CP 351 Details
Completing the CP 351 course requires passing an exam. Below we’ll lay out everything you need to know for the exam from registration details, to exam day, to what to do after you receive your results.
Prerequisites
There aren't any formal prerequisites for CP 351, but it's recommended that you complete all ASA-level exams before attempting CP 351.
Some background from preliminary exams or modules can be helpful when studying for CP 351. We understand that students come from diverse backgrounds, so we’ve included a Prerequisite Refresher section with all the relevant foundational content as part of our course. We recommend starting there before diving into the main CP 351 material.
Exam Offerings
The exam for CP 351 is offered 3 times per year (March, August, November). The first administration will be in November 2025.
Exam Format
Written-answer questions worth a total of 50 points, to be answered in Microsoft Word and Excel
Exam Duration
3 hours
Registration Info
Register online at soa.org before the registration deadline.
Upcoming Exam Window and Registration Deadline
Nov 20, 2025
Register by Sep 29, 2025
CP 351 Results: Things To Keep In Mind
Don't forget your must-haves for the day you're tested on CP 351! Know what to bring and what to do after you pass the exam.
What to Bring
A government-issued photo ID that includes a signature
Recommended Calculator: TI-30XS MultiView
(See Other Options)A reference to your five-digit candidate ID (for exam submission)
Exam Results
Results will be released on the SOA website about 4 weeks after each testing window ends. Shortly thereafter, you will find your course score on your official SOA transcript.
Completing the Course
CP 351 counts as an "additional course" of the 4 technical courses you need to complete to get your FSA designation. Be sure 2 of the 4 courses are sequenced courses (101 and 201 level courses) in the practice area of your choice.
Expert Tips: Helpful insights from our coaches
Our coaches know this exam inside and out. Check out their expert tips for achieving a passing score.
A big part of passing a written-answer course is to accumulate as many partial credit points as possible. Even if you can't fully answer a question, clearly communicate your thought process as much as possible. Be sure to show your work. Include all important steps or formulas.
Derek Koster Content Coach
This course covers a broad range of material, so it’s important to study with purpose. On your first read through the manual, focus on grasping the key ideas rather than all the details. Use the end-of-section summaries to highlight what’s important, then reinforce your understanding with the Concept Checkers. Repeating this approach for each section will help you learn the material more effectively.
Tong Teh President
Time management is key. This 3-hour course includes 2.5 hours of core testing time and 30 minutes of flexible time to use as you see fit. For optimal performance, aim to spend approximately 3 minutes per point (150 minutes for all 50 points). If you encounter a question you're unsure about, don't leave it blank. Instead, to the best of your ability, write down the relevant formulas, outline your solution approach step-by-step, show any partial calculations you can complete, and explain your reasoning briefly.
Terence Chow VP of Product
Course Offerings: Topics and weights
- 15%
This section introduces the fundamental purpose of Asset Liability Management (ALM): aligning a company’s asset strategies with its liability obligations to ensure financial stability and solvency. You’ll learn the core principles of ALM, examine case studies of historical failures, and identify key risks—including interest rate risk, liquidity risk, and the complexities introduced by embedded options in insurance and pension products. By grounding your understanding in both theory and practice, this section sets the stage for evaluating and managing ALM risk effectively in a real-world context.
- 60 Efficient, bite-sized Learning Manuals
- 0 Minutes of high-quality Learning Videos
- 12 Assignment Questions
- 0 Quiz and Exams questions
- 35%
This section focuses on the quantitative tools and frameworks used to measure and analyze risks arising from both assets and liabilities. You'll explore techniques such as duration, DV01, key rate durations, and principal component analysis to understand risk exposure. Additionally, you'll assess portfolio vulnerabilities related to long-duration liabilities—such as those driven by inflation, longevity, and illiquidity. Through practical application of these tools, you’ll gain a deeper appreciation for the challenges of modeling risk in portfolios that span decades.
- 77 Efficient, bite-sized Learning Manuals
- 0 Minutes of high-quality Learning Videos
- 11 Assignment Questions
- 0 Quiz and Exams questions
- 50%
In this section, you’ll apply your knowledge of ALM principles and risk measurement to the development of strategies that manage and mitigate ALM risks. Topics include asset allocation strategies that match liability profiles, use of derivatives to hedge interest rate risk, and scenario analysis and stress testing to evaluate resilience under extreme conditions. You'll also examine model risk, parameter uncertainty, and risk mitigation techniques using options and structured instruments. This section integrates technical tools with strategic thinking to help you design robust ALM frameworks under various financial conditions.
- 130 Efficient, bite-sized Learning Manuals
- 0 Minutes of high-quality Learning Videos
- 16 Assignment Questions
- 0 Quiz and Exams questions
We're just getting started
The CP 351 course is still new—and that can work in your favor. Early exam sittings may have more straightforward questions, and the Coaching Actuaries course is designed to help you make the most of that opportunity. If you’re thinking about taking on the CP 351 course, now’s a great time to start. Enroll today and take the next step with confidence.