Free Tools for Rational Education

The Actuary's Free Study Guide for 

Exam 3F / Exam MFE 

G. Stolyarov II
Spring 2008
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A sample imageStudy Methods for Actuarial Exam 3F / Exam MFE
A Comprehensive List of Free Study Materials for Exam 3F / Exam MFE
A Comprehensive List of Free Study Materials for Exam 3F / Exam MFE: Part 2

Section 1: Put-Call Parity
Section 2: Parity of Stock Options
Section 3: Conversions and Reverse Conversions 
Section 4: Parity of Options on Currencies
Section 5: Parity of Options on Bonds
Section 6: Generalized Put-Call Parity
Section 7: Classification of Calls and Puts
Section 8: Maximum and Minimum Option Prices
Section 9: Early Exercise on American Options
Section 10: Option Prices and Time to Expiration
Section 11: Option Prices for Different Strike Prices
Section 12: Strike Price Convexity
Section 13: Exam-Style Questions on Put-Call Parity and Arbitrage
Section 14: More Exam-Style Questions on Put-Call Parity and Arbitrage
Section 15: One-Period Binomial Option Pricing
Section 16: Risk-Neutral Probability in Binomial Option Pricing
Section 17: Constructing Binomial Trees for Option Prices
Section 18: Multi-Period Binomial Option Pricing With Recombining Trees
Section 19: Binomial Option Pricing With Puts
Errata for Section 19, Problems BOPWP4-5

Section 20: Binomial Option Pricing With American Options
Section 21: Binomial Pricing for Currency Options
Section 22: Binomial Pricing for Options on Futures Contracts
Section 23: Exam-Style Questions on Binomial Option Pricing
Section 24: More Exam-Style Questions on Binomial Option Pricing
Section 25: Volatility and Early Exercise of American Options
Section 26: Comparing Risk-Neutral and Real Probabilities in the Binomial Model
Section 27: Option Valuation Using True Probabilities in the Binomial Model
Section 28: The Random Walk Model
Section 29: Standard Deviation of Returns and Multi-Period Probabilities in the Binomial Model
Section 30: Alternative Binomial Trees
Section 31: Constructing Binomial Trees With Discrete Dividends
Section 32: Review of Put-Call Parity and Binomial Option Pricing
Section 33: The Black-Scholes Formula
Section 34: The Black-Scholes Formula Using Prepaid Forward Prices
Section 35: The Black-Scholes Formula for Options on Stocks With Discrete Dividends
Section 36: The Garman-Kohlhagen Formula for Pricing Currency Options
Section 37: The Black Formula for Pricing Options on Futures Contracts
Section 38: Exam-Style Questions on the Black-Scholes Formula
Errata for Section 38: Problem ESQBSF5
Section 39: Option Greeks: Delta
Section 40: Option Greeks: Gamma and Vega
Section 41: Option Greeks: Theta, Rho, Psi, and Greek Measures for Portfolios
Section 42: Option Elasticity and Option Volatility
Section 43: The Risk Premium and Sharpe Ratio of an Option
Section 44: The Elasticity and Risk Premium of an Option Portfolio
Section 45: Calendar Spreads and Implied Volatility
Section 46: Exam-Style Questions on Option Elasticity, Option Volatility, and the Black-Scholes Formula
Section 47: The Delta-Gamma Approximation
Section 48: The Delta-Gamma-Theta Approximation
Section 49: The Black-Scholes Partial Differential Equation
Section 50: The Return and Variance of the Return to a Delta-Hedged Market-Maker
Section 51: Exam-Style Questions on Market-Making and Delta-Hedging
Section 52: Asian Options
Section 53: Barrier Options
Section 54: Compound Options
Section 55: Pricing Options on Dividend-Paying Stocks
Section 56: Gap Options
Section 57: Exchange Options
Section 58: Exam-Style Questions on Exotic Options
Section 59: The Basics of Brownian Motion
Section 60: The Basics of Geometric Brownian Motion
Section 61: The Basics of Mean Reversion Processes
Section 62: The Basics of Ito's Lemma
Section 63: Probability Problems Using Arithmetic Brownian Motion
Section 64: Probability Problems Using Geometric Brownian Motion
Section 65: Sharpe Ratios of Assets Following Geometric Brownian Motions
Section 66: Another Form of Ito's Lemma for Geometric Brownian Motion
Section 67: Multiplication Rules and Exam-Style Questions for Brownian Motion and Ito's Lemma
Section 68: Conceptual Questions on Brownian Motion
Section 69: More Exam-Style Questions on Ito's Lemma and Brownian Motion
Section 70: The Vasicek Interest Rate Model
Section 71: Exam-Style Questions on the Vasicek Interest Rate Model
Section 72: The Cox-Ingersoll-Ross (CIR) Interest Rate Model
Section 73: The Black Formula for Pricing Options on Bonds
Section 74: Forward Rate Agreements and Caplets
Section 75: Interest Rate Caps and Pricing Caplets Using the Black Formula
Section 76: Binomial Interest Rate Models
Section 77: Basics of the Black-Derman-Toy (BDT) Interest Rate Model
Section 78: Pricing Caplets Using the Black-Derman-Toy (BDT) Interest Rate Model
Section 79: Determining Yield Volatilities and the Basics of Constructing Binomial Trees in the Black-Derman-Toy (BDT) Interest Rate Model
Section 80: Equity-Linked Insurance Contracts
Section 81: Historical Volatility
Section 82: Applications of Derivatives, the Garman-Kohlhagen Formula, and Brownian Motion to International Business Contracts
Section 83: Valuing Claims on Derivatives Whose Price is the Underlying Asset Price Taken to Some Power
Section 84: Assorted Exam-Style Questions for Exam 3F / Exam MFE
Section 85: Yield to Maturity of an Infinitely Lived Bond in the Vasicek Model

G. Stolyarov II is an actuary, science-fiction novelist, independent philosophical essayist, poet, amateur mathematician, composer, contributor to Transhumanity, Immortal Life, Enter Stage Right, Le Quebecois Libre, Rebirth of Reason, and the Ludwig von Mises Institute, Senior Writer for The Liberal Institute, and Editor-in-Chief of The Rational Argumentator, a magazine championing the principles of reason, rights, and progress. Mr. Stolyarov also publishes his articles on the Yahoo! Contributor Network to assist the spread of rational ideas. He holds the highest Clout Level (10) possible on the Yahoo! Contributor Network and is one of its Page View Millionaires, with over 2.7 million views. 

Mr. Stolyarov holds the professional insurance designations of Associate of the Society of Actuaries (ASA), Associate of the Casualty Actuarial Society (ACAS), Member of the American Academy of Actuaries (MAAA), Chartered Property Casualty Underwriter (CPCU), Associate in Reinsurance (ARe), Associate in Regulation and Compliance (ARC), Associate in Personal Insurance (API), Associate in Insurance Services (AIS), Accredited Insurance Examiner (AIE), and Associate in Insurance Accounting and Finance (AIAF).

Mr. Stolyarov has written a science fiction novel, Eden against the Colossus, a non-fiction treatise, A Rational Cosmology, and a play, Implied Consent. You can watch his YouTube Videos. Mr. Stolyarov can be contacted at gennadystolyarovii@yahoo.com.

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Learn about Mr. Stolyarov's novel, Eden against the Colossus, here.

Read Mr. Stolyarov's new comprehensive treatise, A Rational Cosmology, explicating such terms as the universe, matter, space, time, sound, light, life, consciousness, and volition, here.

Read Mr. Stolyarov's new four-act play, Implied Consent, a futuristic intellectual drama on the sanctity of human life, here.