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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. Some changes are made based on student reports from the exams. For example, after a recent sitting for Exam C/4, students reported a question on the Cramer-Rao lower bound for the variance of a maximum likelihood estimator, and I added material on this to the next edition.
  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 MLC, current edition for Fall 2010 is 10th. This edition has only minor changes from the 9th.

    The 9th edition has a significant rewrite of most of the manual. There are more explanations, more shortcuts, new summary tables after almost every lesson, and two new practice exams.

    The MLC syllabus was last changed for Spring 2008. The only change made in Spring 2008 was switching the text for Poisson processes from Ross to the Daniel study note. The general content did not change, but the Daniel study note has a different focus. The syllabus changed significantly in Spring 2007 when material was moved between exams M and C. Therefore:

    • If you have the 6th-9th editions, you may continue to use them.
    • If you have the 4th-5th editions, you should read the Daniel study note for Poisson processes, freely available from the SOA website.
    • If you have an edition earlier than the 4th, you need a new manual.
  • For 3L, current edition for Fall 2010 is 10th. This edition has three new practice exams. The practice exams are available in a supplement.

    The 9th edition includes a significant rewrite of most of the manual. There are more explanations, more shortcuts, and new summary tables after almost every lesson.

    The 3L syllabus was last changed for Spring 2008. The changes made in Spring 2008 were switching the text for Poisson processes from Ross to the Daniel study note, and separating Financial Economics into a separate exam jointly administered with the SOA. The Daniel study note's coverage of Poisson processes is slightly different from the previous coverage on the CAS syllabus, adding some material and removing some. The syllabus changed significantly in Spring 2007 when material was moved between exams 3 and 4. Therefore:

    • If you have the 6th-9th editions, you may continue to use them. You may optionally purchase the supplement for three additional practice exams.
    • If you have the 4th-5th editions, you should read the Daniel study note for Poisson processes, freely available from the SOA website. You should skip the Financial Economics material in them.
    • If you have an edition earlier than the 4th, you need a new manual.
  • For MFE/3F, current edition for Fall 2010 is 7th, second printing. This edition has only minor changes from the first printing.

    The MFE/3F syllabus was expanded for Fall 2009. The syllabus was also expanded in Spring 2009. Therefore:

    • If you have the 6th-7th editions, you may continue to use them. You may download the solutions to the SOA sample questions added since those editions were published here.
    • If you have the 4th-5th editions, you need to have their supplements as well. The supplements are no longer available for sale at the distributors.
    • If you have an edition earlier than the 4th, you need a new manual.
  • For C/4, current edition for Fall 2010 is 11th. This edition includes

    1. A new lesson discussing the common distributions
    2. 67 new in-lesson exercises (quizzes)
    3. Part I, Severity, Frequency, and Aggregate Loss, has been rewritten in a more logical order.

    The C/4 syllabus changed for Fall 2009. These changes are discussed in this file. Before Fall 2009, the last change to the syllabus was in Spring 2007, when material was moved to this exam from Exam M/3. Therefore:

    • If you have the 9th-0th editions, you may continue to use them.
    • If you have the 5th--8th editions, you may use the file linked in the previous paragraph for the updates to the syllabus.
    • If you have an edition earlier than the 5th, you need a new manual.