# Probability Books

Hi, I am trying to break in, in the interim I have gotten books and Calculus, Financial Modeling and C++. Can anyone tell me the name of an excellent book on probabilities. I would like it to be intermediate to advance. Thanks

My mba text was “Statistics for Business and Economics” (McClave, Benson, Sincich), rife with realistic problems to work across multiple industries. For a mathematician it might be slow going, but it would cover most of the stats required for CFA.

What are you trying to break into?

Risk Management

I have been unfortunately in Accounting/Financial Management for a while. Decided for a change of career

JoeyDVivre, Thanks a lot for the advice. At the end at point 1 you are saying that even after completing this stuff nobody in risk management will be impressed?

I did completed CFA and FRM but the quants is very basic. So you think I should start from basic or intermediate?

Feller’s two volumes are classic!

Thank you guys for taking the time to respond I really appreciate the help

I think my strategy over the next year will be to continue to look for a career change while reading these books and looking for a math course to do to certify my knowledge. These things comes very easy to me so it would not be long. I don’t think quiting my job to attend an undergraduate degree will help things?

actuaryalfred Wrote: ------------------------------------------------------- > Feller’s two volumes are classic! Yep. The head of my dissertation committee was one of the orginal editors of those books. They are great books but is there anybody who learns probability for the first time from them?

ECCCFA Wrote: ------------------------------------------------------- > JoeyDVivre, > > Thanks a lot for the advice. At the end at point 1 > you are saying that even after completing this > stuff nobody in risk management will be > impressed? Right. A non-calculus based probability course is just not very sophisticated. Most random variables are either continuous (e.g., normal) or countably infinite (e.g., Poisson). You need tools from calculus to do very fundamental things with those (e.g. calculate expected values of functions of r.v.'s). There’s just a limited amount you can do with “John rolled a die three times and …”

I am aware of this, I am working on Calculus right now. My plan is to do calculus from basic to intermediate/advance and then tackle the probability material mention here. I am working through “Calculus and its applications” by Bittinger and Ellenbogen then I am going to read “Financial Calculus” by Martin Baxter, Andrew Rennie, Rennie Andrew. Before I even get to these types of texts

Maybe you should just sign up for calc class at some local college or university?

That is very difficult right now, I am not confident about the quality of the classes where I am currently living and anything other than that I have to purchase airline tickets which is expensive. I am working on moving but this may take some time until then I need to be doing something rather than sitting and waiting for something to happen. That would be the intention once I get the opportunity.

Dude, you might want to explore online/distance learning courses on calculus like the one offered by University Of Iowa, University of Wisconsin-Madison. Also, you might want to take a look at the classic book " Calculus by James Stewart " araguably the most authoritative book on calculus for beginners and intermediate guys.

I think I will do the distance learning a bit later. I will do my readings and continue to read the books at my own speed. I need some rest after CFA. Then I will find a very good recognized distance learning or course. I don’t believe it is soo much things I still have to do. When it comes to it I want to go into a program just to certify and refine my knowledge rather than learning from scratch which I am not.

ysundaram Wrote: ------------------------------------------------------- > Dude, > > you might want to explore online/distance learning > courses on calculus like the one offered by > University Of Iowa, University of > Wisconsin-Madison. Also, you might want to take a > look at the classic book " Calculus by James > Stewart " araguably the most authoritative book on > calculus for beginners and intermediate guys. My favorite calc book actually.

I’ve been thinking about getting a graduate degree in either econ or finance, but find myself in a situation somewhat similar to ECCCFA. I want to spend the next two years learning calculus, probability, econometrics, etc in an effort to meet entrance requirements to many of the econ grad programs I’ve read up on. Any advice on where to start? I’ve got a little background in calc and non-calc probability, but don’t have the money to take part time classes at the moment. I do have the spare time though to prepare.