Exam P is a three–hour multiple–choice examination and is identical to Casualty Actuarial Society (CAS) Exam 1.
Exam P is offered via computer–based testing (CBT).

The syllabus for Exam P develops the candidate’s knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.

The Probability (P) Exam provides a comprehensive assessment of the candidate’s understanding of probability concepts and how these are applied in actuarial science. The exam topics include probability theory, random variables, and distributions. Candidates need to demonstrate an understanding of calculus, insurance, and risk management.

Exam P requires lots of calculus which means that you’ll need to be very familiar with integration (single and double) and differentiation. You’ll also have to have some experience with probability concept but those can be learned through your study manual. Calculus is more difficult to learn that way.
Exam P is focused on mastering probability concepts used in assessing financial risk. Knowledge of calculus and basic knowledge of insurance and risk management is assumed. There are 3 topics on the exam: General probabilities, Univariate random variables, and Multivariate random variables