How Many Exams Before You Can Get Hired?

The Short Answer

Most entry-level actuarial analyst positions require one to two passed exams, with two being the most competitive target for securing strong offers from well-known employers. However, the "right" number of exams depends on several factors including your educational background, internship experience, technical skills, geographic market, and the specific employer. Understanding how these factors interact helps you prioritize your efforts and set realistic expectations for your job search.

The exam requirement exists because actuarial exams serve as a standardized signal of quantitative ability and professional commitment. Unlike many professions where a degree alone qualifies you for entry-level work, the actuarial profession uses exams as a filter throughout the career. Employers hiring entry-level actuaries know that only a fraction of candidates who begin the exam process will complete it, so passed exams provide meaningful evidence that you have both the ability and the discipline to succeed on the credentialing path.

Zero Exams: Is It Possible?

Candidates with zero passed exams face a challenging but not impossible job search. Some companies hire actuarial assistants or actuarial technicians who support the actuarial team with data entry, report preparation, and basic calculations while studying for their first exam. These positions provide exposure to actuarial work and may transition into full actuarial analyst roles once you pass an exam or two. Data analyst positions at insurance companies are another entry point that can lead to actuarial roles over time.

However, dedicated actuarial analyst positions almost universally require at least one passed exam. If you are applying for these roles with zero exams, you will be at a significant disadvantage compared to candidates who have demonstrated exam success. The most productive use of your time while job searching with zero exams is to continue studying and pass your first exam as quickly as possible, which immediately transforms your candidacy.

One Exam: The Entry Threshold

Passing one exam (typically Exam P or Exam FM) opens the door to entry-level actuarial positions at many companies. One exam demonstrates that you have the quantitative skills and study discipline to succeed on the credentialing path. For candidates from strong actuarial science programs with relevant coursework and internship experience, one exam may be sufficient to secure a good position.

However, one exam alone puts you in a competitive pool. Many other candidates also have one exam, so you need additional differentiators. Strong academic performance, relevant internship experience, technical programming skills, and effective networking all help distinguish you from other one-exam candidates. If you have one exam and limited other credentials, expanding your job search to include smaller companies, regional insurers, or less competitive geographic markets increases your chances of landing a position.

Two Exams: The Competitive Sweet Spot

Two passed exams is widely considered the optimal target for entry-level hiring. With two exams, you demonstrate sustained commitment to the profession (you did not just pass one exam and stop), stronger quantitative ability, and the study skills necessary to balance exam preparation with other responsibilities. Most campus recruiting programs and online job postings for entry-level actuarial analyst positions list two exams as the preferred or required qualification.

Candidates with two exams and a relevant internship are among the most competitive in the entry-level market. At this level, the quality of your internship experience, your interpersonal skills in interviews, and your technical proficiency become the primary differentiators among candidates. If you have two exams and a strong overall profile, you should receive multiple offers from reputable employers.

Three or More Exams: Diminishing Returns

While more exams are always helpful, the marginal benefit of a third or fourth exam for entry-level hiring is smaller than the jump from zero to one or from one to two. Three or more exams are most valuable when they compensate for other weaknesses in your profile, such as no internship experience, a non-actuarial degree, a career change from an unrelated field, or a gap in employment. In competitive markets like the Northeast corridor where many candidates have strong credentials, a third exam can be the differentiator that gets your resume noticed.

However, spending an extra year passing a third exam when you could instead be gaining work experience and earning a salary is not always the best strategy. Once you have two exams, the incremental career benefit of passing additional exams while employed (with employer support, study time, and raise incentives) typically outweighs the benefit of passing them as a student or unemployed candidate. Employers also value the demonstrated ability to pass exams while working, which shows you can balance professional responsibilities with exam preparation.

Factors Beyond Exam Count

Several factors interact with your exam count to determine your competitiveness. Internship experience is the single most powerful complement to exam progress. An actuarial internship gives you practical skills, professional references, and often a direct path to a full-time offer at the same company. Candidates with one exam and a strong internship frequently receive offers ahead of candidates with two exams and no internship.

Your educational background matters in context. A degree from a recognized actuarial science program (especially one designated as a Center of Actuarial Excellence by the SOA) carries implicit credibility because employers know that the curriculum aligns with exam content and that the program has a track record of producing successful actuaries. Candidates from non-actuarial programs can compensate with additional exams and strong technical skills, but may need to work harder to demonstrate their commitment to the profession.

Technical skills increasingly influence hiring decisions. Proficiency in Excel is expected, but skills in Python, R, SQL, or SAS provide meaningful differentiation. Many actuarial departments are investing in advanced analytics and automation, and candidates who can contribute to these efforts from day one are highly valued regardless of whether they have one exam or three.

Strategic Recommendations

For the most efficient path into the profession, focus on passing two exams while simultaneously building internship experience and technical skills. Do not wait until you have three or four exams to begin your job search, because the work experience you gain in an entry-level position is at least as valuable as additional exams for long-term career progression. Apply broadly to companies of different sizes and in different geographic areas, because the actuarial job market varies significantly by region and company size. Smaller regional insurers and consulting firms are often more willing to hire candidates with one exam than large national carriers that can attract candidates with two or three. Use every networking opportunity available, as personal connections and referrals remain one of the most effective paths to an actuarial position.