Theory of Interest
by Stephen Kellison
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List Price:
Our Price: $49.98
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Manufacturer: McGraw-Hill/Irwin
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Average Customer Rating:   
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Binding: Hardcover
Dewey Decimal Number: 332.8
EAN: 9780256091502
ISBN: 0256091501
Label: McGraw-Hill/Irwin
Number Of Items: 1
Number Of Pages: 448
Publication Date: 1991-05-01
Publisher: McGraw-Hill/Irwin
Studio: McGraw-Hill/Irwin
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Spotlight customer reviews:
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Customer Rating:
Summary: Books
Comment: I received the books very quickly. They were in great condition. I want to thank them for everything.
Customer Rating:
Summary: Good, but could be shorter. Only to study for SOA exam FM
Comment: This new edition has more exercises and, in general, better layout. BUT, it is poorly written. Kellison could have reviewed his methods to explain certain points which are a bit superficial or backed only with mathematics. Even though it has many references to real situations, they are far from being clear or helpful.
In conclusion, it is a book for quick reference abount basic financial mathematics and to prepare an exam (SOA Exam FM in particular). Not more. My four starts are supported by that: if you buy this book, you should buy it ONLY to study for exam FM.
Customer Rating:
Summary: Best book I've found so far
Comment: Kellison gets a lot of things right in this book. It's well-designed to reach a wide audience: people who are coming into finance as they are acquiring mathematical ability, as well as people with mathematical maturity who would like a clean, elegant treatment without a lot of pedantic material.
There are some faults (but keep in mind I have the second edition and haven't seen the third edition which may or may not be a big improvement). In several places it is as though the editor has fallen asleep, the writing is so turgid and unclear, though in general the writing is smooth and penetrating. In places Kellison spends a lot of energy deriving five equations when you only need one, the other four are simple corollaries that would make good exercises. There are bothersome assumptions made, for example, Kellison nowhere explicitly notes that "X dollars at r% annually" will always mean what it does always mean. Sure, we can infer that, but it's not fitting for the kind of comprehensive ground-up treatment Kellison is attempting. I have a nagging sense that the entire book could be much better, but I still come away with gratitude for what Kellison does provide.
Great choice for FM/1. I do not recommend Daniel/Vaaler.
Customer Rating:
Summary: The very best there is for Exam FM
Comment: A number of aspiring actuaries who attempt to pass the second exam (Exam FM: Financial Math) attempt to side step the reading of this over priced textbook and substitute it with study aides and other cram books. I would recommend that they refrain from doing so as this text is lucid, the exercises are quite comprehensive, and above all, the occasional examples are rather identical to the problems one can anticipate on the test. I took Exam FM recently and this is the only text i refered to, and i felt that my preparation was rather complete thanks to a reading of the syllabus material. The book flows like water, though chapter 4 (section 4.4) and chapter 5 might be a bit tedious to read because of the complication in the material presented, thankfully that second rarely contributes substantially to the test. in fact, after chapter 3, chapter 4 (sections 4.1-4.3), it is best to jump to chapter 5, 6, 7, and then 9. Once this study is complete, the material presented in section 4.4 and chapter 5 and sections 8.7, 8.8, 8.10 must be examined to maintain fluidity of the material.
the only reason i give the book 4 stars instead of 5 is due to its price which is rather high.
Customer Rating:
Summary: There may be better options.
Comment: In order to save the reader some time I have condensed the information contained in the twenty previous reviews to the bare essentials. For those of you who are taking the SOA/CAS Exam F/2, there are some things you should be aware of before you dedicate yourself to studying from this book.
1. The book is poorly written. Almost everyone, including me, agrees. The author does not have a way with words, he does not know how to motivate the material and he often chooses the most confusing and roundabout way of explaining the concepts (if he explains them at all). Furthermore, the notation can be quite confusing. He is not consistent with his variables.
2. The book focuses on theory. Expect to spend your time following proofs and derivations of formulas. The problem sets in the book focus on proofs and derivations. Have a firm grasp on Calc 1, Calc 2 and all the algebra that is entialed because Kellison will not spend the time to spell out his proofs and derivations step by step.
3. You need a supplement for working example problems. There are not enough computational problems in this book. Get a good manual that will prepare you specifically for the exams you are taking. Manuals will give you pointers about managing your time and can help you avoid common traps and pitfalls that arise during computations. I recommend getting an Atex or ASM manual. For instance, Harold Cherry's ASM Manual covers all of the topics found in Kellison, at greater depth, in the same order, and in plain english.
4. Many people have passed the exams using only manuals. Other's have passed using manuals and other texts such as "Schaum's Outline of Mathematics for Finance" or "Mathematics of Finance" by Cissell. Very few people pass without doing lots of practice problems
5. Others have passed the exam by using only this book. So it seems that this book is sufficient, but not necessary for preparing for the exam. Ultimately, you must be the judge. WHile it is certainly true that if you master this book you will be rewarded by a rich understanding of the theory of interest my personal recommendation for those studying for the exams is to devote most of your time and energy to practice problems. I would recommend using this book to flesh out your understanding as you go.
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Editorial Reviews:
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Customer Rating:
Summary: Books
Comment: I received the books very quickly. They were in great condition. I want to thank them for everything.
Customer Rating:
Summary: Good, but could be shorter. Only to study for SOA exam FM
Comment: This new edition has more exercises and, in general, better layout. BUT, it is poorly written. Kellison could have reviewed his methods to explain certain points which are a bit superficial or backed only with mathematics. Even though it has many references to real situations, they are far from being clear or helpful.
In conclusion, it is a book for quick reference abount basic financial mathematics and to prepare an exam (SOA Exam FM in particular). Not more. My four starts are supported by that: if you buy this book, you should buy it ONLY to study for exam FM.
Customer Rating:
Summary: Best book I've found so far
Comment: Kellison gets a lot of things right in this book. It's well-designed to reach a wide audience: people who are coming into finance as they are acquiring mathematical ability, as well as people with mathematical maturity who would like a clean, elegant treatment without a lot of pedantic material.
There are some faults (but keep in mind I have the second edition and haven't seen the third edition which may or may not be a big improvement). In several places it is as though the editor has fallen asleep, the writing is so turgid and unclear, though in general the writing is smooth and penetrating. In places Kellison spends a lot of energy deriving five equations when you only need one, the other four are simple corollaries that would make good exercises. There are bothersome assumptions made, for example, Kellison nowhere explicitly notes that "X dollars at r% annually" will always mean what it does always mean. Sure, we can infer that, but it's not fitting for the kind of comprehensive ground-up treatment Kellison is attempting. I have a nagging sense that the entire book could be much better, but I still come away with gratitude for what Kellison does provide.
Great choice for FM/1. I do not recommend Daniel/Vaaler.
Customer Rating:
Summary: The very best there is for Exam FM
Comment: A number of aspiring actuaries who attempt to pass the second exam (Exam FM: Financial Math) attempt to side step the reading of this over priced textbook and substitute it with study aides and other cram books. I would recommend that they refrain from doing so as this text is lucid, the exercises are quite comprehensive, and above all, the occasional examples are rather identical to the problems one can anticipate on the test. I took Exam FM recently and this is the only text i refered to, and i felt that my preparation was rather complete thanks to a reading of the syllabus material. The book flows like water, though chapter 4 (section 4.4) and chapter 5 might be a bit tedious to read because of the complication in the material presented, thankfully that second rarely contributes substantially to the test. in fact, after chapter 3, chapter 4 (sections 4.1-4.3), it is best to jump to chapter 5, 6, 7, and then 9. Once this study is complete, the material presented in section 4.4 and chapter 5 and sections 8.7, 8.8, 8.10 must be examined to maintain fluidity of the material.
the only reason i give the book 4 stars instead of 5 is due to its price which is rather high.
Customer Rating:
Summary: There may be better options.
Comment: In order to save the reader some time I have condensed the information contained in the twenty previous reviews to the bare essentials. For those of you who are taking the SOA/CAS Exam F/2, there are some things you should be aware of before you dedicate yourself to studying from this book.
1. The book is poorly written. Almost everyone, including me, agrees. The author does not have a way with words, he does not know how to motivate the material and he often chooses the most confusing and roundabout way of explaining the concepts (if he explains them at all). Furthermore, the notation can be quite confusing. He is not consistent with his variables.
2. The book focuses on theory. Expect to spend your time following proofs and derivations of formulas. The problem sets in the book focus on proofs and derivations. Have a firm grasp on Calc 1, Calc 2 and all the algebra that is entialed because Kellison will not spend the time to spell out his proofs and derivations step by step.
3. You need a supplement for working example problems. There are not enough computational problems in this book. Get a good manual that will prepare you specifically for the exams you are taking. Manuals will give you pointers about managing your time and can help you avoid common traps and pitfalls that arise during computations. I recommend getting an Atex or ASM manual. For instance, Harold Cherry's ASM Manual covers all of the topics found in Kellison, at greater depth, in the same order, and in plain english.
4. Many people have passed the exams using only manuals. Other's have passed using manuals and other texts such as "Schaum's Outline of Mathematics for Finance" or "Mathematics of Finance" by Cissell. Very few people pass without doing lots of practice problems
5. Others have passed the exam by using only this book. So it seems that this book is sufficient, but not necessary for preparing for the exam. Ultimately, you must be the judge. WHile it is certainly true that if you master this book you will be rewarded by a rich understanding of the theory of interest my personal recommendation for those studying for the exams is to devote most of your time and energy to practice problems. I would recommend using this book to flesh out your understanding as you go.
The book is a thorough treatment of the mathematical theory and practical applications of compound interest, or mathematics of finance.
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