Average Pass Rates: All Actuarial Preliminary Exams
Historical pass rate data for all preliminary actuarial exams to help candidates set realistic expectations.
Pass Rate Overview
Actuarial exam pass rates are notably lower than most professional exams. For preliminary exams, typical pass rates range from 35% to 55% on any given sitting. Exam P averages around 42% to 48%, Exam FM around 45% to 55%, and Exam SRM around 48% to 55%. LTAM historically had some of the lowest rates at 35% to 45%. CAS exams MAS-I and MAS-II typically fall in the 35% to 50% range. These rates mean that failing an exam is a normal part of the actuarial journey, not a sign that someone should abandon the career.
What Pass Rates Mean for You
Pass rates reflect the performance of all candidates, including those who are underprepared. Well-prepared candidates who study the recommended hours and complete extensive practice problems have significantly higher personal pass probabilities. Many study providers report that candidates who complete their full curriculum pass at rates of 70% to 85%. The key takeaway is that pass rates should inform your study planning (allocate enough time and use quality materials) rather than discourage your pursuit. First-time pass rates tend to be lower than retake rates, as many candidates underestimate the preparation required on their first attempt.