ASM Study Manual for Exam P/Exam 1, 12th Edition
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The 12th edition is similar in structure to the 11th ed., but it contains improvements based on the feedback from readers of previous editions.
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 twenty practice examinations, with complete solutions. The first five examinations are somewhat easier, most likely on a par with the real exams. The last fifteen 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 twenty practice exams. 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.
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