Neither exam depends on the other, and their pass rates are close: 45.9% for Exam P and 46.1% for Exam FM across every sitting since early 2023. Start with the one closest to a course you have just finished.
| Measure | Exam P | Exam FM |
|---|---|---|
| Latest pass rate | 46.7% (July 2026) | 46.0% (June 2026) |
| All sittings since 2023 | 45.9% of 44,756 | 46.1% of 35,993 |
| Lowest and highest sitting | 43.0% to 49.2% | 42.0% to 49.5% |
| Candidates in 2025 | 13,182 | 11,305 |
| Pass mark | 71% correct | 71% correct |
| Format | 30 questions in 3 hours | 30 questions in 2.5 hours |
| Topics | 3, led by univariate random variables | 5, led by annuities and portfolios |
| Next sitting you can register for | January 14 to 25, 2027 | December 3 to 14, 2026 |
You have just finished calculus-based probability, or you are not sure. More of the later exams build on probability: FAM, SRM and the predictive analytics exams all assume it.
Free Exam P diagnosticYou have just finished a course in interest theory or financial mathematics. FM needs less calculus, and its questions reward fluent use of a BA II Plus.
Free Exam FM diagnosticBy pass rate they are about level. Of 44,756 Exam P candidates since January 2023, 45.9% passed; of 35,993 Exam FM candidates since February 2023, 46.1%.
What differs is the work. Exam P is calculus-based probability: integrating densities and summing series. Exam FM is algebra on timelines, and much of it is done on a BA II Plus.
An insurer classifies its drivers as standard (60%), preferred (30%) or high risk (10%). The probability that a driver has an accident during the year is 0.05 for standard, 0.02 for preferred and 0.15 for high risk. A randomly chosen driver has an accident during the year.
Calculate the probability that the driver is high risk.
The loss from a theft is exponential with mean $1,000. The policy has a deductible of $250.
Calculate the expected payment by the insurer per loss.
Their pass rates are close: 45.9% for Exam P and 46.1% for Exam FM across every sitting since early 2023. P needs more calculus; FM needs more calculator work.
Either order works, since neither exam depends on the other. Take the one closest to a course you have just finished; if neither, start with P, which more of the later exams build on.
No: Exam P is offered in odd months and Exam FM in even months. You can sit them a month apart.