After completing the preceding actuarial exams, candidates pick the higher exam to become proficient in his or her actuarial career. The Society of Actuaries (SOA) has smoothed the Fundamentals of Actuarial Practice (FAP) e-Learning course in January 2020 and revamped it after 5 years from January 2025. This FAP course provides candidates with more interactive learning and global content.
If you’re aiming for the ASA designation with the Society of Actuaries, the FAP course is a key milestone. The SOA has recently revamped FAP, making it more focused, interactive, and aligned with the evolving actuarial profession. Here’s everything you need to know about the new structure, assessments, costs, and how to succeed.
What is the New FAP Course?
Relaunched in February 2025, the new FAP is a fully online, self-paced e-learning course that teaches you how to apply actuarial principles in real-world business settings. The content is global in scope, with examples and case studies from across the world, and is designed to build both your technical and professional skills.
Who should take it?
Anyone on the ASA pathway with the SOA. There are no prerequisites, but most candidates have passed some preliminary exams before starting.
Course Structure (2025 Onward)
Exam Structure
- Five e-learning modules (replacing the old eight-module structure)
- Each module is interactive, with real-world scenarios, quizzes, and practical case studies
- Emphasis on business communication, professionalism, and application of actuarial concepts
- Modules are designed to be completed in sequence
Modules coverered under FAP
- Pre-Actuarial Foundations – Core skills and concepts needed for actuarial work
- Actuarial Science Foundations – Deeper dive into actuarial thinking and problem-solving
- Risk in Actuarial Problems – Identifying and analyzing risk in various contexts
- Design and Pricing of Actuarial Solutions – How actuaries design, price, and monitor solutions
- Monitoring and Communicating Results – Professional communication and ongoing monitoring
You’ll also find guidance on written communication, professionalism, and applying actuarial skills in both traditional and emerging areas.
Assessments: How You’re Tested
Timeframe:
You have two years to complete the course. If you need more time, a one-year extension is available for a fee.
End-of-Module Assessments (EMAs):
After each module, you’ll complete a short, open-book assessment focused on applying what you’ve learned. These are designed to build your skills in communication, analysis, and problem-solving.
Final Assessment (FA):
When you finish all five modules, you’ll complete a comprehensive, take-home Final Assessment. This simulates a real actuarial work assignment and tests your ability to synthesize and communicate your knowledge.
Fundamentals of Actuarial Practice (FAP) -Study material
Study Materials & Resources
Trial account:
Not sure if FAP is right for you? Register for a free 30-day trial to preview Module 1 and the e-learning platform before enrolling.
All course content is provided online through the SOA’s e-learning platform.
You can print materials for personal use, but sharing is not allowed.
Required textbooks:
You’ll need to purchase a few required texts separately; the SOA provides a list of recommended book distributors.
The SOA does not provide the required FAP textbooks. Candidates are responsible for purchasing the books required for the course. The SOA provides a list of FAP book distributors on the SOA website.
FAP Actuarial Fees (2025)
| Item | Cost (USD) |
|---|---|
| Five Modules & End-of-Module Assessments | $540 |
| Final Assessment (per attempt) | $1,290 |
| End-of-Module Assessment Retake | $100 |
| One-Year Module Extension | $100 |
Note: Fees are subject to change; always check the SOA website for the latest information
The cost to complete the entire FAP course is around $1,830 (INR 1,56,000).
Note: All of the above currency conversion may vary as it’s based upon variable currency conversion rates.
Exam Tips for Success in FAP Actuarial from SOA
Preview the course
The candidate should preview the FAP course before he or she begins. The SOA invites interested students to register for a trial account to preview the FAP course. A trial account gives you access to portions of the SOA’s e-Learning platform and Module 1 of the FAP course for 30 days.
Set a study schedule
The trial account provides access to FAP Module 1: Introduction/Role of the Professional Actuary, excluding the offline textbook readings, discussion forum, end-of-module exercise and evaluation form. Trial account participants are, therefore, able to view Module 1 and e-Learning system content as if they were candidates completing the course.
Use available study guides & Practice your writing
The candidate should take advantage of all available study tools. The ACTEX / Edge FAP study guide covers material for the entire FAP course. It is now the only study guide for students wishing to have an additional study aid for the entire course. The ACTEX / Edge FAP Study Guide can help you in cutting down significant time of course reading and note-taking, while also focusing on enhanced comprehension.
Don’t delay assessments
The amount of material covered the exam is consistent with the Fellowship exams. As a result, the ACTEX/ Edge FAP study guide incorporates techniques the authors used to pass the Fellowship exams. The ACTEX Edge FAP Study Guide is available at the Actuarial Bookstore. The Deluxe Study package includes the FAP Study Guide, plus the 6 SOA FAP Required texts and solutions.
What’s New in 2025?
- Streamlined structure: Five modules instead of eight, with updated content and a sharper focus on foundational and professional skills.
- New modules: Pre-Actuarial Foundations and Actuarial Science Foundations replace several of the old modules.
- Updated assessments: EMAs and the Final Assessment are designed to reflect current actuarial practice and communication standards.
- Global perspective: Even more international examples and real-world scenarios.
Final Thoughts
The new FAP course is designed to be more accessible, relevant, and practical than ever before. It’s not just about passing assessments-it’s about building the skills you’ll use every day as an actuary. Take advantage of the SOA’s resources, practice your communication, and keep your eye on deadlines.
For the latest details, always check the SOA’s official FAP page. Good luck on your journey to becoming an ASA!
Also Read: Society of Actuaries (SOA) – A Brief Overview