Tentative Schedule of Review Session for
SOA/CAS Exam P/1– Probability
T TR 3:30 pm –5:20 am
Mth Stat 592 (Sec 001) – EMS 495
Instructor:
Email:
Office:
Office Hours:
Study Manual:
Yang Ho, PhD, FSA
hoy@uwm.edu
E452
Tuesday and Thursday 1:00 PM -2:00 PM
ACTEX Study Manual for SOA Exam P and CAS Exam 1, 2015 Edition
Exam Dates:
March 18-29, and May 12 to 23, 2016
Registration Deadline: February 8 (for March exam dates), and April 4, 2016 (May exam dates)
Test Center Location:
Thomson Prometric Testing Center
19435 West Capitol Drive
Brookfield, Wisconsin
(262) 796-0836
http://www.prometrice.com/default.htm
Test center codes: 4902 or 4903
It’s the responsibility of students to ensure the
information for Exam date, Registration
deadline, and Testing Center is correct
Prerequisite:
MthStat 361. Sufficient knowledge of probability is needed to
pass the exam. Note: this is not a lecture. Topics will be
reviewed thoroughly by the students (in the study manual) and
only briefly review in class.
Goals:
The goals of this course are to prepare students to write Exam P
during March or May 2016 sitting of the SOA exams. Basic
knowledge of material is assumed, and class time will be spent
working problems individually and collaboratively to better
prepare students for the exam. We will be focusing on tips,
tricks, and study methods.
Learning Objectives: (as listed on the SOA’s website)
The purpose of this course is to develop basic knowledge of the fundamental probability tools for
quantitatively assessing risks. The application of these tools to problems encountered in actuarial
science is emphasized. A thorough command of probability topics and the supporting calculus is
assumed. Additionally, a very basic knowledge of insurance risk management is assumed.
Students should be able to use and apply the following concepts in a risk management context:
1) General Probability

Set functions including set notation and basic elements of probability
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

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Mutually Exclusive events
Addition and multiplication rules
Combinatorial probability
Conditional probability
Bayes ‘s Theorem / Law of total probability
2) Univariate probability distribution (including binominal, negative binominal, geometric,
hypergeometric, Passion, uniform, exponential, gamma, and normal)
 Probability functions and probability density functions
 Cumulative distributions
 Mode, median, percentiles, and moments
 Variance and measure dispersion
 Moment generating functions
 Transformations
3) Multinariate probability distributions (including the bivariate normal)
 Joint probability functions and joint probability density functions
 Joint cumulative distributions
 Central Limit Theorem
 Conditional and marginal probability distributions
 Moments of joint, conditional, and marginal probability distributions
 Joint moment generating functions
 Variance and measures of dispersion for conditional and marginal probability
distributions
 Covariance and correlation coefficients
 Transformation and order statistics
 Probabilities and moments of linear combinations of independent random variables
Important Websites
Society of Actuaries:
ACTEX:
CBT testing information:
www.soa.org
www.actexmadriver.com
http://www.beanactuary.org/exams/prob_exam.cfm
Other Important Dates:
Class Start:
January 26, 2016
Spring Break: March 13-20, 2016
Class end:
May 10, 2016
Final Exams: May 10, 2016
Study Proposal
The purpose of this course is to prepare students to write and pass P – Probability of the Society
of Actuaries in March or May of 2016. Course will include the Leaning Objectives as stated
above.
Students in the course will be expected to participate in class discussion, preview study material,
do problems in the study manual on their own, work collaboratively in groups, bring questions to
class, and sit in for the SOA Exam P in March or May, 2016.
Grades will be based on the following:
Attendance, class participation, quizzes: 20%
2 regular practice exams – 40% (20% each)
Final Exam – 40%
The following table shows the relationship between the letter grade and the percentage
credits you received from your exams and quizzes.
% credit received
Letter Grade
93+
A
90
A-
87
B+
83
B
80
B-
77
C+
73
C
70
C-
67
D+
63
D
60
D-
<60
F
Important Notes
No make-up exam will be given unless agreement between the instructor and the student
before the exam date. If any student does not show up on exam date, will have a “0” point
for that exam or quiz.
Students who already passed or pass the SOA Exam P during the semester (before final
exam date) should notify instructor immediately with proof of passing and will be awarded
an “A” for the course without any further work.
To comply with a Higher Learning Commission requirement, the course syllabus will
provide information on the investment of time by an average student to achieve the
learning goals of the course. The amount of time that an average student should expect to
spend on this class is given below. However, in order to pass actual actuarial exam P, the
amount of time is 300 hours for average students.
36 hours Time in the classroom (face to face instruction)
10 hours Time taking Exams and quizzes
104 hours Time completing Assignments
50 hours Time for preparation and study for Tests and Exams.
The total number of hours 200.
A Note on Academic Honesty
I expect you do your own work on all problem sets and examinations. Discussing
homework problems with others is encouraged. Cheating includes, but is not limited to:
unauthorized collaboration, copying, using materials not permitted on exams, and assisting others
during exams. Calculators are permitted on exams.
Further information on these policies, including the consequences of cheating, is outlined on the
web page:
http://www4.uwm.edu/acad_aff/policy/academicmisconduct.cfm