Can you retake an actuarial exam?
So you’re here because you’re wondering if you can retake an actuarial exam.
Actuarial exams are HARD.
So what happens if you fail one? Can you retake it?
Find out by clicking ‘play’ on the video above… or keep reading!
It’s one of the questions I see on forums all the time…
Can I retake an actuarial exam?!
Well I’ll get right to it…. Yes! You can definitely take an actuarial exam more than once.
Less than 50% of people that attempt Exam P and FM (the first two actuarial exams) actually pass each sitting. And that includes people that are writing for their second, third or forth time too. If I had to take a guess, I’d bet that less than 20% of people actually pass on their first attempt.
So, it’s actually very common to fail an actuarial exam and then write it again (at least once).
Typically, people don’t fail because they weren’t trying. It’s not because they’re not smart enough either. Usually it’s because they didn’t have a proper study strategy. When you’re writing an actuarial exam for the first time it’s almost impossible to know how to study properly for it.
That’s why I started the Study Strategy Program – To show first time exam writers how to study the right way for success. But more about that later.
Now, you’re probably wondering…
How long do you have to wait to take an actuarial exam again?
You just have to wait until the next exam sitting. Exam P and FM (the first two exams) are offered every 2 month so that’s the most you’d have to wait to rewrite one of those exams.
That means if you fail, you have another 2 months to get better prepared and hopefully you can pass the next time!
Of course, you don’t have to write it in 2 months. You can wait 4, 6 months… even longer if you want.
Now one more thing.
You might (maybe just maybe) be wondering if you can retake an actuarial exam just to improve your score.
WHAT ABOUT THAT!?!
No! You can’t do that. There’s really no need to increase your score anyway because employers don’t really care. They usually don’t even look at them! They only care that you’ve passed.
So I wouldn’t recommend you waste any time retaking exams, even if you could!
What to do if you’ve failed your first actuarial exam
So if you’ve failed your first exam, it’s not something to stress about. It doesn’t mean that you’re not smart enough to be an actuary. Likely, you just need to get a better study strategy in place for next time.
If you’re like most first-time exam writers, you probably used the trial-and-error approach since you didn’t know of any other way. With that approach, it’s totally understandable that things don’t go right sometimes. So it’s OK.
That’s why I’ve started the Study Strategy Program. I know that it’s impossible to know how to study properly when you’re just getting started. I know having someone to guide you, step-by-step, on the right studying approach is the best way to succeed.
If you’d like to find out more about how I can help you pass next time, read this. I’m sure you can pass, and I’d love to show you how!