account, with no trial period or credit card, subject to practice usage limits.

Source: CAS Exam MAS-I Study Guide (Modern Actuarial Statistics I, 2026)

Four sections in the CAS 2026 content outline. Credibility (15-25%) covers classical limited-fluctuation, Buhlmann, Buhlmann-Straub and Bayesian credibility. Linear mixed models (10-20%) covers random effects, ICC, BLUP, REML and hierarchical structures. Statistical learning (40-50%) covers KNN, decision trees and ensembles, PCA, K-means and hierarchical clustering, neural networks, and predictive-accuracy measures like AUROC, Gini, lift and double lift charts. Time series with constant variance (15-25%) covers AR, MA and ARIMA models, ACF and PACF diagnostics, stationarity, seasonality and forecasting.

Source: CAS Exam MAS-II Study Guide (Modern Actuarial Statistics II, 2026)

CAS-published MAS-II pass rates have typically run from the high 40s to the mid 50s percent, similar to MAS-I and the other CAS preliminary exams. The CAS posts the pass rate for each sitting on casact.org. Most candidates put in 200 to 300 study hours, and people with prior statistics or machine learning coursework often pass at the lower end of that range.

Source: CAS Exam MAS-II Study Guide (Modern Actuarial Statistics II, 2026)

MAS-I covers probability models, statistics and generalized linear models (GLMs) for P&C ratemaking. MAS-II picks up from there with more advanced statistical learning (tree ensembles, PCA, clustering, neural networks) plus credibility and time series. MAS-I is about half GLMs, and MAS-II is 40-50% statistical learning. Together they cover most of the statistical methods used in P&C actuarial work. Most candidates take MAS-I first.

Source: CAS Exam MAS-II Study Guide (Modern Actuarial Statistics II, 2026)

Both cover statistical learning, but the coverage differs. MAS-II is built around P&C insurance (ratemaking, classification, loss modeling) and includes credibility and linear mixed models, neither of which is on SRM. SRM applies to any line of business and goes deeper on decision trees and random forests. If you've passed SRM, you'll have a head start on K-means, PCA, trees and time series, but you'll still need to learn credibility and linear mixed models from scratch.

Source: CAS Exam MAS-II Study Guide (Modern Actuarial Statistics II, 2026)

628 original practice questions across the four MAS-II sections, each with a step-by-step solution and notes on the answer choices. 21 written lessons with charts, decision tree diagrams, clustering plots, dendrograms, ACF and PACF plots and worked examples. A MAS-II formula sheet you can download as a PDF. The 12 CAS sample questions and 126 questions from past CAS exams (Fall 2018, Spring 2019, Fall 2019), reproduced word for word with the source noted on each. The full bank is free with an account, with no trial period or credit card, subject to practice usage limits.

Source: CAS Exam MAS-II Study Guide (Modern Actuarial Statistics II, 2026)

They're about the same. Both have per-attempt pass rates in the 45 to 55% range on the early exams (P, FM, FAM, MAS-I, MAS-II), and both take 200 to 400 hours per exam at fellowship level. People tend to see CAS Exams 5 to 9 as harder because they're all written-answer with a lot of essay-style work, while the SOA exams mix multiple-choice and written.

Source: SOA vs CAS 2026: Life/Health vs P&C + Free Quiz to Decide

Yes. Most actuarial jobs start before you've passed any exams. Some employers want P and FM by the time you're hired and some by your first anniversary, and you keep taking exams while you work. The credential matters for the long run, but the job starts much earlier.

Source: SOA vs CAS 2026: Life/Health vs P&C + Free Quiz to Decide

No. The exams test what they test. A math degree helps on the early exams (P, FM, FAM) because the calculus and probability will be familiar, but the path to the credential is the exams, not the degree. FSAs and FCASs come from English, computer science, economics and engineering backgrounds.

Source: SOA vs CAS 2026: Life/Health vs P&C + Free Quiz to Decide

Technically yes, but in practice no. Once you're past FM, you've picked a track. People who hold both designations are rare and usually earned them over decades.

Source: SOA vs CAS 2026: Life/Health vs P&C + Free Quiz to Decide

The actuarial path is longer (5 to 10 years to Fellow against 2 to 4 years to the CFA charter) and needs more sustained quantitative depth. Per-attempt pass rates land in a similar band on both, roughly 40% to 55%. The CFA covers more ground, while actuarial exams go deeper in a narrower area, and the two credentials mean different things in different industries.

Source: SOA vs CAS 2026: Life/Health vs P&C + Free Quiz to Decide

Both societies update their curriculum and exam structure from time to time. The SOA's last big overhaul (2018) introduced FAM, SRM, ATPA, ALTAM and ASTAM, and the CAS adjusts MAS-I and MAS-II content regularly. Check the current syllabus on soa.org and casact.org before you build a study plan, and be careful with materials more than 2 years old.

Source: SOA vs CAS 2026: Life/Health vs P&C + Free Quiz to Decide

The SOA's Exam ALTAM Sample Questions and Solutions document (current version April 2025) has 56 written-answer items across all seven syllabus topics. FreeFellow hosts all 56 in an interactive simulator, reproduced verbatim with attribution, with rubric point weights shown for each sub-part.

Source: Free Exam ALTAM Sample Questions: 56 SOA Written-Answer Items with Rubrics (2026)

The SOA publishes past ALTAM exams and the sample question set on its website. The 56 sample items are the set the SOA keeps current against the syllabus, which is why they're the standard practice base. FreeFellow's simulator hosts those 56; for graded past papers, the SOA's site has the originals.

Source: Free Exam ALTAM Sample Questions: 56 SOA Written-Answer Items with Rubrics (2026)

Written answer. ALTAM is a 3-hour constructed-response exam: you derive results, justify methods and write conclusions that are graded against point-weighted rubrics. That's why practicing with the rubric visible matters more than it does on any multiple-choice preliminary.

Source: Free Exam ALTAM Sample Questions: 56 SOA Written-Answer Items with Rubrics (2026)

Yes. The 56-item SOA sample simulator and the 899-question original multiple-choice bank are both free with an account, with no trial period and no credit card. You can try sample questions without signing up.

Source: Free Exam ALTAM Sample Questions: 56 SOA Written-Answer Items with Rubrics (2026)

The SOA publishes pass rates after each sitting, and ALTAM has historically fallen somewhere around 40 to 55%. It varies from one sitting to the next, so check the most recent figure.

Source: How to Pass SOA Exam ALTAM (Advanced Long-Term Actuarial Mathematics): 2026 Study Guide

Most candidates spend about 300 to 400 hours over 4 to 6 months. If your survival models and calculus are rusty, budget toward the higher end and start with a review of the FAM material.

Source: How to Pass SOA Exam ALTAM (Advanced Long-Term Actuarial Mathematics): 2026 Study Guide

The syllabus has seven topics: survival models for contingent cash flows (including Markov multiple-state models), premium and policy valuation for long-term coverages, joint life insurance and annuities, profit analysis, pension plans and retirement benefits, universal life insurance, and embedded options in life insurance and annuity products.

Source: How to Pass SOA Exam ALTAM (Advanced Long-Term Actuarial Mathematics): 2026 Study Guide

ALTAM is a 3-hour written-answer exam with six questions worth 60 points, one of them answered in Excel. You write out your work instead of picking from multiple-choice options, and showing your steps earns partial credit.

Source: How to Pass SOA Exam ALTAM (Advanced Long-Term Actuarial Mathematics): 2026 Study Guide

ALTAM took over the advanced part of LTAM after the 2022 curriculum change. It's entirely written-answer, which a lot of candidates find harder than a mixed-format sitting, because you can't back into an answer from the choices.

Source: How to Pass SOA Exam ALTAM (Advanced Long-Term Actuarial Mathematics): 2026 Study Guide

The Texas Instruments BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II (the IIS solar or IIB battery version) or the TI-30X MultiView (the XS solar or XB battery version). Using a calculator that isn't on this list disqualifies the exam.

Source: SOA-Approved Calculators for Actuarial Exams: Full List + Best Pick for P and FM

The TI-30XS MultiView. Its two-line display lets you see and edit the full expression, and it handles fractions and combinations cleanly, which suits the probability and statistics on Exam P. It's on the SOA and CAS list.

Source: SOA-Approved Calculators for Actuarial Exams: Full List + Best Pick for P and FM

The BA II Plus. Exam FM is financial mathematics, so its time value of money row, its cash flow worksheet for NPV and IRR, and its amortization functions save real time. The TI-30XS doesn't have these financial functions.

Source: SOA-Approved Calculators for Actuarial Exams: Full List + Best Pick for P and FM

It isn't required, but many candidates do. The TI-30XS MultiView is the better fit for Exam P and the BA II Plus is the better fit for Exam FM. Both are on the list, both are inexpensive, and you're allowed to bring both into the exam.

Source: SOA-Approved Calculators for Actuarial Exams: Full List + Best Pick for P and FM

Yes. For the models with programmable memory (the TI-30X II, the TI-30X MultiView, the BA II Plus and the BA II Plus Professional), the exam supervisor clears the memory when you enter. You also can't bring calculator instructions into the room.

Source: SOA-Approved Calculators for Actuarial Exams: Full List + Best Pick for P and FM

Actuaries move up by passing exams. You start as an actuarial analyst while sitting the preliminary exams, reach Associate (ASA or ACAS) partway through, and Fellow (FSA or FCAS) at the top of the exam track. Titles run from analyst to pricing or reserving actuary to chief actuary or appointed actuary.

Source: Actuary Salary and Career Path: ASA to FSA and FCAS (2026)

Pay climbs steadily with exams and credentials, from entry-level analyst pay to strong six figures at the Fellowship level. The sourced entry, ASA, FSA and FCAS figures are in the post above, drawn from the DW Simpson actuarial salary survey.

Source: Actuary Salary and Career Path: ASA to FSA and FCAS (2026)

Yes, more directly than in almost any other field. Employers commonly tie raises to exams passed, and each preliminary exam and each credential milestone (ASA, then FSA or FCAS) moves you up a well-documented pay scale. That's why people call the actuarial path exam-driven.

Source: Actuary Salary and Career Path: ASA to FSA and FCAS (2026)

ASA (Associate, SOA) is the mid-level credential. FSA (Fellow, SOA) and FCAS (Fellow, CAS) are the top credentials for life and health and for property and casualty. Fellows earn meaningfully more than Associates, and the sourced medians for each are in the post above.

Source: Actuary Salary and Career Path: ASA to FSA and FCAS (2026)

It has one of the best pay-to-cost ratios in finance. The exams are inexpensive (especially with free prep), the salary ladder is clear, and job stability is high. The Finance Credential ROI Map shows the full picture against other credentials.

Source: Actuary Salary and Career Path: ASA to FSA and FCAS (2026)

No. P and FM are independent and you can take them in either order. Take whichever matches your current coursework first.

Source: Which Actuarial Exam Should You Take First? (2026 Order Guide)

Yes. There's no degree requirement to register for Exam P or Exam FM, and a lot of candidates pass one or two exams while they're still in school.

Source: Which Actuarial Exam Should You Take First? (2026 Order Guide)

Exam P and Exam FM are the entry exams, and neither requires a prior exam. Which one feels easier depends on whether you're stronger at probability (P) or interest theory (FM).

Source: Which Actuarial Exam Should You Take First? (2026 Order Guide)

No. Both societies start with the jointly administered Exam P and Exam FM. The paths only split after FM.

Source: Which Actuarial Exam Should You Take First? (2026 Order Guide)

No. VEE (Validation by Educational Experience) is validated through coursework, separately from the exams, and you can complete it before or after your first sittings.

Source: Which Actuarial Exam Should You Take First? (2026 Order Guide)

No. VEE (Validation by Educational Experience) validates economics, accounting and finance, and mathematical statistics through coursework or alternatives, not through an exam you sit.

Source: VEE Requirements and Actuarial Designations: ASA, ACAS, FSA, FCAS (2026)

No. You can sit Exam P and Exam FM without any VEE credits. VEE is required to earn the Associate designation, not to register for exams.

Source: VEE Requirements and Actuarial Designations: ASA, ACAS, FSA, FCAS (2026)

Economics, accounting and finance, and mathematical statistics. Each one is validated separately.

Source: VEE Requirements and Actuarial Designations: ASA, ACAS, FSA, FCAS (2026)

The three subjects are the same in spirit, but each society runs its own VEE requirement with its own qualifying-course list, so check the society you're pursuing.

Source: VEE Requirements and Actuarial Designations: ASA, ACAS, FSA, FCAS (2026)

Associate (ASA, ACAS) is the mid-path credential, earned after the preliminary exams, VEE and modules. Fellow (FSA, FCAS) is the final designation, earned after additional fellowship exams and specialty content.

Source: VEE Requirements and Actuarial Designations: ASA, ACAS, FSA, FCAS (2026)

The SOA publishes pass rates by sitting, and Exam PA has recently passed in the mid-60s, though it moves from one sitting to the next. I wouldn't anchor on one figure. Check the rate the SOA posts for the sitting you're targeting, and study to the rubric rather than to a number.

Source: How to Pass SOA Exam PA (Predictive Analytics): 2026 Study Guide

I'd budget roughly 100 to 150 hours over about 10 to 14 weeks. Because the exam is written response, a big share of that time should go to writing answers and comparing them to model solutions, not just reading. If your writing is slow or your SRM statistics are rusty, plan for the higher end.

Source: How to Pass SOA Exam PA (Predictive Analytics): 2026 Study Guide

The full predictive modeling workflow: understanding the business problem, exploring and cleaning data, feature generation, and building and evaluating models such as generalized linear models (GLMs), decision trees, random forests, and unsupervised methods like clustering and principal components. It also tests how you explain results to a non-technical audience.

Source: How to Pass SOA Exam PA (Predictive Analytics): 2026 Study Guide

It's a 3.5-hour open-response exam. You get a business data problem and a set of tasks, and you type your answers in Microsoft Word, with Excel available. Since April 2023, R and RStudio aren't in the exam, so the R code and output you need are provided for you to read and interpret.

Source: How to Pass SOA Exam PA (Predictive Analytics): 2026 Study Guide

Yes, most candidates take Statistics for Risk Modeling (SRM) first. SRM builds the statistical learning foundation (GLMs, trees, regularization, model selection) that PA assumes you already have. PA then tests whether you can apply it to a real business problem and write it up clearly.

Source: How to Pass SOA Exam PA (Predictive Analytics): 2026 Study Guide

Yes. On FreeFellow, every released sitting from October 2023 onward is a free graded walkthrough, reproduced from the published Project Statements and Model Solutions. You can browse them without signing up or entering a credit card.

Source: Free Exam PA Practice: Every Released Sitting as a Graded Walkthrough (2026)

The most exam-relevant practice is the released past sittings themselves, which I've set up as task-by-task walkthroughs at /soa-pa. For quick drilling of the ideas, there are also 500 free concept-check questions across the syllabus.

Source: Free Exam PA Practice: Every Released Sitting as a Graded Walkthrough (2026)

Open a released task and type your own written response the way you would in Word on exam day. Then reveal the model solution, the graders' comments and a point-by-point rubric, and score yourself against it. Repeat across sittings.

Source: Free Exam PA Practice: Every Released Sitting as a Graded Walkthrough (2026)

Each task has a rubric built from the published model solution and graders' comments. Free users get a copy-to-AI prompt to grade their written answer in their own ChatGPT or Claude. Fellow includes five AI-graded attempts a day, and Fellow Plus removes that allowance, subject to grading rate and usage limits.

Source: Free Exam PA Practice: Every Released Sitting as a Graded Walkthrough (2026)

Not a large multiple-choice bank, and that's deliberate. Exam PA is a written open-response exam, so a multiple-choice bank wouldn't match it. The practice that transfers is writing responses to real released tasks and grading yourself.

Source: Free Exam PA Practice: Every Released Sitting as a Graded Walkthrough (2026)

CAS Exam 5 (Basic Techniques for Ratemaking and Estimating Claim Liabilities) splits close to evenly between ratemaking and reserving. The ratemaking half covers exposure bases and data aggregation (8-12%), premium and loss trend and development adjustments (10-14%), overall rate level indications by the pure premium and loss ratio methods (12-16%), classification and alternative rating including ILFs, deductibles and individual risk rating (8-12%), and ratemaking principles, implementation and regulation (5-8%). The reserving half covers reserving data and development triangles with their diagnostics (12-16%), unpaid claim estimation techniques including development, expected claims, Bornhuetter-Ferguson, Benktander, Cape Cod, frequency-severity and Berquist-Sherman (18-22%), and recoveries, LAE and reserve evaluation (12-16%).

Source: CAS Exam 5 Study Guide (Basic Techniques for Ratemaking and Estimating Claim Liabilities, 2026)

It's different more than it's harder, and for most people the switch itself is the hard part. MAS-I and MAS-II are 4-hour objective exams where picking the right answer earns the point. Exam 5 is graded mostly on written answers. Since October 2023 the CAS has delivered it in seven item types, from multiple choice and matching to spreadsheet tasks, but most items are constructed response, so you produce the answer, show labeled work, state assumptions and write short explanations, all for partial credit. The math is lighter than MAS-II, but there's far more syllabus to read and far more writing. Candidates who prepare the way they did for the preliminaries (read, then drill recognition) tend to do worse.

Source: CAS Exam 5 Study Guide (Basic Techniques for Ratemaking and Estimating Claim Liabilities, 2026)

The CAS doesn't publish a recommended number. Candidates and prep providers usually put it at 300 to 350 hours if you've recently passed MAS-II and work in P&C pricing or reserving, 350 to 450 hours if you've finished the preliminaries without P&C work experience, and 150 to 250 hours for a resit, spent almost entirely on writing answers rather than rereading. Most people plan 16 weeks at 20 to 30 hours a week, and a big share of that time should go to writing full answers under time.

Source: CAS Exam 5 Study Guide (Basic Techniques for Ratemaking and Estimating Claim Liabilities, 2026)

Graders give partial credit against a point allocation published for each question, so a question is rarely all or nothing. The published examiner's reports include sample answers that earned credit plus grader commentary on common mistakes, and those sample answers are the scoring standard in practice. So label every intermediate step, since a grader can give credit for it even when the final number is off, and answer the specific verb in the question, because "calculate", "briefly describe" and "justify" each carry their own points. Pace yourself by points rather than by question count.

Source: CAS Exam 5 Study Guide (Basic Techniques for Ratemaking and Estimating Claim Liabilities, 2026)

548 original practice questions across all eight topic areas with step-by-step solutions and notes on the answer choices, walkthroughs of 13 released CAS Exam 5 sittings (326 questions from Spring 2013 through Fall 2019) with the examiner's report sample answers and grader commentary, attributed to the CAS, 38 written lessons and a downloadable formula sheet. All of that is free with an account, with no trial period or credit card, subject to practice usage limits. Fellow adds an original mock sitting of 24 constructed-response questions worth 52 points over 4 hours, plus AI grading of your written answers.

Source: CAS Exam 5 Study Guide (Basic Techniques for Ratemaking and Estimating Claim Liabilities, 2026)

Exam 6-U.S. (Regulation and Financial Reporting, Nation Specific) has four domains in the CAS Syllabus of Basic Education. U.S. laws and regulations (10-20%) covers McCarran-Ferguson and state-based regulation, the NAIC and its model laws, rate regulation, market conduct and guaranty funds. Government programs (5-15%) covers the flood program, the federal terrorism backstop, workers compensation state funds and residual markets. Financial reporting, taxation and professional responsibilities (60-75%) covers statutory accounting and SSAPs, the Annual Statement and its schedules, the Insurance Expense Exhibit, risk-based capital, IRIS ratios, insurer taxation and the Statement of Actuarial Opinion. Reinsurance accounting principles (5-10%) covers risk transfer, prospective versus retroactive treatment, deposit accounting and Schedule F. That third domain is where most of the study time goes.

Source: CAS Exam 6-U.S. Study Guide (Regulation and Financial Reporting, 2026)

It's hard in a different way from the preliminaries. The CAS lists seven item types you may see, from multiple choice and matching to spreadsheet tasks and constructed response, and it doesn't publish the mix. Constructed-response items are graded per scoreable element, with no choices to work backward from. There's a lot of material, and much of it is enumerated (opinion types, action levels, IRIS ratios, disclosure requirements), which rewards structured recall more than calculation speed. The CAS publishes the pass rate for each sitting on casact.org. The thing I'd practice hardest is writing a complete, well-worded answer inside the time, because knowing the material doesn't help if you can't get it down.

Source: CAS Exam 6-U.S. Study Guide (Regulation and Financial Reporting, 2026)

It depends mostly on your statutory reporting experience. If you already work in P&C financial reporting or valuation, you start well ahead. If your experience is outside reporting (pricing, reserving, analytics), you'll need more, and if you've never worked with statutory reporting, budget the most. My plan runs 16 weeks, with more added if statutory accounting is new to you. Past the halfway point, time spent writing full answers under time is worth more than rereading.

Source: CAS Exam 6-U.S. Study Guide (Regulation and Financial Reporting, 2026)

705 original practice questions across the eight Exam 6-U.S. topic areas, each with a step-by-step solution. Walkthroughs of 13 released sittings (345 questions from Fall 2013 through Fall 2019) with the examiner's report sample answers and grader commentary, attributed to the CAS. 24 written lessons covering the syllabus and an Exam 6-U.S. formula sheet you can download as a PDF. All of it is free with an account, with no trial period or credit card, subject to practice usage limits. Fellow adds an original timed mock sitting and AI grading of your written answers.

Source: CAS Exam 6-U.S. Study Guide (Regulation and Financial Reporting, 2026)

Each question is worth a stated number of points, and graders give partial credit for each scoreable element rather than all or nothing per question. Until 2020 the CAS published an examiner's report after each sitting, with the questions, sample answers that earned full or nearly full credit, and commentary on common mistakes. It no longer produces them. The old reports show what a strong answer looked like, not the minimum passing standard, and the commentary is still a quick way to learn what graders looked for. The question verb controls the shape of the answer (list, briefly describe, fully discuss and calculate each want something different), and showing your work on a calculation earns points even when the final number is wrong. Budget minutes per point rather than per question.

Source: CAS Exam 6-U.S. Study Guide (Regulation and Financial Reporting, 2026)

The 2024 versions of Microsoft Word and Excel, per the SOA guide "The Prometric Center Experience for SOA Written-Answer Exams" updated August 17, 2026. The previous version of the guide, dated December 19, 2023, listed the 2016 versions. The guide is linked from the SOA Exam Day Information page under Written-Answer Exams.

Source: SOA Written-Answer Exams Now Have Excel 2024 at Prometric

No. Solver and the Analysis ToolPak are both listed as not available in the current guide, the same as before. Goal Seek and pivot tables are available, so solving for a premium or a rate still runs through Goal Seek or algebraic rearrangement.

Source: SOA Written-Answer Exams Now Have Excel 2024 at Prometric

No. The exams are written so every question can be answered with functions that existed in Excel 2016, and the update doesn't change the syllabus or the question style. The new functions are a convenience if you already use them at work or school, not a requirement.

Source: SOA Written-Answer Exams Now Have Excel 2024 at Prometric

The written-answer exams given at Prometric centers with Word and Excel: ALTAM, ASTAM, the FSA-track written-answer exams and Course INV201 Quantitative Finance. The multiple-choice preliminary exams like P, FM, FAM and SRM don't use Word or Excel, so nothing changes for them.

Source: SOA Written-Answer Exams Now Have Excel 2024 at Prometric

No. Every question on the SOA written-answer exams can be solved with functions that existed in Excel 2016: INDEX/MATCH, VLOOKUP, SUMPRODUCT, nested IFs and Goal Seek. The Excel 2024 functions are a convenience if you already know them, not a new requirement.

Source: Excel 2024 Functions Worth Knowing for SOA Written-Answer Exams

Yes. The SOA guide says candidates are free to use any available function. The practical caution is presentation: graders give partial credit based on what they can follow, so label spill ranges clearly and leave room below and to the right of a spilling formula so it doesn't collide with other work and return a `#SPILL!` error.

Source: Excel 2024 Functions Worth Knowing for SOA Written-Answer Exams

No. Solver and the Analysis ToolPak are still unavailable under the August 17, 2026 guide, the same as under the old Excel 2016 setup. Goal Seek is available, so solving for premiums or rates on exam day still runs through Goal Seek or algebra.

Source: Excel 2024 Functions Worth Knowing for SOA Written-Answer Exams

Almost everything. Excel 2024 includes XLOOKUP, LET, LAMBDA and the full dynamic array family (SORT, FILTER, UNIQUE, SEQUENCE, TAKE, DROP, VSTACK). It doesn't include the newest subscription-only features such as GROUPBY, PIVOTBY, the REGEX functions or Python in Excel, and exam machines have no internet. If a function is central to how you work, confirm it exists in Excel 2024 before you rely on it.

Source: Excel 2024 Functions Worth Knowing for SOA Written-Answer Exams

It's worth it if you want video instruction. The three-part review runs about $699 to $799 (Gleim Enrolled Agent review page, June 2026 price record), and the video lectures come with Premium, the higher-priced package. Both packages include full-length mock exams, and Gleim advertises an Access Until You Pass option. It's harder to justify if you're happy working through a free question bank, since FreeFellow's whole EA bank costs nothing.

Source: FreeFellow vs Gleim EA: 2026 Comparison

Yes. A paid course isn't required, and the free IRS publications plus a free or low-cost question bank is a workable setup. FreeFellow's free tier covers the whole EA bank, Part 1 (1,247 questions), Part 2 (1,083) and Part 3 (899), with step-by-step solutions. Whatever you use, do a lot of practice questions under timed conditions and look up every miss in the IRS publication it came from.

Source: FreeFellow vs Gleim EA: 2026 Comparison

FreeFellow's free tier is $0 and includes the whole EA question bank across all three parts. Gleim's three-part review runs about $699 to $799 (June 2026 prices). FreeFellow's paid tiers, billed monthly or quarterly per track or as the annual Fellow Plus plan, add timed mocks, flashcards, analytics and a study plan. Gleim adds video lectures and access until you pass, which FreeFellow doesn't include. Current prices are on the pricing page.

Source: FreeFellow vs Gleim EA: 2026 Comparison

Some candidates do. One setup that works is FreeFellow's free bank for volume, with the readiness score to track progress, and Gleim's video lectures for the heavier business-taxation topics in Part 2. If you're paying yourself, start with FreeFellow's free bank and the IRS publications, and buy Gleim only if you find you need video.

Source: FreeFellow vs Gleim EA: 2026 Comparison

The EA is easier to get into, but how hard each exam feels depends on you. The EA has no degree or experience prerequisite, and you'll need roughly 80 hours of study for Part 1, 100 for Part 2 and 50 for Part 3. The CFP has one comprehensive board exam, which 66% of candidates passed in July 2026 (CFP Board), and takes about 300 study hours. You need registered coursework before you can sit it, and certification adds a bachelor's degree and 6,000 hours of experience (or a 4,000-hour apprenticeship).

Source: EA vs CFP: Which Credential for a Tax or Planning Career (2026)

Yes, and it's a common combination. The EA gives you unlimited rights to represent taxpayers before the IRS, which the CFP alone doesn't. A CFP who adds the EA can handle a client's tax dispute directly instead of referring it out, and tax season work fits well alongside year-round planning.

Source: EA vs CFP: Which Credential for a Tax or Planning Career (2026)

There's no clean comparison, because the jobs differ. CFP pay comes from planning and wealth management roles, and EA pay from tax practice and representation work, often as a sole practitioner who controls their own book. Published salary figures for both mix in years of experience, firm type and whether someone owns the business, so they don't tell you what you'd earn starting out. An EA who owns a busy tax practice can out-earn a salaried planner.

Source: EA vs CFP: Which Credential for a Tax or Planning Career (2026)

No. The EA is one of the few finance credentials with no education requirement. You get a PTIN, pass the three-part Special Enrollment Examination (Individuals, Businesses, Representation), apply for enrollment and pass an IRS suitability check, and then you can represent taxpayers before the IRS. For the CFP, you need CFP Board-registered coursework to sit the exam (the accelerated path skips most of it for CPAs, CFA charterholders and a few others) and a bachelor's degree to certify.

Source: EA vs CFP: Which Credential for a Tax or Planning Career (2026)

The IRS doesn't publish SEE pass rates. Figures compiled by review providers put the three parts at roughly 58 to 71 percent for the 2024-25 testing window, and Part 1 was the lowest at about 58 percent, as it has been for several years. Individuals covers a lot of income, deduction and credit rules. Treat any specific percentage you see as an estimate.

Source: How to Pass IRS Enrolled Agent Exam Part 1 (Individuals): 2026 Study Guide

Most candidates spend 40 to 80 hours on a single part. If you already prepare individual returns for a living, you can land near the low end. If tax is new to you, plan closer to 80 hours spread over six to eight weeks.

Source: How to Pass IRS Enrolled Agent Exam Part 1 (Individuals): 2026 Study Guide

Six areas: Preliminary Work and Taxpayer Data, Income and Assets, Deductions and Credits, Taxation, Advising the Individual Taxpayer, and Specialized Returns for Individuals. Income and Assets and Deductions and Credits together make up the largest share of questions.

Source: How to Pass IRS Enrolled Agent Exam Part 1 (Individuals): 2026 Study Guide

Part 1 has 100 multiple-choice questions and a 3.5-hour time limit. About 85 are scored and about 15 are unscored experimental items that count toward neither your score nor extra time. Questions come in three styles: direct, incomplete sentence, and all of the following except.

Source: How to Pass IRS Enrolled Agent Exam Part 1 (Individuals): 2026 Study Guide

The Part 1 exam for the July 2026 through February 2027 window is based on the prior calendar year's tax law. Confirm the covered tax year before you buy materials, because inflation-adjusted figures like standard deductions and phase-outs change every year.

Source: How to Pass IRS Enrolled Agent Exam Part 1 (Individuals): 2026 Study Guide

The IRS doesn't publish SEE pass rates. Figures compiled by review providers put Part 2 at about 71 percent for the 2024-25 testing window, above Part 1 (Individuals) at about 58 percent and slightly above Part 3 (Representation) at about 70 percent. Part 2 still carries the most technical detail, which is why many candidates find it the hardest to prepare for.

Source: How to Pass IRS Enrolled Agent Exam Part 2 (Businesses): 2026 Study Guide

Most candidates need about 80 to 120 hours. If you work with business returns, partnerships or S corporations day to day, you may land at the low end. If business tax is new to you, plan for the high end and spread it over 8 to 12 weeks.

Source: How to Pass IRS Enrolled Agent Exam Part 2 (Businesses): 2026 Study Guide

Three domains: Business Entities and Considerations (sole proprietorships, partnerships, corporations, S corporations), Business Tax Preparation (accounting methods, income, expenses, assets, depreciation), which is the largest, and Specialized Returns and Taxpayers (trusts, estates, exempt organizations and retirement plans).

Source: How to Pass IRS Enrolled Agent Exam Part 2 (Businesses): 2026 Study Guide

It's a computer-based exam with 100 multiple-choice questions in a 3.5-hour testing appointment. Only 85 questions are scored; the other 15 are experimental and unscored. Scores are scaled from 200 to 800, and you need 500 to pass.

Source: How to Pass IRS Enrolled Agent Exam Part 2 (Businesses): 2026 Study Guide

Most candidates say yes. Business entity taxation, basis rules, depreciation and the specialized returns carry a lot of detail. If you come from an individual-tax background, budget extra time for partnership and corporate mechanics.

Source: How to Pass IRS Enrolled Agent Exam Part 2 (Businesses): 2026 Study Guide

The IRS doesn't publish SEE pass rates. Figures compiled by review providers put Part 3 at about 70% for the 2024-25 testing window, level with Part 2 (about 71%) and well above Part 1 (about 58%). It has long had a reputation as the easiest part, but rates move from window to window, so treat any figure as approximate.

Source: How to Pass IRS Enrolled Agent Exam Part 3 (Representation): 2026 Study Guide

Most candidates spend 40 to 50 hours. If you took Parts 1 and 2 recently, some of the Circular 230 and procedure material will feel familiar, so you may land at the low end. If representation topics are new to you, plan for the high end.

Source: How to Pass IRS Enrolled Agent Exam Part 3 (Representation): 2026 Study Guide

Four domains: Practices and Procedures (including Circular 230 and preparer rules), Representation before the IRS (powers of attorney, examinations, appeals, collections), Specific Areas of Representation (penalties, liens, levies, innocent spouse), and Filing Process.

Source: How to Pass IRS Enrolled Agent Exam Part 3 (Representation): 2026 Study Guide

It's 100 multiple-choice questions at a PSI Services test center or through PSI remote proctoring, in a 3.5-hour appointment. Of the 100 questions, 85 count toward your score and 15 are unscored experimental items you can't identify.

Source: How to Pass IRS Enrolled Agent Exam Part 3 (Representation): 2026 Study Guide

Many candidates find it the most manageable, because there's less raw computation and more rules-based reasoning. It still takes work. The procedural detail in Circular 230, appeals and collections trips up people who skim.

Source: How to Pass IRS Enrolled Agent Exam Part 3 (Representation): 2026 Study Guide

One route runs from tax preparer to senior preparer or tax resolution specialist, and some EAs go on to build or buy a practice. The license's unlimited IRS representation rights are what open the audit, collection and appeals work, whether you do it at a firm or on your own.

Source: Enrolled Agent Salary and Career Path (2026)

It varies a lot with the role and how much experience you have. The post above has the sourced figures, from entry-level tax preparer pay to what EA holders earn on average, and says what each one measures.

Source: Enrolled Agent Salary and Career Path (2026)

The EA gives you unlimited rights to represent taxpayers before the IRS, so you can take on resolution and representation work that a preparer without a credential can't offer. Whether that turns into higher pay depends on the job you do with it, and the salary sources in the post don't measure a credential premium.

Source: Enrolled Agent Salary and Career Path (2026)

Senior tax preparer, tax resolution specialist, IRS representation practitioner and tax practice owner. The EA is a federal credential focused entirely on tax, so it maps directly to tax and representation roles.

Source: Enrolled Agent Salary and Career Path (2026)

If you want to work in tax, the cost is modest for what it opens up. There's no degree or experience requirement, prep can be free, and the credential carries unlimited rights to represent taxpayers before the IRS, so you can take on audits, collection cases and appeals for any client. You don't need it to prepare returns or run a preparation business. You still pay for three exam parts, a PTIN and the IRS enrollment fee, then renew the PTIN every year, renew your enrollment every three years and keep up continuing education. The Finance Credential ROI Map has the comparison.

Source: Enrolled Agent Salary and Career Path (2026)

The IRS posts free sample SEE questions for all three parts as PDFs. It says they were never used on a live exam, and the current set reflects tax law through December 31, 2025. FreeFellow's PDFs are formula sheets, one per part. Its practice questions are online, each with a worked solution.

Source: Free Enrolled Agent Practice Questions: 3,200+

Each part has a free 12-question diagnostic that gives you a readiness score with no signup. The full question bank for all three parts is free with an account, subject to usage limits. Timed mock exams, 100 questions in 3.5 hours like the real SEE, are in the optional paid Fellow tier.

Source: Free Enrolled Agent Practice Questions: 3,200+

Each of the three SEE parts is 100 multiple-choice questions with a 3.5-hour time limit. About 85 count toward your score, and about 15 are unscored experimental items you can't identify. Results are scaled from 200 to 800, and 500 passes.

Source: Free Enrolled Agent Practice Questions: 3,200+

It depends on your background. If you mostly prepare individual returns, Part 1 will be familiar and Part 2's partnerships, corporations and basis rules may be new. Part 3 has little math and is mostly rules and procedure. The IRS doesn't publish SEE pass rates, so the figures quoted online come from prep providers.

Source: Free Enrolled Agent Practice Questions: 3,200+

The SEE is written against a specific tax year, generally the prior calendar year. The domestic July 2026 through February 2027 window tests tax law as amended through December 31, 2025, which is the 2025 tax year. FreeFellow's EA banks use 2025 law too, which matters for anything that depends on thresholds, brackets or phase-outs.

Source: Free Enrolled Agent Practice Questions: 3,200+

It's worth a look if you want video and a guided course. Gleim's CMA review is established, with a large test bank and video lectures, and its two-part review was about $1,499 to $1,799 in the June 2026 price record. Check which practice formats it covers for your testing window. FreeFellow's question banks and written lessons are free with an account, subject to practice usage limits.

Source: FreeFellow vs Gleim CMA: 2026 Comparison

A free question bank and the IMA learning materials can carry a study plan. FreeFellow covers Part 1 (788 questions) and Part 2 (585), with 41 written lessons and step-by-step solutions. Use the free case-based preview to get used to the format, and include timed practice that matches your testing window. Practice usage limits apply.

Source: FreeFellow vs Gleim CMA: 2026 Comparison

FreeFellow's CMA practice uses objective case-based questions with machine grading, with a free preview and the full set in Fellow. It doesn't include an essay grader or a copy-to-AI essay prompt. Check Gleim's current package for the case-based or essay practice that matches your exam window and region.

Source: FreeFellow vs Gleim CMA: 2026 Comparison

FreeFellow's full question banks for both CMA parts are free with an account, subject to practice usage limits. Fellow Plus is an annual subscription for the CMA track that adds the full case-based practice, timed mocks, flashcards, analytics and a study plan. Gleim's two-part review was about $1,499 to $1,799 in the June 2026 price record, so check current prices and access terms.

Source: FreeFellow vs Gleim CMA: 2026 Comparison

FreeFellow has 1,373 CMA practice questions, 788 for Part 1 and 585 for Part 2, each with a step-by-step solution, plus 41 lessons. You can try sample questions without an account, and the full bank and lessons are free with an account, subject to usage limits.

Source: Free IMA CMA Practice Questions 2026: Parts 1 and 2

Part 1 (Financial Planning, Performance, and Analytics) covers external financial reporting, planning and budgeting, performance management, cost management, internal controls, and technology and analytics. Part 2 (Strategic Financial Management) covers financial statement analysis, corporate finance, business decision analysis, enterprise risk management, capital investment decisions and professional ethics.

Source: Free IMA CMA Practice Questions 2026: Parts 1 and 2

The last window-specific pass rates released were for the January/February 2020 window, when ICMA reported 45% worldwide on both parts. Window-by-window figures haven't been published since.

Source: Free IMA CMA Practice Questions 2026: Parts 1 and 2

It depends on your background and how many hours a week you can study. FreeFellow's planning estimate is about 170 hours per part (roughly 130 to 200 depending on how familiar the material is), so at 10 to 15 hours a week each part takes three to four months. The exam is offered in three two-month windows a year (January/February, May/June and September/October), and you have three years from paying the entrance fee to pass both parts.

Source: Free IMA CMA Practice Questions 2026: Parts 1 and 2

The CMA is about management accounting inside companies, such as planning and budgeting, performance and cost management, decision analysis and corporate finance. The CPA is about external financial reporting, auditing, taxation and regulation, the work of public accounting. Many accountants hold both.

Source: Free IMA CMA Practice Questions 2026: Parts 1 and 2

No. FreeFellow is a private review course and is not sponsored or endorsed by ICMA or the IMA. ICMA does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products or services. FreeFellow materials are independently authored to complement the IMA Content Specification Outlines and Learning Outcome Statements. CMA, Certified Management Accountant, and ICMA are registered trademarks of the Institute of Certified Management Accountants; IMA is a registered trademark of the Institute of Management Accountants, Inc.

Source: Free IMA CMA Practice Questions 2026: Parts 1 and 2

The FRM is heavy on quant (VaR, the Greeks, copulas, term-structure models). The CMA is broader and less mathematical, mixing financial planning, performance management, cost accounting and internal controls. If statistics and derivatives are your weak spot, the FRM will be harder for you. An accountant will usually find the CMA more familiar.

Source: CMA vs FRM: Management Accounting vs Risk Management (2026)

Only a little. Both touch financial analysis and some corporate finance basics, but they point in different directions. The CMA is about running the numbers inside a company: budgeting, variance analysis, costing and decision support. The FRM is about measuring and limiting financial risk inside a bank or trading operation. A treasury or corporate risk role is one of the few places they meet.

Source: CMA vs FRM: Management Accounting vs Risk Management (2026)

The published numbers can't settle it. The CMA and FRM pay figures you'll find come from different surveys, years and groups of people, so they don't rank against each other. Pay in both depends more on your role, seniority and city, and the work is very different, so I wouldn't let pay decide it.

Source: CMA vs FRM: Management Accounting vs Risk Management (2026)

The CMA. It's built for industry finance: FP&A, management accounting, treasury and the path to controller and CFO. The FRM is specialized for risk at financial institutions and is worth the most at banks, asset managers and regulators. If you're not headed into a risk function at a financial institution, get the CMA.

Source: CMA vs FRM: Management Accounting vs Risk Management (2026)

The last window-specific figure IMA released covered English-language exams taken worldwide in the January and February 2020 window (announced in May 2020), and fewer than half of Part 1 and Part 2 attempts passed. I haven't seen IMA publish a newer window-specific rate, so treat it as a serious exam.

Source: How to Pass CMA Part 2 (Strategic Financial Management): 2026 Study Guide

My planning estimate is about 170 hours for one part. That's an estimate, not an IMA figure. If your background is light on corporate finance or investment valuation, plan for more. Over 14 weeks, that's about 12 hours a week.

Source: How to Pass CMA Part 2 (Strategic Financial Management): 2026 Study Guide

Six domains: Financial Statement Analysis (20%), Corporate Finance (20%), Business Decision Analysis (25%), Enterprise Risk Management (10%), Capital Investment Decisions (10%) and Professional Ethics (15%). Business Decision Analysis is the heaviest.

Source: How to Pass CMA Part 2 (Strategic Financial Management): 2026 Study Guide

Since the September/October 2026 window, it's 100 multiple-choice questions and two case-based question sets in 4 hours: about 3 hours for the multiple-choice section and 1 hour for both case sets. You need at least 50% of the multiple-choice points to open the second section. For most candidates, May/June 2026 was the last window with essays. A few markets, including mainland China, Taiwan and Japan, still use them.

Source: How to Pass CMA Part 2 (Strategic Financial Management): 2026 Study Guide

The passing scaled score is 360 out of 500. Scores are scaled rather than a raw percentage, so you can't map a pass to a fixed number of correct answers. Strong multiple-choice performance plus solid case-based sets is the reliable path.

Source: How to Pass CMA Part 2 (Strategic Financial Management): 2026 Study Guide

The CMA is built for industry (corporate) finance. The ladder runs staff or cost accountant, senior financial analyst, FP&A manager or controller, VP Finance, and for some, CFO. It signals management accounting and strategic finance skills rather than public accounting.

Source: CMA Salary and Career Path (2026)

IMA salary research consistently shows CMAs earning a premium over peers without the certification. Pay runs from entry-level staff accountant pay to strong six figures for FP&A leaders and controllers, with the top decile on the VP Finance and CFO track. The sourced figures are in the post above.

Source: CMA Salary and Career Path (2026)

IMA's salary survey reports a consistent premium for CMAs over management accountants without it, and the effect is often largest early in a career. It's most valued in corporate finance and FP&A roles.

Source: CMA Salary and Career Path (2026)

Senior financial analyst, FP&A manager, controller, VP Finance and CFO on the industry track. The CMA is the management-accounting counterpart to the CPA's public-accounting focus.

Source: CMA Salary and Career Path (2026)

For a career in corporate finance, FP&A or management accounting, it's a focused, low-cost credential with a documented premium. If you want public accounting or audit, the CPA fits better. The Finance Credential ROI Map and the CMA vs FRM comparison cover the trade-offs.

Source: CMA Salary and Career Path (2026)

FINRA's current exam materials don't give a current overall pass rate for Series 7 candidates. The 72 you see quoted is the passing score, a scaled score, and not the share of candidates who pass.

Source: What Is the FINRA Series 7? General Securities Representative Exam Overview

125 scored multiple-choice questions in 225 minutes (3 hours 45 minutes). There are also 5 unscored pretest questions mixed in, so you'll see 130 on screen.

Source: What Is the FINRA Series 7? General Securities Representative Exam Overview

You need to pass the SIE before the Series 7 or at the same time. The SIE doesn't need a sponsor but the Series 7 does, so a lot of people pass the SIE first and take the Series 7 once a FINRA member firm hires them.

Source: What Is the FINRA Series 7? General Securities Representative Exam Overview

The fee is $395, and the sponsoring firm usually pays it, so most candidates don't pay for the exam themselves.

Source: What Is the FINRA Series 7? General Securities Representative Exam Overview

FINRA's passing score is 72. Scores are equated to account for differences between exam forms, so a fixed raw number of correct answers isn't a reliable passing rule.

Source: What Is the FINRA Series 7? General Securities Representative Exam Overview

FINRA reported a 74% overall pass rate across 16,195 SIE administrations from the 2018 launch through January 31, 2019. That's early rollout data, so treat it as a rough guide rather than a current rate.

Source: What Is the FINRA SIE? Securities Industry Essentials Exam Overview

No. It's the only FINRA qualification exam that doesn't need firm sponsorship. Anyone 18 or older can register and take it on their own.

Source: What Is the FINRA SIE? Securities Industry Essentials Exam Overview

75 scored multiple-choice questions in 105 minutes (1 hour 45 minutes). There are also 5 unscored pretest questions mixed in.

Source: What Is the FINRA SIE? Securities Industry Essentials Exam Overview

FINRA's passing score is 70. Scores are equated, so a fixed raw number of correct answers isn't a reliable passing rule.

Source: What Is the FINRA SIE? Securities Industry Essentials Exam Overview

4 years. If you don't pass a representative-level exam like the Series 7 in that time, you have to take the SIE again.

Source: What Is the FINRA SIE? Securities Industry Essentials Exam Overview

It's worth it if your employer pays, or if you want polished, instructor-led teaching. Knopman Marks is the premium name in securities-licensing prep and is widely used at banks that sponsor their new hires. Its Series 7 course page lists Gold at $480 for that exam (checked September 7, 2026). It's harder to justify out of pocket, since FreeFellow's full SIE and Series 7 banks are free.

Source: FreeFellow vs Knopman Marks: SIE, Series 7, 63, 65, 66 (2026)

Yes. Plenty of self-sponsored candidates pass the SIE and the lower Series exams with a free or low-cost question bank and steady practice. FreeFellow's free tier covers the full SIE (894 questions) and Series 7 (938) banks, plus Series 63, 65 and 66, with step-by-step solutions. What predicts passing most is doing a lot of practice questions under timed conditions.

Source: FreeFellow vs Knopman Marks: SIE, Series 7, 63, 65, 66 (2026)

FreeFellow's free tier is $0 and includes the full SIE and Series 7 question banks. Knopman Marks' Series 7 course page lists Gold at $480 for that exam (checked September 7, 2026). FreeFellow's paid tiers, billed monthly or quarterly per track or as the annual Fellow Plus plan, add timed mocks, flashcards, analytics and a study plan. Knopman adds instructor-led teaching that FreeFellow doesn't have. Current prices are on the pricing page.

Source: FreeFellow vs Knopman Marks: SIE, Series 7, 63, 65, 66 (2026)

If your employer sponsors Knopman, take it and use FreeFellow's free bank for extra questions and a second readiness check. If you're paying yourself, FreeFellow's free bank and steady practice are usually enough for the SIE and the lower Series exams.

Source: FreeFellow vs Knopman Marks: SIE, Series 7, 63, 65, 66 (2026)

It's the Uniform Securities Agent State Law Examination, written by NASAA (the North American Securities Administrators Association) and given through FINRA. It tests state securities law under the Uniform Securities Act: registering agents and securities, fiduciary duties and prohibited practices. Most states require it for registered reps doing securities business.

Source: What Is the Series 63? NASAA Uniform Securities Agent State Law Exam

No. Unlike FINRA representative exams such as the Series 7, the NASAA exams (Series 63, 65 and 66) don't need firm sponsorship. You can file Form U10 through FINRA yourself. If you're already with a firm, you enroll through Form U4 instead.

Source: What Is the Series 63? NASAA Uniform Securities Agent State Law Exam

43 of the 60 scored questions, which is 72%. The exam runs 75 minutes, and 5 unscored pretest questions are mixed in.

Source: What Is the Series 63? NASAA Uniform Securities Agent State Law Exam

The Series 66 combines the Series 63 and Series 65 material into one exam for people who also hold the Series 7. If you only need state registration as a broker-dealer agent, the 63 is the shorter path. If you also need to register as an investment adviser representative and you have the Series 7, the 66 covers both in one sitting.

Source: What Is the Series 63? NASAA Uniform Securities Agent State Law Exam

The Series 6, formally the Investment Company and Variable Contracts Products Representative exam, is a FINRA license to sell packaged investment products: mutual funds, variable annuities, variable life insurance and similar products. It doesn't cover individual stocks, bonds or options, which need the Series 7.

Source: What Is the FINRA Series 6? Investment Company and Variable Contracts Products Exam

The Series 6 is a limited license for packaged products only (mutual funds and variable contracts). The Series 7 is a general securities license that also covers individual stocks, bonds, options and direct participation programs. Bank and insurance reps often need only the Series 6; brokers who trade individual securities need the Series 7.

Source: What Is the FINRA Series 6? Investment Company and Variable Contracts Products Exam

Yes. Like every FINRA representative exam except the SIE, the Series 6 needs a FINRA member firm to sponsor you by filing a Form U4. The SIE is a corequisite and doesn't need a sponsor, so a lot of candidates pass the SIE first and take the Series 6 once a firm sponsors them.

Source: What Is the FINRA Series 6? Investment Company and Variable Contracts Products Exam

Most candidates pass with 30 to 60 hours of study over a few weeks. The hardest material is packaged-product mechanics: share classes, breakpoints, surrender charges and the tax treatment of variable contracts. FINRA doesn't publish a Series 6 pass rate, and it's generally seen as a step harder than the SIE.

Source: What Is the FINRA Series 6? Investment Company and Variable Contracts Products Exam

70%, which is 35 of the 50 scored questions. The exam runs 90 minutes and has 5 unscored pretest questions mixed in, so you'll see 55 on screen.

Source: What Is the FINRA Series 6? Investment Company and Variable Contracts Products Exam

1,064 original practice questions covering all four FINRA function areas, each with a step-by-step solution. The whole bank is free with an account, with no trial period and no credit card. Samples are at https://freefellow.org/free/series-6/

Source: Free Series 6 Practice Questions 2026: Full Question Bank + Solutions

No. Every question is a FreeFellow original written to the current FINRA Series 6 content outline. Live exam content is confidential and isn't reproduced here. The bank drills the same concepts the real exam tests: share classes, breakpoints, variable contract mechanics, retirement accounts and suitability.

Source: Free Series 6 Practice Questions 2026: Full Question Bank + Solutions

Not to try it. Sample questions and the 12-question diagnostic are open with no signup. The full bank, with solutions, progress tracking, mixed practice and the readiness score, is free with an account. The optional Fellow tier adds timed mock exams, flashcards and analytics.

Source: Free Series 6 Practice Questions 2026: Full Question Bank + Solutions

For a lot of candidates, a high volume of practice questions plus the FreeFellow lessons is enough, especially alongside your firm's study materials. The Series 6 rewards drilling product mechanics under time pressure more than rereading, so working through the full bank and reading every solution is the best use of your time.

Source: Free Series 6 Practice Questions 2026: Full Question Bank + Solutions

The Series 79, formally the Investment Banking Representative exam, is the FINRA license for people who advise on or work on debt and equity offerings, mergers, acquisitions, tender offers and financial restructurings. It's the standard licensing exam for investment banking analysts and associates.

Source: What Is the FINRA Series 79? Investment Banking Representative Exam Overview

The Series 7 is a broad general securities license for retail brokers who recommend and trade securities for clients. The Series 79 is narrower and built around the investment banking job: capital raising, valuation, due diligence and M&A advisory. Banks register their banking hires for the Series 79 because it matches the work.

Source: What Is the FINRA Series 79? Investment Banking Representative Exam Overview

Yes. Like other FINRA representative exams, the Series 79 needs a FINRA member firm to sponsor you by filing a Form U4. The SIE is a corequisite and doesn't need a sponsor, so a lot of candidates pass the SIE before they start at a bank.

Source: What Is the FINRA Series 79? Investment Banking Representative Exam Overview

It's content-heavy on financial modeling, valuation, accounting and the regulatory side of securities offerings and M&A. Most candidates study 80 to 120 hours. FINRA doesn't publish a Series 79 pass rate, so treat any figure you see as an estimate.

Source: What Is the FINRA Series 79? Investment Banking Representative Exam Overview

73%, which is 55 of the 75 scored questions. The exam runs 2 hours 30 minutes and has 5 unscored pretest questions mixed in, so you'll see 80 on screen.

Source: What Is the FINRA Series 79? Investment Banking Representative Exam Overview

1,126 original practice questions covering all three FINRA function areas, each with a step-by-step solution. The whole bank is free with an account, with no trial period and no credit card. Samples are at https://freefellow.org/free/series-79/

Source: Free Series 79 Practice Questions 2026: Full Question Bank + Solutions

No. Every question is a FreeFellow original written to the current FINRA Series 79 content outline. Live exam content is confidential and isn't reproduced. The bank drills the same concepts the real exam tests: financial modeling and valuation, underwriting and offerings, and M&A and restructuring.

Source: Free Series 79 Practice Questions 2026: Full Question Bank + Solutions

Not to try it. Sample questions and the 12-question diagnostic are open with no signup. The full bank, with solutions, progress tracking, mixed practice and the readiness score, is free with an account. The optional Fellow tier adds timed mock exams, flashcards and analytics.

Source: Free Series 79 Practice Questions 2026: Full Question Bank + Solutions

Yes. The bank puts heavy weight on the analytical core of the Series 79: discounted cash flow, comparable companies, precedent transactions, accretion and dilution, and the accounting that drives a model. Each calculation question comes with a worked solution, not just an answer letter.

Source: Free Series 79 Practice Questions 2026: Full Question Bank + Solutions

It's the Uniform Investment Adviser Law Examination, written by NASAA (the North American Securities Administrators Association) and given through FINRA. Passing it qualifies you to act as an investment adviser representative, giving investment advice for a fee. It covers economic factors, investment vehicles, client recommendations and strategies, and the laws and ethics that govern advisers.

Source: What Is the Series 65? NASAA Uniform Investment Adviser Law Exam

No. Unlike FINRA representative exams such as the Series 7, NASAA exams don't need firm sponsorship, and you can enroll through FINRA yourself. That's the practical reason so many fee-based planners and RIA professionals take the 65: you can pass it before you're with a firm.

Source: What Is the Series 65? NASAA Uniform Investment Adviser Law Exam

92 of the 130 scored questions. The exam runs 180 minutes (3 hours), and 10 unscored pretest questions are mixed in, so you'll see 140 on screen.

Source: What Is the Series 65? NASAA Uniform Investment Adviser Law Exam

The Series 65 is a standalone investment adviser law exam that doesn't require any other license. The Series 66 combines investment adviser and broker-dealer agent state law into one exam but needs the Series 7 as a corequisite. If you only need investment adviser registration and don't hold the Series 7, take the 65. If you hold or will hold the Series 7 and need both registrations, the 66 covers both.

Source: What Is the Series 65? NASAA Uniform Investment Adviser Law Exam

It's the Uniform Combined State Law Examination, written by NASAA and given through FINRA. It combines the Series 63 (agent state law) and the Series 65 (investment adviser law) into one exam, so passing it qualifies you for state registration as both a broker-dealer agent and an investment adviser representative.

Source: What Is the Series 66? NASAA Uniform Combined State Law Exam

The Series 65 is a standalone investment adviser law exam that doesn't require any other license. The Series 66 covers both adviser and agent state law but needs the Series 7 as a corequisite. If you hold or are working toward the Series 7, the 66 covers both registrations in one sitting. If you're not taking the Series 7, you need the 65 instead.

Source: What Is the Series 66? NASAA Uniform Combined State Law Exam

The Series 7 is a corequisite, so you have to pass both the Series 7 and the Series 66 to use the 66 for registration. You can take them in either order, but the 66 on its own doesn't complete your registration.

Source: What Is the Series 66? NASAA Uniform Combined State Law Exam

73 of the 100 scored questions. The exam runs 150 minutes (2.5 hours), and 10 unscored pretest questions are mixed in, so you'll see 110 on screen.

Source: What Is the Series 66? NASAA Uniform Combined State Law Exam

A commonly cited industry estimate is about 72%, with no verified reporting period or candidate population. The passing score is 72% too, so you need at least 90 of the 125 scored questions right.

Source: Free Series 7 Question Bank 2026: 938 Practice Questions

125 scored multiple-choice questions, plus a handful of unscored pretest questions, with a time limit of 225 minutes (3 hours and 45 minutes).

Source: Free Series 7 Question Bank 2026: 938 Practice Questions

Yes. The Series 7 is a top-off exam. You have to pass the SIE and be sponsored by a FINRA member firm, which files a Form U4 for you. You can't register for the Series 7 on your own the way you can for the SIE.

Source: Free Series 7 Question Bank 2026: 938 Practice Questions

Most candidates work through 1,000 or more before sitting. About 73% of the questions come from the recommendations and products function, so weight your practice toward suitability, options, municipal securities and packaged products.

Source: Free Series 7 Question Bank 2026: 938 Practice Questions

Yes. FreeFellow shows one free Series 7 question of the day on the exam's Learn tab. It's the same question for everyone, refreshes at local midnight and comes from the free bank. It counts toward your streak and needs a free account so your answer is saved. The free Series 7 diagnostic doesn't need an account.

Source: Free Series 7 Question Bank 2026: 938 Practice Questions

FINRA reported a 74% overall pass rate across 16,195 SIE administrations from the exam's October 2018 launch through January 31, 2019. That's early rollout data from FINRA's 2019 conference slides, so treat it as a historical figure.

Source: Free SIE Question Bank 2026: 894 Practice Questions

75 scored multiple-choice questions plus 5 unscored pretest items, with a time limit of 105 minutes. You need 70% to pass (FINRA).

Source: Free SIE Question Bank 2026: 894 Practice Questions

No. Unlike the Series 7 and most other FINRA exams, the SIE needs no firm sponsorship. Anyone 18 or older can register directly through FINRA and sit it at a Prometric center. The fee is $100, and a passing result stays valid for 4 years.

Source: Free SIE Question Bank 2026: 894 Practice Questions

I'd budget 40 to 80 hours over 3 to 5 weeks. Understanding Products and Their Risks is about 44% of the exam, so weight your practice toward equity, debt, packaged and options products.

Source: Free SIE Question Bank 2026: 894 Practice Questions

You need 72%, which is 43 of the 60 scored questions. The exam also has 5 unscored pretest questions mixed in, so you answer 65, but only 60 count toward your result.

Source: Series 63 Study Guide 2026: 60 Questions, 72% to Pass

Neither FINRA nor NASAA publishes a current, dated pass rate that I could find. It still isn't a formality. The questions turn on precise definitions, so learn them exactly.

Source: Series 63 Study Guide 2026: 60 Questions, 72% to Pass

Most candidates spend about 15 to 25 hours over one to two weeks. It's a short exam (75 minutes, 65 questions), so the workload is lighter than the Series 7, but the wording is precise and unforgiving.

Source: Series 63 Study Guide 2026: 60 Questions, 72% to Pass

State securities law under the Uniform Securities Act: regulation of investment advisers and their representatives, broker-dealers and their agents, and securities and issuers; remedies and administrative provisions; communication with customers and prospects; and ethical practices and obligations. The last two are 45% of the exam together.

Source: Series 63 Study Guide 2026: 60 Questions, 72% to Pass

It's 65 multiple-choice questions (60 scored, 5 pretest) in 75 minutes, taken on a computer at a test center or through online proctoring. There's no math-heavy content, and the passing score is 72%.

Source: Series 63 Study Guide 2026: 60 Questions, 72% to Pass

You need 92 of the 130 scored questions correct, about 71%, which is the bar NASAA set in June 2023. The 10 pretest questions mixed into the exam don't count toward your score, but you won't know which ones they are.

Source: How to Pass NASAA Series 65: 2026 Study Guide

My planning estimate is about 75 hours over 6 to 8 weeks. With a finance or investments background you may need less, and if the material is new, budget more.

Source: How to Pass NASAA Series 65: 2026 Study Guide

Four areas: Economic Factors and Business Information (about 15%), Investment Vehicle Characteristics (about 25%), Client Investment Recommendations and Strategies (about 30%), and Laws, Regulations, and Guidelines including unethical practices (about 30%).

Source: How to Pass NASAA Series 65: 2026 Study Guide

It's 140 multiple-choice questions (130 scored plus 10 unscored pretest items) with a 180-minute time limit. You take it at a Prometric test center. NASAA offers an online exam only as an accommodation for immunocompromised candidates.

Source: How to Pass NASAA Series 65: 2026 Study Guide

No. Unlike some other securities exams, the Series 65 doesn't require firm sponsorship. You can enroll and pay the fee yourself and sit the exam on your own.

Source: How to Pass NASAA Series 65: 2026 Study Guide

You need 73%, which means 73 of the 100 scored questions. The exam also has 10 unscored pretest questions that don't count, so you answer 110 questions in total.

Source: How to Pass NASAA Series 66: 2026 Study Guide

Most candidates spend about 40 to 60 hours over three to five weeks. If your Series 7 material is still fresh, you may land near the lower end because the product knowledge overlaps.

Source: How to Pass NASAA Series 66: 2026 Study Guide

Four areas: Economic Factors and Business Information (8%), Investment Vehicle Characteristics (17%), Client Investment Recommendations and Strategies (30%), and Laws, Regulations, and Guidelines (45%).

Source: How to Pass NASAA Series 66: 2026 Study Guide

It's a computer-based multiple-choice exam. You get 150 minutes for 110 questions (100 scored plus 10 pretest). There's no formula sheet, and every question is single-best-answer.

Source: How to Pass NASAA Series 66: 2026 Study Guide

Yes. The Series 66 is a corequisite with the Series 7. You need both to qualify as an investment adviser representative and agent, but you can pass them in either order.

Source: How to Pass NASAA Series 66: 2026 Study Guide

Most start as a junior rep or advisor on a salary plus a small commission, build a book of clients, and move into a full financial advisor role where pay shifts toward fees and commission. Established advisors run their own book, and some become investment adviser representatives or move to an RIA.

Source: Series 7 Registered Representative Salary and Career Path (2026)

Early-career reps often earn a modest base plus commission, while established advisors with a book of business can earn well into six figures, mostly from advisory fees and production. The sourced base, median and top-decile figures are in the post above. Pay depends heavily on the book you build.

Source: Series 7 Registered Representative Salary and Career Path (2026)

Both, and the mix shifts over a career. Junior reps usually get a base salary plus a small commission or bonus. As you build a book of business, fee and commission income grows and eventually makes up most of your pay, which is why the ceiling is high for successful advisors.

Source: Series 7 Registered Representative Salary and Career Path (2026)

Financial advisor, registered representative, wealth management associate and dually registered hybrid advisor roles at broker-dealers, wirehouses and RIAs. The Series 7 is the general securities license you need to sell a broad range of securities products.

Source: Series 7 Registered Representative Salary and Career Path (2026)

It's inexpensive and it's the entry license for a wealth management or brokerage career, where pay grows with the client relationships you build. It's a starting point more than a career-defining credential, and many advisors add the CFP over time. The Finance Credential ROI Map has the comparison.

Source: Series 7 Registered Representative Salary and Career Path (2026)

Largely, yes. The credentialing exams (actuarial, CFA, CPA, CFP, FRM, CAIA, Series, enrolled agent) grade every candidate against the same published syllabus, and they don't look at where you studied or who referred you. Some credentials add requirements around the exams, like education hours or a sponsoring firm, but the exams themselves are the least background-dependent filter the industry has.

Source: America at 250: Opportunity, Exams, and the Price of a Fair Shot

The actuarial preliminary exams (Exam P and Exam FM), the SIE and the IRS enrolled agent exam are open to anyone who registers. The representative-level Series exams require a sponsoring firm. The CFA Program requires a bachelor's degree, being within 23 months of finishing one, or 4,000 hours of professional experience. CPA licensure requires 150 education hours in most states.

Source: America at 250: Opportunity, Exams, and the Price of a Fair Shot

The stakes are high, candidates don't have many alternatives, and prices are set by what the credential is worth to your salary, not by what it costs to deliver practice material. Education costs in general have also risen faster than almost every other category the Bureau of Labor Statistics tracks, and commercial prep is part of that same economy.

Source: America at 250: Opportunity, Exams, and the Price of a Fair Shot

The core is free, with no trial and no credit card: full question banks, worked solutions, lessons, mixed practice and a readiness score. A paid Fellow tier (mock exams, flashcards, analytics) pays for the free tier, but nothing you need to walk into the exam ready is behind it.

Source: America at 250: Opportunity, Exams, and the Price of a Fair Shot

Yes. Through the CAIA Stackable Credential Program, a CFA charterholder in good standing with no prior CAIA exam history can skip CAIA Level I and start as a Level II candidate. The CAIA Association made the waiver permanent after a two-year pilot.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

Under the NASAA model rule, six designations waive the Series 65 exam for investment adviser representative registration: CFA, CFP, ChFC, PFS, CIC and CIMA. The waiver only covers the exam. You still register in each state, file Form U4, clear a background check and pay state fees, and it's worth confirming with your state securities regulator.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

Yes, for the education coursework. The CFP Board Accelerated Path lets holders of nine credentials skip most of the seven-course education program: CFA, CPA (inactive license accepted), CIMA (added April 17, 2026), ChFC, CLU, a licensed attorney, a Doctor of Business Administration, a PhD in financial planning, finance, business administration or economics, or a CFP certification earned outside the U.S. through an FPSB affiliate. You still pass the CFP exam and complete the Capstone.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

No. No professional designation waives the Series 7. It's a securities-representative exam, not an adviser-law exam, and FINRA grants no designation-based waiver for it.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

No. GARP grants no exemptions for any credential, so you sit both FRM parts. About 45 percent of FRM Part I content overlaps CFA Levels I and II, which saves study time, but it isn't a waiver.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

No. CPAs, attorneys and Enrolled Agents all have unlimited IRS representation rights. A CPA gets those rights through the license and doesn't need to pass the Enrolled Agent Special Enrollment Examination.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

No. CFA Institute doesn't grant exam exemptions into the program. Every candidate passes Levels I, II and III in order.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

Yes, for the preliminary exams. Exam P and Exam FM are jointly administered, so passing one with either society earns credit with both. After the prelims, the SOA and CAS paths split into different upper-level exams.

Source: Credential Stacking in Finance: Exam Waivers and Reciprocity (2026)

It averaged 41% over the ten years from 2016 to 2025, according to CFA Institute's published results.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

180 multiple-choice questions across two sessions, 4.5 hours in total.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

It depends on your background and your weekly hours. Plan to cover all 10 topics with time left to review every miss until you understand it, and leave the last four to six weeks for timed mixed practice and mocks.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

The heaviest topics are Ethics (15 to 20%), Financial Statement Analysis (11 to 14%), Equity Investments (11 to 14%) and Fixed Income (11 to 14%). Those four make up roughly half the exam.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

CFA Institute doesn't release past Level I exams. The closest material is its own mock exam and end-of-reading questions, which come with registration. FreeFellow has a free 50-question sample PDF of original questions with answers and no signup, and the full 1,800+ question bank is online with a free account.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

Yes. FreeFellow serves one free CFA Level I question of the day at the top of the exam's Learn tab. It's the same question for everyone, drawn from the free bank, refreshed at local midnight and counted toward your streak. It needs a free account (no card) so your answer is saved to your progress. The 12-question diagnostic needs no account at all.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

Yes. All 1,800+ questions and their step-by-step solutions are free with an account, with no credit card, subject to practice usage limits. Sample questions are open without signup. FreeFellow is a CFA Institute Prep Provider, and the questions are written for the 2026 curriculum.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

Yes. A free 50-question sample PDF with answers and brief solutions is a direct download with no signup. The questions are FreeFellow originals, since CFA Institute doesn't release past exams. The full bank stays online with a free account, where every question has a step-by-step solution and you get mixed practice and the readiness score. Timed mocks and topic analytics come with Fellow.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

There isn't a question count that makes you ready. Practice every topic, work out the cause of every miss, and keep going until your scores on timed mixed sets hold steady. FreeFellow's bank has 1,800+ questions across all 10 topics to work from.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

The bank covers all 10 topics at three difficulty levels, and the free account gives you mixed practice across all of them. Drilling a single topic, like Ethics, Fixed Income or Financial Statement Analysis, on its own is part of Fellow, with a free preview so you can try it.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

CFA Institute doesn't publish a fixed percentage of correct answers needed to pass. Use FreeFellow's readiness score and aim to perform consistently on full timed mixed sessions, with no single topic far below the others.

Source: Free CFA Level 1 Sample Questions & Question Bank 2026 (1,800+)

FreeFellow is the closest free alternative for practice: 6,100+ free SOA questions across six preliminary exams (P, FM, FAM, SRM, ALTAM, ASTAM) with worked solutions, free graded Exam PA walkthroughs and a free readiness score, with no trial. Fellow adds focus practice and full timed practice exams. Video lectures are Coaching Actuaries' own strength, so pair the two if you want both.

Source: Coaching Actuaries Alternatives: 6,100+ Free Questions (2026)

Yes. The full SOA question banks, worked solutions and lessons are free with no credit card. The paid Fellow tier adds extras like timed mock exams and study plans, but the core practice stays free.

Source: Coaching Actuaries Alternatives: 6,100+ Free Questions (2026)

Yes. The readiness score is free, and Fellow adds focus practice that targets your weakest learning objectives plus full-length timed practice exams, which is the same study loop candidates pay for elsewhere.

Source: Coaching Actuaries Alternatives: 6,100+ Free Questions (2026)

The Infinite Actuary is a video-led course, and it lists its P and FM courses as free. FreeFellow is a free question bank and practice platform. If what you need is reps and feedback rather than lectures, the free bank covers it. If you want structured video teaching, a video course helps.

Source: Coaching Actuaries Alternatives: 6,100+ Free Questions (2026)

FreeFellow has 6,100+ free SOA practice questions across Exam P, FM, FAM, SRM, ALTAM and ASTAM, each with a full worked solution, plus free graded past-exam walkthroughs for Exam PA (written-answer).

Source: Coaching Actuaries Alternatives: 6,100+ Free Questions (2026)

Before you've covered all of it, once you've studied a good share of the syllabus and have time that week to review the exam properly. Expect to miss questions on topics you haven't covered yet, and focus your review on the ones you have. If a full exam plus review won't fit, start with a shorter timed set from the topics you've done.

Source: How to Use Practice Exams Effectively: Study Strategy Guide

Give it as much time as your misses need, and leave time afterward to fix what you find. Sort every wrong answer by why you missed it (didn't know the concept, applied it wrong, arithmetic, misread, or time pressure), because each one needs a different fix.

Source: How to Use Practice Exams Effectively: Study Strategy Guide

As rough targets, 70% or better on SOA and CFA Level I practice exams and 75% or better on CFP, taken under real conditions. They're my rules of thumb, not published cutoffs. CPA scores run on a 0 to 99 scale with 75 to pass, and the AICPA says that isn't a percentage correct, so a practice percentage doesn't convert to a CPA score. Look at the trend across several exams, since a single score moves around depending on which questions came up.

Source: How to Use Practice Exams Effectively: Study Strategy Guide

Enough to see a steady upward trend, not just one good result. Space them out and review each one fully before you start the next.

Source: How to Use Practice Exams Effectively: Study Strategy Guide

Three. Level I tests breadth across 10 investment topics, Level II tests analysis through item sets built on vignettes, and Level III tests portfolio management through constructed-response questions and item sets.

Source: What Is the CFA Exam? Chartered Financial Analyst Program Overview

About 41% on average over the ten years from 2016 to 2025, according to CFA Institute. Level II has averaged about 45% and Level III about 51%.

Source: What Is the CFA Exam? Chartered Financial Analyst Program Overview

To enroll you need a bachelor's degree or equivalent, or to be an undergraduate whose Level I exam window is 23 months or less before the month you graduate, or 4,000 hours of work experience and/or higher education built up over at least three sequential years by the time you register for Level I. Each year of higher education counts as 1,000 hours, and work and education periods can't overlap. You also need a valid international travel passport. The charter has its own requirements once you've passed all three levels.

Source: What Is the CFA Exam? Chartered Financial Analyst Program Overview

About $3,520 to $4,570 in exam fees across all three levels, depending on whether you register by the early or standard deadline: $1,140 or $1,490 each for Levels I and II, and $1,240 or $1,590 for Level III. The digital curriculum comes with registration (CFA Institute).

Source: What Is the CFA Exam? Chartered Financial Analyst Program Overview

Most candidates take 3 to 5 years to get through all three levels once you count failed attempts and gaps between sittings. You have to pass the levels in order. Level I is offered four times a year, Level II three times and Level III twice, and the charter also needs 4,000 hours of relevant work experience.

Source: What Is the CFA Exam? Chartered Financial Analyst Program Overview

Chartered Alternative Investment Analyst. It's a two-level professional charter in alternative investments, run by the CAIA Association.

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

Two. Level I covers the basics of each alternative asset class, and Level II covers applying them: portfolio management and how much to allocate to alternatives.

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

Level I is 200 multiple-choice questions over two 2-hour sessions (4 hours in total). Level II combines multiple-choice questions with constructed-response item sets, also over two 2-hour sessions.

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

Recent per-attempt pass rates are about 51% at Level I and 63% at Level II (CAIA Association). They're higher than the CFA exams partly because the candidate pool is smaller and more self-selected.

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

I'd budget about 220 study hours for Level I and 280 for Level II. Most candidates finish both levels in one to one and a half years, since the exams run in two windows a year (historically March and September).

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

Exam and enrollment fees total $2,390 to $3,190 across both levels, depending on early or standard registration. That's a one-time $400 enrollment fee plus an exam fee for each level, and each exam fee includes the digital curriculum.

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

You need a bachelor's degree (or the equivalent) or relevant professional experience in the financial industry, plus a professional reference. There's no coursework prerequisite.

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

Yes. Through the CAIA Stackable Credential Program, a CFA charterholder in good standing can skip Level I and sit only Level II, so CAIA becomes one more exam.

Source: What Is CAIA®? Charter Levels, Pass Rates, Cost, and Who Should Sit (2026)

Free resources can carry a lot of your Level I preparation. The curriculum and end-of-reading questions in CFA Institute's Learning Ecosystem come with your exam registration, and free question banks, lectures and flashcards can fill in around them. No set of materials, free or paid, guarantees a pass.

Source: Best Free CFA Level 1 Study Materials 2026 (Ranked)

My pick is FreeFellow's, though I should mention that I founded it. The full CFA Level I bank, 1,800+ questions with step-by-step solutions, is free with an account, subject to practice usage limits. The end-of-reading questions in CFA Institute's Learning Ecosystem come with exam registration, and they're worth doing too.

Source: Best Free CFA Level 1 Study Materials 2026 (Ranked)

Free materials give you worked questions and written explanations across the CFA Level I curriculum, and paid courses can add video instruction and set study plans. FreeFellow's free tier includes the question bank, lessons and the readiness score. Detailed topic analytics, full flashcard decks and timed mock exams need Fellow.

Source: Best Free CFA Level 1 Study Materials 2026 (Ranked)

Macaulay duration is the weighted-average time until you receive a bond's cash flows, in years. Modified duration is Macaulay duration divided by (1 + y/n), and it measures how much the price moves for a small change in yield. Macaulay is about timing, modified is about price risk.

Source: Macaulay vs Modified vs Effective Duration: A CFA Level I Guide

Whenever the bond has an embedded option (callable, putable, mortgage-backed, convertible) or its expected cash flows change with the yield curve. Modified duration assumes the cash flows are fixed, and that assumption breaks for those bonds.

Source: Macaulay vs Modified vs Effective Duration: A CFA Level I Guide

The exam tests three. Macaulay is the weighted average of the times until each cash flow. Modified is Macaulay divided by (1 + y). Effective is the average price change for a parallel shift in the yield curve: the price if yields fall minus the price if yields rise, divided by 2 times the current price times the change in yield.

Source: Macaulay vs Modified vs Effective Duration: A CFA Level I Guide

Fixed Income is 11-14% of the 180-question exam (CFA Institute). CFA Institute doesn't publish how many of those questions cover duration and convexity, so learn all three measures and which kind of bond each one fits, especially effective versus modified duration.

Source: Macaulay vs Modified vs Effective Duration: A CFA Level I Guide

Modified duration only measures rate risk accurately when the cash flows are fixed. For callable, putable or mortgage-backed securities the cash flows change as rates move, so you need effective duration. Modified duration on a callable bond gives you the wrong read on its risk.

Source: Macaulay vs Modified vs Effective Duration: A CFA Level I Guide

Sharpe assumes returns are normally distributed and uses total volatility (standard deviation) as the risk measure. A lot of hedge fund and illiquid strategies have negatively skewed, fat-tailed returns, and smoothed valuations understate their volatility too. Both push the Sharpe ratio artificially high.

Source: Sharpe vs Sortino vs Modified Sharpe: When to Use Each

Sortino divides excess return by downside deviation instead of total volatility. The denominator only counts returns that fall short of a target, often the risk-free rate or zero. It rewards strategies that have upside volatility but a limited downside.

Source: Sharpe vs Sortino vs Modified Sharpe: When to Use Each

Modified Sharpe uses a Cornish-Fisher expansion to adjust the normal-distribution z-score for skewness and kurtosis. That gives a Value-at-Risk-style denominator that accounts for fat tails, so the risk-adjusted return is more realistic for non-normal strategies.

Source: Sharpe vs Sortino vs Modified Sharpe: When to Use Each

Use Sharpe when returns are roughly symmetric and normal, like long-only equity or diversified beta strategies. Use Sortino when the investor only cares about the downside, which covers most retail and institutional mandates. Use Modified Sharpe for hedge funds, structured products and any strategy with material skew or kurtosis.

Source: Sharpe vs Sortino vs Modified Sharpe: When to Use Each

Sharpe, Treynor, Sortino, the information ratio and return on VaR are Level I learning objectives in the Introduction to Alternative Investments topic, which carries 20-28% of the exam (CAIA Association®). Modified Sharpe isn't on the Level I or Level II curriculum.

Source: Sharpe vs Sortino vs Modified Sharpe: When to Use Each

The denominator. TVPI is total value (distributions plus residual NAV) divided by paid-in capital, which includes the management fees and expenses called from LPs. MOIC is total value divided by invested capital, which is only what was deployed into deals. TVPI is the LP's ratio, and MOIC is the deal-level or GP ratio.

Source: TVPI vs DPI vs RVPI vs MOIC: Formulas, Meaning, and How They Relate

Early in a fund's life, fees and write-downs push IRR negative and TVPI below 1.0x. As deals mature and exits happen, returns rise, so the cumulative performance curve goes down first and then up, like a J. Most funds spend years 1-3 in the negative part.

Source: TVPI vs DPI vs RVPI vs MOIC: Formulas, Meaning, and How They Relate

TVPI includes the unrealized residual NAV, which is the GP's own estimate. By year 8 or later most of a fund's value should already have been distributed, so a high TVPI with a low DPI means the fund still depends on unrealized marks. DPI is realized cash, which is much harder to fudge.

Source: TVPI vs DPI vs RVPI vs MOIC: Formulas, Meaning, and How They Relate

It depends on the fund's strategy and vintage year, so compare it with the quartile breakpoints for its own vintage, which benchmark providers like Cambridge Associates and Burgiss publish. Anything below 1.0x at maturity means the LP lost money on the fund.

Source: TVPI vs DPI vs RVPI vs MOIC: Formulas, Meaning, and How They Relate

Private equity makes up 8-12% of CAIA Level I (CAIA Association), and TVPI, DPI and RVPI also sit in the return and performance readings of the Introduction to Alternative Investments topic. There's no published question count for them, so practice computing each multiple from a fund table and explaining the J-curve, vintage-year comparisons and PIC versus IC.

Source: TVPI vs DPI vs RVPI vs MOIC: Formulas, Meaning, and How They Relate

VaR is a quantile of the loss distribution: the loss that's exceeded with probability at most 1 minus alpha. CVaR, also called Expected Shortfall, is the average loss across the worst 1 minus alpha of outcomes, so it tells you how bad the tail gets past VaR. When losses are continuous, that equals the expected loss given that the loss exceeds VaR. With discrete or lumpy losses, use the worst-tail average, because the conditional shortcut can give the wrong number.

Source: VaR vs CVaR vs Expected Shortfall: A Risk Manager's Guide

VaR can violate sub-additivity: the VaR of a combined portfolio can exceed the sum of the VaRs of its parts. That contradicts diversification, and it's why Artzner, Delbaen, Eber and Heath (1999) classed VaR as non-coherent. Expected Shortfall doesn't have this problem.

Source: VaR vs CVaR vs Expected Shortfall: A Risk Manager's Guide

Basel III's Fundamental Review of the Trading Book (FRTB) replaced 99% VaR with 97.5% Expected Shortfall as the regulatory market-risk measure, because ES is coherent (sub-additive) and captures tail risk that VaR ignores. For a normal distribution, 97.5% ES roughly matches 99% VaR, but it's larger under fat tails.

Source: VaR vs CVaR vs Expected Shortfall: A Risk Manager's Guide

Parametric (variance-covariance), which assumes normality and uses the mean plus a z-score times sigma. Historical simulation, which ranks past returns and reads off the alpha-quantile. Monte Carlo, which simulates returns from a specified distribution and reads off the quantile. They trade off accuracy, computing cost and how well they capture the tail.

Source: VaR vs CVaR vs Expected Shortfall: A Risk Manager's Guide

Yes, alongside Expected Shortfall and stress tests. VaR is still a handy daily summary for trading desks because it's easy to interpret. The professional standard is to report it next to ES, never alone, and most regulators and risk committees now require both.

Source: VaR vs CVaR vs Expected Shortfall: A Risk Manager's Guide

For a European option on a non-dividend stock, c plus PV(X) equals p plus S_0: the call premium plus the present value of the strike equals the put premium plus the spot price. Any deviation creates an arbitrage opportunity.

Source: Put-Call Parity: The One Derivatives Identity You Need to Know

Both sides produce the same payoff at expiration. A call plus a zero-coupon bond worth X at expiration pays exactly what a put plus the stock pays, in every state. Since the payoffs match and there's no arbitrage, the costs today have to match too.

Source: Put-Call Parity: The One Derivatives Identity You Need to Know

Replace S_0 with S_0 minus PV(dividends). In continuous form, replace S_0 with S_0 times exp(-q*T), where q is the dividend yield. The adjustment reflects that the dividend lowers the value of the stock and the call holder doesn't receive it.

Source: Put-Call Parity: The One Derivatives Identity You Need to Know

Long stock plus a long put plus borrowing at the risk-free rate. It has the same payoff as a long call, because from put-call parity c equals S_0 plus p minus PV(X). It's useful when the actual call is mispriced or unavailable.

Source: Put-Call Parity: The One Derivatives Identity You Need to Know

Derivatives is 5-8% of CFA Level I (CFA Institute). CFA Institute doesn't publish how many questions cover parity, but synthetic positions, no-arbitrage bounds and conversion trades all come from it, so it's worth knowing well. Practice finding a missing option price and identifying synthetic positions.

Source: Put-Call Parity: The One Derivatives Identity You Need to Know

It's widely respected, with the SchweserNotes condensed study guides, OnDemand video lectures, a large QBank and full-length mock exams. Its Level I package page lists Premium at $1,099 and Ultimate at $1,499 per level for the selected exam window (checked September 7, 2026). It's worth it if you learn well from video, want polished condensed notes and value a 25-plus-year track record. It's harder to justify if you mostly learn from practice questions or you're paying out of pocket on a tight budget.

Source: FreeFellow vs Kaplan Schweser CFA: 2026 Comparison

Yes. Plenty of candidates pass with the CFA Institute curriculum and a free or low-cost question bank, and not everyone who passes uses Schweser. The Level I pass rate has hovered around 43% in recent sittings (CFA Institute). The biggest predictor of passing is doing 2,000 to 3,000 practice questions and 3 to 4 full mock exams, and you can do that without paying for a premium course.

Source: FreeFellow vs Kaplan Schweser CFA: 2026 Comparison

The free tier has about 1,800 Level I questions across all 10 topics with step-by-step solutions, 105 written lessons, a formula sheet, mixed practice and the readiness score. Fellow, billed monthly or quarterly per track, adds timed mock exams, SM-2 spaced-repetition flashcards, analytics and a personalized study plan. The annual plan is Fellow Plus, which also includes licensed curriculum practice and Common traps. FreeFellow is a CFA Institute Prep Provider. Current prices are on the pricing page.

Source: FreeFellow vs Kaplan Schweser CFA: 2026 Comparison

Schweser's Level I package page lists Premium at $1,099 and Ultimate at $1,499 per level for the selected exam window (checked September 7, 2026). FreeFellow's free tier is $0, and Fellow Plus is billed annually per track and covers every CFA level. FreeFellow doesn't match Schweser on video or on the size of its alumni network, so price is only part of the comparison. Current prices are on the pricing page.

Source: FreeFellow vs Kaplan Schweser CFA: 2026 Comparison

Some candidates do. A common setup on r/CFA is Schweser's videos and condensed notes as the main study material, with FreeFellow's free question bank for extra questions and the readiness score as a second opinion on whether you're ready. If your employer is paying for Schweser, that's a reasonable setup. If you're paying yourself, FreeFellow and the CFA Institute curriculum are usually enough.

Source: FreeFellow vs Kaplan Schweser CFA: 2026 Comparison

It's the budget favorite in CFA prep. Its pricing page lists Level I Practice at $349 and Learn plus Practice at $499, each with 12 months of access, and Unlimited at $799 for lifetime access to all three levels (checked September 7, 2026). Learn plus Practice and Unlimited include video lessons and study notes. It's worth it if you want video and a tutor channel for well under what the premium providers charge. It's harder to justify if you're happy working through a free question bank, since FreeFellow gives the whole CFA Level I bank away.

Source: FreeFellow vs AnalystPrep CFA: 2026 Comparison

Use the CFA Institute curriculum that comes with your exam registration, plus a free question bank. FreeFellow's free tier has about 1,800 CFA Level I questions with step-by-step solutions, 105 lessons, a formula sheet and the readiness score, with no trial and no credit card. AnalystPrep's pricing page lists Level I Practice at $349 and Learn plus Practice at $499, each for 12 months, or Unlimited at $799 for lifetime access to all three levels (checked September 7, 2026).

Source: FreeFellow vs AnalystPrep CFA: 2026 Comparison

FreeFellow's full CFA question bank is free with an account, subject to practice usage limits. Fellow Plus is an annual subscription for one CFA track that covers all three levels and every Level III pathway, and you renew it for each extra year you want the paid features. AnalystPrep lists Level I Practice at $349 for 12 months and Unlimited at $799 for lifetime access to all three levels (pricing page checked September 7, 2026). Compare access length, video and tutor support along with the price.

Source: FreeFellow vs AnalystPrep CFA: 2026 Comparison

Yes. Its Learn plus Practice and Unlimited tiers include video lessons along with written study notes. FreeFellow has written lessons and no video, so if watching an instructor work through a topic is how you learn best, AnalystPrep has something FreeFellow doesn't.

Source: FreeFellow vs AnalystPrep CFA: 2026 Comparison

Some candidates do. A common setup is FreeFellow's free question bank for volume, with the readiness score as a second opinion, and AnalystPrep's video lessons for the harder conceptual topics. If you're paying yourself and watching your budget, FreeFellow free and the CFA Institute curriculum are usually enough, and you can add Fellow Plus, billed annually per track, for mocks and a study plan. Current prices are on the pricing page.

Source: FreeFellow vs AnalystPrep CFA: 2026 Comparison

Bionic Turtle is the most established FRM-only prep provider. David Harper's video lectures are widely respected, and the practice question bank is large. Its published package prices were $400 to $700 per part in the May 2026 price record, so check its current package page for price, availability and access terms. It's worth it if you learn well from video, want one FRM-focused course and value 15-plus years of FRM track record. It's harder to justify if you mostly learn from text and practice questions or you're paying out of pocket.

Source: FreeFellow vs Bionic Turtle FRM: 2026 Comparison

Yes. Candidates pass every year using only the GARP curriculum, the practice exams that come with registration and a free or low-cost question bank. FreeFellow's free FRM Part I (1,076 questions) and Part II (1,242 questions) banks with lessons are one way to do it. The biggest predictor of passing is doing 2,000-plus practice questions per part and taking GARP's practice exams under timed conditions, not which prep provider you use.

Source: FreeFellow vs Bionic Turtle FRM: 2026 Comparison

The free tier has 1,076 Part I and 1,242 Part II practice questions with step-by-step solutions, written lessons, a formula sheet, mixed practice and the readiness score. Fellow, billed monthly or quarterly per track, adds timed practice exams, SM-2 spaced-repetition flashcards, analytics and a personalized study plan. The annual plan is Fellow Plus, which also includes Common traps. FreeFellow LLC isn't listed on garp.org/frmepp yet. Current prices are on the pricing page.

Source: FreeFellow vs Bionic Turtle FRM: 2026 Comparison

Bionic Turtle's published band was $400 to $700 per part in the May 2026 price record, so check current availability and access terms. FreeFellow's free tier is $0, and Fellow Plus is billed annually for one track that covers both parts. FreeFellow doesn't match Bionic Turtle on video, since David Harper's library goes much deeper, so price is only part of the comparison. Current prices are on the pricing page.

Source: FreeFellow vs Bionic Turtle FRM: 2026 Comparison

Not yet. FreeFellow LLC isn't on the Exam Preparation Provider list at garp.org/frmepp, and the application is pending. FreeFellow's FRM material is paraphrased from GARP's publicly available outline materials and doesn't reproduce GARP's proprietary text.

Source: FreeFellow vs Bionic Turtle FRM: 2026 Comparison

The Financial Risk Manager (FRM) exam is a two-part certification from the Global Association of Risk Professionals (GARP). It tests market, credit, operational, liquidity and investment risk management.

Source: What Is the FRM Exam? A Complete 2026 Guide

The commonly cited historical estimates are about 47% for Part I and 55% for Part II, but their reporting period is unverified. Check GARP's published sitting results for a dated comparison.

Source: What Is the FRM Exam? A Complete 2026 Guide

Part I is 100 multiple-choice questions in 4 hours, and Part II is 80 multiple-choice questions in 4 hours. Both are computer-based and offered several times a year.

Source: What Is the FRM Exam? A Complete 2026 Guide

After passing both parts, you have to show 2 years of full-time professional experience in financial risk management or a related field (GARP). Experience from before the exams counts.

Source: What Is the FRM Exam? A Complete 2026 Guide

About $1,600 in total if you register early: $400 to enroll, $600 for Part I and $600 for Part II. Standard registration is $800 per part, which brings the total to $2,000, and study materials are extra.

Source: What Is the FRM Exam? A Complete 2026 Guide

FreeFellow. The whole CFA bank is free, not a trial slice: 1,800+ Level I questions, 2,337 Level II questions and 1,713 to 1,737 questions per Level III pathway (Portfolio Management, Private Wealth, Private Markets). There's no trial period or credit card. Samples are open, and the full bank needs a free account, subject to practice usage limits. CFA Institute's own Learning Ecosystem comes with paid exam registration. The other big paid Prep Providers (Kaplan Schweser, Wiley, AnalystPrep, Bloomberg Exam Prep) only offer limited free trials.

Source: Which CFA Prep Provider Has a Free Question Bank? (2026 Comparison)

It's a company that has signed the Prep Provider Agreement with CFA Institute, paid the annual program fee and agreed to specific content rules, in exchange for being able to reference CFA Institute curriculum coverage in its marketing. Prep Provider status says the company agreed to those rules. It says nothing about the quality of its materials. The current list of Prep Providers is in the directory on cfainstitute.org.

Source: Which CFA Prep Provider Has a Free Question Bank? (2026 Comparison)

Yes. The full CFA question bank, the written lessons, formula sheets, mixed practice, glossaries and the readiness score are free, with no trial period and no credit card. The optional Fellow tier, billed monthly or quarterly per track, adds timed mock exams, SM-2 spaced-repetition flashcards, analytics, a personalized study plan and AI grading on Level III essays (five attempts a day). The annual plan is Fellow Plus, which lifts that grading limit and adds licensed curriculum practice and common traps. One CFA subscription covers all three levels and every Level III pathway. Current prices are on the pricing page.

Source: Which CFA Prep Provider Has a Free Question Bank? (2026 Comparison)

No. Kaplan Schweser lists Level I Essential at $799 on its Level I package page (checked September 7, 2026). AnalystPrep Unlimited costs $799 for lifetime access to all three levels (June 2026 price record). I haven't verified Wiley's pricing, and Bloomberg Exam Prep is sold by subscription. All four offer limited free trials, usually 5 to 50 sample questions and often behind an email signup, but none has a fully free standalone CFA question bank. In 2026 FreeFellow is the only fully free option among the major CFA Institute Prep Providers.

Source: Which CFA Prep Provider Has a Free Question Bank? (2026 Comparison)

It comes with your paid CFA exam registration and has the full curriculum text, end-of-reading practice questions and topic-level assessments. The end-of-reading questions are the closest thing to the real exam's style, and every candidate should do them. It isn't available on its own, only as part of registration.

Source: Which CFA Prep Provider Has a Free Question Bank? (2026 Comparison)

Yes. Studying the curriculum issued by CFA Institute is essential to success on the CFA exam. FreeFellow and other Prep Provider materials are built to complement the curriculum and help you learn it, not to replace it. The Learning Ecosystem that comes with registration has the curriculum text and the end-of-reading questions every candidate should work through.

Source: Which CFA Prep Provider Has a Free Question Bank? (2026 Comparison)

They do different jobs. Mark Meldrum and IFT both post some free lecture clips and topic walkthroughs on YouTube alongside their paid courses, and neither has a fully free standalone question bank. FreeFellow is a free question bank with step-by-step solutions and notes on the answer choices. Video lectures help while you're learning the material, and the question bank gives you practice volume once you're drilling. Most candidates use more than one resource.

Source: Which CFA Prep Provider Has a Free Question Bank? (2026 Comparison)

The CFA is for investment management roles (equity research, portfolio management, asset management). The CFP is for personal financial planning and RIA work. If you want to advise individuals on their whole financial life (insurance, taxes, retirement, estate), get the CFP. If you want to analyze securities and manage portfolios for institutional clients, get the CFA.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

Yes, but choose the discipline section deliberately. CPA Evolution lets you pick BAR (Business Analysis and Reporting), ISC (Information Systems and Controls) or TCP (Tax Compliance and Planning) as your fourth section. For corporate finance and FP&A, take BAR. For tax-leaning roles, TCP. For IT audit and SOC work, ISC.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

Yes. A math degree helps with the early preliminary exams (P, FM, FAM) because the calculus and probability are more familiar, but you earn the credential by passing the exams, whatever your degree. I've met FSAs who majored in English and in computer science.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

The SOA is life, health and pension actuarial work, and the CAS is property and casualty. The first two preliminary exams (P and FM) are joint, so you can put off the decision until after those. Life and health (SOA) employers tend to be larger (insurance companies, consulting firms), while P&C (CAS) employers tend to be more specialized, with comparable pay.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

The EA is the IRS credential for tax representation. It's a lot cheaper and faster, and it doesn't require an accounting degree. If your goal is to prepare tax returns and represent clients before the IRS, especially in a small or solo practice, the EA is enough. CPA REG covers similar tax content as part of a much broader credential, and the CPA opens doors to Big 4 tax practice, corporate tax departments and a wider range of careers.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

Usually not. The CFA is the technical signal, and the MBA is the network and career-change signal. If you're already in investment management and want a deeper technical foundation, do the CFA. If you want to switch industries or move into management, do the MBA. Doing both is overkill for most career paths, and the time cost is big.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

CFA: 2 to 4 years of part-time study while working. CFP: 12 to 18 months. CPA: 12 to 24 months if you've finished the education requirement. CAIA: 12 to 18 months. FRM: 12 to 18 months. Actuarial: 3 to 7+ years to FSA or FCAS. EA: 6 to 12 months. CMA: 12 to 18 months. Series exams: a few weeks to a couple of months each.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

It depends on what you find hard. The actuarial preliminary exams pass only about half of candidates (Exams P and FM run around 47 to 50%) and take the most time per exam. CFA Level II is widely considered the hardest single exam in finance because of its volume and vignette format. CPA REG is dense if tax doesn't come naturally to you, and the FRM is hard if quantitative methods aren't your strength. The CFP is the easiest of the major credentials on a per-hour basis.

Source: Finance Credentials Map: Which Exam for Which Job (2026)

Moderately. In FreeFellow's bank, CFA Level I is 30.9% pure-numeric multiple choice, Level II is 38.7% because of its vignette derivations, and Level III drops back to 23.6% in the core, with constructed-response essays in the pathway sections. You need to be comfortable with derivative pricing, fixed-income duration, equity valuation and statistics. You don't need calculus.

Source: How Quantitative Is Each Finance Exam? Numeric-Answer Share Across 40 Question Banks (2026 Data)

Less than its reputation suggests, with one big exception. In FreeFellow's bank, 37.0% of FAR multiple-choice questions have all-numeric answers, and the FAR blueprint is full of tasks that ask you to calculate balances and prepare statements. The other sections test applying rules to fact patterns: AUD is 0.4%, ISC is 0.2%, and the tax sections read as prose with numbers in it.

Source: How Quantitative Is Each Finance Exam? Numeric-Answer Share Across 40 Question Banks (2026 Data)

In FreeFellow's bank, Part 1 is 52.1% pure-numeric (quantitative methods, valuation models, financial markets). Part 2 drops to 41.6% (regulatory and qualitative risk). Part 1 is the heavier math load, and Part 2 is the heavier reading load.

Source: How Quantitative Is Each Finance Exam? Numeric-Answer Share Across 40 Question Banks (2026 Data)

In FreeFellow's bank, SOA Exam P has the highest share of pure-numeric multiple-choice questions, at 90.2%. SOA Exam FM (88.5%) and CAS MAS-II (75.2%) are next. All three are actuarial exams. That's a count of answer formats in FreeFellow's questions, not a measure of how much computing each real exam demands.

Source: How Quantitative Is Each Finance Exam? Numeric-Answer Share Across 40 Question Banks (2026 Data)

In FreeFellow's bank, CPA ISC is lowest at 0.2% pure-numeric, then CPA AUD at 0.4% and Series 63 at 0.8%. Among the other wealth-management credentials, Series 6 (7.0%) and the SIE (8.9%) are next, and the CFP measures 18.0%.

Source: How Quantitative Is Each Finance Exam? Numeric-Answer Share Across 40 Question Banks (2026 Data)

CAS writes MAS-II answer choices as intervals ("At least X, but less than Y"). The classifier used for the 2026-05-21 snapshot read those as prose, so MAS-II came out near zero. Interval parsing has been added since, and MAS-II now measures 75.2%, third overall, which fits its computational reputation.

Source: How Quantitative Is Each Finance Exam? Numeric-Answer Share Across 40 Question Banks (2026 Data)

The SOA and CFA Institute publish topic weights but not question-format breakdowns. The AICPA's CPA Blueprints describe skill levels (Remembering & Understanding, Application, Analysis, Evaluation), which loosely track computation but don't measure it. I'm not aware of another cross-credential count of answer formats.

Source: How Quantitative Is Each Finance Exam? Numeric-Answer Share Across 40 Question Banks (2026 Data)

The personalized plan is part of Fellow, which is billed monthly or quarterly per track. A free account can set an exam date and see a preview of its plan (the headline numbers, the mix of phases and the first week). Everything you need to build a plan by hand is free: the full question bank, solutions, lessons, mixed practice and the readiness score.

Source: How to Build a Free Study Plan for Any Finance Exam (2026)

It reads the published exam blueprint (the AICPA Blueprint for CPA, CFA Institute's topic weights for CFA, the NASAA outline for Series exams), your current readiness in each topic, your exam date and the hours a week you say you can study. It gives your weakest topics the most weight first and saves the final weeks for spaced review and timed mocks.

Source: How to Build a Free Study Plan for Any Finance Exam (2026)

It rebalances. Miss a week and the planner moves the unfinished items into the coming weeks instead of dropping them. It also rebuilds whenever your readiness changes or you move your exam date, and there's no penalty for falling behind.

Source: How to Build a Free Study Plan for Any Finance Exam (2026)

Every credential FreeFellow covers: CFA Levels I to III (all five pathway combinations), CPA (six sections), CFP, SOA and CAS actuarial (P, FM, FAM, SRM, PA, ALTAM, ASTAM, MAS-I, MAS-II, Exam 5, Exam 6U), CAIA Levels I and II, GARP FRM (Parts I and II), FINRA / NASAA Series (SIE, 6, 7, 79, 63, 65, 66), IRS Enrolled Agent (Parts 1, 2, 3), IMA CMA (Parts 1 and 2) and IIA CIA (Parts 1, 2 and 3).

Source: How to Build a Free Study Plan for Any Finance Exam (2026)

Yes. The plan is saved to your account so it can rebalance across sessions, and the personalized plan is part of Fellow. Without an account you can still try sample questions and a free 12-question diagnostic, which gives you a readiness score and shows your weak topics. The full question bank and lessons need a free account, with no credit card.

Source: How to Build a Free Study Plan for Any Finance Exam (2026)

The post doesn't measure ROI in the finance sense. Its ratio is each credential's reported pay figure divided by exam fees and study materials, and the master table sorts every credential by it. Some of those figures cover holders, some a whole occupation and some base salary only, so the ratio just sets reported pay against what the exams cost. It doesn't show how much more a credential would earn you or how fast it pays back, and it leaves out study time and work experience. Pick by the job you want first: the decision matrix in the post lists credentials by career goal.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

Exam fees range from $100 (the SIE) to roughly $4,600 (the CFA charter across all 3 levels). With paid study materials included, total investment runs from about $100 (the SIE with free materials) to roughly $15,000 (the CFP with its required education program). The master table in the post lists every credential.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

From first exam to credential, it ranges from 2 months (SIE) to 96+ months (the FSA or FCAS actuarial fellowship). The CFA charter usually takes 24 to 36 months across three exam levels, plus 4,000 hours of qualified work over at least 36 months, which can come before, during or after the exams. The CPA license usually takes 12 to 18 months for the exams plus 1 to 2 years of supervised work.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

It depends on which figure you look at, because the sources don't measure the same thing. Some are medians for credential holders, some cover everyone in a job or occupation, and some are average base salaries without bonuses. The master table lists each credential's pay figure and upper pay marker, and the methodology section says what each one covers and when it's from. Pay also varies a lot by role, location, employer and book of business.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

If you're aiming for buy-side portfolio management or sell-side equity research, the CFA charter is the first pick in the post's decision matrix, and it has the highest median pay in this analysis. That median describes people who already hold the charter, so it doesn't tell you how much the charter would add to your own pay. It isn't the right fit for tax practice (where the EA or CPA lead), wealth planning (where the CFP leads) or actuarial work (where the SOA and CAS designations lead). The real constraints are the study time across three levels (the master table has the recommended hours) and the work experience requirement, 4,000 hours over at least 36 months.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

If you want a solo tax practice with IRS representation rights, the Enrolled Agent license is the cheapest route to those rights in this analysis. Its exam fees come to under $1,000, it has no work experience requirement and no state-by-state registration, and it gives you unlimited representation rights before the IRS. Typical EA pay is lower than for the big investment credentials, though the EA figure is base salary only. The pay-to-cost ratio in the table only sets that pay against exam and materials costs, so it doesn't show what the license would add to your own earnings.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

Yes. The CFA charter waives CAIA Level I through the Stackable Credential Program. CFA, CFP, ChFC, PFS, CIC and CIMA holders all waive the Series 65 under the NASAA model rule. CFA, CPA, JD, CIMA, ChFC, CLU and PhD holders qualify for the CFP Accelerated Path, which waives the education program. A CPA or law license gives you unlimited IRS representation without the EA. The credential stacking post has the full list.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

The headline ratios assume you pass every part on the first attempt. To budget for retakes, pick a number of attempts per part and add the fee for each extra sitting: two attempts costs the first fee plus one retake, three attempts costs two retakes, and one-time enrollment or application fees are paid once. You'll see 1 divided by the pass rate used as the expected number of attempts (2 at a 50% pass rate), but that assumes independent attempts with the same chance each time, and a published pass rate isn't your own chance. An expected count also isn't a ceiling.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

This analysis is US-only. CFA Institute, the CAIA Association and GARP charge in USD everywhere. CPA fees vary by state, and the CFP and Series licenses only apply in the US. Pay outside the US varies widely. The CFA carries a relative premium over local averages in Singapore and Hong Kong, and the CPA is less useful outside US accounting roles.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

I run FreeFellow and wrote this post. The chart shows total cost with and without paid study materials, and with FreeFellow the materials line is zero for every credential it covers. If you're budgeting from this analysis, check the paid providers' prices on their own sites. FreeFellow is listed as the free option, not as a recommendation over the paid providers.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

The last full verification was 2026-05-28. I refresh it every January and check for broken source links quarterly. Credentialing bodies usually publish new fee schedules between October and January, and compensation surveys come out between September and November. The change log at the bottom of the post tracks every update.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

Yes, but please cite the primary source from the methodology section rather than this page. Use the published sources for verified figures; the FRM upper pay marker is an unverified estimate. This page is an index to them.

Source: The Finance Credential ROI Map: Cost, Time, and Compensation Across Every Major Designation (2026)

UpperMark is a long-established CAIA prep provider with study notes, a question bank, practice exams, video and instructor support, and prices vary by package. Its Level I suite page lists Diamond Suite at $849 for that level (checked September 7, 2026). It's worth it if you want video and a structured program. It's harder to justify if you're happy working through a free question bank, since FreeFellow gives the full Level I and Level II banks away. Whichever you choose, the CAIA Curriculum is still the essential resource.

Source: FreeFellow vs UpperMark CAIA®: 2026 Comparison

Yes. The CAIA Curriculum is the essential preparation resource, and a free question bank adds the practice. FreeFellow's free tier covers the full Level I (2,062 questions) and Level II (2,219) banks with step-by-step solutions, as a supplement to the curriculum. Prep tools like FreeFellow and UpperMark complement the curriculum and don't replace it.

Source: FreeFellow vs UpperMark CAIA®: 2026 Comparison

FreeFellow's free tier is $0 and includes the full Level I and Level II question banks. UpperMark's Level I suite page lists Diamond Suite at $849 for that level (checked September 7, 2026). FreeFellow's paid Fellow tier, billed monthly or quarterly per track, adds timed mocks, flashcards, analytics, a study plan and Level II constructed-response essay simulations, and the annual plan is Fellow Plus. UpperMark adds video and instructor support that FreeFellow doesn't have. Current prices are on the pricing page.

Source: FreeFellow vs UpperMark CAIA®: 2026 Comparison

FreeFellow is a CAIA Association Preparatory Program Provider. Its CAIA materials supplement the CAIA Curriculum and are built to go alongside it, not replace it. Studying the CAIA Curriculum issued by the CAIA Association is essential to exam success.

Source: FreeFellow vs UpperMark CAIA®: 2026 Comparison

Yes, if your work centers on alternative investments (hedge funds, private equity, real assets, private credit or institutional allocation). It's a focused two-level credential that takes roughly 400 to 500 study hours and has exam and enrollment fees totaling $2,390 to $3,190, with pass rates around 51% at Level I and 63% at Level II. It's a weaker fit for generalist equity or fixed-income roles, where the CFA charter is broader and more widely recognized.

Source: Is CAIA® Worth It in 2026? Cost, Time, and Career Value

Budget $2,390 to $3,190 in exam and enrollment fees across both levels: a one-time enrollment fee plus exam fees that go up from an early-registration rate to a standard rate, with the digital curriculum included. CAIA practice questions on FreeFellow are free, which keeps the rest of the budget down.

Source: Is CAIA® Worth It in 2026? Cost, Time, and Career Value

Plan for about 220 hours of study for Level I and 280 for Level II, roughly 400 to 500 hours in total. Most candidates finish both levels in one to one and a half years, and the exams run twice a year, historically in March and September.

Source: Is CAIA® Worth It in 2026? Cost, Time, and Career Value

It's shorter: two levels against three, and roughly 400 to 500 study hours against about 900 for the CFA charter. Pass rates are higher too, about 51% at Level I and 63% at Level II, compared with roughly 40 to 45% for CFA Level I. It's still a demanding specialist exam, just narrower.

Source: Is CAIA® Worth It in 2026? Cost, Time, and Career Value

It shows specialist expertise that hedge funds, private equity firms and institutional allocators value, but pay follows the role and the firm more than the letters. CAIA pays off most when it matches alternatives-focused work. If you earn it with no plan to use it, the return is thin.

Source: Is CAIA® Worth It in 2026? Cost, Time, and Career Value

If you're moving into alternatives, yes. The CAIA Stackable Credential Program lets a CFA charterholder in good standing skip Level I and sit only Level II, so adding CAIA takes one exam instead of two. That's the cheapest way to earn it.

Source: Is CAIA® Worth It in 2026? Cost, Time, and Career Value

1,076 original multiple-choice questions covering all four GARP topic areas, each with a step-by-step solution. The entire bank is free with an account, subject to usage limits, and there's no trial period or credit card.

Source: Free FRM Part 1 Practice Questions 2026: All 1,076 Solved

No. Every question is a FreeFellow original written to the current GARP study guide. GARP exam content and GARP practice exams are copyrighted and aren't reproduced here. Registered candidates get GARP's own practice exams through their candidate account.

Source: Free FRM Part 1 Practice Questions 2026: All 1,076 Solved

You can try the sample questions and the diagnostic without signing up. The full bank and its solutions need a free account, which also gives you progress tracking, mixed practice and a readiness score. The optional Fellow tier adds timed mock exams, flashcards and analytics.

Source: Free FRM Part 1 Practice Questions 2026: All 1,076 Solved

It's organized around GARP's four Part 1 topic areas, but it hasn't been measured against the live exam, so I wouldn't call it calibrated. Part 1 is the more computational half of the FRM, and the bank covers the calculations you'd expect (pricing, VaR, hypothesis testing, fixed income) alongside conceptual questions on governance and the disaster case studies.

Source: Free FRM Part 1 Practice Questions 2026: All 1,076 Solved

1,242 original multiple-choice questions across all six GARP topic areas, each with a step-by-step solution. The entire bank is free with an account, with no trial period and no credit card. Browse at https://freefellow.org/free/frm-part-2/

Source: Free FRM Part 2 Practice Questions 2026: Full Question Bank + Solutions

From GARP. GARP gives its practice exams to registered candidates through the candidate portal, and they're copyrighted. FreeFellow doesn't host or reproduce them. The FreeFellow bank is a separate set of 1,242 original questions you can use alongside GARP's materials at no cost.

Source: Free FRM Part 2 Practice Questions 2026: Full Question Bank + Solutions

Yes. Part 2 tests application and judgment: regulatory frameworks, model choices and scenario reasoning, with roughly a third of questions needing a calculation. The FreeFellow bank is calibrated to that mix, so practicing here feels like the real exam rather than a second Part 1.

Source: Free FRM Part 2 Practice Questions 2026: Full Question Bank + Solutions

Yes. The Current Issues topic follows GARP's rotating reading list, and the bank is refreshed when the list changes, so retired readings drop out rather than lingering.

Source: Free FRM Part 2 Practice Questions 2026: Full Question Bank + Solutions

The rates in this table don't share a period, so they can't give you a clean ranking. CFA's are 2016 to 2025 averages, CPA's are AICPA's 2024 and 2025 rates, CFP's is the July 2026 sitting and CMA's is from early 2020. Within their own data, CFA Level I and the CPA FAR and BAR sections all pass fewer than half of attempts.

Source: Finance Exam Pass Rates 2026: Sourced Rates by Credential

The largest figure in the table is CPA TCP (Tax Compliance and Planning), from AICPA's 2024 and 2025 rates, but the rows cover different periods, so that isn't a current ranking. The SIE figure is historical FINRA data; the other Series figures are industry estimates, and the IRS doesn't publish Enrolled Agent pass rates, so those rows are provider estimates.

Source: Finance Exam Pass Rates 2026: Sourced Rates by Credential

Not by itself. Each rate comes from its own candidate pool, period and scoring method, so the table can't rank difficulty cleanly. Screening could explain some gaps. CFA Level III candidates have all passed the earlier levels, and GARP doesn't grade a Part II paper unless the candidate passed Part I. Rates that count every attempt also include retakers, which can move the number either way.

Source: Finance Exam Pass Rates 2026: Sourced Rates by Credential

Mostly per-attempt rates, but check each row. Some are one sitting, some are multi-year averages, some pool several sittings, and SIE uses FINRA's historical overall rate, while the other Series and Enrolled Agent figures are industry or provider estimates. First-time rates run higher than overall rates for some exams (CFP Board publishes both). The table links the source for every row.

Source: Finance Exam Pass Rates 2026: Sourced Rates by Credential

It's the performance you lose between deciding to trade and finishing the trade. Compare a paper portfolio that fills the whole order instantly and for free at the decision price with your real portfolio. The gap, made up of fees, price drift before you start, price impact while you trade, and the move on shares you never filled, is the implementation shortfall.

Source: Implementation Shortfall Explained: Transaction Cost Analysis for CFA Level III

VWAP compares your fills with the volume-weighted average price over the trading window, so a trader can look good by trading along with the average, and the benchmark moves with your own trading. Implementation shortfall anchors to the decision (arrival) price, which is fixed before trading starts, so it picks up the delay and opportunity costs that VWAP hides.

Source: Implementation Shortfall Explained: Transaction Cost Analysis for CFA Level III

Compute the paper return: the order size times the difference between the final price and the decision price. Then compute the actual gain on the shares filled, minus all explicit costs. Implementation shortfall is the paper return minus the actual return, usually in basis points of the paper investment, and you then attribute it to delay, execution, opportunity and fee components.

Source: Implementation Shortfall Explained: Transaction Cost Analysis for CFA Level III

In the Level III Portfolio Management pathway, under Trade Strategy and Execution, alongside execution algorithms (VWAP, TWAP, POV and IS-style algorithms) and transaction cost analysis. Exam items usually give a decision price, fill prices and an unfilled remainder, and ask for the shortfall and its components.

Source: Implementation Shortfall Explained: Transaction Cost Analysis for CFA Level III

CFA Institute's 10-year average for Level II, covering 2016 to 2025, is 45%. The November 2025 pass rate was 42%. Results vary by sitting, so check CFA Institute's exam results page for the latest figures.

Source: Free CFA Level II Question Bank 2026: 2,337 Practice Questions

88 multiple-choice questions organized into 22 item sets (vignettes) of 4 questions each, split across two sessions of roughly 2 hours and 12 minutes.

Source: Free CFA Level II Question Bank 2026: 2,337 Practice Questions

Level I asks standalone questions on one concept at a time. At Level II, every question sits in a four-question item set built on a vignette, a case with exhibits and data you won't need. You answer by combining the case facts with what you know from the curriculum.

Source: Free CFA Level II Question Bank 2026: 2,337 Practice Questions

CFA Institute says successful candidates report averaging over 300 study hours per level. There's no set number of practice questions to hit, but it helps to finish with timed vignette practice and a few full 44-question sessions on the 132-minute clock.

Source: Free CFA Level II Question Bank 2026: 2,337 Practice Questions

Yes. FreeFellow serves one free CFA Level II question of the day on the exam's Learn tab. It's the same question for everyone, refreshed at local midnight and drawn from the free bank, and it's a standalone question rather than a full vignette. It counts toward your streak and needs a free account so your answer is saved. The free Level II diagnostic needs no account.

Source: Free CFA Level II Question Bank 2026: 2,337 Practice Questions

CFA Institute doesn't release past Level II exams, and its own mock exam comes with registration. On FreeFellow, the 12-question Level II diagnostic is free with no signup, and the 2,337-question bank is free with an account. Six full timed mocks are part of the optional Fellow tier, each two sessions of 44 questions on a 2 hour 12 minute clock per session, the real exam's timing. Every mock question is original, and FreeFellow doesn't reproduce CFA Institute exam or mock questions.

Source: Free CFA Level II Question Bank 2026: 2,337 Practice Questions

You can prepare without a paid course, though not everything is free. Part I registration includes GARP's digital curriculum, while the Part II curriculum is a separate purchase. Add FreeFellow's banks (1,076 Part I and 1,242 Part II questions, free with an account, subject to usage limits) and GARP's two practice exams per part.

Source: Best Free FRM Study Materials 2026 (Ranked)

FreeFellow has 1,076 free FRM Part I questions and 1,242 free Part II questions covering all GARP topic areas, each with a step-by-step solution and most with notes on the answer choices. There's no trial period or credit card, and the full bank is free with an account, subject to practice usage limits. Other FRM providers (Bionic Turtle, AnalystPrep, Kaplan Schweser) offer limited free samples of their paid banks.

Source: Best Free FRM Study Materials 2026 (Ranked)

Yes, for registered candidates. GARP gives two complimentary practice exams per part. Part I's have 100 questions each and are on GARP Learning, and Part II's are 80-question PDFs in the candidate portal. Access ends on the last day of the exam window you're registered for.

Source: Best Free FRM Study Materials 2026 (Ranked)

The planning estimates I use, drawn from GARP candidate surveys and Bionic Turtle guidance, are about 275 hours for Part I and 250 hours for Part II. Reported prep for either part typically falls between 200 and 350 hours.

Source: Best Free FRM Study Materials 2026 (Ranked)

The Texas Instruments BA II Plus. It's permitted on the CFA, FRM, CFP, CAIA, CMA and actuarial exams, handles time value of money and cash flow work well, and costs under 40 dollars. The HP 12C is the main alternative, and candidates who prefer RPN entry tend to pick it.

Source: Best Calculators for Finance Exams (2026): Every Credential's List

Yes. The BA II Plus is on the permitted or allowed list for the CFA, FRM, CFP, CAIA, CMA and actuarial exams. The main exceptions are the CPA, Series and Enrolled Agent exams, which don't let you bring any calculator and give you one on screen.

Source: Best Calculators for Finance Exams (2026): Every Credential's List

The CPA exam, the FINRA Series exams (including the SIE, Series 7, 63, 65 and 66) and the IRS Enrolled Agent exam. Each gives you a calculator inside the testing software, and the CPA exam also gives you a spreadsheet in the task-based simulations.

Source: Best Calculators for Finance Exams (2026): Every Credential's List

No. The BA II Plus is under 40 dollars and the standard HP 12C costs a bit more. No exam body rewards a pricier model, and several limit you to a basic one on purpose. Buy the cheapest version on your exam's list and learn it well.

Source: Best Calculators for Finance Exams (2026): Every Credential's List

For the bring-your-own exams, yes. The CFA and FRM exams both let you bring a second unit of a permitted model, and a spare removes the risk of a dead battery or a calculator locking up mid-exam. CAIA doesn't allow a spare in the room, so bring fresh batteries instead.

Source: Best Calculators for Finance Exams (2026): Every Credential's List

CFA Institute permits two model families. The first is the Texas Instruments BA II Plus, including the BA II Plus Professional. The second is the Hewlett Packard 12C, including the HP 12C Platinum, the Platinum 25th anniversary edition, the 30th anniversary edition and the HP 12C Prestige. No other calculator is allowed in the exam room.

Source: BA II Plus vs HP 12C: Which Calculator for the CFA Exam? (2026)

For most candidates, the BA II Plus. It uses standard algebraic entry, the buttons are clearly labeled, and it's cheaper. The HP 12C uses RPN entry, which is faster once mastered but takes time to learn, so it mainly suits candidates who already use RPN.

Source: BA II Plus vs HP 12C: Which Calculator for the CFA Exam? (2026)

The standard BA II Plus is enough for all three CFA levels. The Professional adds a handful of functions (like net future value and modified internal rate of return) that are convenient but not required. Both are permitted, so buy whichever you find at a better price.

Source: BA II Plus vs HP 12C: Which Calculator for the CFA Exam? (2026)

Yes. You can bring more than one permitted calculator, and bringing both permitted models, or two of the same one, is a common precaution against a dead battery or a malfunction during the exam.

Source: BA II Plus vs HP 12C: Which Calculator for the CFA Exam? (2026)

Your calculator is inspected before the exam begins, and using or even having a calculator that isn't permitted during the exam can get your results voided. Check your exact model against CFA Institute's current policy well before exam day.

Source: BA II Plus vs HP 12C: Which Calculator for the CFA Exam? (2026)

No. Personal calculators of any kind are prohibited. You use the on-screen calculator in the testing software, available during both the multiple-choice questions and the task-based simulations, plus a spreadsheet tool in the simulations.

Source: Exams That Give You a Calculator: CPA, Series 7, and EA (2026)

No, and it catches people out. The on-screen calculator works left to right and doesn't apply order of operations. If you enter 2 plus 3 times 4, it returns 20, not 14. For anything with mixed operations, the spreadsheet tool in the task-based simulations is safer.

Source: Exams That Give You a Calculator: CPA, Series 7, and EA (2026)

Not your own. FINRA doesn't let you bring a personal calculator to a Series exam. At a Prometric test center you're given a basic non-programmable calculator, and online a four-function calculator is available on screen. The same goes for the SIE and the other Series exams.

Source: Exams That Give You a Calculator: CPA, Series 7, and EA (2026)

Yes. The EA exam gives you an on-screen calculator that works like the standard Windows calculator, available on every question, and you don't bring your own. As of March 2026 the EA exam is administered by PSI Services rather than Prometric, with 2026 testing rolling out from July.

Source: Exams That Give You a Calculator: CPA, Series 7, and EA (2026)

Practice with the same kind of tool you'll have on exam day. For the CPA exam, use a basic on-screen calculator and a spreadsheet, and get used to the left-to-right quirk. For the Series and EA exams, a simple four-function calculator is close to what you'll be given.

Source: Exams That Give You a Calculator: CPA, Series 7, and EA (2026)

No, but they overlap heavily on generalized linear models and statistical learning. MAS-I adds a probability-models section and uses answer ranges, and SRM adds time series. Neither gives credit for the other.

Source: MAS-I vs Exam SRM: How Much of the CAS and SOA Statistics Overlaps (2026)

A lot of the GLM and statistical-learning material will feel familiar. You'd still need to learn the probability-models section (Poisson processes, Markov chains) and get used to the CAS answer-range format.

Source: MAS-I vs Exam SRM: How Much of the CAS and SOA Statistics Overlaps (2026)

They're comparable in difficulty and study time. MAS-I covers more ground, and SRM is a more focused statistics exam, so which one feels harder depends on your background.

Source: MAS-I vs Exam SRM: How Much of the CAS and SOA Statistics Overlaps (2026)

No. Time series moved to MAS-II. A time-series question is an SRM (SOA) or MAS-II (CAS) topic, not MAS-I.

Source: MAS-I vs Exam SRM: How Much of the CAS and SOA Statistics Overlaps (2026)

No. A good practice bank matches the real exam's difficulty and format, so your results on it say something about how you'd do on the real one. Practice set well above the real exam feels rigorous, but it throws off the one thing a mock is for, which is showing you where you stand against the real exam's bar.

Source: Why Practice Questions Are Harder Than the Real Exam

Mostly incentive. A candidate who feels underprepared studies longer, buys more and retakes, and all of that makes money however the provider bills. Some of it is deliberate and some is just cautious writing, since hitting the real exam's level exactly is hard and authors would rather hear that practice was too tough than too easy.

Source: Why Practice Questions Are Harder Than the Real Exam

Compare your bank with the blueprint weights the exam body publishes, notice how many questions hinge on a trick, and read what candidates say after the real exam (as a soft signal, since people who passed are overrepresented). If a low-weight topic produces most of your hardest questions, nearly every question hinges on a hidden trap, or people keep saying the real exam was easier than the bank, your practice is probably inflated.

Source: Why Practice Questions Are Harder Than the Real Exam

Some difficulty helps. Recalling material from memory, spacing out your review and mixing topics make studying feel harder and really do improve retention. But questions written above the exam's level, or full of rare edge cases, don't teach the tested material any better. They mostly add anxiety and hide how much margin you have.

Source: Why Practice Questions Are Harder Than the Real Exam

Ask whether you'd pass if the exam were tomorrow, measured against practice that's calibrated to the real test and not an inflated one. FreeFellow's free readiness score shows whether your practice has cleared that exam's Ready line and how much practice it's based on. It doesn't predict a pass, so read it alongside your timed mock results. No finance exam requires a perfect score, so you need to clear the bar.

Source: Why Practice Questions Are Harder Than the Real Exam

There's no fixed number. What matters more than the count is covering every Learning Outcome and reviewing each miss down to the misunderstanding behind it. A bank of about 1,800 questions that covers every Learning Outcome gives you that coverage. Beyond that, how many more you do should depend on how many topics you keep missing.

Source: How Many CFA Practice Questions Do You Need? (2026)

Not by itself. Once every Learning Outcome is covered, extra questions mostly repeat ones you've already practiced. A 4,000-plus question bank tests the same limited set of ideas many times over, so once you've got an idea down, spend your time on the ones you're still missing.

Source: How Many CFA Practice Questions Do You Need? (2026)

It's CFA Institute's own study platform, included with your exam registration. It has the full curriculum, end-of-reading practice questions and topic assessments. The end-of-reading questions come from the same organization that writes the exam, so do all of them. A lot of candidates pair it with a separate question bank for targeted practice and more detailed analytics.

Source: How Many CFA Practice Questions Do You Need? (2026)

FreeFellow's CFA Level I bank covers every Learning Outcome with about 1,800 questions, each with a step-by-step solution, free with an account. Fellow adds focus practice aimed at your weakest topics and analytics by topic, Learning Outcome and difficulty. Fellow Plus adds Common traps, which shows the misunderstandings your wrong answers keep matching.

Source: How Many CFA Practice Questions Do You Need? (2026)

It has three parts: the worked steps to the correct answer, a plain statement of the concept being tested, and a note on each choice saying why the wrong ones are tempting and why they're wrong. The last part matters most. Wrong choices are usually built around specific misunderstandings, and the note on the one you picked gives you a likely reason for your miss to check against your own working.

Source: What a Good CFA Answer Explanation Looks Like (2026)

On a well-written CFA question, each wrong choice is built to match a specific error, like a misapplied formula, a flipped sign, or a simple average used where a compound one belongs. If the explanation only says "the answer is B," you have nothing to compare your working against. A note on each choice tells you which wrong idea leads to it. That's a likely route to the answer you picked, not proof of it, since a misread or a guess can land you there too, so check the note against what you actually did.

Source: What a Good CFA Answer Explanation Looks Like (2026)

Yes. Every FreeFellow CFA Level I question has a step-by-step worked solution, and most also have notes on why each wrong choice is wrong, on the free tier. The point is that a missed question leaves you understanding the concept, not just knowing which letter you should have picked.

Source: What a Good CFA Answer Explanation Looks Like (2026)

Yes, in one specific way. It can spot patterns in your answer history that are hard to see yourself, like a Learning Outcome you keep missing or wrong answers that keep landing on the same kind of error. Those are leads to check against your own working, not a verdict on where your remaining study time should go. It can't do the practice and the reading for you.

Source: Using AI to Find Your CFA Weak Spots (2026)

Because your sense of your own weak spots isn't reliable. Most candidates feel weakest where they're most anxious, which often isn't where they lose the most points. You might dread derivatives while losing points on a discounting convention you never think about. Your actual answers are a better guide than your gut.

Source: Using AI to Find Your CFA Weak Spots (2026)

The readiness score is free, and the free 12-question diagnostic gives you a readiness score and a weak-topic breakdown without an account. Twelve questions is a small sample, so treat it as a first look. Fellow adds focus practice aimed at your weakest Learning Outcomes and analytics by topic, Learning Outcome and difficulty. Fellow Plus adds Common traps, which matches your wrong answers to the misunderstanding each wrong choice was written around and lets you drill those questions. A match is a lead to check against your working, not proof of what you were thinking.

Source: Using AI to Find Your CFA Weak Spots (2026)

Some people have, but it's the hard way. ChatGPT is great at explaining concepts and worth using for that. What it can't do is measure where you are. It has no fixed question bank to track your progress against, it sometimes gets answers wrong with total confidence, and it doesn't know how other candidates do on a question, so it can't tell you if you're ready. I'd use a reviewed question bank to measure yourself and a chatbot to explain what you got wrong.

Source: AI Exam Prep vs Traditional Prep Courses (2026)

Video lectures, live classes, instructor access, printed books, a set schedule, and an errata process with a content team behind it. Several now include their own AI assistant too. When you compare prices, check what the package covers. A Becker CPA package covers all four sections and a Kaplan Schweser CFA package covers one level, so neither lines up with a monthly subscription. A lot of the price pays for video production and marketing rather than practice questions.

Source: AI Exam Prep vs Traditional Prep Courses (2026)

Anyone can try the sample questions without an account. A free account gets you the full bank of 45,000+ original questions across 40 credentials, full solutions, written lessons, mixed practice and the readiness score. The optional Fellow tier adds timed mock exams, flashcards and a study plan, billed monthly or quarterly per track. The annual plan is the Fellow Plus tier. Current prices and billing options are on the pricing page.

Source: AI Exam Prep vs Traditional Prep Courses (2026)

It can write questions that look right, and for a quick concept check that's fine. The problems show up when you use a lot of them: the right answer clusters on one letter, the wrong numeric answers sit evenly around the right one, choices explain their own reasoning, the difficulty labels are guesses, and nobody has checked the answer key. A question from a chat session is an unreviewed draft.

Source: Can ChatGPT Write Good Practice Questions? The 7 Tells

Run four quick checks. Count the correct answer letter across 40 or more questions; anything near 40% on one letter is a red flag. On calculation questions, see where the right answer sits among the sorted numeric choices; if it's almost never the smallest or largest, a machine built the wrong answers. Search the choices for ", because", since real exams give the answer without arguing for it. Last, see whether the longest, most detailed choice keeps being right.

Source: Can ChatGPT Write Good Practice Questions? The 7 Tells

It's when correct answers pile up in one place, either on a letter (a bank where 47% of the right answers are A) or in a position (numeric answers that always sort into the middle). You can game it by always guessing the favored spot, and it pushes your practice score up without your knowledge improving. Real exams keep answer positions close to even, with a slight lean toward the middle on sorted numeric choices.

Source: Can ChatGPT Write Good Practice Questions? The 7 Tells

Not if nobody checks them. They make up constants, write solutions whose math doesn't reach the stated answer, mix tax years and use old standards. Checking catches a lot of that. Automated validation and statistical checks find broken structure, answer-key mismatches and the patterns in this post, and candidate reports find more. Recalibrating against real candidate answers (at least thirty responses per question) fixes difficulty labels, but it doesn't tell you whether an answer key is right. Ask any provider what happens between the AI draft and publication.

Source: Can ChatGPT Write Good Practice Questions? The 7 Tells

Yes, the first drafts are AI-written, and that's why the whole 45,000+ question bank can be free. What ships isn't the draft. Every question goes through automated validators and statistical checks (answer-position balance overall, by difficulty level and by topic, giveaway choices, duplicates, and each exam's mix of calculation and concept questions). Most of those block new problems on every content change, the near-duplicate scan is an audit, and AI review passes cover what the checks can't. Once a question has at least thirty responses, a reviewed pass can recalibrate its difficulty, which measures how hard it is, not whether the key is right.

Source: Can ChatGPT Write Good Practice Questions? The 7 Tells

The price covers a lot more than questions: hundreds of hours of recorded video lectures, live online classes, instructor support, printed and digital books, sales and marketing including affiliate commissions, and a full-time content team. Those are real costs for that kind of course. The practice question bank, which is where most score improvement comes from, is a small part of the total.

Source: Why Is Exam Prep So Expensive? Where the $3,000 Goes

There's no independent evidence that price predicts pass rates. The pass rates providers publish are self-reported and nobody audits them. What the research does support is retrieval practice: answering a lot of exam-style questions with immediate feedback, spread out over time. You can do that at any price. Structure, video and coaching are worth paying for if they keep you studying, but that depends on you, not on which course is better.

Source: Why Is Exam Prep So Expensive? Where the $3,000 Goes

AI-assisted drafting made a checked question much cheaper to produce than a fully expert-written one. FreeFellow also doesn't pay for a video studio, a sales team or printed books, and it's founder-built. The paid Fellow tier covers the rest: candidates who want timed mocks, simulations, flashcards and analytics upgrade, and that pays for everything else.

Source: Why Is Exam Prep So Expensive? Where the $3,000 Goes

Fellow has monthly and quarterly plans per track. It adds timed mock exams, task-based simulations for the CPA, SM-2 spaced-repetition flashcards, performance analytics and a personalized study plan. The annual plan is Fellow Plus, which also includes licensed curriculum practice where available, AI grading with higher usage limits on supported exams, and common traps. The core stays free either way: every practice question, step-by-step solutions, lessons, formula sheets and readiness tracking. Current prices and billing options are on the pricing page.

Source: Why Is Exam Prep So Expensive? Where the $3,000 Goes

When your employer reimburses it, since then the price doesn't matter to you. When you learn best from video lectures and want one guided course instead of putting together your own. Or when you know you need outside structure, like a schedule, a class or an instructor checking in. If none of those fit, a full question bank, the exam body's own materials and an AI chatbot for explanations cover most of what moves your score.

Source: Why Is Exam Prep So Expensive? Where the $3,000 Goes

Yes, for explanations. It'll explain any concept at whatever depth you want, rephrase until it makes sense, and never get impatient, which covers the most expensive parts of a traditional course for $0 to $20 a month. Where it falls short is testing you: its questions aren't reviewed, its arithmetic isn't reliable, and it has no data on how prepared candidates perform. Pair it with a fixed, reviewed question bank.

Source: How to Study for Finance Exams With ChatGPT (2026)

The best prompts make you recall the material instead of just reading an explanation. Explain a concept in your own words and ask the model to find the holes. Paste a question you missed with your reasoning and ask which misunderstanding caused the error. Ask it to quiz you one question at a time on a named learning objective and wait for your answer before moving on. Ask what each term in a formula is doing and what breaks if you remove it. The full prompts are in this post.

Source: How to Study for Finance Exams With ChatGPT (2026)

For conceptual reasoning, it's a useful second opinion. For arithmetic, be careful, since language models make calculation errors without flagging them, so check any number against the worked solution or your own calculator. And don't let a chatbot settle a disagreement with a reviewed answer key from memory alone. If you think a question is wrong, work through the solution line by line and check the source material.

Source: How to Study for Finance Exams With ChatGPT (2026)

Use it alongside one. A chatbot has no fixed bank to measure you against, no calibrated difficulty and no way to tell you if you're ready. A strong free setup in 2026 is a full reviewed question bank (FreeFellow's whole bank is free across 40 credentials), the exam body's own materials when you need the right answer, and a chatbot for explanations. Paid courses add video and structure for candidates who want them.

Source: How to Study for Finance Exams With ChatGPT (2026)

Yes, and it's one of the best uses, as long as the model has the actual grading standard. Paste the question, the rubric or model solution, and your answer, and ask for a point-by-point critique. Without a rubric, chatbots go easy on you. FreeFellow's free tier has a copy-to-AI prompt builder that includes the rubric for you, and the paid tier grades in the app.

Source: How to Study for Finance Exams With ChatGPT (2026)

The first drafts are, and that's what lets the whole bank be free. What ships isn't the draft. Every question goes through automated validation (structure, math rendering, answer-key consistency) and statistical checks (answer-position balance, giveaway choices, duplicates, the mix of calculation and concept questions), and AI review passes over an exam or topic look for problems those checks can't see. After publication, difficulty keeps getting recalibrated in a reviewed pass using live answer data, with at least thirty responses per question.

Source: How FreeFellow Writes and Audits 45,000+ Questions

In three ways. Automated validators flag solutions that look incomplete or disagree with the keyed answer before anything is published, though they can't prove the math is right. Statistical checks flag the shapes that have hidden broken reasoning before, like choices that share a leading number and add a justification; one audit found broken arithmetic under 16 of 39 flagged questions. And candidate reports get checked against the source material by an AI verification pass, plus a second pass that argues the other side whenever the first would change the key or turn the report down, with the hardest calls coming to me. A confirmed error gets corrected with the prior version saved, and a question that can't be fixed cleanly can be retired.

Source: How FreeFellow Writes and Audits 45,000+ Questions

Each question starts at the difficulty level it was written for. Once it has at least thirty responses, a reviewed calibration pass compares the label with how often candidates got it right on the first try, leaves out outlier accounts that would skew the data, and changes the label where the evidence is strong. One pass moved nearly 1,000 labels. A question without enough answers keeps its starting label, and the readiness score uses whichever label a question carries.

Source: How FreeFellow Writes and Audits 45,000+ Questions

An AI verification pass checks it against the source material. If that pass would change the answer key or turn the report down, a second pass argues the other side. The cases the process flags for me, like a rewrite that changes what a question tests, come to me. If the report is right, the fix goes into the live bank with the prior version saved, and the reporter usually hears back with what changed, or with the reasoning if the question holds up. Reports have also led to new checks: the by-topic answer-distribution check exists because a candidate reported a letter pattern the bank-wide numbers didn't show.

Source: How FreeFellow Writes and Audits 45,000+ Questions

So you don't have to take it on trust. There's a lot of unchecked AI content out there, and anyone can browse FreeFellow's open samples, or make a free account for the full bank, and run their own checks on answer distribution, choice quality and duplicates. Publishing the process, including the problems the checks caught along the way, lets you judge it for yourself.

Source: How FreeFellow Writes and Audits 45,000+ Questions

Yes, if you give it the grading standard. Paste the question, the rubric or published solution and grader commentary, and your answer, and ask it to score you point by point against the rubric with the reason each point was earned or lost. Without the rubric, the model grades on how plausible the answer sounds and tends to be generous. With it, the feedback follows how graders actually award points. FreeFellow builds that prompt for you on the free tier.

Source: Can AI Grade Your Essay Exam Answers?

Rubric-based AI grading is consistent in a way human grading struggles to be, since it applies the same standard every time and doesn't get tired. Where it's weaker is judgment at the edges, like partial credit for an unusual but valid approach the rubric didn't anticipate. Trust it for direction, meaning which points you keep missing and whether your answers respond to the command words, and treat any single score as an estimate.

Source: Can AI Grade Your Essay Exam Answers?

Language models are trained to be helpful and agreeable, and without an outside standard they grade on how fluent and plausible an answer sounds, which doesn't match how exam graders award points. Graders award specific items on a rubric. The fix is to give the model the actual rubric and model solution and tell it to award points only for rubric items that are clearly in the answer. Done that way, most of the generosity goes away.

Source: Can AI Grade Your Essay Exam Answers?

Start with the released sittings. FreeFellow turned every released SOA Exam PA sitting and all 13 released CAS Exam 5 sittings into graded walkthroughs, with rubrics, published sample answers and model solutions, and grader commentary. Write your answer under time pressure first, then use the free copy-to-AI prompt (with the rubric included) for feedback from your own chatbot, or the paid tier's in-app grading. Going through the walkthrough after your own attempt teaches you more than reading the model solution cold.

Source: Can AI Grade Your Essay Exam Answers?

For most of your studying, yes, because for most candidates the alternative isn't a human grader, it's no feedback at all. Rubric-based AI feedback on every practice answer, right away and at little or no cost, beats one expensive human review of two essays late in your studying. A person still helps with judgment calls on unusual approaches and coaching on exam technique. Neither one predicts your official result, since only the exam body grades the real thing.

Source: Can AI Grade Your Essay Exam Answers?

Certified Internal Auditor, the credential granted by The Institute of Internal Auditors (The IIA). It's the only globally recognized certification dedicated to internal auditing.

Source: What Is the CIA Designation? The Certified Internal Auditor, Explained (2026)

The IIA's CIA page doesn't list current pass rates, so judge each part by what it asks. Part 1 is the most conceptual (the Global Internal Audit Standards, independence and ethics), Part 2 is applied engagement work, and Part 3 covers running the audit function. Most candidates study 40 to 60 hours per part.

Source: What Is the CIA Designation? The Certified Internal Auditor, Explained (2026)

Most candidates qualify with a bachelor's degree plus 24 months of internal audit or equivalent experience (12 months with a master's). The experience is verified before certification, not before you sit the exams, so you can pass all three parts first.

Source: What Is the CIA Designation? The Certified Internal Auditor, Explained (2026)

They're for different jobs. The CPA is the license for public accounting, and you need it to sign audit opinions. The CIA is the specialist credential for internal audit, SOX and controls work. Many internal audit leaders hold both, and many more hold only the CIA.

Source: What Is the CIA Designation? The Certified Internal Auditor, Explained (2026)

Roughly 40 to 60 hours per part. Give Part 1 the most, since it covers the Global Internal Audit Standards in the most depth and the other two parts build on it. Working auditors often need less for Part 2, which mirrors day-to-day engagement work.

Source: CIA Exam Study Guide 2026: Parts, Hours, Sequencing, and the Syllabus Trap

In numerical order, for most candidates. Part 1 builds the Standards, independence and ethics foundation the other parts assume. Experienced auditors sometimes take Part 2 first because it mirrors their daily work, but Part 1 concepts show up throughout, so putting it off rarely helps.

Source: CIA Exam Study Guide 2026: Parts, Hours, Sequencing, and the Syllabus Trap

Yes. The exam moved to a syllabus aligned with the Global Internal Audit Standards published in January 2024, and the parts were restructured into Part 1 Internal Audit Fundamentals, Part 2 Internal Audit Engagement and Part 3 Internal Audit Function. Material built for the older syllabus is still around, and its vocabulary no longer matches the exam.

Source: CIA Exam Study Guide 2026: Parts, Hours, Sequencing, and the Syllabus Trap

You can retake it after 30 days with a new registration and payment. The score report for a failed attempt lists the syllabus areas that need work, which tells you where to focus for the retake.

Source: CIA Exam Study Guide 2026: Parts, Hours, Sequencing, and the Syllabus Trap

Yes. FreeFellow has 1,374 free original CIA questions (498 for Part 1, 433 for Part 2, 443 for Part 3), each with a worked solution and most with notes on each choice, plus a 30-term glossary. Samples and the glossary are open to anyone, and the full bank needs a free account. The IIA also publishes a small set of sample questions on its website.

Source: Free CIA Practice Questions (2026): The Full Three-Part Bank, and the Paid Alternatives Compared

Most people who pass work several hundred per part alongside 40 to 60 study hours. The explanations matter more than the count, though. Questions that explain why each wrong choice is wrong train the judgment the exam tests.

Source: Free CIA Practice Questions (2026): The Full Three-Part Bank, and the Paid Alternatives Compared

Gleim is the long-standing category leader, with the largest CIA test bank and full three-part review courses at $1,099 to $1,249, from Traditional to Premium (Gleim CIA review page, August 2026 price record). It's worth considering if you want video lectures and a structured course. If what you need is practice and explanations, start free and see how far that gets you.

Source: Free CIA Practice Questions (2026): The Full Three-Part Bank, and the Paid Alternatives Compared

No, and no legitimate provider offers actual exam questions. IIA exam content is confidential and protected, and using real exam questions would violate the IIA's policies. Everything here is original to FreeFellow and written to the published syllabus.

Source: Free CIA Practice Questions (2026): The Full Three-Part Bank, and the Paid Alternatives Compared

Gleim is the long-established name in CIA review. The complete three-part course runs $1,099 (Traditional) to $1,249 (Premium) (Gleim CIA review page, August 2026 price record) and buys the SmartAdapt guided course, video lectures, simulated exams and access support. It's worth it if you want to be led through the material on a managed calendar. It's harder to justify if you're comfortable drilling on your own, since FreeFellow gives the whole CIA question bank away for free.

Source: FreeFellow vs Gleim CIA: 2026 Comparison

Yes. The CIA is all multiple choice with no computation, and every question tests scenario judgment against the 2024 Global Internal Audit Standards. FreeFellow's free tier covers the full bank, Part 1 (498 questions), Part 2 (433) and Part 3 (443), each question with a worked solution and notes on the wrong choices, plus 62 written lessons and glossaries, at $0. A lot of questions plus a careful read of the Standards carries most candidates.

Source: FreeFellow vs Gleim CIA: 2026 Comparison

FreeFellow's free tier is $0 and includes the whole three-part CIA bank. Gleim's complete review runs $1,099 to $1,249, and the separate Gleim CIA Test Bank is listed at $499 on its CIA review page (checked September 7, 2026). FreeFellow Fellow is billed monthly or quarterly per track (annual plans are Fellow Plus) and adds two timed mocks per part, flashcards, analytics and a study plan. Gleim adds video lectures and the SmartAdapt guided course, which FreeFellow doesn't have. Current prices are on the pricing page.

Source: FreeFellow vs Gleim CIA: 2026 Comparison

If your employer pays for Gleim, use it and work through FreeFellow's free bank alongside it for extra question volume. If you're paying yourself, start with the free bank, find out which part gives you trouble, and add paid tools (FreeFellow Fellow for mocks, or Gleim for video) only where the gap shows up.

Source: FreeFellow vs Gleim CIA: 2026 Comparison

Staff internal auditor, senior internal auditor, audit manager, director and chief audit executive. The CIA matters most from manager up, where job postings routinely list it as required or preferred. Common exits include SOX and compliance management, second-line risk roles and IT audit.

Source: Internal Auditor Salary and Career Path (2026)

Indeed's job-posting data puts the average US internal auditor base salary a little above $100,000 (September 2026). That covers every level and every auditor, not just CIA holders, and it leaves out bonus.

Source: Internal Auditor Salary and Career Path (2026)

No. External auditors sign opinions on financial statements, which requires the CPA. Internal audit doesn't issue that kind of opinion, and the CIA is the direct credential for the field. Many auditors hold both, and the pairing is common at the manager level in financial services.

Source: Internal Auditor Salary and Career Path (2026)

Internal auditor, senior internal auditor, audit manager, IT audit manager and, on the leadership track, chief audit executive. The skills also carry over well into SOX compliance, enterprise risk and controls consulting.

Source: Internal Auditor Salary and Career Path (2026)

For a career in internal audit, risk or compliance, yes. The fees are modest next to most finance credentials, most candidates already meet the experience requirement at work, and the certification is the standard filter for manager and director roles. If you want public accounting or financial reporting, the CPA fits better.

Source: Internal Auditor Salary and Career Path (2026)