Exam Sequencing: Which Actuarial Exam to Take First
Guidance on choosing the optimal order for taking actuarial exams based on your background and career goals.
The Standard Path
Most candidates start with Exam P (Probability) or Exam FM (Financial Mathematics). Exam P is ideal if your strength is calculus-based probability. Exam FM suits those more comfortable with financial math and interest theory. Both are prerequisites for upper-level exams, and the order between them does not matter much. After P and FM, the typical next step is Exam FAM or Exam SRM, depending on your track.
Strategic Considerations
Pass at least two exams before your first internship application to be competitive. If you are deciding between the SOA and CAS tracks, know that exams P and FM apply to both. Once you pass track-specific exams, switching becomes harder. Consider taking exams that align with courses you are currently taking in school since the overlap reduces total study time. Career changers should front-load the preliminary exams to demonstrate commitment to employers as quickly as possible.