Free SOA Exam P and Exam FM Practice Exams
Practice the first two Society of Actuaries exams with original problems written to the current syllabi and a worked solution for every answer. Each exam has free drills for every syllabus topic and a timed 30-question practice exam.
30 questions, five answer choices each, 3 hours, with a score by syllabus topic and a worked solution for every problem.
Or start with a free 10-question drill- 550 original problems with worked solutions
- 2 exams: Exam P (Probability) and Exam FM (Financial Mathematics)
- 30 questions per timed practice exam, five answer choices each
Losses on a home-inspection errors policy have CDF F(x) = 1 − [1,000/(1,000 + x)]⁴ for x ≥ 0. The policy has an ordinary deductible of 250. What is the expected payment per loss?
Choose your exam
Exam P (Probability) and Exam FM (Financial Mathematics) are the first exams on the path to the Associate of the Society of Actuaries (ASA) credential. Both are computer-based, multiple-choice exams with 30 questions and five answer choices each, offered six times a year: Exam P in odd months, Exam FM in even months.
SOA Exam P (Probability)
- Format
- 30 questions · 3 hours
- Pass rate (July 2026)
- 46.7%
- Candidates (July 2026)
- 2,925
- 2027 windows
- January, March, May, July, September, November
Topics: General Probability; Univariate Random Variables; Multivariate Random Variables.
SOA Exam FM (Financial Mathematics)
- Format
- 30 questions · 2.5 hours
- Pass rate (August 2026)
- 45.7%
- Candidates (August 2026)
- 2,648
- 2027 windows
- February, April, June, August, October, December
Topics: Time Value of Money; Annuities and cash flows with non-contingent payments; Loans; Bonds; General Cash Flows, Portfolios and Asset Liability Management.
Take a full Exam P practice exam under the real 3-hour clock
30 questions, five answer choices each, 3 hours, with a score by syllabus topic and a worked solution for every problem.
Or start with a free 10-question drillThe Exam P and Exam FM format
- Questions
- 30 multiple-choice questions on each exam, each with 5 answer choices (A to E) and one correct answer. A few unscored pilot questions are mixed in
- Time
- Exam P: 3 hours. Exam FM: 2.5 hours. Unanswered questions are scored as wrong
- Where and when
- Computer-based at Prometric test centers, six windows a year: Exam P in odd months, Exam FM in even months
- Calculators
- Approved models only: 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)
- Exam P table
- A standard normal table is available on screen; you cannot bring your own
- Fee
- $275 per exam, paid to SOA; Global Access pricing is lower in qualifying countries
- Pass mark
- Set before each exam by item response theory; 71% on recent computer-based sittings of both exams
- Results
- An unofficial pass or fail result by email within one hour of the exam
What each exam tests
The syllabus topics and their weights from the current SOA syllabi, and the drills that cover them. Every drill has its own study guide and a free ten-question attempt.
SOA Exam P (Probability)
- 1. General Probability (23–30%, 8 of 30 in our practice exam)
- 2. Univariate Random Variables (44–50%, 14 of 30 in our practice exam)
- 3. Multivariate Random Variables (23–30%, 8 of 30 in our practice exam)
SOA Exam FM (Financial Mathematics)
- 1. Time Value of Money (5–15%, 3 of 30 in our practice exam)
- 2. Annuities and cash flows with non-contingent payments (20–30%, 8 of 30 in our practice exam)
- 3. Loans (15–25%, 6 of 30 in our practice exam)
- 4. Bonds (15–25%, 6 of 30 in our practice exam)
- 5. General Cash Flows, Portfolios and Asset Liability Management (20–30%, 7 of 30 in our practice exam)
Common questions
What is the format of Exam P and Exam FM?
Both have 30 multiple-choice questions with five answer choices, A to E. Exam P lasts 3 hours and Exam FM 2.5 hours. Both are taken on a computer at a Prometric test center, include a few unscored pilot questions, and give an unofficial pass or fail result within one hour.
Should I take Exam P or Exam FM first?
Either order works; neither exam is a prerequisite for the other. Exam P builds on calculus and probability courses, Exam FM on calculus and interest theory, so start with the one that matches the course you finished most recently.
How much do Exam P and Exam FM cost?
$275 each, paid to the Society of Actuaries when you register. SOA’s Global Access program lowers the price in qualifying countries.
What is the pass rate for Exam P and Exam FM?
Under half of candidates pass. 46.7% of the 2,925 candidates passed Exam P in July 2026, and 45.7% of the 2,648 candidates passed Exam FM in August 2026. Both sittings had a 71% pass mark.
Which calculators are allowed?
Only 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). The BA II Plus has cash-flow and amortization worksheets that suit Exam FM.
Does one pass cover both exams?
Yes. The Exam P and FM pass unlocks both timed practice exams and unlimited drills for every topic on both exams.
Are these official SOA questions?
No. These are original practice problems written to the current SOA syllabi, with every answer recomputed independently in code and a worked solution for every problem. They are not SOA sample questions.
Ready for exam day?
30 questions, five answer choices each, 3 hours, with a score by syllabus topic and a worked solution for every problem.
Or start with a free 10-question drillExam format, fees, syllabi, dates and pass rates checked November 2026: SOA: Probability (P) Exam · SOA: Financial Mathematics (FM) Exam · SOA Probability Exam syllabus (January 2027) · SOA Financial Mathematics Exam syllabus (February 2027) · SOA exam schedule · SOA: identification and approved calculators · SOA July 2026 Exam P results · SOA August 2026 Exam FM results.
Original independent practice problems. Not affiliated with or endorsed by the Society of Actuaries (SOA).