SOA Exam P and FM pass rates in 2026, and the next exam dates

Latest official results by exam

“Effective” counts only candidates who reached at least half of the passing score, as defined in each SOA results PDF. The SOA sets the pass mark for each computer-based exam before it is given, using item response theory, so a 71% mark is the average share of questions answered correctly that was needed to pass that administration. Download the table as CSV (CC BY 4.0 for this compilation; the figures are the SOA’s).

What the Exam P numbers say

Between the May and July 2026 sittings the Exam P pass rate moved from 44.7% to 46.7% while the pass mark stayed at 71%. Roughly 15% of the July candidates (448 of 2,925) did not reach half of the passing score, which is why the effective pass rate is higher at 55.1%. A pass rate near 45% describes the whole candidate group; it is not a personal probability, because preparation varies widely.

The most useful check before booking is whether you can solve unseen problems at roughly the pass-mark level under time. Work the 718 free Exam P sample-question solutions by topic, or take a timed set from the Exam P practice exams.

What the Exam FM numbers say

The June 2026 FM sitting had the same 71% pass mark and a 46.0% pass rate, close to Exam P. FM rewards accurate setup of cash-flow timing and rate conversion; start with the 459 free current Exam FM sample-question solutions, the free FM formula sheet, and the FM practice exams.

Next testing windows and registration deadlines

Dates from the SOA exam schedule as of October 6, 2026. Check the SOA page before registering; deadlines can include a specific time of day.