Exam P: Probability
Exam P is a 3-hour, 30-question multiple-choice exam offered via computer-based testing (CBT) at Prometric centers. It is offered during multiple windows throughout the year.
| Testing Window | Dates | Registration Deadline |
|---|---|---|
| January | Jan 6 to Jan 17 | Dec 2025 |
| March | Mar 2 to Mar 13 | Feb 2026 |
| May | May 4 to May 15 | Apr 2026 |
| July | Jul 6 to Jul 17 | Jun 2026 |
| September | Sep 7 to Sep 18 | Aug 2026 |
| November | Nov 2 to Nov 13 | Oct 2026 |
Exam FM: Financial Mathematics
Exam FM is a 3-hour, 30-question multiple-choice exam. Like Exam P, it is offered via CBT at Prometric centers during multiple windows.
| Testing Window | Dates | Registration Deadline |
|---|---|---|
| February | Feb 2 to Feb 13 | Jan 2026 |
| April | Apr 6 to Apr 17 | Mar 2026 |
| June | Jun 1 to Jun 12 | May 2026 |
| August | Aug 3 to Aug 14 | Jul 2026 |
| October | Oct 5 to Oct 16 | Sep 2026 |
| December | Dec 7 to Dec 18 | Nov 2026 |
Exam SRM: Statistics for Risk Modeling
Exam SRM is a 3.5-hour, 35-question exam covering regression, time series, principal components, decision trees, and predictive modeling. It is an SOA-specific exam.
| Testing Window | Dates |
|---|---|
| January | Jan 12 to Jan 23 |
| May | May 11 to May 22 |
| September | Sep 14 to Sep 25 |
Exam STAM: Short-Term Actuarial Mathematics
Exam STAM is a 3.5-hour, 35-question exam covering frequency and severity models, aggregate loss models, credibility theory, and ratemaking.
| Testing Window | Dates |
|---|---|
| June | Jun 15 to Jun 26 |
| December | Dec 7 to Dec 18 |
Exam LTAM: Long-Term Actuarial Mathematics
Exam LTAM is a 4-hour exam covering life insurance, life annuities, premium calculations, reserves, and pension mathematics.
| Testing Window | Dates |
|---|---|
| April | Apr 20 to Apr 24 |
| October | Oct 19 to Oct 23 |
CAS Exams: MAS-I and MAS-II
The CAS exams are offered twice per year. Exam MAS-I covers probability, statistics, regression, and simulation. Exam MAS-II covers advanced credibility, loss distributions, ratemaking, and reserving.
| Exam | Spring 2026 | Fall 2026 |
|---|---|---|
| MAS-I | May 4 to May 8 | Nov 2 to Nov 6 |
| MAS-II | May 11 to May 15 | Nov 9 to Nov 13 |
Exam Fees
| Exam | Approximate Fee | Duration | Questions |
|---|---|---|---|
| Exam P | $275 | 3 hours | 30 |
| Exam FM | $275 | 3 hours | 30 |
| Exam SRM | $350 | 3.5 hours | 35 |
| Exam STAM | $435 | 3.5 hours | 35 |
| Exam LTAM | $600 | 4 hours | 30 |
| Exam MAS-I | $550 | 4 hours | 40 |
| Exam MAS-II | $550 | 4 hours | 40 |
Fees are approximate and subject to change. Check the SOA or CAS website for current pricing. Most actuarial employers reimburse exam fees.
Planning Your Exam Calendar
Strategic exam scheduling can help you pass exams faster and reduce study burnout. Here are some tips:
- Allow 250 to 350 study hours per exam: For most candidates, this means 3 to 4 months of dedicated study per exam.
- Take Exam P and FM first: These are shared by both SOA and CAS. Take them during or right after college while the material is fresh.
- Aim for 2 exams per year: This pace keeps you progressing without burning out. Some aggressive candidates attempt 3 per year. Each exam passed means a salary raise.
- Schedule around work demands: Avoid sitting for an exam during your employer's busiest season (year-end for many insurance companies).
- Use the earlier testing window: If you fail, you have a second attempt in the same year. Sitting for the later window leaves no backup.
- Register early: Popular testing centers fill up. Register as soon as the window opens to get your preferred date and location.
Frequently Asked Questions
When are actuarial exams offered in 2026?
Exam P and Exam FM are offered six times per year (roughly every other month). Exam SRM is offered three times. Exam STAM and LTAM are offered twice. CAS exams MAS-I and MAS-II are offered in spring (May) and fall (November).
How do I register for an actuarial exam?
Register on the SOA website (soa.org) for SOA exams or the CAS website (casact.org) for CAS exams. You will create an account, pay the exam fee, and then schedule at a Prometric testing center. Registration opens about 2 to 3 months before each window.
Which actuarial exam should I take first?
Most candidates start with Exam P if they have a strong background in probability and calculus, or Exam FM if they prefer interest theory and financial math. Both exams are accepted by the SOA and CAS.
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