Core Mathematics
CM1 - Actuarial Mathematics
Curriculum: Actuarial Mathematics
- Actuarial mathematics. 2nd ed. Bowers, N. L.; Gerber, H. U.; Hickman, J. C. et al. Society of Actuaries, 1997. ISBN 9780938959465
- Actuarial mathematics for life contingent risks. 3rd ed. Dickson, D.C.M.; Hardy, M.R.; Waters, H.R. Cambridge University Press, 2020. ISBN 978108478083
- Actuarial models for disability insurance. Haberman, S.; Pitacco, E. Chapman & Hall, 1999. ISBN 9780849303890
- The analysis of mortality and other actuarial statistics. 3rd ed. Benjamin, B.; Pollard, J. H. Institute and Faculty of Actuaries, 1993. ISBN 9780901066268
- Financial mathematics for actuaries. 3rd ed. Chan, W.-S.; Tse, Y.-K. World Scientific Publishing, 2022. ISBN 9789813224674
- Financial mathematics for actuarial science. Wilders. R.J. CRC Press, 2020. ISBN 9780367253080
- Fundamentals of actuarial mathematics. 3rd ed. Promislow, D. John Wiley, 2015. ISBN 9781118782460
- 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.
- Life assurance mathematics. Scott, W. F. Heriot-Watt University, 1999.
- Life contingencies. Neill, A. Heinemann, 1977. ISBN: 0434914401
- Life insurance mathematics. 3rd ed. Gerber, H. U. Springer; Swiss Association of Actuaries, 1997. ISBN 9783540622420
- Mathematics of compound interest. Butcher, M. V.; Nesbitt, C. J. Ulrich’s Books, 1971. ISBN: 978-0960300013 (Amazon Link)
- Modern actuarial theory and practice. 2nd ed. Booth, P. M.; Chadburn, R. G.; Haberman, S. et al. Chapman & Hall, 2005. ISBN 9781584883685
- Theory of financial decision making. Ingersoll, J. E. Rowman & Littlefield, 1987. ISBN 9780847673599
- The theory of interest. 3rd ed. Kellison, S. G. McGraw-Hill-Irwin, 2008. ISBN 9780073382449
CM2 - Financial Engineering and Loss Reserving
Curriculum: Actuarial Mathematics
- Ethics in quantitative finance. Johnson, T. Palgrave Macmillan, 2017. ISBN 9783319610382. The title is referenced in CM2 Core Reading, Unit 3
- Financial calculus: an introduction to derivative pricing. Baxter, M.; Rennie, A. CUP, 1996. ISBN 9780521552899
- Financial economics: with applications to investments, insurance and pensions. Panjer, H. H. (ed) The Actuarial Foundation, 2001. ISBN 9780938959489
- Interest rate models: an introduction. Cairns, Andrew J. G. Princeton University Press, 2004. ISBN: 0691118949
- Introduction to mathematical portfolio theory. Joshi, Mark S.; Paterson, Jane M. Cambridge University Press, 2013. ISBN 9781107042315
- Louis Bachelier’s Theory of Speculation: the origins of modern finance. Bachelier, Louis; Davies, M. and Etheridge, A. (translators). Princeton University Press, ISBN 9780691117522
- Modern portfolio theory and investment analysis. 9th ed. Elton, E. J.; Gruber, M. J.; Brown, S. J. et al. John Wiley, 2014. ISBN 9781118469941
- Options, futures and other derivatives. 11th edition, 2021. ISBN 9781292410623
Core Statistics
CS1 - Actuarial Statistics
Curriculum: Actuarial Statistics
- Effective statistical learning methods for actuaries: I. [Generalised Linear Models] GLMs and extensions. – Denuit, M., Hainaut, D. and Trufin, J. – Springer, 2019. ISBN 9783030258207
- Generalized linear models. 2nd ed. McCullagh, P. and Nelder, J.A. Chapman & Hall/CRC Press, 1989. ISBN 0412317605.
- John E. Freund’s Mathematical statistics with applications. 8th ed. Miller, I. and Miller, M.; [Freund, J. E.] Prentice Hall International, 2013. ISBN 9780321904409
- Literate programming. Knuth, D.E. Stanford CA: Centre for the Study of Language and Information, 1992. ISBN 978093073803
- R programming for actuarial science. McQuire, P.; Kume, A. Chichester: John Wiley, 2023.
- Regression modelling with actuarial and financial implications. Frees, E.W. Cambridge University Press, 2010. ISBN 9780521760119
- Report writing for data science in R. Peng, R. Victoria (Canada): Lean Publishing, 2015. ISBN 978132973364
CS2 - Risk Modeling and Survival Analysis
Curriculum: Actuarial Statistics
- Actuarial principles: lifetables and mortality models. Leung, A.P. S.-F. Academic Press; Elsevier, 2021. ISBN 9780323901727
- 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
- Analysing survival data from clinical trials and observational studies. Marubini, E.; Valsecchi, M. G. – John Wiley, 2004. ISBN 9780470093412 (Amazon Link)
- The analysis of mortality and other actuarial statistics. 3rd ed. Benjamin, B.; Pollard, J. H. – Institute and Faculty of Actuaries, 1993. ISBN 9780901066268
- Basic stochastic processes: a course through exercises. Brzezniak, Z.; Zastawniak, T. – Springer, 1998. ISBN 9783540761754
- Basic stochastic processes. De Volder, P.; Janssen, J.; Manca, R. – John Wiley, 2015. ISBN 9781119184546
- Competing risks and multistate models with R. – Beyersmann, J., Schumacher, M. and Allignol, A. – Springer, 2012. ISBN 9781461420347
- Demographic methods. Hinde, A. – Routledge, 1998. ISBN 9780340718926
- Effective statistical learning methods for actuaries: I. [Generalised Linear Models] GLMs and extensions. – Denuit, M., Hainaut, D. and Trufin, J. – Springer, 2019. ISBN 9783030258207
- Introduction to actuarial modeling. Hickman, J. C. North American Actuarial Journal (1997) 1(3): 1-5. DOI 10.1080/10920277.1997.10595621
- An introduction to statistical modelling. Dobson, A. J. – Chapman & Hall, 1983. 125 pages. ISBN 9780412248603
- Introductory statistics with applications in general insurance. 2nd ed. Hossack, I. B.; Pollard, J. H.; Zehnwirth, B. – Cambridge University Press, 1999. ISBN 9780521655347
- Loss models: from data to decisions. 5th ed. Klugman, S. A.; Panjer, H. H.; Willmot, G. E. – John Wiley, 2019. ISBN 9781118215323
- 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
- Modeling, analysis, design and control of stochastic systems. Kulkarni, V.G. – Springer, 1999. ISBN: 0387987258
- 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.
- Mortality studies. Scott, W. F. – University of Aberdeen, Department of Mathematical Sciences, 2000. (Amazon Link)
- Non-life actuarial models: theory, methods and evaluation. 2nd ed. Tse, Y-K. – Cambridge University Press, 2009. 524 pages. ISBN 978052764650
- Probability and random processes. 3rd ed. Grimmett, G.; Stirzaker, D. – Oxford University Press, 2001. ISBN 9780198572220
- Practical risk theory for actuaries. Daykin, C. D.; Pentikainen, T.; Pesonen, M. – Chapman & Hall, 1994. ISBN 9780412428500
- Risk modelling in general insurance: from principles to practice. Gray, R.J.; Pitts, S.M. – Cambridge University Press, 2012. xiv, 393 pages. ISBN 9780521863940
- The statistical analysis of failure time data. 2nd ed. Kalbfleisch, J.D.; Prentice, R.L. – Wiley-Blackwell, 2002. ISBN 9781420099607
- Stochastic processes: an introduction. 3rd ed. Jones, P; Smith, P. Arnold. – Chapman & Hall, 2017. ISBN 9781498778121
- Survival models and data analysis. Elandt-Johnson, R. C.; Johnson, N. L. – John Wiley, 1999. ISBN 9780471349921
Core Business
CB1 - Business Finance
Curriculum: Business
- Accounting and finance for non-specialists. 9th ed. Atrill, P.; McLaney, E. Prentice Hall, 2015. ISBN 9781292062716
- Accounting in a business context. 5th ed. Berry, A.; Jarvis, R. – Cengage, 2011. ISBN 9781408030479
- Accounting: understanding and practice. 4th ed. Leiwy, D and Perks, R. – McGraw-Hill, 2015. ISBN 9780077139131
- Economics for business. 9th ed. Sloman, J.; Hinde, K; Garratt, D. Pearson, 2023. ISBN: 9781292440200
- Fundamentals of financial management: concise edition. 11th ed. Brigham, E. F.; Houston, J. F. – Cengage, 2022. ISBN 978035751780
- How to understand the financial pages. 2nd ed. Davidson, A. – Kogan Page, 2008. ISBN 9780749451448
- Interpreting company reports and accounts. 10th ed. Holmes, G.; Sugden, A.; Gee, P. – FT Prentice Hall, 2008. ISBN 9780273711414
- Management accounting for decision makers. 10th ed. Atrill, P.; McLaney, E. – Pearson Education, 2021. ISBN 9781292349466
- Principles of corporate finance: global edition. 12th ed. Brealey, R. A.; Myers, S. C.; Allen, F. – McGraw-Hill, 2016. ISBN 978125925331
CB3 - Business Management
Curriculum: Business
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Core Practice
CP1 – Actuarial Practice
Curriculum: Actuarial Practice
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CP2 – Modeling Practice
Curriculum: Modeling Practice
- ✅ Excel 2007 formulas. Walkenbach, J. Wiley, 2007. ISBN 9780470044025
- ✅ How to solve it: a new aspect of mathematical method. Polya, G. Penguin, new ed, 1990. ISBN 9780691150956
- ✅ Mastering financial mathematics in Microsoft Excel: a practical guide for business calculations. 2nd ed. Day, A. Financial Times-Prentice Hall, 2010. ISBN 9780273730330
- ✅ Spreadsheet check and control: 47 key practices to detect and prevent errors. O’Beirne, P. Systems Publishing, 2005. ISBN 9781905404001
- ✅ Successful ICT projects in Excel. 3rd ed. Heathcote, P. M. Payne-Gallway, 2002. ISBN 9781903112717
CP3 – Communication Practice
Curriculum: Communications Practice
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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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SP4 - Pension Principles and Other Benefits
Curriculum: Pensions and Other Benefits
- Fundamentals of private pensions. 9th ed. McGill, D.M et al. Prentice Hall, 2017. ISBN: 9781292212890
- Pensions and the ageing population. Jollans, A. Staple Inn Actuarial Society. 14 October 1997
- Population ageing and pay-as-you-go pensions. Willmore, L. (Ageing Horizons; 1). Oxford Institute of Ageing, 2004
- The role of the state in pensions provision: a debate. British Actuarial Journal (1998) 4(5): 931-967
SP5 - Investment and Finance Principles
Curriculum: Investment and Finance
- Asset pricing. Revised edition – Cochrane, J.H. Princeton University Press, 2005. ISBN 9780691121376
- The monetary and financial system. 4th ed. Goacher, D. Chartered Institute of Banking, 1999. ISBN 9780852975404
- Options, futures and other derivatives. 11th edition, 2021. ISBN 9781292410623
- Understanding infrastructure investments. Mackay-Fisher, K. CEO Forum Group, 2003.
- Principles of corporate finance: global edition. 12th ed. Brealey, R. A.; Myers, S. C.; Allen, F. – McGraw-Hill, 2016. ISBN: 978-125925331
- A survey of behavioral finance. Barberis, N. and Thaler, R. Handbook of the Economics of Finance, 1B: Financial markets and asset pricing. Chapter 18, 1053-1128. (2003).
SP6 - Financial Derivatives Principles
Curriculum: Investment and Finance
- Derivatives: practices and principles. Group of Thirty Global Derivatives Study Group. July 1993.
- Enhancing financial stability and resilience: macroprudential policy, tools and systems for the future. Group of Thirty Macroprudential Working Group; Ferguson, R.W., Jr. 2010.
- Financial calculus: an introduction to derivative pricing. Baxter, M.; Rennie, A. Cambridge University Press, 1996. ISBN 9780521552899
- Options, futures and other derivatives. 11th edition, 2021. ISBN 9781292410623
SP7 - General Insurance - Reserving Principles
Curriculum: General Insurance
- Claims reserving in general insurance. Hindley, D.J. Cambridge University Press, 2017. ISBN 9781107076938. https://davidjhindley.com/shiny/claimsreserving/ Open source ‘R’ code relating to the Appendix: https://github.com/djhindley/shiny-server/tree/master/claimsreserving
- Credible claims reserves: the Benktander method. Mack, T. ASTIN Bulletin (2000) 30(2): 333-347. https://doi.org/10.2143/AST.30.2.504639
- A practitioner’s guide introduction to stochastic reserving. Carrato, A.; McGuire, G.; Scarth, R. 2016.
- A practitioner’s guide introduction to stochastic reserving: the one-year view. Scarth, R.; Jain, S.; and, Cerchiara, R.R. Institute and Faculty of Actuaries, 2020.
SP8 - General Insurance - Pricing Principles
Curriculum: General Insurance
- Fitting Tweedie’s Compound Poisson Model to insurance claims data. Jørgensen, B.; De Souza, M.C.P. Scandinavian Actuarial Journal (1994) 1994(1): 69-73.
- Pricing in general insurance. Parodi, P. 2nd edition. Chapman & Hall/CRC Press, 2023. ISBN: 9781000860832.
- A practitioners’ guide to Generalized Linear Models – a foundation for theory, interpretation and application: a CAS Study Note. 3rd edition. Anderson, D. et al. Casualty Actuarial Society, 2007.
SP9 - Enterprise Risk Management Principles
Curriculum: Enterprise and Risk Management
- Enterprise risk management from incentives to controls. 2nd ed. Lam, J. Wiley, 2014.
- Financial enterprise risk management. 2nd ed. *Sweeting, P. Cambridge University Press, 2017. ISBN 9781107184619
- Insurance criteria: Evaluating the enterprise risk management practices of insurance companies. Standard & Poor’s.
- Practice Note on enterprise risk management for capital and solvency purposes in the insurance industry. International Actuarial Association. 31 March 2009
SP10 - Banking Principles
Curriculum: Banking
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Specialist Advanced
SA1 - Health and Care Advanced
Curriculum: Health and Care
- Actuarial aspects of long term care. Dupourqué, E; Planchet, F and Sator, N. (editors). Heidelberg: Springer, 2019. ISBN 9783319122342
- Health insurance: basic actuarial models. Pitacco, E. Heidelberg: Springer, 2015. ISBN 9783319122342
- Individual health insurance. 2nd ed. Leida, H.K.; Bluhm, W.F. (2015). Winsted CT: ActEx, 2015. ISBN 9781625424846
SA2 - Life Insurance Advanced
Curriculum: Life Insurance
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SA3 - General Insurance Advanced
Curriculum: General Insurance
- 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.
- 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
- 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)
- An essay on the principle of population. Malthus, T. 1798. (Library of Economics and Liberty online reprint) (referenced in SA7, Unit 8)
- A Farewell to Alms: a brief economic history of the world. Clark, Gregory. Princeton University Press, 2007. ISBN 9780691141282. (SA7, Unit 8)
- Common sense on mutual funds: new imperatives for the intelligent investors. Bogle, John C. – John Wiley, 1999, ISBN 0471295434. (SA7, Unit 10).
- The intelligent investor: a book of practical counsel. 4th ed. Graham, Benjamin. – Harper & Row, 1991. ISBN 0060155477 (SA7, Unit 10).
- The little book of market wizards: lessons from the greatest traders. 4th ed. Schwager, Jack. – John Wiley, 2014. ISBN 9781118858622 (SA7, Unit 10).
- The mind in action. Berne, Eric. New York, 1947, reprint Grigson Press, 2011. ISBN 9781447425731. (SA7, Unit 10)
- 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).
- The psychology of risk: mastering market uncertainty. Kiev, Ari. – John Wiley, 2003. ISBN 9780471463184 (SA7, Unit 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).
- Reminiscences of a stock operator: with new commentary and insights on the life of Jesse Livermore. John Wiley, 2010. ISBN 9781946963062 (SA7, Unit 10)
- 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)
- 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)
- 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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