M.Sc ACTUARIAL SCIENCE - Crescent University | Chennai M.Sc ACTUARIAL SCIENCE ... project and training, guidance, development charges etc.) ... TATA AIG

M.Sc ACTUARIAL SCIENCE

DEPARTMENT PROFILE

B S ABDUR RAHMAN UNIVERSITY

(Formerly Crescent Engineering College)

Vandalur, Chennai 600 048

S.No CONTENTS

1. THE ACTUARIAL PROFESSION

2. ACTUARIAL SCIENCE IN B S ABDUR RAHMAN UNIVERSITY

3. PROGRAM OFFERED

4. PLACEMENT

5. STAFF PROFILE

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 spreadsheet

programs (SQL, Access, Excel)

Strong quantitative ability with skill in manipulating and interpreting

large quantities of data

Ability to effectively summarize and communicate analysis results with

accuracy and attention to detail

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

deadlines

Designation for Actuarial professionals varies from country to country as well

as company to company based on the nature of their qualification and works

such as pension, finance, underwriting, valuation, etc.

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, d e v e l o p v a r i o u s a c t u a r i a l a n d s t a t i s t i c a l m o d e l s , 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.

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 of expertise.

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.

Actuarial consultant

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

professional services, firms or specialist consultancies, actuaries in this area a r 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 to

determine probability and assess risks

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

limitation

Advising on the marketing and administration of pensions and life

assurance 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

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 for

particular 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

that excessive risks are not taken during the fast pace of trading

presenting reports, explaining their implications to managers and directors,

and advising on risk limitation

advising on issues such as the selection of investment managers or the

administration of pensions and benefits

working with IT professionals to develop systems to ensure compliance with

the requirements of regulatory bodies

Supervising staff.

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 of funds.

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 reputed

organizations have ensured placements immediately in actuarial industry after the

completion of the program.

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 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.

Programme offered : M.Sc. Actuarial Science Curriculum (Under Choice Based Credit System)

Semester – I Semester – II

Financial Mathematics Risk Neutral Valuation: Pricing and Hedging

Derivatives

Probability and Statistics

Life Contingencies

Micro Economics

Financial Reporting and Accounting

Regression and Time Series Analysis Stochastic Models

Principles of Insurance

Macro Economics

SPSS LAB

Statistical Package for Actuarial

Science-1(SPSS)

MINITAB LAB

Semester – III

Semester – IV

Joint life and pension Techniques Elective – II

Financial Investment Project Phase - II

Statistical Methods in Actuarial Science

Survival Models

Elective – I

Project Phase – I

List of Electives

Financial Management of Life office

Islamic Investments

Corporate Finance

Financial Markets

Islamic Asset and Fund Management

Portfolio and Credit Risk Management

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

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

Mode of selection

Selection of candidates will be based on their performance in the qualifying degree and

Entrance Examination, conducted by B.S.Abdur Rahman University.

Entrance examination date will be notified later

Fees & Deposit

Tuition fee: Rs.25,000/- per semester

Special fees for the programme (including laboratory, library, stationery, project and

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

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:

AMP Sanmar

Aviva

Bajaj Allianz

Cholamandalam

GIC of India

HDFC

ICICI Prudential

IFFCO

ING Vysya

LIC of India

Om Kotak Mahindra

Royal Sundaram

Reliance

SBI

Star Health and Allied Insurance Ltd.

TATA AIG

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 : Dean – School of Science and Humanities

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


Name : Dr.S.Rajasekaran

Designation : Professor & Controller of Examinations

Qualification : M.Sc., Ph.D


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 : Ms.Sindhu J Kumaar

Designation : Assistant Professor (Selection Grade)



Name : Mr.T.R.Ramesh Rao

Designation : Assistant Professor (Senior Grade)

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


Name : Mr.C.D.Nandakumar




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 : Dr.C.Uma Maheswari


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


Name : Dr.M.Mubashir Unnissa


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


mailto:[email protected]


Name : Dr.T.A.Sajesh


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


Name : Ms.K.Raja Chandrasekar




Name : Ms.A.Ezhilarasi


Qualification : M.Sc., (Actuarial Science)


Name : Mr.Mahadev Ota


Qualification : M.A(Mathematics)., M.Sc (Actuarial Science).,


Name : Mr.R.Kishor


Qualification : M.Sc (Mathematics)., M.Phil (Actuarial Science).,






Application form in Person

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

Rs.600/-by cash or DD drawn in favour of "B.S.Abdur Rahman University”, payable at

Chennai.

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

Ph: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


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


Documents

M.Sc ACTUARIAL SCIENCE - Crescent University | Chennai M.Sc ACTUARIAL SCIENCE ... project and training, guidance, development charges etc.) ... TATA AIG