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 for Spring 2023 is 5th edition The 5th edition incorporates the 2023 syllabus, which is a subset of the previous syllabus. Thus older editions are overkill for the exam.

• For ALTAM, current edition for Spring 2023 is 1st edition. Compared to the former LTAM exam, mortality improvement was removed from the syllabus, and UL and equity-linked insurance (also known as variable annuities) were added.

• For FAM-S and FAM-L, current edition for Spring 2023 is any printing of the first edition.

• For MAS-I, current edition for Spring 2023 is the 3rd edition. A small amount of material on tail weight and deductibles and policy limits was added.

• For MAS-II, current edition for Spring 2023 is the 4th edition. Material on DAGs was removed, since it is not on the MAS-II syllabus. If you have the third edition, you may continue to use it, but skip the material on DAGs.

• For SRM, current edition for Spring 2023 is 3rd edition.

• For ASTAM, current edition for Spring 2023 is 1st edition. Compared to former STAM exam, material on extreme value distributions and loss reserving was added.