Exam P Syllabus Explained

The July 2026 syllabus weights general probability at 23-30%, univariate random variables at 44-50%, and multivariate random variables at 23-30%. That means distributions, expected value, variance, and transformations deserve the most practice time.

Tier 1 topics are expected value, variance, distributions, conditional probability, Bayes theorem, and CLT. Tier 2 topics are joint distributions, covariance, correlation, and insurance payment random variables. Tier 3 topics are combinatorics, order statistics, and narrower distribution tricks.

Study conditional probability before Bayes theorem, expected value before variance shortcuts, discrete distributions before continuous distributions, and joint distributions before covariance and correlation.