Introduction to Probability

Welcome

This note is designed as a supplementary resource for anyone who is going to take the Probability exam (Exam P/1) from the Society of Actuaries. It provides an introduction to elementary probability theory, focusing on the fundamental concepts you’ll need to succeed on the exam.

The reader will understand basic probability concepts, combinatorics, discrete mathematics in General Probability; discrete and continuous univariate random variables; multivariate discrete random variables, the distribution of order statistics, and linear combinations of independent random variables. This is to build the most basic foundation and intuition about probability, which is essential for all other related subject as it is the core of actuarial science.

References

Blitzstein, Joseph K., and Jessica Hwang. 2019. Introduction to Probability. 2nd ed. CRC Press.

Ross, Sheldon M. 2019. A First Course in Probability. 10th ed. Pearson Education Limited.