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Recommended Textbooks

ACTEX Academic Series

- A Full Complement of Risk Management Educational Textbooks
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The Academic Series is a collection of textbooks designed with actuarial exam preparation in mind.

These textbooks are popular in college classrooms world-wide and cover all syllabus material for the respective SOA exam. You and your students will appreciate having a course textbook that focuses on the key topics of importance for each exam.

This page contains a quick look at each textbook.

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LTAM
IFM
STAM

SOA Exam P - Probability

By: Matthew J. Hassett, Ph.D., Donald G. Stewart, Ph.D.

Included in the Course of Reading for SOA Exam P

Focused on applications of probability in the general feild of Risk Management, including insurance, economics, and finance.

  • Past actuarial exam questions at the end of each chapter.
  • Designed for a broad audience including students of mathematical economics, finance and risk management.
  • Focused on real-world problems.
  • A separate solutions manual with detailed solutions to all of the text exercises is also available.

By: Leonard A. Asimow, Ph.D., ASA, Mark Maxwell

Provides the content to serve as the primary text for a standard, two semester advanced undergraduate course in probability and statistics.

It is organized specifically to meet the needs of students who are preparing for the Society of Actuaries qualifying Examination P and Casualty Actuarial Society's Exam MAS-I.

  • Accessible to college students simultaneously studying calculus and probability.
  • Content sufficient to serve as primary text for a standard two-semester undergraduate course in advanced mathematical probability and statistics.
  • Detailed examples and 870 exercises.
  • A separate solutions manual with detailed solutions to all of the text exercises is also available.

SOA Exam FM - Financial Mathematics

By: Samuel A. Broverman, Ph.D., ASA

This text is listed on the Course of Reading for SOA Exam FM. It is also the required or recommended text in many college and university courses on the topic of interest theory.

The leading textbook in interest theory, this publication is the required or recommended textbook in financial mathematics in many university courses.

  • Detailed treatments of the term structure of interest rates, forward contracts of various types, interest rate swaps and financial options and option strategies.
  • Key formulas and definitions are highlighted.
  • Real world current events are included to demonstrate key concepts.
  • A large number of worked examples and end-of-chapter exercises.
  • A separate solutions manual with detailed solutions to all of the text exercises is also available.

SOA Exam LTAM - Long-Term Actuarial Mathematics

By: Stephen Camilli, ASA, Ian Duncan, Richard L. London, FSA

This textbook covers approximately 80% of the material for new SOA Exam LTAM. The SOA Study Notes (freely available on the SOA website) cover the other 20%. It is also an official reference for EA-1.

It is designed to be appropriate for use in a two or three semester university course in basic actuarial science.

  • Fully incorporates all standard notation and terminology for exam LTAM.
  • Easy-to-understand explanations and end-of-chapter exercises.
  • A separate solutions manual with detailed solutions to all of the text exercises is also available.

SOA Exam IFM - Investment and Financial Markets

At this time ACTEX is looking for authors interested in creating a textbook for the IFM syllabus. Inquire at Stephen@ActexMadRiver.com

SOA Exam STAM - Short-Term Actuarial Mathematics

By: Robert Brown, PhD, FSA, FCIA, ACAS & W. Scott Lennox, FSA, FCIA, FCAS

This text is listed in the Course of Reading for the Fundamentals of Actuarial Practice Course of the SOA and for the 2018 SOA STAM Exam.

  • This text provides a basic foundation of knowledge concerning two fundamental building blocks of property/casualty actuarial work: ratemaking and loss reserving.
  • The text contains a number of worked examples and end-of-chapter exercises.
  • The fourth edition has been updated to reflect industry changes and includes even more exercises than previous editions.
  • A separate solutions manual with detailed solutions to all of the text exercises is also available.

By: Thomas N. Herzog, ASA, Ph.D.

In the rapidly evolving healthcare environment, data credibility is more important than ever. The Fourth Edition of this text includes three new case studies relating to healthcare issues.

  • Presents a wide variety of credibility models in an easy-to-read style.
  • The Bayesian approach to credibility is emphasized.
  • Contains worked examples and a large number of end-of-chapter exercises.
  • Practical applications of credibility theory are presented in the Appendices.
  • A separate solutions manual with detailed solutions to all of the text exercises is also available.