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Information for Owners of Previous Editions

Every new edition of the manual has the following changes from older editions:

  1. All errata as of the day of its release are incorporated.
  2. Coverage of topics may be expanded based on student reports from exams.
  3. Changes are continually made in response to student questions. When a student indicates that they didn't understand a solution to an exercise, I often expand that solution.
These types of changes are not available in supplements. Thus if you do not own an old edition of a manual, you may want to consider buying a new edition rather than a used one.

However, to the extent a syllabus has not changed, old editions should be adequate. Here is guidance to owners of old editions as to whether they need a supplement or a new manual:

  • For P, current edition is 1st edition 2nd printing This printing incorporates errata through May 1, 2017, but is otherwise the same as the 1st printing.

  • For MLC, current edition for Fall 2017 is 15th edition 4th printing. This edition incorporates the additional pension material added to the Spring 2016 syllabus. In addition, the written answer questions on the practice exams were overhauled, and are now similar in length to the real exam, with 6-7 questions written answer questions on each of the 13 practice exams. With respect to earlier printings of the 15th edition, errata were incorporated and solutions to the released exams through Spring 2017 were added, but no material changes were made, so those printings are still usable. If you are using the 13th or 14th editions, you may use the supplement below for the additional pension material. The 11th edition and 12th edition do not have material added to the syllabus in Spring 2014 nor do they have written answer practice exam questions. Editions before the 11th are based on an older syllabus and are not recommended.

    Pension Supplement to 14th edition

  • For S, current edition for Fall 2017 is the 3rd edition 3rd printing. The 3rd edition updates the generalized linear modeling and time series material in accordance with the syllabus update. Although the core material on the syllabus is unchanged, there are some differences in coverage, the new textbook sometimes uses the same symbol as the old textbook to mean something else, and there are even differences in how they define terms or their opinions on how good certain estimators are. Use of earlier editions of the ASM manual to prepare for this exam is not recommended.

  • For MFE, current edition is 10th edition 2nd printing. The syllabus changed for July 2017, so older editions are not advised. If you wish to use an older edition, you will also need an FM manual. Skip the following in an older edition of the MFE manual: Sections 5.2, 8.2, 12.3, 13.4.2-13.4.3, Lessons 17-23 and 26. Study this supplement to learn about lookback options.

  • For C/4, current edition is 18th edition 2nd printing. This edition incorporates errata and the minor changes made starting with the June 2016 exam. If you are using the 17th edition, download this supplement for replacement pages. If you use the 15th and 16th editions, in addition to downloading that supplement, skip Anderson-Darling and for credibility keep in mind that the Mahler and Mahler-Dean study notes are the only available option, so study anything covered by those notes and skip anything not covered in those notes, as indicated in the manual. If you have an earlier edition, you should consider buying a new edition, since those editions do not include changes to the syllabus made in 2013.