MSc Actuarial Science May2011

8/6/2019 MSc Actuarial Science May2011

1/18


2/18

S.No CONTENTS

1. THE ACTUARIAL PROFESSION

2. ACTUARIAL SCIENCE IN B S ABDUR RAHMAN UNIVERSITY

3.PROGRAM OFFERED

4. PLACEMENT

5. STAFF PROFILE


3/18

The Actuarial Profession

In India demand for actuarial profession is increasing. In fact, during the recession

period, actuarial recruitments were not affected. Conversely it has increased since

the actuarial professionals are needed in risky situations. They only can predict the

future risk and stabilize the financial position from the contingencies.

The skill set of an Actuarial Professional

Strong background in mathematics and statistics General knowledge of business and finance Excellent verbal and written communication skills for tasks that require

preparing and presenting reports

Strong skills in database, statistical analysis programs and spreadsheetprograms (SQL, Access, Excel)

Strong quantitative ability with skill in manipulating and interpreting largequantities ofdata

Ability to effectively summarize and communicate analysis results withaccuracy and attention to detail

Desire to work in a team environment and capable of meeting tightdeadlines

Designation for Actuarial professionals varies from country to country as well ascompany to company based on the nature of their qualification and works such

as pension, finance, underwriting, valuation, etc.


4/18

Some common designations

Actuarial Analysts

An actuarial analyst is responsible for analyzing company data to ensure financial

stability of a company. He/she should be able to analyze data for rate and reserve

adequacy, develop various actuarial and statistical models, examine irregularities

in data, develop pricing, perform competitive analysis and assist in the analysis of

corporate loss reserves.

Actuarial Analysts who work in the insurance industry use statistical models to

analyze data and calculate the probability of costs associated with certain events,

such as product failure, accidents, property damage, injury and death. They use the

results to design and price insurance policies.

They also estimate the probability of catastrophic events such as hurricanes,

earthquakes, pandemics and terrorist attacks, and assess the risk exposure of

insurance companies to these events.

Actuarial Analysts who work in financial services may help to design investment and

pension plans.

Actuarial Analysts perform data analysis and statistical modeling and present their

findings to senior management or clients.


5/18

Actuary Manager

Actuarial manager is a professional who carries out the routine and ad-hoc

calculations using actuarial models and develop a deep understanding of data, models,

assumptions and results. He/She analyzes the inputs & results for identifying the

trends. Moreover, the professional needs to

Develop complex actuarial pricing and valuation models Develop new (or update) spreadsheets to implement new methodologies Author and review audit related documentation Develop as a Subject Matter Expert in his/her field ofexpertise. Liaise with onshore team to understand the work requirement, develop

solution and work plan.

Manage the regression testing of new work spaces and model points. Maintain and expand documentation of processes and methodology.

Develop reporting systems, spreadsheets, tools and processes to improve

efficiency and accuracy of the results

Support in analyzing the complex results such as new business volumes /margins, channel wise analysis etc.

Ensure appropriate legislative and regulatory standards are met. Lead and participate in developing a technical and client specific

knowledge community within the team.


6/18

Actuarial consultant

Actuarial consultancy is a branch of the actuarial profession. Working mainly within

professional services, firms or specialist consultancies, actuaries in this area ar e

involved in providing a whole range of services to their clients.

The work of an actuary within a consultancy may include advising on pensions

(designing schemes and calculating contributions), general insurance, HR

management, risk management, mergers and acquisitions, corporate recovery,

and financing projects.

On a daily basis, Actuarial Consultants draw upon and apply their knowledge of

economics, accounting, marketing, legislation and business practice. General

responsibilities may include:

Using mathematical modelling techniques and statistical concepts todetermine probability and assess risks

Explaining the implications of this work to clients and advising on risklimitation

Advising on the marketing and administration of pensions and lifeassurance schemes

Writing detailed reports and letters Applying a range of techniques to resolve different types of business

problems

Undertaking actuarial valuations Liaising with clients and dealing with queries as they arise Working with the professionals to develop systems that ensure compliance

with the requirements of regulatory bodies

Collaborating with a range of colleagues, including accountants, solicitors,underwriters and investment managers

Selecting and using appropriate software to manage and manipulate data Researching current developments in the business and financial worlds


7/18

Actuary

Actuaries evaluate, manage and advise on financial risks. They apply their knowledge of

business and economics, together with their understanding of probability theory,

statistics and investment theory, to provide strategic, commercial and financial advice.

Actuarial work can be diverse and i t ranges from highly technical roles

developing complex financial products in investment banks or pensions and

insurance companies to consultancy roles for those seeking a client-facing career.

Actuaries apply financial and statistical theories to assess the likelihood of a

particular event occurring, and the possible financial costs.

Typical work activities may include:

analyzing statistical data in order to calculate, for example, accident rates forparticular groups of people using mathematical modeling techniques and

statistical concepts to determine probability and assess risks, such as

changing weather patterns and to price commercial insurance

monitoring risk within trading positions in investment banking to ensure thatexcessive risks are not taken during the fast pace oftrading

presenting reports, explaining their implications to managers and directors, andadvising on risk limitation

advising on issues such as the selection of investment managers or theadministration of pensions and benefits

working with IT professionals to develop systems to ensure compliance withthe requirements of regulatory bodies

Supervising staff.


8/18

Specifically, actuaries in their day-to-day work may be responsible for

the following:

Developing new financial products Conducting valuations of assets and liabilities Advising on investment strategies Assessing the profitability of an investments portfolio Calculating funding rates for pension schemes Analyzing risks related to locations for catastrophe claims Measuring, monitoring and mitigating portfolio and enterprise risks Overseeing asset and liability modeling, product development and

profit testing.

Actuaries may also be involved in the acceptance of proposals for new policies,

legal and taxation matters affecting life assurance, or in the investment offunds.


9/18

Actuarial Science in B S ABDUR RAHMAN UNIVERSITY

Background

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 University 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.

Actuarial science in values the application of mathematical skills to a range of applied

subjects and helps to solve important problems for insurance, government, commerce,

industry and academic researchers.

The syllabus of the program is framed with inputs from the experts in the field of

insurance on par with the recent trends. Our University provides Copy righted study

materials used by Institute of Actuaries of London, to the students. Some reputedorganizations have ensured placements immediately in actuarial industry after the

completion of the program.


10/18

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 examsconducted

by the institutes within a shorter period.

The department has adequate number of Professors, Associate Professors, Assistant

professors and guest lecturers.

The department is equipped with ICT components like computers, a laptop, an LCD

projector, an OHP, internet and wiFi facilities. This helps the faculty members to update

their knowledge in their field and to perform computer- aided teaching.

The department will arrange seminars and conferences periodically for the benefit of

the students and staff members. The resource persons for such occasions will be

generally Actuaries, senior actuarial managers and actuarial analysts, etc.

The department maintains a good collection of reference books and Journals like

British Actuarial Journals, Journals of Institute of Actuaries and Austin Bulletin.

Students are allowed to access the facility of using the reference books.

Separate class teacher will be allotted for every class. They continuously monitor their

progress. Two class tests will be conducted every semester. Answers scripts will be

corrected immediately and the individual counseling will be given based on the

performance in the class tests. Special classes will be arranged for academically weaker

students.

The department of actuarial science is planning to conduct activities which cater to the

development of the department and to the students and to provide the much needed

exposure, knowledge and to give awareness about their future career.


11/18

Programme offered : M.Sc. Actuarial Science

Curriculum (Under Choice Based Credit System)

SemesterI SemesterII

Financial Mathematics Life and Health Insurance Probability and Statistics Regression and Time Series Analysis Micro Economics Financial Reporting and Accounting Life Contingencies Actuarial Models Principles of Insurance Macro Economics Statistical Package for Actuarial Science-1(SPSS) Statistical Package for Actuarial

Science-2(SAS)

SemesterIII SemesterIV

Financial Management of Life Office Elective II Financial Investment Project Phase - II Statistical Methods in Actuarial Science Risk Neutral Valuation: Pricing and Hedging Derivatives Elective I Project Phase I

List of Electives

Pension and other Employee Benefits Islamic Investments Theory of Interest, Ruin and Credibility Theory Financial Markets Portfolio and Credit Risk Management Corporate Finance


12/18

Infra Structure

State - of the - art facilities Eminent faculty members Course Structure on par with Global Universities Student Membership in Institute of Actuaries of India Training in Insurance/Financial Institutions Visiting Faculty and Adjunct Faculty will be invited for delivering special lectures Special Lectures and Seminars from resource persons Well equipped Computer Lab with latest softwares

Duration of the Course

Full time - 2 years consisting of 4 semesters

Eligibility for Admission

Any degree with Mathematics / Statistics as one of the subjects of study

Mode of selection

Selection of candidates will be based on their performance in the qualifying degreeand Entrance Examination, conducted by B.S.Abdur Rahman University.

Entrance examination date will be notified later

Fees & Deposit

Special fees for the programme (including laboratory, library, stationery, projectand training, guidance, development charges etc.)

Professional Society Membership fee during the course of study Caution Deposit (Refundable) 50 % Scholarship will be provided for meritorious candidates


13/18

Placement

A placement cell, headed by a full time Placement and Training officer with wide Industrial

experience, is functioning in the University. One faculty coordinator and two student

representatives from each department assist the Placement and Training officer. 100% Placement

for all eligible students is offered through the placement cell.

The reputed Organizations which ensured placement are as follows :

Allianz Bajaj AMP Sanmar Aviva Cholamandalam GIC HDFC ICICI Prudential IFFCO ING Vysya LIC of India Om Kotak Mahindra Royal Sundaram Reliance SBI Star Health and Allied Insurance Ltd. TATA AIG


14/18

Profile of Administration and Faculty

Name : Dr.P.Kaniappan

Designation : Vice Chancellor

Qualification : M.Sc., Ph.D., PGDCM.,

Email : [email protected]

Name : Dr.V.M.Periasamy

Designation : Registrar

Qualification : M.E., Ph.D.,


Name : Alhaj V.N.A Jalal

Designation : Director (Admissions)

Qualification : B.A., B.L.,


Name : Dr.I.Mohammed Bilal

Designation : DeanSchool of Science and Humanities

Qualification : M.Sc., Ph.D.,

Email : @bsauniv.ac.in

Name : Dr.S.Rajasekaran

Designation : Professor & Controller of Examinations

Qualification : M.Sc., Ph.D



15/18

Name : Dr.S.Srinivasan

Designation : Professor & Head

Qualification : M.Sc., M.Phil., MCA., B.Ed., PGDCA., Ph.D


Name : Ms.P.Taj Begum

Designation : Associate Professor

Qualification : M.Sc., M.Phil., (Ph.D)


Name : Dr.P.S.Shiek Uduman

Designation : Associate Professor

Qualification : M.Sc., M.Phil.,(Maths & C.S)., B.Ed., PGDCA., Ph.D


Name : Mr.T.R.Ramesh Rao

Designation : Assistant Professor (Senior Grade)

Qualification : M.Sc., M.Phil., PGDOR., (Ph.D)


Name : Ms.Sindhu J Kumaar




Name : Mr.C.D.Nandakumar





16/18

Name : Mr.A.A.Sathakathullah




Name : Mr.A.Bernick Raj




Name : Mr.A.Saibulla

Designation : Assistant Professor



Name : Mr.A.P.Prasanna Venkatesan




Name : Mr.M.G.Fajlul Kareem




Name : Mr.T.Kavaskar





17/18

Application form in Person

Application form can be obtained in person from the following centre, on payment of

Rs.600/-by cash or DDdrawn in favour of"B.S.Abdur Rahman University, payable atChennai.

B.S.Abdur Rahman University, Vandalur, Chennai-600 048,

Tamilnadu, INDIAPh:91+44-22751347, 22751348, 22751350, 22751375

Fax:044-22750520

E- mail:[email protected]

(a)Application form by post

Send a requisition letter along with Demand Draft of Rs.650/- drawn in favour of

B.S.Abdur Rahman University,payable at Chennai to the following address.

Director (Admissions)

B.S.Abdur Rahman Univeristy

Vandalur, Chennai 600 048

Tamilnadu, India.

(b)Application form in Online

Candidates who desire to apply online should send a DD for Rs.550/- drawn in favour of

B.S.Abdur Rahman University payable at Chennai to the Director (Admissions).

Note: Backside of the DD should contain the name of the applicant, course name

and phone number
mailto:[email protected]:[email protected]:[email protected]:[email protected]


18/18

For further Details:

The Director (Admissions)

B.S.Abdur Rahman University

Seethakathi Estate, Vandalur, Chennai 600 048, Tamilnadu, India.

Ph: 044 2275 1347, 2275 1348, 2275 1350, 2275 1375, 2275 0007.

Fax: 044 2275 0520

Email:[email protected]

Website: www.bsauniv.ac.in

( OR )

Dr.S.Srinivasan M.Sc., M.Phil, M.C.A., B.Ed., P.G.D.C.A., Ph.D


Mobile : +91 9444032702

Dr.P.Sheik Uduman M.Sc., M.Phil., (Maths & Computer Science), B.Ed., P.G.D.C.A., Ph.D


Mobile : +91 9444182227
mailto:[email protected]:[email protected]:[email protected]:[email protected]

Documents

MSc Actuarial Science May2011