School of Computer Information and Mathematical Sciences
M.Sc Actuarial Science
For NRI Candidates
Candidates should have completed 12 years of schooling (equivalent to 10+2 system of Indian education, CBSE, ISCE etc.) with Physics, Chemistry, Mathematics / Biology as compulsory subjects. The candidates should have minimum average of 60% marks in Physics, Chemistry and Mathematics / Biology. B.Sc., Statistics / Mathematics / B.Sc., B.Com. B.B.A., B.C.A., B.E., etc with Mathematics / Business Mathematics / Applied Mathematics / Statistics as one of the ancillary subjects with 60% minimum aggregate.
For Foreign Students
- B.Sc., Statistics / Mathematics / B.Sc., B.Com. B.B.A., B.C.A., B.E., etc with Mathematics / Business Mathematics / Applied Mathematics / Statistics as one of the ancillary subjects with 60% minimum aggregate.
- English as one of the subjects of qualifying examination.
- Mathematics, physics and Chemistry as compulsory subjects (for all B.Tech.Programmes except Biotechnology and related programmes)
- Physics, Chemistry and Biology / Biotechnology as compulsory subjects. (For B.Tech. Biotechnology and related programmes)
- Candidates completed A Levels, IB, STPM, HSC, WASSCE, NCEA Level 3, American High School Diploma, etc. with minimum 60% aggregate or equivalent grade in Physics, Chemistry and Mathematics and a pass in English.
- Candidates studied under American High School system are eligible, if the above courses have been studied in the 11th and 12th grades or ‘AP’ (Advanced Placement) courses.
FEE STRUCTURE FOR NRI & INTERNATIONAL STUDENTS
|S.No||Programme||Tuition Fee per Semester (USD)||Admission Fee – one-time payment (USD)||Total (USD)|
|1||M.Sc Actuarial Science (2 years)||500||500||1000|
|S.No.||Percentage of Refund of Fee||Point of time when notice of withdrawal of admission is received in the HEI|
|1||100%*||15 days or more before the formally-notified last date of admission|
|2||90%||Less than 15 days before the formally-notified last date of admission|
|3||80%||15 days or less after the formally-notified last date of admission|
|4||50%||30 days or less, but more than 15 days, after formally-notified last date of admission|
|5||00%||More than 30 days after formally-notified the last date of admission|
*The processing fee of 5% of fee paid will be deducted
Hostel Fee Per Year
|NRI & International Students|
|A/C Double Sharing (Accommodation & Boarding)||USD 2,200|
|Caution Deposit (Refundable)||USD 100|
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
- 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 lifelong learning.