Introduction
Welcome to The Actuarial Nexus, an exam preparation platform focused around practice questions, mock exams, and analytics.
For newcomers, the Exam P & FM Tutorial Series introduces actuarial exams, study strategies, and tips for passing using The Actuarial Nexus.
See the formula sheets page to download free cheat sheets in PDF form.
For experienced candidates looking to get started right away, documentation on problem sets includes information about the core feature of the platform.
We offer free materials for several exams.
If any question arise while using the platform, please refer to these docs for guidance.
What are Actuarial Exams?
To become a credentialed actuary, one needs to pass a series of rigorous math exams. Credentials allow actuaries to issue statements of actuarial opinion, sign certifications, command higher salaries, and sometimes advance to management positions.
The exam process takes several years to complete, but it is a necessary part of becoming a credentialed actuary. These exams cover a range of topics, including probability, financial mathematics, and statistics.
The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) are the two primary actuarial organizations in the United States and Canada. Each organization has its own set of exams and requirements for certification.
Currently, The SOA and CAS jointly administer the first two preliminary exams (they used to share more exams):
Actuarial exams can be taken in any order, but many candidates choose to start with Exam P/1 or Exam FM/2. These two exams provide a solid foundation for subsequent exams, and are generally considered some of the easier exams.
Exam P covers probability theory, while Exam FM focuses on financial mathematics. Both exams require strong mathematical skills and a solid understanding of the underlying concepts.
Following the completion of these initial exams, candidates pursuing credentialing with the SOA often choose to take Exam SRM - Statistics for Risk Modeling or Exam FAM - Fundamentals of Actuarial Mathematics.
Candidates credentialing with the CAS typically take Exam MAS-I - Modern Actuarial Statistics I.