Actuarial Exam P (Probability)
SOA (Society of Actuaries)
Complete guide to passing the Actuarial Exam P (Probability) exam on your first attempt.
$275 per exam (10+ exams total path)
30-40%
Lifetime (per exam)
Global
SOA (Society of Actuaries)
$80k-$250k+ (increases per exam passed)
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Complete Overview
Exam P (Probability) is the entry-level actuarial examination administered by the Society of Actuaries (SOA). It is a three-hour exam of 30 multiple-choice questions, delivered as a computer-based test at Prometric centres, and it is taken by students and career changers starting the path to the Associate of the Society of Actuaries designation. The May 2026 registration form set the Tier 1 fee at $275 USD for candidates testing in the United States and Canada, with Tier 2 at $220 and Tier 3 at $165 under the SOA Global Access Pricing programme.
Three topics carry published weight ranges: General Probability at 23 to 30 percent, Univariate Random Variables at 44 to 50 percent, and Multivariate Random Variables at 23 to 30 percent. The syllabus assumes an understanding of calculus including series, differentiation and integration, and expects familiarity with the concepts in the SOA study note Risk and Insurance. Each question has five answer choices, only one of which is correct, and some answers are rounded.
A few pilot questions are placed at random in every form and are not scored, but candidates cannot identify them. All unanswered questions are scored incorrect, so there is no reason to leave a blank. Because the exam runs over several days from a pool of questions, the SOA uses Item Response Theory to build comparable forms and sets the pass mark before the exam is given.
Exam P runs six times a year. In 2027 the computer-based windows are 14 to 25 January, 1 to 12 March, 7 to 18 May, 1 to 12 July, 16 to 27 September and 3 to 14 November, with a paper and pencil sitting on the first day of the January, May and September windows for candidates without Prometric access. Registration deadlines fall about four weeks before each window opens, and the latest a candidate can schedule a Prometric appointment is 48 hours before the exam start time on the final day of the window.
The SOA reports grades on a 0 to 10 scale where 6 to 10 pass and 0 to 5 fail. For the January 2026 administration the SOA published a pass mark of 71 percent correct, 2,363 candidates writing, 2,032 effective candidates, 1,163 passing, a 49.2 percent pass rate and a 57.2 percent effective pass rate. The syllabus states unofficial pass or fail is sent within one hour to the email address used to schedule the appointment; official decile scores reach the online transcript about eight weeks after the administration.
Why Get Actuarial Exam P (Probability) Certified?
Exam P is one of seven examinations on the SOA path to the Associate designation, alongside FM, FAM, ALTAM or ASTAM, SRM, PA and ATPA, plus three VEE topics, two foundations modules, the FAP e-Learning course and the Associateship Professionalism Course.
The catalogue salary band for actuaries is $80,000 to $250,000 or more, and compensation on this path rises with each exam passed rather than only on qualification.
The exam is offered six times a year in twelve-day computer-based windows, so a failed attempt costs about two months rather than a year.
Global Access Pricing cuts the fee from $275 to $220 for Tier 2 countries such as Brazil, Malaysia and Mexico, and to $165 for Tier 3 countries such as India, Pakistan, Egypt and Vietnam. Eligibility runs off the permanent address in the SOA profile, and the exam must also be sat in a qualifying country.
Unofficial pass or fail is emailed within one hour of finishing, so candidates know whether to register for the next window before leaving the car park.
The January 2026 administration had a published pass rate of 49.2 percent, higher than most later actuarial exams, which makes P a realistic first credential to attempt during an undergraduate degree.
The results announcement for Exam P lists the Casualty Actuarial Society among the sponsoring organisations alongside the American Academy of Actuaries, the Canadian Institute of Actuaries and the Joint Board for the Enrollment of Actuaries.
Exam Format & Structure
Duration
Three hours
Questions
30 multiple-choice questions. A few pilot questions are randomly placed in each form and are not used in scoring, but they are not identified to the candidate.
Passing Score
The SOA reports grades on a 0 to 10 scale, where 6 to 10 are passing and 0 to 5 are failing, and publishes official decile scores through its online transcript facility. The underlying pass mark is set before the exam is administered using Item Response Theory and is published afterwards with the results: for the January 2026 administration an average of 71 percent correct was needed to pass.
Question Types
- Multiple choice with five options labelled A through E, only one correct
- Calculation questions on probability, expected value, variance and moments
- Applied insurance questions involving deductibles, coinsurance percentages, benefit limits and inflation
- Conditional probability questions using Bayes Theorem and the law of total probability
- Joint, marginal and conditional distribution questions for discrete random variables
- Central Limit Theorem approximation questions for linear combinations of independent and identically distributed random variables
Delivery Method
Computer-based testing at Prometric centres over a twelve-day window, with a rescheduled appointment confined to that same window, with a paper and pencil sitting on the first day of selected windows for candidates without access to a Prometric centre. A table of values for the normal distribution is provided during the exam under an Exhibit button, and candidates may not bring their own copy.
Exam Domains & Topics
Candidates define set functions, Venn diagrams, sample space and events, state the basic axioms of probability, and work with combinatorics. It also covers independence, mutually exclusive events, the addition and multiplication rules, conditional probability, Bayes Theorem and the law of total probability. Questions here are often the fastest marks on the paper if the setup is read correctly.
Key Topics to Master:
- Set functions, Venn diagrams, sample space and events
- Basic axioms of probability stated as a set function on a collection of events
- Combinations and permutations for counting-based probabilities
- Independence and probabilities of independent events
- Mutually exclusive events
- Addition and multiplication rules
- Conditional probability definition and calculation
- Bayes Theorem and the law of total probability
The heaviest topic, carrying roughly as much weight as the other two combined. It covers discrete distributions including binomial, geometric, hypergeometric, negative binomial, Poisson and uniform, and continuous distributions including beta, exponential, gamma, normal and uniform. Beyond distribution theory it includes the insurance application layer: computing what an insurer pays given deductibles, coinsurance percentages, benefit limits and inflation, and the moments of both the loss and payment random variables.
Key Topics to Master:
- Probability density functions and cumulative distribution functions
- Binomial, geometric, hypergeometric, negative binomial, Poisson and discrete uniform distributions
- Beta, exponential, gamma, normal and continuous uniform distributions
- Expected values including moments, mode, median and percentiles
- Variance, standard deviation and coefficient of variation
- Insurance payment calculations with deductibles, coinsurance and benefit limits
- Effect of inflation on the payment random variable
- Expected value, variance and standard deviation of the loss and the payment random variables
Joint behaviour of random variables in the discrete and continuous settings, order statistics for independent random variables, and linear combinations. The SOA syllabus specifies joint and conditional distributions for discrete random variables, covariance and correlation, the joint distribution of order statistics, and Central Limit Theorem approximations for linear combinations of independent and identically distributed variables.
Key Topics to Master:
- Joint probability functions and joint cumulative distribution functions for discrete random variables
- Conditional and marginal probability functions for discrete random variables
- Moments for joint, conditional and marginal discrete distributions
- Variance and standard deviation for conditional and marginal distributions
- Covariance and the correlation coefficient for discrete random variables
- Joint distribution of order statistics for a set of independent random variables
- Probabilities for linear combinations of independent discrete and continuous normal random variables
- Central Limit Theorem approximations for sums of independent and identically distributed variables
The SOA assigns no weight here because it is not a scored topic. The three scored topics carry the whole paper between them, and their published ranges overlap rather than summing exactly to 100: the syllabus states the ranges apply to the large majority of exams and that an individual form may fall outside them. What the SOA does say is that an understanding of calculus including series, differentiation and integration is assumed, and that the candidate is expected to be familiar with the concepts introduced in the study note Risk and Insurance. Candidates who are weak on integration lose time on continuous distribution questions rather than losing marks on a named topic.
Key Topics to Master:
- Integration techniques including integration by parts and substitution
- Improper integrals for continuous distributions on unbounded support
- Double integrals for joint continuous densities
- Infinite series and convergence for discrete distributions
- Differentiation for locating modes and deriving densities from distribution functions
- Insurance terminology from the Risk and Insurance study note
- Deductible, coinsurance and policy limit definitions as the SOA uses them
Recommended Study Plan
- 1Pick a testing window from the SOA exam schedule and diarise its registration deadline, which closes weeks before the window opens
- 2Read the current Exam P syllabus PDF end to end and copy the three topic weight ranges into your plan
- 3Work timed drills on integration by parts, substitution and improper integrals until each takes under three minutes
- 4Read the SOA Risk and Insurance study note so insurance terminology is not new when it appears in a question
- 1Work through set theory, axioms, combinatorics and the addition and multiplication rules from your chosen text
- 2Do every conditional probability and Bayes Theorem exercise in the chapter rather than a sample
- 3Attempt the general probability items in the SOA Exam P Sample Questions and Solutions document
- 4Start an error log tagged by the SOA learning outcome letter each mistake maps to
- 1Cover binomial, geometric, hypergeometric, negative binomial, Poisson and discrete uniform distributions
- 2Derive the mean and variance of each rather than memorising them, then build a one-page summary sheet
- 3Drill expected value, mode, median and percentile calculations
- 4Attempt the corresponding SOA sample questions and log every error
- 1Cover beta, exponential, gamma, normal and continuous uniform distributions
- 2Practise moving between the density and the cumulative distribution function in both directions
- 3Use the normal distribution table exactly as the SOA supplies it, since you cannot bring your own copy
- 4Calculate variance, standard deviation and coefficient of variation for each named distribution
- 1Work through payment calculations with deductibles, coinsurance percentages and benefit limits
- 2Add inflation to the same problems and recompute the payment random variable
- 3Compute expected value, variance and standard deviation for both the loss and the payment random variable
- 4Attempt every insurance-flavoured item in the SOA sample questions, since this is where the largest topic meets applied wording
- 1Build joint probability functions and joint cumulative distribution functions for discrete random variables
- 2Derive marginal and conditional probability functions from joint tables
- 3Calculate moments, variance and standard deviation for conditional and marginal distributions
- 4Take a diagnostic half-length quiz across topics one and two to check retention
- 1Calculate covariance and the correlation coefficient for discrete random variables
- 2Determine the joint distribution of order statistics for a set of independent random variables
- 3Calculate probabilities and moments for linear combinations of independent random variables
- 4Apply the Central Limit Theorem to approximate probabilities for sums of independent and identically distributed variables
- 1Finish any learning outcome still unmarked on your syllabus checklist
- 2Take the SOA Online Sample Exam P, which draws a randomised balanced set from the sample question bank
- 3Move to timed sets of 10 questions in 60 minutes to build the six-minute-per-question pace
- 4Rework every error log entry from weeks 2 through 5
- 1Sit a full 30-question, three-hour mock without pausing
- 2Use only an SOA-approved calculator such as the TI-30XS MultiView or the BA II Plus during every mock
- 3Answer every question, since the SOA scores unanswered questions as incorrect
- 4Review the mock by learning outcome and identify the two weakest outcomes
- 1Rebuild the two weakest learning outcomes from the textbook rather than from summary notes
- 2Drill the univariate section hardest, since it carries 44 to 50 percent of the exam
- 3Sit a second full-length mock and compare timing per question against the first
- 4Practise recognising when a question is faster by complement, by conditioning, or by simulation-free algebra
- 1Sit two more full-length mocks on separate days at the time of day your Prometric appointment falls
- 2Schedule your Prometric appointment if you have not, remembering the 48-hour cut-off before the final day of the window
- 3Confirm your ID is a non-expired hard copy government-issued ID carrying your name in the Latin alphabet, a photograph and a signature; digital IDs are not accepted
- 4Practise the memory-clear routine on your calculator, which the supervisor makes you demonstrate for the BA II Plus, BA II Plus Professional, TI-30X IIS, TI-30XB and TI-30XS MultiView
- 1Review your one-page distribution summary sheets daily rather than starting new material
- 2Redo the questions in your error log that you have got wrong more than once
- 3Do one final timed 30-question set three or four days before the exam, then stop full mocks
- 4Pack a spare approved calculator and spare batteries, which the SOA explicitly encourages
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Best Study Resources
SOA Exam P syllabus
Official syllabusA seven-page PDF issued for each administration. It contains the three topic weight ranges, every learning outcome, the exam mechanics including pilot questions and scoring of blanks, and the list of suggested texts with chapter-level inclusions and exclusions.
Free download
Exam P Sample Questions and Solutions
Practice questionsThe SOA sample question bank with worked solutions. These are the closest available match to real exam wording and difficulty, and the Online Sample Exam draws from the same set.
Free download
Online Sample Exam P
Practice examAn SOA-hosted sample exam whose questions are coded to the Exam P learning objectives, so each attempt gives a balanced but randomised set. It is the only free source that mirrors the topic balance of a real form.
Free
Tables for Exam P
Reference tablesThe normal distribution table supplied during the exam. It appears under an Exhibit button in the computer-based version, and candidates are not allowed to bring their own copy, so practise with this exact table.
Free download
Risk and Insurance study note
Study noteThe SOA states candidates are expected to be familiar with the concepts introduced here. It supplies the insurance vocabulary behind the deductible, coinsurance and benefit limit questions in the univariate section.
Free download
A First Course in Probability, Ross, 10th edition
TextbookOne of the six texts the SOA lists as representative of the syllabus. The syllabus specifies chapters 1 to 8 with named exclusions, including only the discrete portion of chapter 7.
Paid, priced by the publisher
Probability for Risk Management, Hassett, Stewart and Milovanovic, 3rd edition
TextbookAn SOA-listed text written for this exam's audience. The syllabus specifies chapters 1 to 11 with detailed exclusions, which makes it easy to align reading to the examined outcomes.
Paid, priced by ACTEX
Coaching Actuaries ADAPT
Adaptive question bankA widely used adaptive practice platform for Exam P that generates timed exams at adjustable difficulty. It sits outside the SOA and is not an official product, so treat the SOA sample questions as the reference for wording.
Paid subscription, priced by the vendor
Prometric scheduling
Test centre bookingWhere the appointment is booked once the SOA activates your candidate number, about an hour after the acknowledgment email. The latest you can schedule is 48 hours before the exam start time on the final day of the window, and any reschedule must stay inside that window.
Included in the exam fee; rescheduling costs $70 when done 5 to 30 days before the appointment
SOA exam schedule
ReferenceThe authoritative list of testing windows and registration deadlines for every SOA exam. Exam P appears six times a year, with paper and pencil sittings on the first day of selected windows.
Free
Common Mistakes to Avoid
Leaving questions blank when time runs short. The SOA syllabus states that all unanswered questions are scored incorrect and advises candidates to answer every question.
Reserve the last five minutes to fill in every remaining item. There is no penalty for a wrong answer, so a blank is a guaranteed loss where a guess is a one-in-five chance.
Chasing a perceived pattern in the answer key. The syllabus states there is no set requirement for the distribution of correct answers, and a particular choice could appear many times or not at all.
Ignore the letter distribution entirely. Answer each question on its own merits and never change a worked answer because too many Cs have appeared.
Under-weighting the univariate section. It carries 44 to 50 percent of the exam, roughly as much as the other two topics combined, and it is where the insurance application questions live.
Allocate study hours to the published weights. Treat deductible, coinsurance, benefit limit and inflation problems as a distinct drill rather than as an afterthought to distribution theory.
Practising with a personally formatted normal table. The SOA supplies its own table during the exam and explicitly bars candidates from bringing a copy in.
Download Tables for Exam P and use only that layout from the first week of study, so lookups on exam day are automatic rather than a hunt across an unfamiliar grid.
Bringing a calculator that is not on the approved list. The SOA permits only the Texas Instruments BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II (IIS solar or IIB battery) and TI-30XS MultiView (or XB battery), and no substitute is provided to a candidate who turns up without one.
Buy an approved model early and use it exclusively while studying. Bring a second approved calculator and spare batteries, which the rules allow, but leave the cover and the instruction booklet at home because neither is permitted in the room.
Bringing a digital or expired ID to the test centre. The SOA accepts only a hard copy non-expired government-issued ID showing a name in the Latin alphabet, a photograph and a signature, and a candidate testing outside their country of citizenship must present a passport.
Carry a physical passport or driving licence whose name matches the scheduling notification exactly. A student or employee ID counts only as a secondary document, never as the primary one. Without the required ID you will not be permitted to test and the fee is forfeited.
Treating the calculus prerequisite as optional. The syllabus assumes series, differentiation and integration without listing them as an examined topic, so a weak integration technique shows up as slowness rather than as a knowledge gap.
Spend the first week rebuilding integration by parts, substitution, improper integrals and double integrals. Slow integration on a three-hour, 30-question paper costs more than any single distribution you have not memorised.
Scheduling the Prometric appointment late. The SOA warns that a local centre may already be full when a candidate first tries to book, and no appointment can be made within 48 hours of the exam start time on the final day of the window.
Book within a day of receiving the registration confirmation, since the candidate number activates about an hour after the acknowledgment email. If nothing is free, try again several times across a week and use the capacity-issue form on the exam home page rather than accepting a distant centre.
Assuming the unofficial email result is the final grade. The unofficial pass or fail arrives within the hour, but the SOA reports the numeric grade separately through Online Transcript Access.
Use the unofficial result to decide whether to register for the next window, and treat the 0 to 10 grade as the record for transcripts and employer reporting.
Exam Day Tips
- 1
Bring a hard copy non-expired government-issued ID showing your name in the Latin alphabet, a photograph and a signature, matching your scheduling notification exactly. Photocopies are refused, the ID cannot be bent, cracked or taped, and testing outside your country of citizenship requires a passport.
- 2
Bring a second approved calculator and spare batteries. The rules permit more than one calculator in the room provided every model is on the approved list, and no replacement is issued to a candidate who arrives without one.
- 3
Expect to demonstrate cleared memory on the BA II Plus, BA II Plus Professional Edition, TI-30X IIS, TI-30XB and TI-30XS MultiView. On the two BA II Plus models clearing resets the calculator to factory defaults, so know how to restore your preferred settings.
- 4
Leave calculator covers and instruction booklets at home. Both are barred from the examination room, along with phones and all other electronic devices.
- 5
The normal distribution table is provided inside the exam under an Exhibit button, so locate that button during the tutorial rather than hunting for it mid-question.
- 6
There are no scheduled breaks in a three-hour, 30-question computer-based exam, so plan hydration and a bathroom visit before check-in.
- 7
Budget roughly six minutes per question and move on from anything that stalls. Flag it and return, because every unanswered item is scored incorrect.
- 8
Rescheduling is possible only inside the same testing window and only until noon of the fifth business day before your appointment. Prometric charges nothing 31 or more days out, $70 between 5 and 30 days out, and inside five days the exam fee is forfeited.
- 9
Watch for the unofficial pass or fail email within the hour after you finish, sent to the address you used to schedule the appointment.
- 10
Arrive on time. Turning up more than 30 minutes after the scheduled start time forfeits the exam fee, as does failing to appear at all.
Career Paths & Salary Ranges
Actuarial analyst
The entry role for candidates with one or two exams. Work covers reserving support, data preparation and pricing analysis, usually with study time and exam fee support written into the package.
$80k-$250k+ (increases per exam passed)
Pricing actuary
Rate setting for insurance products using loss distributions, deductibles and limits. The univariate section of Exam P, which carries 44 to 50 percent of the exam, is the direct foundation for this work.
$80k-$250k+ (increases per exam passed)
Reserving actuary
Estimating liabilities for claims already incurred. Builds on Exam P and FM before moving into the Fundamentals of Actuarial Mathematics and the advanced short-term or long-term exams.
$80k-$250k+ (increases per exam passed)
Predictive analytics actuary
Statistical modelling applied to insurance and risk data. On the SOA path this route runs through Statistics for Risk Modeling, Predictive Analytics and Advanced Topics in Predictive Analytics after the probability foundation.
$80k-$250k+ (increases per exam passed)
Risk management analyst
Capital modelling and enterprise risk work at insurers, reinsurers and consultancies. Central Limit Theorem approximations and linear combinations of random variables from the multivariate section are used directly.
$80k-$250k+ (increases per exam passed)
Consulting actuary
Client-facing valuation, pricing and benefits work at an actuarial consultancy. Progress usually requires the full Associate requirement set including the FAP e-Learning course and the Associateship Professionalism Course.
$80k-$250k+ (increases per exam passed)
Prerequisites & Requirements
- There are no formal education prerequisites. Any candidate may register for Exam P without a degree, prior exams or sponsorship.
- The SOA syllabus assumes an understanding of calculus including series, differentiation and integration.
- The syllabus expects the candidate to be familiar with the concepts introduced in the SOA study note Risk and Insurance.
- Registration must be completed by the published deadline for the chosen window. Exams P and FM use continuous registration, and the SOA does not accept registrations after the deadline has passed.
- A Prometric appointment must be scheduled no later than 48 hours before the exam start time on the final day of the testing window.
- Candidates requiring testing accommodations must submit a written request with their application rather than arranging it at the test centre.
Frequently Asked Questions
How much does Exam P cost?
The May 2026 registration form set the Tier 1 fee at $275 USD for candidates testing in the United States and Canada. Under the SOA Global Access Pricing programme, Tier 2 candidates pay $220 and Tier 3 candidates pay $165, based on a country list the SOA publishes. Canadian residents add GST or HST at their provincial rate. Fees can be paid by check, money order, American Express, MasterCard or Visa.
Is the Exam P fee refundable?
No. The SOA states registration fees are non-refundable and cannot be transferred to a future exam period if you are unable to attend or do not have valid government-issued identification at the time of the exam. What the policy does offer instead is rescheduling: a candidate may move the appointment within the same testing window, provided the request is made by noon of the fifth business day before the appointment and a seat is free. Fees are payable in U.S. funds by check, money order, American Express, MasterCard or Visa.
What happens if I fail Exam P?
You register again for a later window. There is no waiting period beyond the exam calendar and no cap on attempts. Exam P runs six times a year, so the next opportunity is usually about two months away, and the fee is charged again in full. Candidates who fail a CBT sitting also receive performance feedback on the emailed results document, rating the topic areas that need further study before the next attempt.
When is Exam P offered?
Six times a year in twelve-day computer-based windows. The 2027 windows are 14 to 25 January, 1 to 12 March, 7 to 18 May, 1 to 12 July, 16 to 27 September and 3 to 14 November. Paper and pencil sittings for candidates without access to a Prometric centre fall on the first day of the January, May and September windows.
What is the passing score for Exam P?
The SOA reports a grade on a 0 to 10 scale, with 6 to 10 passing and 0 to 5 failing, and posts official decile scores in its online transcript facility. The underlying raw pass mark is set before the exam using Item Response Theory and published afterwards with the results; for the January 2026 administration an average of 71 percent correct was needed to pass.
What is the Exam P pass rate?
The SOA published a 49.2 percent pass rate for the January 2026 administration, with 1,163 of 2,363 candidates passing. It also reports an effective pass rate, which counts only candidates scoring at least 50 percent of the pass mark; that figure was 57.2 percent for the same sitting, based on 2,032 effective candidates.
How long do Exam P results take?
An unofficial pass or fail is emailed by Prometric within the hour after testing finishes, to the address used to schedule the appointment. No paper report is handed out at the test centre. Official decile scores appear in the SOA online transcript facility approximately eight weeks after the exam administration. If the Prometric score report never arrives, it can be retrieved from the Prometric Report Validation Portal using the exam confirmation number and surname.
Which calculators are allowed on Exam P?
Only these Texas Instruments models: BA-35, BA II Plus, BA II Plus Professional, TI-30Xa or TI-30XA, TI-30X II in the IIS solar or IIB battery version, and TI-30XS MultiView or the XB battery version. Candidates may bring more than one calculator into the room along with extra batteries, provided every model is on that list. Calculator covers and instruction booklets are not permitted, and no calculator is provided to a candidate who fails to bring an approved model.
Do I need to clear my calculator memory?
Yes, for most approved models. On entering the exam room candidates using the BA II Plus, BA II Plus Professional Edition, TI-30X IIS, TI-30XB or TI-30XS MultiView must show the supervisor that memory has been cleared. On the BA II Plus and BA II Plus Professional Edition, clearing resets the calculator to factory default settings, so restore any settings you rely on before you start work.
What identification do I need at the test centre?
A non-expired valid government-issued ID carrying your name in the English or Latin alphabet, a photograph and a signature. Testing in your country of citizenship, a passport, driving licence, state ID or military ID qualifies; testing outside it, only a passport is accepted. A secondary document such as a national ID card, alien registration card, employee or student ID, major credit card or bank card is required when the primary ID lacks the photo or the signature or is not in the Latin alphabet. Digital IDs are accepted at no Prometric or SOA location, photocopies are refused, and the name must match the scheduling notification exactly.
Can I bring my own formula sheet or normal table?
No. The syllabus states a table of values for the normal distribution is supplied with the exam, under an Exhibit button for CBT candidates and in hard copy for the paper and pencil version, and that because the table comes with the examination either way candidates are not allowed to bring copies of it into the room.
Are testing accommodations available?
Yes. Accommodations must be requested through the SOA before registration rather than arranged at the test centre. Once the accommodation is approved, many appointments can be booked through Prometric's online scheduling tool, though some accommodations need direct action from Prometric's Testing Accommodations team, which pushes out the first available date. Candidates with accommodations must call the Testing Accommodations Advocates at Prometric to reschedule or cancel rather than using the normal route.
Can I reschedule my Exam P appointment?
Yes, but only within the same testing window, and only until noon of the fifth business day before the scheduled exam, with a seat available. To move a Tuesday appointment you must notify the test centre by noon on the previous Thursday. Prometric charges no fee 31 or more days before the appointment and $70 between 5 and 30 days before. Inside five days, a no-show, or arriving more than 30 minutes after the start time all forfeit the exam fee. Rescheduling is done at Prometric, not the SOA, and a candidate registered for the January window cannot move to a later administration.
How many questions do I need to get right?
It varies by administration, because the pass mark is fixed before each exam using Item Response Theory and each candidate receives a form drawn from a pool of questions, scaled so all forms in a sitting are comparable. The SOA published a pass mark of 71 percent correct for January 2026. The form holds 30 questions, but a few pilot questions in each one are excluded from scoring, so the SOA does not publish a fixed number of correct answers needed.
Does Exam P count toward the ASA designation?
Yes. Exam P is one of seven examinations required for the Associate of the Society of Actuaries designation, alongside FM, FAM, ALTAM or ASTAM, SRM, PA and ATPA. The full requirement set also includes three VEE topics in Mathematical Statistics, Economics, and Accounting and Finance, the Pre-Actuarial Foundations and Actuarial Science Foundations modules, the Fundamentals of Actuarial Practice e-Learning course, the Associateship Professionalism Course, and approval of the admission application by the SOA Board of Directors.
How does Exam P compare with Exam FM?
Both are preliminary SOA exams and both use multiple-choice computer-based testing at Prometric, so the logistics, calculator rules and identification rules are identical. Exam P covers probability theory, distributions and their insurance applications, while Exam FM covers interest theory, annuities, bonds and derivatives. Candidates commonly take them in either order, and many take both before finishing an undergraduate degree.
Is there recertification after passing Exam P?
No. A passed SOA exam does not expire and there is no continuing education requirement attached to an individual preliminary exam. Continuing professional development obligations attach to the Associate and Fellow designations once earned, not to the exam credit itself.
Can I take Exam P outside North America?
Yes, at Prometric centres worldwide, with Global Access Pricing reducing the fee to $220 for Tier 2 countries and $165 for Tier 3 countries, based on World Bank income classifications reviewed each July. The discount requires that you both reside and test in a qualifying country and register through the tier-specific links. Where no Prometric centre is available, the SOA offers a paper and pencil sitting on the first day of the January, May and September windows; instant results are not available for paper and pencil.
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