What to Do After Failing an Actuarial Exam
Practical steps for recovering from a failed actuarial exam and improving your chances next time.
Processing the Result
Failing an actuarial exam is common. Pass rates for preliminary exams typically range from 30% to 50%, which means that more candidates fail than pass on any given sitting. Nearly every credentialed actuary has failed at least one exam during their career. This is not just a consolation. It is a statistical reality of a credentialing process designed to be rigorous and selective.
Allow yourself a few days to feel disappointed. Suppressing the emotional response does not make it go away; it just delays it. Talk to colleagues, friends, or family about how you feel. Many actuarial departments have a culture of openness about exam failures, and you may be surprised to learn how many experienced actuaries in your office failed the same exam you just took. After a few days of processing, shift to analysis mode. The disappointment will not disappear entirely, but you can redirect your energy toward constructive next steps.
Analyzing Your Diagnostic Report
Both the SOA and CAS provide diagnostic feedback with your exam results. This feedback typically shows your performance level in each major topic area, usually categorized as above average, average, or below average relative to passing candidates. This information is extremely valuable because it tells you exactly where your preparation fell short.
Review your diagnostic report carefully and categorize each topic area. Topics where you scored above average represent strengths that need only maintenance study for your next attempt. Topics where you scored average represent areas where modest improvement could push you over the passing threshold. Topics where you scored below average represent your biggest opportunities for improvement and should receive the most attention in your revised study plan.
If your diagnostic shows broadly average performance across all topics, the issue may be insufficient total study hours rather than a gap in any specific area. If it shows a mix of strong and weak topics, targeted review of the weak areas is the most efficient path to passing. If most topics are below average, a more comprehensive restart may be needed.
Identifying What Went Wrong
Beyond the diagnostic report, conduct an honest assessment of your preparation process. Consider the following questions. Did you study enough total hours? Most preliminary exams require 250 to 350 hours of preparation, and many candidates underestimate this. Did you use effective study methods, or did you spend too much time on passive activities like rereading instead of active problem solving? Did you take enough practice exams under realistic conditions? Did you manage your time well during the actual exam, or did you run out of time on questions you could have answered?
Talk to candidates who passed the same exam sitting and compare strategies. You may discover that they used different study materials, spent more time on practice exams, or had a specific approach to a topic area where you struggled. These conversations can reveal blind spots in your preparation that are difficult to identify on your own.
Building a Better Plan for Your Next Attempt
The most important principle for your second attempt is to adjust your approach rather than simply repeating the same plan. If you followed the same study manual, the same schedule, and the same methods, you will likely produce similar results. Something needs to change.
Consider switching study manuals if the previous one did not work for your learning style. A concept that was confusing in one author's presentation might click immediately in another's. Add supplementary resources like video lectures or study groups if you studied alone the first time. Increase your practice exam volume, especially if you took fewer than five full practice exams before your first attempt.
If you were close to passing, a targeted review of weak areas identified by your diagnostic report may be sufficient. You do not necessarily need to restart from the beginning. Focus your study time on the bottom two or three topic areas while maintaining your knowledge of the strong areas with periodic review. This targeted approach can be completed in two to three months for most candidates.
If you were far from passing, consider whether you need a fundamentally different study approach or significantly more total preparation time. This might mean starting over with new materials, adding a study group or tutor, or extending your timeline by an additional month or two. There is no shame in needing more time. Different candidates learn at different rates, and the exam does not care how long your preparation took.
Managing the Psychological Impact
A failed exam can shake your confidence, especially if you felt well-prepared going in. It is important to separate your exam result from your identity and potential as an actuary. Many successful chief actuaries, consulting principals, and industry leaders failed exams during their credential journey. The exam tests your preparation for a specific set of material on a specific day, not your intelligence, your potential, or your value as a professional.
If you find yourself experiencing persistent anxiety about retaking the exam, struggling to motivate yourself to begin studying again, or questioning whether to continue the actuarial career path, these are normal reactions. Talk to a mentor or experienced actuary about your experience. Most will share their own failure stories and provide perspective on how they moved forward. If the anxiety is severe or persistent, consider speaking with a counselor who can help you develop coping strategies.
Timing Your Next Attempt
Most candidates should wait at least two to three months before their next attempt to allow for adequate re-preparation. Retaking the exam at the very next available window (sometimes as soon as one to two months later) only works if you were very close to passing and have a clear, limited set of topics to address. Rushing a retake with insufficient additional preparation leads to a second failure, which is more discouraging than the first.
On the other hand, waiting too long between attempts allows your knowledge to decay. If you wait a full year, you will need to relearn a significant portion of the material rather than building on your existing foundation. For most candidates, retaking the exam two to four months after the failed attempt strikes the right balance between adequate preparation and knowledge retention.
Turning Failure into a Long-Term Advantage
Candidates who fail an exam and study effectively for their retake often develop a deeper understanding of the material than candidates who passed on their first attempt. The process of analyzing mistakes, filling gaps, and approaching the material from a different angle produces more robust knowledge. This deeper understanding pays dividends on later exams that build on the same foundational concepts. A failed exam is a setback, but it does not have to be a permanent one. With an honest assessment, a revised plan, and sustained effort, most candidates pass on their next attempt.