How Long to Pass Actuarial Exams
Realistic time estimates for each preliminary exam based on typical study schedules. Plan your path to ASA or ACAS.
2,650
total recommended study hours (all 7 exams)
3-7
months per exam (at 15-20 hrs/week)
3-5
years to complete all preliminary exams
Exam by Exam Breakdown
Exam P: Probability
Entry Level300
study hours
3-4
months
Prerequisites: Calculus I & II, basic probability
Study Tips: Start with distribution fundamentals. Master moment generating functions early. Practice conditional probability extensively.
Exam FM: Financial Mathematics
Entry Level300
study hours
3-4
months
Prerequisites: Basic algebra, interest rate concepts
Study Tips: Memorize key annuity formulas. Practice with a financial calculator (BA II Plus). Work time value of money problems until automatic.
Exam SRM: Statistics for Risk Modeling
Intermediate350
study hours
3-5
months
Prerequisites: Exam P, regression, basic statistics
Study Tips: Focus on linear models and GLMs. Understand model selection criteria (AIC, BIC). Practice interpreting R output.
Exam STAM: Short-Term Actuarial Mathematics
Advanced400
study hours
4-6
months
Prerequisites: Exam P, loss distributions, credibility theory
Study Tips: Master severity and frequency distributions. Practice Bayesian estimation. Understand reinsurance structures thoroughly.
Exam LTAM: Long-Term Actuarial Mathematics
Advanced450
study hours
5-7
months
Prerequisites: Exam P, Exam FM, survival models
Study Tips: Build strong life table intuition. Practice multi-state model problems. Written answer section requires clear, structured responses.
Exam MAS-I: Modern Actuarial Statistics I
Advanced400
study hours
4-6
months
Prerequisites: Exam SRM, time series, credibility
Study Tips: Focus on Bayesian analysis and credibility. Understand time series models (ARIMA). Practice CAS-specific question formats.
Exam MAS-II: Modern Actuarial Statistics II
Advanced450
study hours
5-7
months
Prerequisites: MAS-I, advanced regression, machine learning basics
Study Tips: Deep dive into GLMs and regularization. Understand tree-based methods. Practice connecting theory to insurance applications.
Suggested Exam Order
Exam P, then Exam FM
Start with these two entry-level exams. Order depends on your math background (calculus-heavy students often prefer P first).
SOA Path: SRM, then STAM or LTAM
SRM builds on P. STAM and LTAM can be taken in either order depending on your career focus.
CAS Path: MAS-I, then MAS-II
MAS-I covers foundational statistical methods. MAS-II builds on it with advanced modeling techniques.
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