If you’re beginning your journey to become an actuary, the first big decision is: what is the best actuarial exam to start with?
Choosing the right starting point can make a huge difference in your momentum and confidence.
In this guide, we’ll break down the best actuarial exams to start with, how to choose between them, and what you can do to maximize your chances of success.
Why Choosing the Right First Exam Matters
Actuarial exams are challenging — passing them requires months of study, dedication, and strategic preparation.
Picking the right first exam:
- Builds confidence
- Strengthens your resume early
- Makes future exams easier
Many employers also expect candidates to have passed at least one exam (typically Exam P or Exam FM) when applying for internships.
Best Actuarial Exams to Start With
Here are the two best exams to start your actuarial journey:
1. Exam P (Probability)
Exam P, offered by the Society of Actuaries (SOA), is often the first exam aspiring actuaries tackle.
Topics Covered:
- Probability theory
- Random variables
- Distributions
- Risk models
Why Start with Exam P?
- Foundation for almost every future actuarial exam
- Strengthens mathematical thinking and problem-solving
- Most college actuarial programs structure coursework around it
If you are strong in math and enjoy solving problems, Exam P is an excellent first choice.
🔗 Need help passing? Check out our Exam P Study Guide designed specifically for first-time exam takers!
2. Exam FM (Financial Mathematics)
Exam FM focuses on financial concepts and the mathematics behind them.
Topics Covered:
- Interest theory
- Annuities
- Bonds and loans
- Financial derivatives basics
Why Start with Exam FM?
- Helpful if you’re more interested in finance, pensions, or investment roles
- Less theoretical math compared to Exam P
- Often considered a slightly more straightforward exam for business-focused students
If you enjoy finance, money calculations, or business strategy, Exam FM might be your best first step.
How to Decide Which Exam to Take First
Choosing between Exam P and Exam FM depends on your background and career interests:
| Factor | Choose Exam P | Choose Exam FM |
|---|---|---|
| Strong in probability/statistics | ✅ | |
| Interested in finance/investing | ✅ | |
| Math major or math-heavy degree | ✅ | |
| Business/Finance major | ✅ | |
| Want a foundation for future exams | ✅ | ✅ |
Pro Tip:
Many students eventually take both, so don’t overthink it too much. The important thing is to start.
What to Do After Passing Your First Exam
Once you pass your first actuarial exam:
- Celebrate! Passing your first exam is a huge accomplishment.
- Build technical skills: Learn Excel, R, or Python.
- Apply for internships: Employers highly value candidates who have passed at least one exam.
- Continue studying: Keep the momentum going by preparing for the next exam.
- Join actuarial networks: Networking with professionals and students can open job opportunities and give you extra motivation. ActuPrep has a free search network where you can share your resume with employers.
Final Thoughts
If you’re serious about becoming an actuary, starting with Exam P or Exam FM is the best move you can make.
Both exams lay a strong foundation for your actuarial career, develop critical thinking skills, and demonstrate to employers that you’re committed.
Start smart, study strategically, and you’ll be well on your way to a rewarding actuarial career.
Ready to pass your first exam?
Our Exam P Course gives you real exam simulations, targeted practice, and personalized coaching to help you succeed on your first try!
