Announcement Regarding Proposed Readings for the New ASA Examinations

Interim Update – April 3, 2017

The curriculum committees for the new ASA exams effective in 2018 are currently selecting the recommended readings. For the most part, the committees have decided that the transition to the new exams will be smoothest if existing texts are retained. That does not rule out changes that may be implemented at a future date for exams given in 2019 or later.

Please keep in mind that this update does not represent the official readings for these exams. Final reading lists will be available by July 1, 2017.

Exam P

There will continue to be multiple texts recommended. At this time, no changes to the current list of texts or study notes is contemplated. However, one new topic (probability generating functions) is being added and not all the texts cover this topic.  Please note that the curriculum committee for this exam employs a continuous improvement approach such that texts may be added or dropped at any time as part of our standard review process.

Exam FM

There will continue to be multiple texts recommended. At this time, no changes to the current list of texts or study notes is contemplated. Please note that the curriculum committee for this exam employs a continuous improvement approach such that texts may be added or dropped at any time as part of our standard review process.

Exam IFM (replacement for MFE)

There will be two texts for this exam. For the derivatives material, the text Derivatives Markets, 3rd edition by McDonald will continue to be used. There will likely be a study note that will fill in some gaps. Readings have not yet been determined for the new material on corporate finance and assets.

Exam LTAM (replacement for MLC)

The text Actuarial Mathematics for Life Contingent Risks, 2nd edition by Dickson, Hardy, and Waters will continue to be used. There will be study notes as modifications/supplements to the text including the following topics:

  • Mortality improvement models
  • Decrement estimation

Exam STAM (replacement for C)

The text Loss Models, 4th edition, by Klugman, Panjer, and Willmot and the current study notes on Credibility will continue to be used.  The text Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance, 4th edition by Brown and Lennox will be added along with study notes supplementing the above texts and a note on Individual Health Insurance.

Exams SRM and PA (new)

Because these are brand new exams, the committees are still finalizing their source material selections. Look for information in a future update announcement.