Study Hours Comparison: How Long for Each Exam
Recommended study hours for each actuarial preliminary exam to help candidates plan their preparation schedules.
Study Hour Guidelines
The general rule of thumb in the actuarial community is 100 hours of study per hour of exam time. For a 3-hour exam like P or FM, that suggests 300 hours of preparation. In practice, study hours vary significantly by individual. Exam P: 250 to 350 hours. Exam FM: 250 to 300 hours. Exam SRM: 200 to 300 hours. Exam FAM: 300 to 400 hours. Exam LTAM/ALTAM: 400 to 500 hours. CAS MAS-I: 300 to 400 hours. CAS MAS-II: 350 to 450 hours. These estimates assume no prior background in the subject matter.
Effective Study Planning
Raw study hours matter less than study quality and consistency. Spreading 300 hours over 3 to 4 months (15 to 20 hours per week) is more effective than cramming the same hours into 6 weeks. The most productive study pattern includes reading source material, working through examples, completing timed practice exams, and reviewing mistakes. The final 2 to 3 weeks should focus heavily on practice exams under realistic conditions. Candidates who study while working full-time should budget an additional 4 to 6 months of calendar time compared to full-time students, accounting for work demands and fatigue.