The following will give you a different viewpoint on topics presented in SA5
You are not expected to have read all the items but you should ensure you familiarise yourself with current finance issues and general background.
The Economist Intelligence Unit provides leading country analysis and forecasts. IFoA members get access to detailed economic and political forecasts compiled by a wide network of on the ground contributors and highly skilled analysts on behalf of the EIU. Reports are available for the following countries:
- United Kingdom
- United States
You need to be logged in as a member to view the reports of each of these countries on this page.
The reports are for the latest month only. Reports are for non-commercial educational use by members of the Institute and Faculty of Actuaries. The terms and conditions of supply are at http://www.eiu.com/public/terms.aspx This arrangement is managed by the library service, please email email@example.com with any enquiries.
The Economist: The World in 2017
The Economist's annual survey for the year ahead offers points of interest and background to support study of investment issues, its outlook from last year can be considered in retrospect too. The Economist now makes this annual print magazine available as an ‘App’ for purchasers, but selected articles of the latest edition are available at http://www.theworldin.com/
Title links below are to sessional research paper versions. Members can access articles from British Actuarial Journal (BAJ) via DOI links below after Athens login to the IFoA eLibrary. Please contact Library Service to request an Athens account, available to IFoA members and Affiliates. Staple Inn Actuarial Society (SIAS) website offers access to SIAS papers referenced below here.
- Being actuarial with the truth. A story of economic confusion over defined benefit pension schemes. Carne, Simon A. SIAS, 2004. 48 pages.
- The cost of capital for financial firms. Exley, J.; Smith, A. D. BAJ (2006) 12(1): 229-301.
- Credit derivatives. M.J. Muir et al.; Derivatives Working Party. BAJ (2007) 13(2): 185-236.
- The economics of insurance - how insurers create value for shareholders. Hancock, John; Huber, Paul P.; Koch, Pablo. Swiss Re, 2001. 45 pages.
See also: Value creation in the insurance industry. Hancock, J.; Huber, P. P.; Koch, P. Risk Management and Insurance Review (2001) 4 (2): 1-9.
- The financial theory of defined benefit pension schemes. Exley, J.; Mehta, S. J. B.; Smith, A. D. BAJ (1997) 3(4): 835-966.
- Frictional costs. Ng, H. M.; Varnell, E. M. SIAS, 2003. 63 pages.
- Getting to grips with fair value. Abbink, M.; Saker, M. C. SIAS, 2002. 74 pages.
- Lease terms, option pricing and the financial characteristics of property. Adams, Andrew T.; Booth, Philip M.; MacGregor, B. D. BAJ (2003) 9(3): 619-635.
- Measuring and managing the economic risks and costs of with-profits business. Hibbert, A. J.; Turnbull, C. J. BAJ (2003) 9(4): 725-786.
- Modelling and managing risk. Sweeting, Paul J. BAJ (2007) 13(3): 579-636.
- Modelling extreme market events. Report of the Benchmarking Stochastic Models Working Party. Frankland, R. et al. BAJ (2009) 15(1): 99-217.
- Modern valuation techniques. Jarvis, S. J.; Southall, F. E.; Varnell, E. M. SIAS, 2001. 55 pages.
- Pensions and economics: the way ahead. Wise, A. J.; McCarthy, D.; Neate, J. A. et al. SIAS, 2004. 53 pages.
- Pensions, funding and risk. Chapman, R. J.; Gordon, T. J.; Speed, C. A. BAJ (2001) 7(4): 605-686.
- The tax consequences of long-run pension policy. Black, F. Financial Analysts Journal (1980) July-August: 21-28.
(DOI: https://doi.org/10.2469/faj.v36.n4.21) (Request from libraries)
- Theory of risk capital in financial firms. Merton, R. C.; Perold, A. F. Journal of Applied Corporate Finance (1993) 6(3): 16-32.
(DOI: https://doi.org/10.1111/j.1745-6622.1993.tb00231.x) (Request from libraries)
- Theory of the firm: managerial behaviour, agency costs and ownership structure. Jensen, M. C.; Meckling, W. H. Journal of Financial Economics (1976) 3(4): 305-360.
- Why can financial firms charge for diversifiable risk? Casualty Actuaries Society Bowles Symposium. Smith, A. D.; Moran, I.; Walczak, D. 2003.
The books below may be ordered on loan from: firstname.lastname@example.org. Titles link to book details on the IFoA Library catalogue where you can 'Request' to borrow the book. The libraries may acquire later editions of some titles to those cited and will advise upon requests. Where an eBook option is available this is delivered through the MyiLibrary service, you will need an Athens log in and password from the Library Service.
- Asset pricing. Revised ed. Cochrane, J. H. Princeton University Press, 2005. ISBN: 9780691121376 (Borrow from libraries)
- The Black Swan: the impact of the highly improbable. Taleb, Nassim Penguin books, 2008. ISBN: 9780141034591 (Borrow from libraries)
- Corporate finance and investment: decisions and strategies. 8th ed. Pike, R.; Neale, B. Pearson, 2015. ISBN: 9781292064062 (Borrow from libraries)
- Derivatives: the theory and practice of financial engineering. Wilmott, P. John Wiley, 1998. ISBN: 9780471983668 (Borrow from libraries)
- Financial calculus: an introduction to derivative pricing. Baxter, M.; Rennie, A. CUP, 1996. ISBN: 9780521552899 (Borrow from libraries | Access eBook after member login to IFoA eLibrary via Athens*)
- Financial economics: with applications to investments, insurance and pensions. Panjer, H. H. (ed) The Actuarial Foundation, 2001. ISBN: 9780938959489 (Borrow from libraries)
- Fixed-income derivatives made simple. What a trustee needs to know. National Association of Pension Funds. NAPF, 2005.
- Fundamentals of financial management: concise edition. Brigham, E. F.; Houston, J. 12th ed. South-Western, 2012. ISBN 978538477116 (Borrow from libraries)
- The handbook of international financial terms. Moles, P.; Terry, N. G. Oxford University Press, 1997. ISBN: 9780198288855 (Borrow from libraries) (Access eBook after member login to IFoA eLibrary via Athens*)
- Hedge funds and funds of hedge funds made simple. What a trustee needs to know. National Association of Pension Funds. NAPF, 2005.
- Inefficient markets: an introduction to behavioral finance. Shleifer, A. Oxford University Press, 2000. ISBN: 9780198292289 (Borrow from libraries) (Access eBook after member login to IFoA eLibrary via Athens*)
- Investment mathematics. Adams, A. T.; Booth, P. M.; Bowie, D. C.; Freeth, D. S. John Wiley, 2003. ISBN: 9780471998822 (Borrow from libraries) (Access eBook after member login to IFoA eLibrary via Athens*)
- Management of company finance. 6th ed. Samuels, J. M.; Wilkes, F. M.; Brayshaw, R. E. International Thomson, 1995. ISBN: 9781861522290 (Borrow from libraries)
- Management of company finance: solutions manual. 6th ed. Samuels, J. M.; Wilkes, F. M.; Brayshaw, R. E. 6th ed. International Thomson, 1996. ISBN: 9780412718601 (Borrow from libraries)
- Options, futures and other derivatives. Hull, J. C. 8th ed. Pearson, 2011. ISBN: 9780273759072 (Borrow from libraries | Access eBook after member login to IFoA eLibrary via Athens*)
- Principles of corporate finance ['International edition']. 12th ed. Brealey, R. A.; Myers, S. C.; Allen, F. McGraw-Hill, 2017. ISBN: 9781259253331 (Borrow from libraries)
- Principles of corporate finance ('Global edition'). 11th ed. Brealey, R. A.; Myers, S. C.; Allen, F. 11th ed. McGraw-Hill, 2014. ISBN: 9780077151560 (Borrow from libraries)
- Swaps made simple. What a trustee needs to know. National Association of Pension Funds. NAPF, 2005. 16 pages.
* Please contact Library Service to request an Athens account, available to IFoA members and Affiliates.
- Annals of Actuarial Science
- Bank of England Quarterly Bulletin. (Bank of England: http://www.bankofengland.co.uk/publications/quarterlybulletin/index.htm)
- Derivatives Quarterly. (Institutional Investor Journals: http://www.iijournals.com)
- Financial Analysts Journal. (Chartered Financial Analysts Institute: http://www.cfapubs.org/loi/faj). IFoA Libraries hold vol. 46(2) (1990) onwards.
- Journal of Asset Management. (Palgrave Macmillan: http://www.palgrave-journals.com/jam/index.html)
- Journal of Finance. (American Finance Association: http://www.afajof.org/journal/browse.asp). Issues up to 2008 available via Athens. Contact email@example.com for login.
- Journal of Finance and Quantitative Analysis. (University of Washington: http://depts.washington.edu/jfqa/)
- Journal of Financial Economics. (Elsevier: http://www.elsevier.com/locate/jfec). IFoA Libraries hold vols. 35-46 (1994-1997).
- Journal of Portfolio Management. (Institutional Investor Journals: http://www.iijournals.com/page/jpm/info)
- Professional Investor. (CFA Society of the UK: http://www.cfauk.org/shop/index.html). IFoA Libraries hold last 5 years' issues.
- Risk Magazine. (Incisive Media: http://www.risk.net/). IFoA Libraries hold 1999 onwards.
For any library enquiries please contact:
We try to respond to email queries within one working day. Researcher access to historical resources may require notice in advance of visit in order to retrieve items from storage.
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Presented by Richard Schneider
The term 'office politics' usually has a lot of negative connotations and indeed an inability to be able to navigate an organisation's formal processes and interact effectively with others at work can have far reaching adverse consequences.
Public scrutiny of what investment funds deliver for consumers continues to be high profile, with the FCA’s Asset Management Market Study requiring fund managers to make (and publish) an annual assessment of value for authorised funds from the end of 2019.
Reimagining ageing, hosted by the Institute and Faculty of Actuaries, in partnership with the ILC
Increasing global concern over the impact of climate change has recently led to public scrutiny over the adequacy of existing risk management practices by insurance firms and pension schemes in dealing with these challenges, that potentially impact both individual actuaries and the IFOA generally.
This event is now full. Please register here for the wait list
Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.