I am interested in becoming an actuary-and I need help with
finding resources on acturial math. I am looking at the book,
Fundamentals of Acturial Mathematics
But does anyone here what other books I should be using to study from so I
can go and take the actuarial exams?
I have been trying to find online resources for examples of actuarial
mathematics-do you know where I should look? All I have found is links
to courses on actuarial math.
Please let me know-I would appreciate your help. Thank you.
The book you’re talking about is not on any of the exam syllabuses. There’s another book, Actuarial Mathematics by Bower, that is, but it’s not on one of the exams you want to start with. The official propaganda site has information on exams P and FM, which are good exams to start with because they’re easier than the other ones.
Here is the link for the CAS syllabus. For renegade21’s info, SOA actuaries work in life insurance and pensions, and CAS actuaries (I’m one) work for property and casualty insurance companies.
Seconding ultrafilter’s recommendation to check out the Actuarial Outpost–you’ll get a lot more info there than on a general-interest message board like this one. You’ll even find individual forums dedicated to each exam. Enjoy!
Freddy: would starting in Demography, with life tables be any use at all? Whenever they teach basic life table math (and I’ve been through it a few times in different contexts), they always say that it’s the basis of actuarial work. Just wondering if that’s actually true.
herownself: Speaking as someone who’s working his way through the preliminary exams, I’d strongly advise you to take exams P/1 and FM/2. They’re designed to be a little more reasonable than the other prelims, and the upper-level exams assume that you’re comfortable with anything on those first two. You will eventually need to do a life contingencies exam, but you don’t want to take it first with no idea what you’re getting in to.
Your first step should be taking either Exam P or Exam FM, depending if you’ve had more experience with probability and statistics, or finance. Furthermore, it’s a fool’s errand trying to pass the preliminary exams by reading the textbooks. They may or may not be a nice thing to have on your bookshelf, but for actually passing the exams, success will be greatly facilitated by the use of a specialized study guide written for students taking them. For Exam FM, I highly recommend the ASM manual written by Harold Cherry, available at the Actuarial Bookstore. Actex or ASM would be a good bet for Exam P, as well. With a study guide, you won’t need anything else.
Also, read the Actuarial Outpost to get general tips on the profession. If you want something in book form, Actuaries’ Survival Guide is acceptable, the best thing I’ve seen published anyway.
I work P&C instead of life, so I’m no expert, but I do know that mortality tables are very important on the life side. Becoming familiar with them can’t hurt–if nothing else, it will give you an idea of whether you’d find the work interesting. The later exams are a world unto themselves, though, and they require pretty much the same amount of study regardless of your background.
I’m not sure what you mean exactly, but if you’re looking for examples of the type of formulas you’ll be working with, go to the Actuarial Outpost, click on the forum for one of the exams (say, Exam C), and at the top of the subforum there should be something like “Passed the exam? Post your notes here”. You can the study notes posted by other students, which will have the key concepts and formulas condensed.
“Actuarial maths formulas” is rather a vague term. Lots of the formulae that actuaries use aren’t specifically actuarial at all: they’re statistical, or basic financial maths formulae.
I think **iwakura43’s ** advice is very good. Or just go to a library and look through some of the appropriate textbooks.