msc actuarial science may2011
TRANSCRIPT
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S.No CONTENTS
1. THE ACTUARIAL PROFESSION
2. ACTUARIAL SCIENCE IN B S ABDUR RAHMAN UNIVERSITY
3.PROGRAM OFFERED
4. PLACEMENT
5. STAFF PROFILE
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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
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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
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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
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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.,
Email : [email protected]
Name : Alhaj V.N.A Jalal
Designation : Director (Admissions)
Qualification : B.A., B.L.,
Email : [email protected]
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
Email : [email protected]
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Name : Dr.S.Srinivasan
Designation : Professor & Head
Qualification : M.Sc., M.Phil., MCA., B.Ed., PGDCA., Ph.D
Email : [email protected]
Name : Ms.P.Taj Begum
Designation : Associate Professor
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
Name : Dr.P.S.Shiek Uduman
Designation : Associate Professor
Qualification : M.Sc., M.Phil.,(Maths & C.S)., B.Ed., PGDCA., Ph.D
Email : [email protected]
Name : Mr.T.R.Ramesh Rao
Designation : Assistant Professor (Senior Grade)
Qualification : M.Sc., M.Phil., PGDOR., (Ph.D)
Email : [email protected]
Name : Ms.Sindhu J Kumaar
Designation : Assistant Professor (Senior Grade)
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
Name : Mr.C.D.Nandakumar
Designation : Assistant Professor (Senior Grade)
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
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Name : Mr.A.A.Sathakathullah
Designation : Assistant Professor (Senior Grade)
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
Name : Mr.A.Bernick Raj
Designation : Assistant Professor (Senior Grade)
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
Name : Mr.A.Saibulla
Designation : Assistant Professor
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
Name : Mr.A.P.Prasanna Venkatesan
Designation : Assistant Professor
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
Name : Mr.M.G.Fajlul Kareem
Designation : Assistant Professor
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
Name : Mr.T.Kavaskar
Designation : Assistant Professor
Qualification : M.Sc., M.Phil., (Ph.D)
Email : [email protected]
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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] -
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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
Email : [email protected]
Mobile : +91 9444032702
Dr.P.Sheik Uduman M.Sc., M.Phil., (Maths & Computer Science), B.Ed., P.G.D.C.A., Ph.D
Email : [email protected]
Mobile : +91 9444182227
mailto:[email protected]:[email protected]:[email protected]:[email protected]