Exam Comparison
Exam FM vs Exam P
Comparing the SOA Exam FM, Financial Mathematics and the SOA Exam P, Probability. Both fall under Finance & Accounting. Both are covered by the Actuary Exam Prep: P FM FAM app.
The Bottom Line
P and FM are the two on-ramp actuarial exams and you will take both, the only question is order. Take the one that matches your freshest coursework: P after probability/statistics, FM after finance or interest-theory classes. For most students FM is the gentler first exam.
Exam FM vs Exam P: At a Glance
| Detail | Exam FM | Exam P |
|---|---|---|
| Full Name | SOA Exam FM, Financial Mathematics | SOA Exam P, Probability |
| Governing Body | Society of Actuaries (SOA) | Society of Actuaries (SOA) |
| Number of Questions | 30 | 30 |
| Time Limit | 3 hours | 3 hours |
| Passing Score | 60% (scaled) | 60% (scaled) |
| Exam Fee | $250 | $250 |
| Category | Finance & Accounting | Finance & Accounting |
| C3RT App | Actuary Exam Prep: P FM FAM | Actuary Exam Prep: P FM FAM |
Content Areas Compared
Exam FM Domains
- Interest Theory, Time Value of Money(~25%)
- Interest Theory, Annuities and Loans(~20%)
- Interest Theory, Bonds(~15%)
- Derivatives, Forwards, Futures and Swaps(~20%)
- Derivatives, Options and Investment Strategies(~20%)
Exam P Domains
- General Probability(10–17%)
- Univariate Random Variables(27–33%)
- Multivariate Random Variables(26–32%)
- Common Distributions(7–13%)
- Risk Management Concepts(9–18%)
Frequently Asked Questions
What is the difference between Exam FM and Exam P?
Exam P (Probability) tests calculus-based probability: distributions, joint densities, expectation, variance, essentially a rigorous probability course under time pressure. Exam FM (Financial Mathematics) tests the time value of money: annuities, loans, bonds, duration, immunization. P is mathematically deeper and punishes rusty calculus; FM is more formulaic and rewards drilling. Both are multiple-choice, computer-based, and required for the ASA and every actuarial internship shortlist.
Can I take both the Exam FM and the Exam P?
Not optional, both are required preliminary exams for SOA credentials, and recruiters effectively expect at least one passed (ideally both) before internship applications. Space them one sitting apart rather than cramming both at once; the failure cost (retake fees plus a lost cycle) outweighs the speed gain.
Which should I take first, Exam FM or Exam P?
Take whichever aligns with what you just studied, recency beats any universal ordering. If you are equidistant from both, FM first is the common recommendation: its material is more self-contained, prep time is typically shorter, and an early pass builds momentum and internship credibility while you give P’s probability theory the longer runway it deserves.
Does C3RT cover both the Exam FM and the Exam P?
Yes. Both the Exam FM and Exam P are covered in the Actuary Exam Prep: P FM FAM app for iOS and Mac.
The SOA Exam FM, Financial Mathematics (Exam FM) is administered by Society of Actuaries (SOA). The SOA Exam P, Probability (Exam P) is administered by Society of Actuaries (SOA). C3RT is not affiliated with either organisation. Certification names and trademarks are the property of their respective owners.