Study Materials for Actuarial Science Students

Core Mathematics

CM1 - Actuarial Mathematics

Curriculum: Actuarial Mathematics

  1. Actuarial mathematics. 2nd ed. Bowers, N. L.; Gerber, H. U.; Hickman, J. C. et al. Society of Actuaries, 1997. ISBN 9780938959465
  2. Actuarial mathematics for life contingent risks. 3rd ed. Dickson, D.C.M.; Hardy, M.R.; Waters, H.R. Cambridge University Press, 2020. ISBN 978108478083
  3. Actuarial models for disability insurance. Haberman, S.; Pitacco, E. Chapman & Hall, 1999. ISBN 9780849303890
  4. The analysis of mortality and other actuarial statistics. 3rd ed. Benjamin, B.; Pollard, J. H. Institute and Faculty of Actuaries, 1993. ISBN 9780901066268
  5. Financial mathematics for actuaries. 3rd ed. Chan, W.-S.; Tse, Y.-K. World Scientific Publishing, 2022. ISBN 9789813224674
  6. Financial mathematics for actuarial science. Wilders. R.J. CRC Press, 2020. ISBN 9780367253080
  7. Fundamentals of actuarial mathematics. 3rd ed. Promislow, D. John Wiley, 2015. ISBN 9781118782460
  8. An introduction to the mathematics of finance: a deterministic approach. 2nd ed. S J Garrett. Butterworth-Heinemann, 2013. ISBN 9780080982403, See also publisher Elsevier’s book site for accompanying material ‘Essential topics’ available related to this book.
  9. Life assurance mathematics. Scott, W. F. Heriot-Watt University, 1999.
  10. Life contingencies. Neill, A. Heinemann, 1977. ISBN: 0434914401
  11. Life insurance mathematics. 3rd ed. Gerber, H. U. Springer; Swiss Association of Actuaries, 1997. ISBN 9783540622420
  12. Mathematics of compound interest. Butcher, M. V.; Nesbitt, C. J. Ulrich’s Books, 1971. ISBN: 978-0960300013 (Amazon Link)
  13. Modern actuarial theory and practice. 2nd ed. Booth, P. M.; Chadburn, R. G.; Haberman, S. et al. Chapman & Hall, 2005. ISBN 9781584883685
  14. Theory of financial decision making. Ingersoll, J. E. Rowman & Littlefield, 1987. ISBN 9780847673599
  15. The theory of interest. 3rd ed. Kellison, S. G. McGraw-Hill-Irwin, 2008. ISBN 9780073382449

Core Statistics

CS2 - Risk Modeling and Survival Analysis

Curriculum: Actuarial Statistics

  1. Actuarial principles: lifetables and mortality models. Leung, A.P. S.-F. Academic Press; Elsevier, 2021. ISBN 9780323901727
  2. An actuarial survey of statistical models for decrement and transition data. Macdonald, A.S. British Actuarial Journal (1996) 2: 129-155; 429-448; 703-726. I. Multiple state, Poisson and binomial models. BAJ 2: 129-155. DOI 10.1017/S1357321700003366 II. Competing risks, non-parametric and regression models. BAJ 2: 429-448. DOI 10.1017/S1357321700003469 III.  Counting process models. BAJ 2: 703-726. DOI 10.1017/S1357321700003524
  3. Analysing survival data from clinical trials and observational studies. Marubini, E.; Valsecchi, M. G. – John Wiley, 2004. ISBN 9780470093412 (Amazon Link)
  4. The analysis of mortality and other actuarial statistics. 3rd ed. Benjamin, B.; Pollard, J. H. – Institute and Faculty of Actuaries, 1993. ISBN 9780901066268
  5. Basic stochastic processes: a course through exercises. Brzezniak, Z.; Zastawniak, T. – Springer, 1998. ISBN 9783540761754
  6. Basic stochastic processes. De Volder, P.; Janssen, J.; Manca, R. – John Wiley, 2015. ISBN 9781119184546
  7. Competing risks and multistate models with R. – Beyersmann, J., Schumacher, M. and Allignol, A. – Springer, 2012. ISBN 9781461420347
  8. Demographic methods. Hinde, A. – Routledge, 1998. ISBN 9780340718926
  9. Effective statistical learning methods for actuaries: I. [Generalised Linear Models] GLMs and extensions. – Denuit, M., Hainaut, D. and Trufin, J. – Springer, 2019. ISBN 9783030258207
  10. Introduction to actuarial modeling. Hickman, J. C. North American Actuarial Journal (1997) 1(3): 1-5. DOI 10.1080/10920277.1997.10595621
  11. An introduction to statistical modelling. Dobson, A. J. – Chapman & Hall, 1983. 125 pages. ISBN 9780412248603
  12. Introductory statistics with applications in general insurance. 2nd ed. Hossack, I. B.; Pollard, J. H.; Zehnwirth, B. – Cambridge University Press, 1999. ISBN 9780521655347
  13. Loss models: from data to decisions. 5th ed. Klugman, S. A.; Panjer, H. H.; Willmot, G. E. – John Wiley, 2019. ISBN 9781118215323
  14. Machine learning with R: expert techniques for predictive modeling to solve all your data analysis problems. 2nd ed. Lantz, B. – Packt Publishing, 2013. ISBN 9781784393908. The Library also offers later 3rd ed., 2019, ISBN 978-1788291552
  15. Modeling, analysis, design and control of stochastic systems. Kulkarni, V.G. – Springer, 1999. ISBN: 0387987258
  16. Modelling mortality with actuarial applications.  Macdonald, A.S., Richards, S.J. and Currie, I.D. – Cambridge University Press, 2018. ISBN 9781107045415. IFoA Core Reading CS2 makes reference to chapters 12 and 13.
  17. Mortality studies. Scott, W. F. – University of Aberdeen, Department of Mathematical Sciences, 2000. (Amazon Link)
  18. Non-life actuarial models: theory, methods and evaluation. 2nd ed. Tse, Y-K. – Cambridge University Press, 2009. 524 pages. ISBN 978052764650
  19. Probability and random processes. 3rd ed. Grimmett, G.; Stirzaker, D. – Oxford University Press, 2001. ISBN 9780198572220
  20. Practical risk theory for actuaries. Daykin, C. D.; Pentikainen, T.; Pesonen, M. – Chapman & Hall, 1994. ISBN 9780412428500
  21. Risk modelling in general insurance: from principles to practice. Gray, R.J.; Pitts, S.M. – Cambridge University Press, 2012. xiv, 393 pages. ISBN 9780521863940
  22. The statistical analysis of failure time data. 2nd ed. Kalbfleisch, J.D.; Prentice, R.L. – Wiley-Blackwell, 2002. ISBN 9781420099607
  23. Stochastic processes: an introduction. 3rd ed. Jones, P; Smith, P. Arnold. – Chapman & Hall, 2017. ISBN 9781498778121
  24. Survival models and data analysis. Elandt-Johnson, R. C.; Johnson, N. L. – John Wiley, 1999. ISBN 9780471349921

Specialist Principles

SP1 - Health and Care Principles

Curriculum: Actuarial Practice
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SP2 - Life Insurance Principles

Curriculum: Life Insurance
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SP3 - General Insurance (Discontinued)

Curriculum: General Insurance (Split into SP7 and SP8)
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SP10 - Banking Principles

Curriculum: Banking
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Specialist Advanced

SA2 - Life Insurance Advanced

Curriculum: Life Insurance
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SA3 - General Insurance Advanced

Curriculum: General Insurance

  1. Claims reserving in general insurance. Hindley, D.J. Cambridge University Press, 2017. ISBN 9781107076938. The author releases accompanying material for the book: https://davidjhindley.com/shiny/claimsreserving/ Open source ‘R’ code relating to the Appendix: https://github.com/djhindley/shiny-server/tree/master/claimsreserving Please read Notice and disclaimer about use of this material intended solely as a learning aid.
  2. Pricing in general insurance. Parodi, P. Chapman & Hall/CRC Press, 2014. ISBN: 9781466581449. The author also releases accompanying material for the book: www.pricingingeneralinsurance.com 

SA5 - Finance (Discontinued)

Merged into SA7
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SA6 - Investment (Discontinued)

Merged into SA7
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SA7 - Investment & Finance Advanced

Curriculum: Investment and Finance

  1. Active portfolio management: a quantitative approach for providing superior returns and controlling risk. 2nd ed. Grinold, Richard C. and Kahn, Ronald N. ISBN 9780070248823. (SA7, Unit 9)
  2. An essay on the principle of population. Malthus, T. 1798. (Library of Economics and Liberty online reprint) (referenced in SA7, Unit 8)
  3. A Farewell to Alms: a brief economic history of the world. Clark, Gregory. Princeton University Press, 2007. ISBN 9780691141282. (SA7, Unit 8)
  4. Common sense on mutual funds: new imperatives for the intelligent investors. Bogle, John C. – John Wiley, 1999, ISBN 0471295434. (SA7, Unit 10).
  5. The intelligent investor: a book of practical counsel. 4th ed. Graham, Benjamin. – Harper & Row, 1991. ISBN 0060155477 (SA7, Unit 10).
  6. The little book of market wizards: lessons from the greatest traders. 4th ed. Schwager, Jack. – John Wiley, 2014. ISBN 9781118858622 (SA7, Unit 10).
  7. The mind in action. Berne, Eric. New York, 1947, reprint Grigson Press, 2011. ISBN 9781447425731. (SA7, Unit 10)
  8. The new trading for a living: psychology, discipline, trading tools and systems, risk control, and trade management. Elder, Alexander.  – John Wiley, 1991. ISBN 9781118963685. (SA7, Unit 10).
  9. The psychology of risk: mastering market uncertainty. Kiev, Ari. – John Wiley, 2003. ISBN 9780471463184  (SA7, Unit 10)
  10. A random walk down Wall Street: the time-tested strategy for successful investing. Malkiel, Burton G. –  W.W. Norton, 2006. ISBN 9780470593219 (SA7, Unit 10).
  11. Reminiscences of a stock operator: with new commentary and insights on the life of Jesse Livermore. John Wiley, 2010. ISBN 9781946963062 (SA7, Unit 10)
  12. Security analysis: principles and technique. 6th ed. Graham, Benjamin and Dodd, David L.; 6th ed. Contributions by S Klarman et al. – McGraw-Hill Education, 2008. ISBN 9780070140653 (SA7, Units 9, 10)
  13. Technical analysis of the financial markets: a comprehensive guide to trading methods and applications. 2nd ed. Murphy, John J. – New York Institute of Finance, 1998. ISBN 0753200661. (SA7, Units 9, 10)
  14. Trade like a stock market wizard: how to achieve superperformance in any market. Minervini, Mark.  –  McGraw-Hill Education, 2013. ISBN 9780071807227 (SA7, Unit 10)

SA10 - Banking Advanced

Curriculum: Banking
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