Exam Difficulty Ranker
Rank the 7 preliminary exams from hardest to easiest based on your perception, then compare with pass rate data.
Your Ranking (Hardest First)
Which Actuarial Exam Is the Hardest?
Actuarial exam difficulty is partly objective (measured by pass rates) and partly subjective (influenced by your mathematical background and study approach). Historical pass rate data gives one perspective, but candidates consistently report that personal strengths and weaknesses matter more than aggregate statistics.
Pass Rate Trends by Exam
Exam FM consistently shows the highest pass rate among preliminary exams, averaging around 50 to 55%. Exam P follows closely at 45 to 50%. The advanced exams tend to have lower pass rates: LTAM and MAS-I typically fall between 40 and 45%, while STAM and MAS-II hover around 43 to 48%. These rates reflect both the material difficulty and the preparation level of candidates at each stage.
Factors That Affect Perceived Difficulty
- Your undergraduate coursework (probability vs. finance vs. statistics background)
- Time since you last studied the relevant mathematical topics
- Whether you are studying full-time or while working
- Quality and quantity of practice problems available
- Whether the exam has a written-answer component (LTAM)