How to Pass Actuarial Exams: A Complete Strategy Guide

Actuarial exams are notoriously challenging, with pass rates ranging from 30% to 50% depending on the exam level. Having successfully navigated through multiple actuarial exams myself, I’ve compiled this comprehensive guide to help you develop an effective strategy for passing these demanding tests. Whether you’re just starting with preliminary exams or tackling upper-level CAS exams, this guide provides actionable advice based on real experience and proven methods.

Understanding Actuarial Exam Difficulty #

The actuarial exam process is designed to be rigorous and selective. Pass rates tell the story:

Preliminary Exams (P, FM, IFM, LTAM, STAM, PA): Approximately 40-50% pass rate
Upper-level CAS Exams (5, 6, 7, 8, 9): Approximately 30-40% pass rate
Upper-level SOA Exams: Similar difficulty with varying pass rates

These statistics aren’t meant to discourage you, but rather to emphasize the importance of taking your preparation seriously. The good news is that with proper preparation and strategy, you can significantly increase your chances of success.

Choosing the Right Study Materials #

Preliminary Exams Study Guides #

For preliminary actuarial exams, several high-quality third-party providers offer comprehensive study materials:

Primary Providers:

ACTEX Learning: Known for comprehensive coverage and detailed explanations
ASM (Actuarial Study Materials): Excellent practice problems and concise presentations
The Infinite Actuary: Video-based learning with strong online platform
Coaching Actuaries: Adaptive learning system with extensive question banks

My Personal Experience: I began with ACTEX for Exams P, FM, and MLC, appreciating their thorough approach to concept explanation. However, I switched to ASM starting with Exam MFE (now IFM) because their MFE manual was significantly better written and more clearly organized. After this switch, I continued using ASM materials and found their concise yet comprehensive approach highly effective.

Recommendation: Don’t be afraid to switch providers between exams if you find one that better matches your learning style. What matters most is finding materials that click with how you absorb and retain information.

Upper-Level Exam Materials #

For upper-level CAS exams, your options include:

ACTEX Learning: Now expanding into upper-level CAS exam materials
All10: Historically the go-to provider for CAS upper-level exams
The Infinite Actuary: Growing selection of upper-level materials

The key is choosing materials that are current with the latest syllabus changes and provide comprehensive coverage of all learning objectives.

Determining Your Study Time Requirements #

Beyond the “Hours” Myth #

You’ll often hear rules like “400 hours per exam” or “900 hours for upper-level exams.” While these can serve as rough guidelines, the truth is more nuanced. The actual determinant of success isn’t the raw number of hours you study, but rather how well-prepared you are for the specific material that will appear on your exam.

Quality Over Quantity Principle:

200 highly focused, efficient study hours can be more valuable than 500 hours of unfocused studying
If you’re fully prepared after 300 hours, that’s sufficient
If you need 600 hours to feel confident, invest that time

The Cost of Under-Preparation #

Consider the real cost of failing an exam:

Time Cost: You’ll need to re-study much of the same material (minimum 200-300+ hours)
Opportunity Cost: A delayed exam timeline affects career progression
Momentum Cost: Failing can negatively impact motivation and confidence
Financial Cost: Exam fees, additional study materials, and potential lost salary increases

Strategic Conclusion: It’s almost always better to over-prepare than under-prepare. The marginal cost of an extra 50-100 hours of study is minimal compared to the cost of having to retake an exam.

Creating an Effective Study Schedule #

For Full-Time Students #

When I was in school, my approach was:

Regular coursework: Maintained academic priorities during the semester
Dedicated actuarial study days: At least one full day per week devoted exclusively to exam preparation
Semester breaks: Intensive actuarial exam study periods
Summer preparation: Primary exam-taking season with maximum study time availability

For Working Professionals #

The working professional schedule requires more discipline but is absolutely manageable:

Weekday Strategy (Critical for Success):

After-work study blocks: 7:00 PM - 10:00 PM (3 hours)
Early morning sessions: 6:00 AM - 8:00 AM (2 hours) - if you’re a morning person
Lunch break reviews: 30-45 minutes for formula review or light practice

Weekend Strategy:

Saturday/Sunday: 4-8 hour study blocks
Company study days: Treat paid actuarial study days like weekend study sessions

The Weekday Evening Advantage: Many people underestimate weekday evening study sessions, but they’re incredibly valuable. While you might only manage 3-4 hours after work compared to 6-8 hours on a weekend, those weekday hours often involve higher concentration and focus. Your brain is already in “work mode,” making it easier to tackle challenging actuarial concepts.

Study Schedule Optimization Tips #

Consistency beats intensity: Regular daily study is more effective than cramming
Peak performance timing: Schedule your most challenging topics during your peak mental energy hours
Active study techniques: Focus on problem-solving rather than passive reading
Regular assessment: Weekly practice exams to gauge progress and identify weak areas

Final Week Preparation Strategy #

Pre-Exam Logistics #

One Week Before:

Confirm exam center location and directions
Verify exam start time and arrival requirements
Plan your transportation route and backup options
Prepare all required identification and materials

Study Focus for the Final Week #

By this point, you should have completed all initial learning. The final week should focus on:

Concept Consolidation:

Review key formulas and ensure they’re memorized
Revisit your most challenging topics
Create or review summary sheets for quick reference

Practice Problem Strategy:

Treat practice problems as diagnostic tools, not just repetition exercises
After each problem, thoroughly review the solution methodology
Focus on understanding why specific approaches are used
Time yourself to build speed and test-taking efficiency
Identify and address any remaining knowledge gaps immediately

Mental and Physical Preparation:

Establish a consistent sleep schedule matching your exam day timing
If your exam is early morning, practice waking up and being mentally sharp at that time
Maintain regular exercise and proper nutrition
Minimize stress by avoiding major life changes or decisions

Sleep Strategy #

Quality sleep, especially the night before your exam, can significantly impact performance:

Aim for 7-8 hours of sleep per night during the final week
Avoid caffeine late in the day
Create a relaxing bedtime routine
If you’re naturally anxious, practice relaxation techniques

Exam Day Success Tips #

Arrival and Setup #

Computer-Based Testing (CBT) Exams:

Arrive 30-45 minutes early to allow for check-in procedures
Bring required identification (usually two forms)
Understand the computer interface through practice sessions beforehand

Written Exams:

Arrive 15-30 minutes early (check-in takes longer, but early arrival anxiety can be counterproductive)
Bring all required writing materials and backup supplies
Understand the answer sheet format and requirements

During the Exam #

Time Management:

Most candidates struggle with time management, not necessarily content knowledge
Develop a time allocation strategy during your practice sessions
Don’t spend excessive time on any single question
Mark difficult questions and return to them if time permits

Stress Management:

Take deep breaths if you feel overwhelmed
Remember that you’ve prepared thoroughly
Focus on one question at a time rather than thinking about overall performance

Strategic Question Approach:

Read each question completely before starting to solve
Identify what the question is actually asking for
Use elimination strategies on multiple-choice questions when appropriate
Show all work clearly on written exams for partial credit opportunities

Final Thoughts and Key Takeaways #

The Four Pillars of Actuarial Exam Success #

Consistent, Quality Study Habits: Regular, focused study sessions beat sporadic cramming
Appropriate Study Materials: Invest in high-quality materials that match your learning style
Strategic Time Management: Both in studying and during the actual exam
Physical and Mental Preparation: Proper rest, nutrition, and stress management

Mindset for Long-Term Success #

The actuarial exam process is a marathon, not a sprint. Each exam you pass builds momentum and confidence for the next one. Focus on developing sustainable study habits that you can maintain across multiple exams rather than burning yourself out on any single exam.

Remember that passing actuarial exams is not just about intelligence—it’s about discipline, strategy, and persistence. Many highly capable people fail these exams due to poor preparation strategies, while others with solid preparation methods succeed consistently.

Looking Forward #

Your actuarial exam journey is an investment in your professional future. The analytical thinking, time management, and discipline you develop through this process will serve you well throughout your actuarial career. Each exam passed brings you closer to professional recognition and increased career opportunities.

Stay focused, trust your preparation, get adequate rest, and approach each exam with confidence. You’ve got this!

Good luck with your actuarial exam journey. Study smart, stay consistent, and remember that every successful actuary has walked this challenging but rewarding path before you.