Choosing the right sequence to tackle the Society of Actuaries (SOA) Preliminary Exams is crucial if you want to accelerate your path to the Associate of the Society of Actuaries (ASA) certification in 2025. The Preliminary Exams form the foundation of your actuarial credentials, so optimizing the order and timing of these exams can save you months, or even years, while helping maintain your sanity during the study grind.
First, it helps to understand the core exams you’ll face on the way to ASA certification. The typical SOA preliminary exams include Exam P (Probability), Exam FM (Financial Mathematics), Exam IFM (Investment and Financial Markets), Exam LTAM (Long-Term Actuarial Mathematics), Exam STAM (Short-Term Actuarial Mathematics), and Exam SRM (Statistics for Risk Modeling). Alongside these, you’ll complete Validation by Educational Experience (VEE) credits in economics, corporate finance, and applied statistics, which usually come from college coursework or approved alternatives.
Many candidates wonder: Does the order in which I take these exams matter? The straightforward answer is yes, but with flexibility. While the SOA allows you to take exams in any order, some sequences make more sense to accelerate progress because of content dependencies and practical study considerations.
Starting with Exam P and Exam FM is generally the best move. Exam P, which tests probability concepts, is often considered the most challenging but fundamental. It’s offered six times a year, giving you plenty of scheduling flexibility. Because many later exams build on probability theory, having Exam P completed early clears the way for smoother studying down the line. Exam FM focuses on financial mathematics, like interest theory, and is usually taken second. It complements Exam P well and opens doors to Exams IFM and LTAM.
For example, a typical accelerated sequence might be:
- First sitting: Exam P
- Second sitting: Exam FM
- Third sitting: Exam IFM (which builds on FM concepts)
- Fourth sitting: Exam LTAM or STAM (depending on your preferred track)
- Fifth sitting: Exam SRM
This sequence is popular because it follows the logical flow of knowledge, minimizing redundant study and maximizing retention. Plus, it aligns with the SOA’s recommended progression, which reflects how actuarial topics build upon each other[3][5].
One key tip is to capitalize on exam availability windows and registration deadlines. For instance, Exam P is offered six times annually, while others like Exam FM have fewer windows. Planning ahead means you can schedule exams back-to-back without long waiting periods, cutting down total calendar time dramatically. For example, if you pass Exam P in January, you could register for Exam FM in March, and then continue every few months onward[1][6].
Another practical consideration is balancing your study load with work and life. Many candidates find that spacing exams two to four months apart works best to maintain focus without burnout. Overloading yourself with exams too close together can backfire. Conversely, too much spacing risks losing momentum and study “muscle.”
Also, don’t overlook the Validation by Educational Experience (VEE) credits. If you completed relevant college courses in economics, corporate finance, or statistics, you might already have these credits. That saves you time and effort, letting you focus solely on exams. If not, there are approved online courses and alternatives that can be completed in parallel to exams[3].
A personal insight from many successful ASA candidates is to build a consistent daily study habit early on. For instance, dedicating 2-3 hours per weekday plus longer weekend sessions can add up to 300-400 hours per exam, which is a solid target for passing. Using varied study methods—video lessons, practice problems, flashcards, and group study—helps keep things engaging. Avoiding last-minute cramming reduces stress and improves retention.
Statistically, Exam P’s average pass rate hovers around 42%, underscoring its difficulty. Knowing this, many candidates aim to take it when they can give it their full attention, often right after or during their last year of college when probability and calculus skills are fresh[9]. Exam FM tends to have a higher pass rate but requires disciplined practice, especially in time management during the exam’s 2.5-hour window[7].
If you’re targeting ASA certification within 2025, starting your exam sequence as early as possible in the year is vital. With careful planning, you can complete the Preliminary Exams in about 12-18 months, leaving ample time to fulfill other ASA requirements such as Fundamentals of Actuarial Practice (FAP) modules and professionalism courses.
To recap some actionable advice:
- Begin with Exam P and FM, in that order, to build a strong foundation.
- Use the exam windows strategically to minimize waiting time between attempts.
- Confirm your VEE credits early to avoid surprises.
- Develop a steady, realistic study schedule balancing work and life.
- Utilize diverse study materials and practice exams for better retention.
- Register early to secure your preferred test dates at Prometric centers[1][6].
- Stay adaptable—if you don’t pass an exam, adjust your schedule but keep moving forward.
Remember, the exam sequence is not just about ticking boxes. It’s about building confidence and knowledge progressively. Many candidates who try to rush through without a plan find themselves overwhelmed or stuck. Taking the time to map out your optimal path will pay dividends, helping you reach ASA certification faster and more sustainably.
In short, choosing your SOA Preliminary Exam sequence wisely in 2025 is one of the most important decisions on your actuarial journey. Start strong with Exam P, follow a logical progression, manage your time wisely, and keep your eyes on the goal. With dedication and smart planning, the ASA designation will be within your reach much sooner than you might expect.