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||M.Sc. Actuarial Science
Duration of the Programme
The duration of the M.Sc (Actuarial Science) programme shall be period of two years over four semesters. The programme comes to an end as and when the candidate earns a minimum prescribed credit range of 74 to 80. The maximum time limit within which the student has to complete the course is four years from the date of registration for the programme.
Any Programme with Mathematics / Statistics as one of the subject of study.
Financial Mathematics / Probability and Mathematical Statistics / Micro Economics / Regression and Time series Analysis/ Principles of Insurance / SPSS Lab / Risk Neutral Valuation: Pricing and Hedging derivatives / Life Contingencies / Financial reporting and Accounting / Stochastic Models / Macro Economics / MINITAB Lab/ Joint Life and Pension Techniques / Financial Investment / Statistical Methods in Actuarial Science / Survival Models
Financial Management of Life Office / Islamic Investments / Corporate Finance / Financial Markets / Islamic asset and Fund Management / Portfolio and Credit Risk Management
Scope for Employment
- There is enormous job opportunity for Acturaies in Insurance and Financial sectors. There are more than 100 Insurance companies and so many Financial Companies which provides job opportunities to qualified actuaries in India.
- At present, an actuary’s skills are used in fields such as pension, investment, project management, banking, health care, financial management and corporate planning.
- A recent study by US job portal carrercast.com (released by www.reuters.com on Jan 5, 2010) rates actuary as the top spot among the best jobs in USA for 2010.
M.Sc. Actuarial Science
Programme Educational Objectives
- To provide opportunities of higher studies in the professional area of Actuarial Science.
- To impart knowledge on various theoretical and practical aspects of Actuarial Science.
- To enable the students to apply their newly gained knowledge and skills in their workplace.
- To develop independent learning skills and transferable skills among the students.
- To help the students extend and develop their career plan and pursue their own professional development.
- To provide the students with a structured programme of study covering all Core Actuarial Science subject contents.
- To contribute to the education of academics, allowing the Institute to play an active role in the production of advanced studies in the areas of the Master in Actuarial Science.
- On Completion of the Programme, the students will be able to
- Understand the fundamental probability tools for quantitatively assessing risk and demonstrate an ability to apply these tools to problems encountered in Actuarial Science.
- Use the fundamental concepts of Financial Mathematics and demonstrate an ability to use those concepts to calculate present and accumulated values for various streams of cash flows as a basis for future use. Also they can demonstrate an understanding of the financial instruments, including derivatives, and the concept of no–arbitrage as it relates to financial mathematics.
- Understand the theoretical bases of certain Actuarial Models and Life Contingent models and can apply those models to insurance and other financial risks.
- Understand the frequency and severity models and an ability to carry out the steps involved in the modeling process in solving Actuarial Science problems.
- Demonstrate the ability to summarize and communicate, orally and in writing, Actuarial problems and the ability to communicate solutions to Actuarial problems to specialized and non-specialized audiences, and,
- Demonstrate highest standards of Actuarial ethical conduct and Professional Actuarial behavior, critical, interpersonal and communication skills as well as a commitment to life-long learning.