Exam P focuses on probability theory including random variables, distributions (discrete and continuous), expectation and variance, joint and conditional probability, and limit theorems. The exam also tests your ability to apply these concepts to real-world actuarial scenarios. Most test-takers need to master calculus-based probability, combinatorics, and statistical inference to perform well.

Most actuarial students dedicate 100–150 hours of focused study time to prepare for Exam P, though this varies based on your math background and comfort with probability. If you're working with a tutor, a typical preparation timeline is 2–4 months of consistent study, meeting regularly to work through problem sets and clarify difficult concepts. Starting early and maintaining steady progress is more effective than cramming close to your test date.

Many students struggle with translating word problems into probability models, managing the exam's time constraints (3 hours for 30 multiple-choice questions), and distinguishing between similar probability distributions. Others find continuous probability distributions and integration-based calculations particularly challenging. Working with a tutor helps you identify your specific weak areas early and develop targeted strategies to address them before test day.

Varsity Tutors connects you with expert tutors who can break down complex probability concepts, work through practice problems at your pace, and help you develop efficient problem-solving strategies. Personalized 1-on-1 instruction allows tutors to identify gaps in your understanding, recommend targeted practice resources, and build your confidence on challenging topics. This focused approach typically leads to faster progress than self-study alone.

Practice tests simulate the actual exam experience, helping you build time-management skills, become familiar with question formats, and identify which topics need more review. Taking full-length practice exams under timed conditions reveals your pacing weaknesses and helps reduce test anxiety. Most successful test-takers complete multiple practice exams throughout their preparation and use the results to guide their final weeks of study.

In your first session, a tutor will assess your current probability knowledge, review your goals and target test date, and discuss which topics feel most challenging. They'll likely work through a few practice problems with you to understand your problem-solving approach and identify where gaps exist. This initial session helps create a personalized study plan tailored to your needs and timeline.

Exam P is scored on a scale of 0–10, and a passing score is typically 6 or higher. Many employers prefer scores of 7 or above, especially for competitive actuarial positions. Your target score depends on your career goals and the companies you're interested in—discussing this with a tutor can help you set realistic milestones and develop a study strategy aligned with your ambitions.