1. Sign into outlook.office365.com with your work or school account.
2. Go to Settings via the cogwheel on the upper-right of the page.
3. Click on "Office 365" under 'Your app settings'.
4. On the left side, (1) click the tab "Security & privacy" then (2) click on "Password".
5. Enter your current password (old password), then type what you'd like your password to be (new password). Be sure to type the new password again to confirm.