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Text References of Exam P

There is no single required text for this exam. The texts listed below may be considered as representative of the many texts available to cover material on which the candidate may be examined. Texts are added and deleted as part of a regular process to keep the list up-to-date. The addition or deletion of a textbook does not change the bank of questions available for examinations. There is no advantage to selecting a text recently added or not using a text recently removed.

 

Not all the topics may be covered adequately by just one text. Candidates may wish to use more than one of the following or other texts of their choosing in their preparation. Earlier or later editions may also be adequate for review.

 

• A First Course in Probability (Ninth Edition), 2012, by Ross, S.M., Chapters 1–8.

• Mathematical Statistics with Applications (Seventh Edition), 2008, by Wackerly, D., Mendenhall III, W., Scheaffer, R., Chapters 1-7.

• Probability for Risk Management, (Second Edition), 2006, by Hassett, M. and Stewart, D., Chapters 1–11.

• Probability and Statistical Inference (Eighth Edition), 2009, by Hogg, R.V. and Tanis, E.A., Chapters 1–5.

• Probability and Statistics with Applications: A Problem Solving Text, 2010, by Asimow, L. and Maxwell, M.

 

Probability: The Science of Uncertainty with Applications to Investments, Insurance and Engineering 2009, by Bean, M.A., Chapters 1–9.

 

 

 

 

Text References of Exam FM

 

Knowledge and understanding of the financial mathematics concepts are significantly enhanced

through working out problems based on those concepts. Thus, in preparing for the Financial

Mathematics exam, whichever of the source textbooks candidates choose to use, candidates are

encouraged to work out the textbook exercises related to the listed readings. 

Suggested Textbooks for Learning Objectives in Section I, Interest Theory

There is not a single textbook required for the learning objectives in Section I. The texts listed below are

representative of the textbooks available to cover the material on which the candidate may be tested.

Not all topics may be covered at the same level in each text. The candidate may wish to use one or

more texts in his/her preparation for the examination. 

 

Broverman, S.A., Mathematics of Investment and Credit (Fifth Edition), 2010, ACTEX Publications: 

Chapter 1 (1.1-1.7) 

Chapter 2 (2.1 -2.4 excluding 2.4.2 and 2.4.3)

Chapter 3 (3.1-3.3, excluding 3.2.1 and 3.2.2) 

Chapter 4 (4.1-4.3.1) 

Chapter 5 (5.1-5.3 excluding 5.1.4 and 5.3.2)

Chapter 6 (6.1-6.3 excluding 6.2)

Chapter 7 (7.1-7.2) 

Chapter 8 (8.1, 8.3.1 and 8.4.1–8.4.2)

 

Daniel, J.W., and Vaaler, L.J.F., Mathematical Interest Theory (Second Edition), 2009, The

Mathematical Association of America:  [Candidates may also use the First Edition of

Mathematical Interest Theory (Publisher: Prentice Hall). The same chapter references apply.]

Chapter 1 (1.3-1.12, 1.14)

Chapter 2 (2.2-2.7) 

Chapter 3 (3.2-3.9, 3.11, 3.13) 

Chapter 4 (4.2-4.6) 

Chapter 5 (5.2-5.4) 

Chapter 6 (6.2-6.6, 6.9)

Chapter 7 (7.1) 

Chapter 8 (8.3)

Chapter 9 (9.1-9.5)  

 

Kellison, S.G., The Theory of Interest (Third Edition), 2009, Irwin/McGraw-Hill: 

Chapter 1 (1.2-1.10)

Chapter 2 (2.3-2.6) 

Chapter 3 (3.2-3.8) 

Chapter 4 (4.2-4.9) 

Chapter 5 (5.2-5.6) 

Chapter 6 (6.2-6.7, 6.10)

Chapter 7 (7.2-7.7) 

Chapter 9 (9.4) 

Chapter 10 (10.2-10.5) 

Chapter 11 (11.2-11.8) 

Ruckman, C.; and Francis, J., Financial Mathematics: A Practical Guide for Actuaries and other

Business Professionals (Second Edition), 2005, BPP Professional Education:

Chapter 1

Chapter 2

Chapter 3 (3.1-3.9) 

Chapter 4 (4.1-4.7) 

Chapter 5 

 

Chapter 6 (6.1-6.3 excluding 6.1.6-6.1.7) 

Chapter 7 (7.1-7.9) 

Chapter 8 (8.1-8.3) 

 

Chan, Wai-Sum, and Tse, Yiu-Kuen, Financial Mathematics for Actuaries, Updated Edition, 2013,

McGraw-Hill Education (Asia) [Candidates may also use the 2011 Edition of Financial Mathematics for

Actuaries with  Supplementary Notes for Financial Mathematics for Actuaries for Chapter 8.  The

same chapter references apply.]

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

 

Textbook for Learning Objectives in Section II, Financial Economics

McDonald, R.L., Derivatives Markets (Third Edition), 2013, Pearson:

Chapters  1–3

Chapter 4 (4.1–4.4)

Chapter 5 (5.1–5.4 and Appendix 5.B)

Chapter 8 (8.1–8.3)

Chapter 15 (Sections 15.3 and 15.4 only)