Department of Mathematics & Actuarial Science

Vision

• To be a leader in providing quality education and to carry out research in the field of Mathematics and its applications in Science, Engineering and Technology.

Mission

• To provide quality education in higher mathematics through well designed programmes
• To provide quality mathematical foundation for all science and engineering programmes
• To offer programmes in specialized areas such as Actuarial Science to meet the needs of Insurance and other Industries
• To undertake fundamental, applied and interdisciplinary research.

M.Sc Actuarial Science

• In a fast-changing world, with new risks and the need for more creative ways to tackle them, there is an opportunity for personal and professional growth in an actuarial career, and the pleasure of life-long learning.
• Privatization of the insurance industries has lead to the entry of many Insurance companies and thus the need for actuaries and actuarial professionals has increased. Taking this into consideration that, B S Abdur Rahman Institute has started a new PG program in M.Sc Actuarial Science.
• The Actuarial science program is designed for graduates with strong mathematical skills who are looking forward to enter the Actuarial profession. Actuarial Science graduates can practice in many sectors including finance,investment, risk management, insurance and pensions.
• The syllabus of the program is framed with inputs from the experts in the field of insurance on par with the recent trends.The program, because of its unique nature, attracts students from all over India.
• The M.Sc. program offered is multidisciplinary in nature and thus there are multiple opportunities for the successful students, in the field of insurance, finance and banking.
• The program helps the students to get through well in the Actuarial exams conducted by the institute of Actuaries India/UK within a shorter period.

OBJECTIVES OF M.SC ACTUARIAL SCIENCE PROGRAMME

• 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.

OUTCOMES OF M.SC ACTUARIAL SCIENCE PROGRAMME

On Completion of the Programme, the students will be able to

• understand the fundamental probability tools for quantitatively assessing riskand 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.

Admission to M.Sc Actuarial Science

Eligibility

B.Sc Statistics/ Mathematics/Any UG degree (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 of study.Candidates who have appeared in final year degree examination can also apply.

Medium of Instruction

English

Duration of the Course

Two Years

Programme Fee

Tuition Fees Per Year Rs 30,000/-

Mode of Admission

• Mode of admission will be based on marks in qualifying examinations and interview

Syllabus for Entrance Test

Mathematics

• Permutations & combinations, using the sigma notation to express the sum of a series; summing the terms of an arithmetic progression and a geometric progression; the idea of a limit; differentiation of polynomial; exponential and logarithmic functions, rules for differentiation; definite and indefinite integration of polynomial and exponential functions; area under a curve; methods of numerical integration; integration by substitution and by parts
• Higher order derivatives Fundamental Theorem of the Calculus; solving first order differential equations: exact, separable (including logistic), linear; second order differential equations with constant coefficients: complementary function and particular integral partial derivatives of functions of two variables; maxima and minima of functions of two variables; double integrals and changing the order of double Integrals
• Matrix addition and multiplication; determinant and inverse of a square matrix; using matrices and vectors to represent linear equations; solving simultaneous linear equations

Probability and Statistics

Sample spaces, events; the probability of an event; basic rules of probability; conditional probability; independent events; Bayes Theorem and application of Bayes theorem; random variable and its probability; Binomial, Poisson, and Normal distributions and their properties. Bivariate, marginal, and conditional frequency distribution; relationship between two variables: scatter diagram: covariance: Karl Pearson’s coefficient of correlation; linear regression; relation between regression and correlation, calculation of regression coefficients.

General English:

Vocabulary, Grammar, Reading Comprehension

General Awareness of Economic Environment:

• Questions will be designed to test the ability of the candidates general awareness of the economic environment around him and its application to society. Questions will also be designed to test knowledge of current economic events and of such matters of everyday observation and experience relating to India and global.
• The topics include: GDP growth rate, inflation, balance of payments, exchange rate, tariffs, governments policy, public expenditure, taxes, fiscal deficit, subsidies, globalization, liberalization, capital and stock markets etc