Announcement: SOA releases passing candidate numbers for April 2025 Exam FM and congratulation to the new FSAs for June 2025.

Fall 2025 FSA Exam Book List

View the FSA Exam booklist below.

Corporate Finance and ERM
Group and Health Insurance
General Insurance
Individual Life and Annuities
Investment
Retirement Benefits

Corporate Finance and ERM

CFE 101 Enterprise Risk Management	ISBN #
Financial Enterprise Risk Management, Sweeting, P., Second Edition, 2017, Cambridge Univ Press	978-1-107-18461-9
Quantitative Enterprise Risk Management, Hardy, M., Saunders, J., 2022 Cambridge University Press, ERRATA	9781009098465 9781009089470

CFE 201 Corporate Finance	ISBN #
Accounting for Decision Making and Control, Zimmerman, J., 10th Edition, 2020, McGraw-Hill Education	978-1259969492 9781260480962
Fundamentals of Machine Learning for Predictive Data Analytics, Kelleher, J., Second Edition, 2020, Massachusetts Institute of Technology	978-0-262-044691
International Financial Statement Analysis, Robinson, T., Fourth Edition, 2020 John Wiley & Sons, Inc.	978-1-119628057
Managing Business Process Flows: Principles of Operations Management, Anupindi, R., Chopra,S., et. al. Third Edition, 2012, Pearson Education	978-0-13603-637-1
Valuation: Measuring and Managing the Value of Companies, Koller, T., et el, 8th Edition, 2025 Wiley	978-1119610885 978-1119610922

Group and Health Insurance

GH 101 Benefits and Pricing	ISBN #
Group Insurance, Skwire, Eighth Edition, 2021, ACTEX	978-1-64756-350-9

GH 201C Valuation and Regulation—Canada	ISBN #
Group Insurance, Skwire, Eighth Edition, 2021, ACTEX	978-1-64756-350-9
Canadian Insurance Taxation, Swales, et. al., PriceWaterhouseCoopers, Fourth Edition, 2015, LexisNexis	978-0-43348-532-2
Morneau Shepell Handbook of Canadian Pension & Benefit Plans, Seventeenth Edition, 2020, LexisNexis	978-0-433-506997

GH 201U Valuation and Regulation—U.S.	ISBN #
Group Insurance, Skwire, Eighth Edition, 2021, ACTEX	978-1-64756-350-9

GH 301 Health Analytics and Management	ISBN #
Healthcare Risk Adjustment and Predictive Modeling, Duncan, I., Second Edition, 2018, ACTEX ERRATA	978-1-63588-413-5
Managing and Evaluating Healthcare Intervention Programs, Duncan, I., Second Edition, 2014, ACTEX ERRATA	978-1-63588-413-5

General Insurance

GI 101 Ratemaking and Reserving	ISBN #
Fundamentals of General Insurance Actuarial Analysis, Friedland, J., Second Edition 2022, Society of Actuaries (available from ACTEX Publication/Mad River Books and The Actuarial Bookstore)	978-0-9913363-2-6

GI 201 Operational, Financial, Regulatory, and Legal	ISBN #
Fundamentals of General Insurance Actuarial Analysis, Friedland, J., Second Edition 2022, Society of Actuaries (available from ACTEX Publication/Mad River Books and The Actuarial Bookstore)	978-0-9913363-2-6
General Insurance Financial Reporting Topics, Society of Actuaries, Fifth Edition-2021 (Available from ACTEX Publication/Mad River Books and The Actuarial Bookstore) ERRATA	978-0-9913363-3-3
Excerpts from Business Law for Insurance Professionals (SABE02), The Institutes Textbooks should be ordered from The Institutes by calling (U.S. or Canada toll free +1-800-644-2101) (elsewhere call +1-610-644-2100) Monday-Friday 8 am to 6 pm Eastern Time. Candidates for whom telephone contact is not possible may order textbooks via email to TISupport@TheInstitutes.org. Use code SABE02 when ordering.

GI 301 Further Topics in General Insurance	ISBN #
Fundamentals of General Insurance Actuarial Analysis, Friedland, J., Second Edition 2022, Society of Actuaries (available from ACTEX Publication/Mad River Books and The Actuarial Bookstore)	978-0-9913363-2-6

GI 302 General Insurance in the U.S.	ISBN #
Insurance Regulation, Porter, K., The Institutes, 1st Edition, 2008 (IR 201)
General Insurance Financial Reporting Topics, Society of Actuaries, Fifth Edition-2021 (Available from ACTEX Publication/Mad River Books and The Actuarial Bookstore) ERRATA	978-0-9913363-3-3

Individual Life and Annuities

ILA 101 Pricing and Introduction to Valuation and Risk Management	ISBN #
The Art and Science of Life Insurance Distribution, Bennett, D. and Zultowski, W. H., 2014, ACTEX	978-1-625-42211-8 978-1-62542-382-5 978-1-63588-358-9
US GAAP for Insurers, Third Edition, 2024, Society of Actuaries. Freedman, M. and Frasca, R., eds. Formats and available bundles: eBook alone; eBook + softcover bundle; eBook + hardcover bundle. eBook available separately. Softcover and hardcover are not available separately	978-0-9913363-7-1 (e-book)
Statutory Valuation of Individual Life and Annuity Contracts, Claire, D., Lombardi, L., Summers, S., Fifth Edition, Volume I, 2018, ACTEX Learning ERRATA	978-1-63588-494-4
An Introduction to Computational Risk Management of Equity-Linked Insurance, Feng, Runhuan, 2018, Taylor & Francis Group	978-1-4987-4216-0
Life, Health & Annuity Reinsurance, Tiller, John E. and Tiller, Denise, Fourth Edition, 2015, ACTEX Publications	978-1-62542-476-1

ILA 201-I Valuation and Advanced Product and Risk Management, International	ISBN #
Canadian Insurance Taxation, Swales, et. al., PriceWaterhouseCoopers, Fourth Edition, 2015, LexisNexis	978-0-43348-532-2

ILA 201-U Valuation and Advanced Product and Risk Management, U.S.	ISBN #
Statutory Valuation of Individual Life and Annuity Contracts, Claire, D., Lombardi, L., Summers, S., Fifth Edition, Volumes I & II, 2018, ACTEX Learning ERRATA	978-1-63588-543-9
US GAAP for Insurers, Third Edition, 2024, Society of Actuaries. Freedman, M. and Frasca, R., eds. Formats and available bundles: eBook alone; eBook + softcover bundle; eBook + hardcover bundle. eBook available separately. Softcover and hardcover are not available separately	978-0-9913363-7-1 (e-book)

Investment

INV 101 Portfolio Management	ISBN #
Handbook of Fixed Income Securities, Fabozzi, F.J., Ninth Edition, 2021, McGraw- Hill,	978-1260473896
Portfolio Management in Practice Vol 1, 2020, CFA Institute, Wiley	978-1-119-74372-9
The Handbook of Traditional and Alternative Investment Vehicles, Anson, Fabozzi, Jones 2011, John Wiley & Sons	9780470609736 9781118258248
Commercial Real Estate Analysis and Investments, Miller & Geltner, 2014, Third Edition, OnCourse Learning Publishing,	978-1-133-10882-5
The Handbook of Credit Risk Management, Boueille and Coogan-Pushner, Second Edition, 2022, John Wiley & Sons	978-1-119-83563-9
Credit Risk Modeling, Bolder, D., 2018, Springer International Publishing	978-3-319-94687-0 978-3-319-94688-7 978-3-030-06900-1

INV 201 Quantitative Finance	ISBN #
Options, Futures, and Other Derivatives, Global Edition Pearson 2021	978-1-292-41062-3 978-1292410654
Problems & Solutions in Mathematical Finance, Chin, Nel, & Olafsson, Volume 1, 2014, John Wiley & Sons, ERRATA	978-1-119-96583-1
The Volatility Smile, Derman, E., Miller, B., 2016, John Wiley & Sons	978-1-118-95916-9

Retirement Benefits

RET 101 Retirement Plan Design	ISBN #
Retirement Plans: 401(k)s, IRAs, and Other Deferred Compensation Approaches, Allen, et. al., Twelfth Edition, 2018, McGraw Hill	781-1-259-72067-3
Fundamentals of Private Pensions, McGill, et. al., Ninth Edition, 2010, Oxford University Press	978-0-19954-451-6
Morneau Shepell Handbook of Canadian Pension and Benefit Plans, Seventeenth Edition, 2020, LexisNexis	978-0-433-506997

RET 201 Retirement Plan Valuation	ISBN #
Morneau Shepell Handbook of Canadian Pension and Benefit Plans, Seventeenth Edition, 2020, LexisNexis	978-0-433-506997
Pension Mathematics for Actuaries, Anderson, A., Third Edition, 2006, ACTEX ERRATA	978-1-56698-559-8
Fundamentals of Private Pensions, McGill, et. al., Ninth Edition, 2010, Oxford University Press	978-0-19954-451-6

RET 301 Actuarial Topics for Canadian Retirement Plans	ISBN #
Canadian Pensions and Retirement Income Planning, Willis Towers Watson, Sixth Edition, 2017, LexisNexis	978-0-433-49105-7
Morneau Shepell Handbook of Canadian Pension and Benefit Plans, Seventeenth Edition, 2020, LexisNexis	978-0-433-506997

Cross Practice Courses

CP 311 Strategic Management	ISBN #
Strategic Management: Concepts and Cases: Competitiveness & Globalization, Hitt, M, Ireland, R.D., Hoskisson, R., Fourteenth Edition 2023, Cengage Learning	9780357716762
Understanding Michael Porter: The Essential Guide to Competition and Strategy, Magretta, J., 2012 Harvard Business Review Press	978-1-4221-6059-6
Handbook of Budgeting, Lalli, W.R., Sixth Edition, 2012, John Wiley & Sons	978-0-470-92045-9 978-1-118-17061-8
Damodaran on Valuation, Damodaran, Second Edition 2006, John Wiley & Sons	978-0-471-75121-2
Valuation: Measuring and Managing the Value of Companies, Koller, T., Goedhart, M., Wessels, D., 8th Edition, 2025 Wiley Finance	978-1119611868
Data, Models, and Decisions: The Fundamentals of Management Science, Bertsimas, D., Freund, R., 2004, Dynamic Ideas	0-9759146-0-X

CP 312 Model Development and Governance	ISBN #
Long-Term Actuarial Models Part II, Cardinal, T., 2024 Cardinalis 1 LLC, order from https://ltam2.kotobee.com/#/	979-8-992-3139-2-5
Metamodeling for Variable Annuities, Valdez, Emiliano and Gan, Guojan, 2020, Taylor & Francis Group	9780367779559 9781351166607

CP 321 Disability, Long-Term Care, and Long-Duration Health Contracts	ISBN #
Group Insurance, Skwire, Eighth Edition, 2021, ACTEX	978-1-64756-350-9
Individual Health Insurance, Bluhm/Leida, Second Edition, 2015, ACTEX ERRATA	978-1-62542-484-6
Insuring Long-Term Care, Eaton, R., et al, Second Edition, 2024, ACTEX	978-1-64756-973-0

CP 341 Advanced Life Reinsurance	ISBN #
Life, Health & Annuity Reinsurance, Tiller, John E. and Tiller, Denise, Fourth Edition, 2015, ACTEX Publications	978-1-62542-476-1

CP 351 Asset Liability Management	ISBN #
Financial Enterprise Risk Management, Sweeting, P., Edition, 2017, Cambridge Univ Press	978-1-107-18461-9
Quantitative Enterprise Risk Management, Hardy, M., Saunders, J., 2022 Cambridge University Press, ERRATA	9781009098465 9781009089470
Fixed Income Securities: Tools for Today’s Markets, Tuckman, Bruce and Serrat, Angel, 4th Edition, 2022, Wiley	978-1-119-83555-4 978-1-119-83559-2
Fixed Income Securities: Valuation, Risk, and Risk Management, Veronesi,P., 2010, John Wiley & Sons, ERRATA	978-0-470-10910-6
Handbook of Asset and Liability Management, Volume 2, Applications and Case Studies, Zenios, S.A., Ziemba, W.T., 2007, Elsevier	9780444528025 9780080548562