What is the SOA Exam P exam?
Exam P (Probability) is one of the preliminary exams of the Society of Actuaries and is also accepted by the Casualty Actuarial Society as Exam 1. It tests the probability theory that underpins insurance and financial mathematics: counting and conditional probability, discrete and continuous univariate distributions, and joint, marginal and conditional distributions of several variables.
The exam is short (30 questions in three hours) but demanding. Questions are calculation-heavy word problems that require setting up the right integral or sum quickly and getting the algebra right. There is very little to memorise beyond the standard distributions and their moments; what is tested is fluency.
Most students sit Exam P during their degree, alongside or shortly after a first course in calculus-based probability. Together with Exam FM it is the standard qualification for actuarial internships and entry-level roles.
Who sits it
- Undergraduates in actuarial science, mathematics, statistics or economics
- Career changers with a quantitative background entering the actuarial profession
- Candidates on either the SOA or CAS pathway (the CAS accepts Exam P as Exam 1)
Exam format at a glance
- Questions
- 30 multiple-choice
- Duration
- 3 hours
- Delivery
- Computer-based at Prometric test centres
- Exam windows
- Six sittings a year: January, March, May, July, September and November
- Fee (USD)
- $275 per attempt
- Passing standard
- Pass mark set per exam form by statistical equating; results are reported on a 0–10 scale with 6 a pass, and an unofficial pass/fail is shown at the end of the exam
- Recent pass rate
- 44.7% (May 2026 sitting)
- Prerequisites
- None; calculus-based probability is assumed
Exam-body facts last checked September 2026. Fees, dates and formats change; confirm the current details with Society of Actuaries (SOA) before registering.
SOA Exam P pass rates by sitting
| Sitting | Pass rate |
|---|---|
| May 2026 | 44.7% |
| March 2026 | 46.2% |
| January 2026 | 49.2% |
| November 2025 | 43.4% |
| September 2025 | 45.0% |
| July 2025 | 46.0% |
| May 2025 | 43.0% |
| March 2025 | 45.0% |
| January 2025 | 47.1% |
| November 2024 | 45.1% |
The SOA publishes the percentage passing for every sitting. Exam P has sat in a narrow band around 45% for several years; the unusually high rates in 2020 reflect the disrupted sittings of that year. The July 2026 result had not been published when this page was last updated.
Syllabus and topic weights
Weights from the SOA's 2026 Exam P syllabus.
1.General Probability23–30% · 21 lessons · 158 questions · 112 cards23–30%21158112
- Set Functions, Sample Spaces, and Axioms of Probability
- Combinations and Permutations
- Independence and Probabilities of Independent Events
- Mutually Exclusive Events
- Addition and Multiplication Rules
- Conditional Probability
- Bayes' Theorem and Law of Total Probability
2.Univariate Random Variables44–50% · 27 lessons · 344 questions · 118 cards44–50%27344118
- Probability, Random Variables, PDFs, and CDFs
- Conditional Probabilities for Random Variables
- Expected Values: Moments, Mode, Median, and Percentiles
- Variance, Standard Deviation, and Coefficient of Variation
- Insurance Payments: Deductibles, Coinsurance, Benefit Limits, and Inflation
- Moments of Loss and Payment Random Variables
3.Multivariate Random Variables23–30% · 25 lessons · 160 questions · 134 cards23–30%25160134
- Joint Probability Functions and Joint CDFs for Discrete Random Variables
- Conditional and Marginal Probability Functions for Discrete Random Variables
- Moments for Joint, Conditional, and Marginal Discrete Distributions
- Variance and Standard Deviation for Conditional and Marginal Distributions
- Covariance and Correlation Coefficient for Discrete Random Variables
- Joint Distribution of Order Statistics
- Linear Combinations of Independent Discrete and Normal Random Variables
- Moments for Linear Combinations of Independent Random Variables
- Central Limit Theorem: Approximations for Linear Combinations of iid Random Variables
Lesson, question and flashcard counts are StudyOptima's published content for each topic. Expand a topic to see its subtopics.
How to prepare for SOA Exam P
- 1
Univariate random variables are nearly half the exam. Know the named distributions (binomial, Poisson, geometric, negative binomial, uniform, exponential, gamma, normal and the rest) with their means, variances and moment generating functions cold.
- 2
Multivariate questions are where candidates lose time. Practise setting up double integrals over odd regions and using conditional expectation and covariance identities rather than integrating from scratch.
- 3
Learn the insurance-flavoured setups: deductibles, policy limits, coinsurance and mixtures. They reappear in every sitting.
- 4
Practise on a plain scientific calculator. Only SOA-approved TI-30X models are allowed, so avoid building habits on a graphing calculator or software.
- 5
Aim to finish full 30-question sets in under two and a half hours before you sit, leaving time to recheck the questions you flagged.
Study for SOA Exam P on StudyOptima
73 study lessons
Condensed notes for every topic, organised by learning objective, with read-progress tracking.
662 practice questions
Exam-style questions with worked explanations, timed mocks, and re-drills of what you got wrong.
364 flashcards
Spaced-repetition review of the definitions and formulas the exam keeps coming back to.
All lessons are free for this exam
Every study lesson is free with an account. A few to begin with:
- The Multiplication Principle and PermutationsGeneral Probability
- The Law of Total ProbabilityGeneral Probability
- Sample Spaces, Events, and Set OperationsGeneral Probability
- Conditional Probability: Definition and the Restricted Sample SpaceGeneral Probability
- Defining Independence: The Product and Conditional TestsGeneral Probability
- The General Addition Rule and Inclusion-ExclusionGeneral Probability
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SOA Exam P FAQ
Should I take Exam P or Exam FM first?
Either order works and both are typically taken during university. Students who have just finished a probability course usually start with P; those stronger in interest theory start with FM.
What calculator is allowed?
Only SOA-approved Texas Instruments models: the TI-30Xa, TI-30X II (IIS or IIB), TI-30XS or XB MultiView, BA-35, BA II Plus and BA II Plus Professional.
Is Exam P the same as CAS Exam 1?
Yes. The Casualty Actuarial Society grants credit for Exam 1 to candidates who pass SOA Exam P.
What does StudyOptima offer for Exam P?
Study lessons for the full syllabus are free to every signed-in user. Paid plans unlock the practice-question bank, which has more than 600 questions with worked solutions.