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Exam P/Exam 1

by Krzysztof Ostaszewski, Ph.D., F.S.A., CFA, M.A.A.A.

Dr. Ostaszewski is the author of the ASM manual for Exam P/Exam 1 and also teaches an exam preparation course for this exam.

Description of Manual - Exam P/Exam 1

Click Here to See an Excerpt

Click Here to See a Sample Exam

New!Two more practice exams have been added to the 9th edition, for a total of eighteen.

Free answers to your questions about this manual with its purchase. Just e-mail the author at krzysio@krzysio.net.

Exam P/1 is, for most candidates, their first experience with professional actuarial examinations. Many candidates find this experience to be a great challenge, nearly overwhelming. This study manual is written for serious candidates, who want to be so prepared as to feel "underwhelmed" by the exam. A student who is really prepared by the day of the exam should be able to say: "Been There Done That" when looking at the problems.  (The author of this manual calls this "The BTDT Rule".) This manual is written for a student who wants to be prepared like that, a student who does not want to count on luck on exam day. It covers every topic that can possibly show up on the exam, taking even the most difficult topics head-on and providing thoughtful explanations and examples for them. It also contains eighteen practice examinations, with complete solutions. The first five examinations are somewhat easier, most likely on a par with the real exams. The last thirteen are intentionally harder, designed to make the real exam look relatively easy. Of course, these difficult examinations also have complete, fully-explained solutions. Understanding those solutions is an important part of the educational process.

This manual has four core sections:

  • General Probability
  • Random Variables and Probability Distributions
  • Multivariate Distributions
  • Risk and Insurance

These sections are divided into smaller subsections, each covering a specific topic, with detailed explanations, followed by exercises illustrating that topic, with complete solutions. This core is followed by eighteen thirty-problem practice tests, with complete solutions. Many problems are from past actuarial exams, but there are also new original problems. Candidates can treat this manual as their first probability textbook, since explanations of all topics are provided, and only solid knowledge of three semesters of calculus is assumed. Candidates are urged to read every page, every exercise and every practice exam, and make certain that they follow all of them in detail. Approximately 620 problems and 630 pages in all.

Exam Preparation Courses Dr. Ostaszewski teaches exam preparation courses at Illinois State University. For details, visit www.math.ilstu.edu/actuary/prepcourses.html

Author's Background: Dr. Krzysztof Ostaszewski, F.S.A., CFA, M.A.A.A.

Actuarial Program Director and Professor of Mathematics at Illinois State University. Has worked as an actuary at Hartford Life, Providian Capital Management (now part of Aegon USA) and in his own consulting practice. Has taught actuarial science at a number of universities and at the New England Actuarial Seminars. Author of a recent research monograph published by Elsevier, two SOA research monographs, two research monographs published by the American Mathematical Society, and numerous publications in actuarial science and related fields. Winner of the 2005 Mehr research award from the American Risk and Insurance Association for his research work. More information is available at his website: www.math.ilstu.edu/krzysio/

 

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