by Conrad Daley FSA, MAAA

The actuarial exam process is split into two major milestones: ASA (Associate of the Society of Actuaries) and FSA (Fellow of the Society of Actuaries). ASA exams are considered preliminary and they cover foundational math, probability, statistics, and financial concepts that every actuary needs regardless of specialization. FSA exams, on the other hand, are advanced and track-specific, meaning you specialize in a particular area of the industry.

An actuarial track is essentially your specialization. Common tracks include health, life, retirement and pensions, and property & casualty. Everyone starts with the same core exams, but once you reach the fellowship level, the material becomes deeply tied to the day-to-day work of your chosen field.

In this post, I’ll walk through my entire exam journey from start to finish. Along the way, I’ll explain the differences between ASA and FSA exams, how I studied, how much the exams cost, how much time they took, how employers were involved, and what the experience was really like emotionally and financially.

My first attempted actuarial exam was Exam P (Probability). I signed up to take Exam P while doing door-to-door sales in Cincinnati to pay for college. Between long workdays and mental exhaustion, I never felt ready and ultimately didn’t even show up for the exam. That meant $200 gone with no score, a mistake I unfortunately repeated once more.

By the time I returned to school, I had spent $400 without ever taking Exam P and felt completely behind my peers. I had taken coursework designed to prepare me for the exam, so I assumed I was ready. My first study approach was buying the ACTEX manual and working through practice problems on my own.

That approach didn’t work for me. What ultimately made the difference was Coaching Actuaries, which combines instructional videos with a customizable quiz and exam generator. The real value wasn’t just the videos, it was the ability to drill very specific problem types until I mastered them. That targeted practice ended up being essential for me later.

Back at BYU, I was surrounded by other actuarial students who were passing multiple exams while I hadn’t passed one. Sitting in the actuarial club study room, I heard constant success stories while quietly wondering if this career was even right for me. It was discouraging.

Instead of continuing to force Exam P, I decided to pivot and try Exam FM (Financial Mathematics). I had taken a BYU course specifically aligned with FM, taught at exam-level difficulty. Even strong students were scoring around 60% on mid-terms and finals, with heavy curves built in to mirror the real thing. I earned a B in the class and eventually sat for Exam FM in August 2017.

I passed with a 7 and felt a huge relief that I passed my first exam. Passing my first exam gave me confidence, especially since I had already landed an internship without any exam passes. For the first time, I felt like I belonged in the actuarial profession.

Actuarial exams are scored on a 0–10 scale, with 6 considered a pass. The SOA sets a pass mark based on the difficulty of each sitting, and generally about half of candidates pass. A score of 5 means you scored between 90 and 100% of the pass mark, a score of 6 means you’re between 100 and 100% of the pass mark, a score of 7 mean’s you’re between 110 and 120% of the pass mark. More details on grading of SOA exams are here.

A common rule of thumb is 100 study hours per hour of exam time. Since most preliminary exams are three hours long, that means around 300 study hours, usually spread across three months. With only about 30 questions per exam, the margin for error is small, you get roughly six minutes per question.

Once I passed FM, I went back to Exam P for my third attempt. I failed again, this time with a 3, which was painful, especially having to tell coworkers I didn’t pass after taking time off. But I regrouped, studied seriously, and finally passed Exam P in January 2018 with a 7 (attempt #4).

After P and FM, I moved on to IFM (Investment and Financial Markets), STAM (Short Term Actuarial Models), and LTAM (Long Term Actuarial Models). My pattern unfortunately continued: failing on the first attempt, then passing after adjusting my study strategy. IFM and STAM both required second attempts, but I ultimately passed them with strong scores.

By the time I reached LTAM, something changed. I had learned how to manage my time, focus on high-value material, and study intentionally. LTAM included both multiple-choice and written-answer sections, and I passed it on my first attempt with an 8 in October 2020, helped in part by a COVID-related exam delay that gave me more preparation time.

The final ASA exam was Predictive Analytics (PA), which I passed in June 2021 with an 8. I also completed eight modules, earned three VEE credits, and passed the Final Assessment. I officially received my ASA in December 2021.

While waiting for my ASA to be finalized, I immediately started on the FSA health track, primarily because each milestone came with meaningful pay increases. Since I was already working in health insurance, choosing the Health track made the most sense.

FSA exams are very different. They’re longer (often five hours), offered only twice per year, and are written-response, meaning you wait months for results. Using the same study rule, that’s 500+ hours of studying per exam, typically over six months.

My first FSA exam was Group Health Design and Pricing, which was split into two parts. I passed both sections narrowly, despite working directly in pricing at the time, proof that real-world experience doesn’t automatically translate into exam success.

After earning my ASA, I pushed hard to finish the remaining two FSA exams in one year. I passed Health Finance and Valuation in May 2022 with a 6, then tackled the Health Specialty Exam, which is deceptively short but broad in scope.

The specialty exam covers a wide range of topics, making it challenging despite its shorter length. You study a lot of material that may never appear on the exam. Fortunately, I passed on my first attempt in November 2022.

In March 2023, I officially earned my FSA. The journey ended with a fellowship ceremony in Bellevue, Washington, a milestone moment that marked years of persistence, failures, learning, and growth.