M.

Sc ACTUARIAL SCIENCE

DEPARTMENT PROFILE

B S ABDUR RAHMAN UNIVERSITY

(Formerly Crescent Engineering College) Vandalur, Chennai 600 048

S.No
1.

CONTENTS
THE ACTUARIAL PROFESSION

2.

ACTUARIAL SCIENCE IN B S ABDUR RAHMAN UNIVERSITY PROGRAM OFFERED

3.

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, 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.

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 knowledge community within the team. a technical and client specific

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 i n 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

Financial Mathematics Probability and Statistics Micro Economics Life Contingencies Principles of Insurance Statistical Package for Actuarial Science-1(SPSS)

Semester II
Life and Health Insurance Regression and Time Series Analysis Financial Reporting and Accounting Actuarial Models Macro Economics Statistical Package for Actuarial Science-2(SAS)

Semester III

Semester IV

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

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 degree and 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, 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 :

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

Profile of Administration and Faculty

Name Designation

: Dr.P.Kaniappan : Vice Chancellor

Qualification : M.Sc., Ph.D., PGDCM., Email : vc@bsauniv.ac.in

Name Designation

: Dr.V.M.Periasamy : Registrar

Qualification : M.E., Ph.D., Email : registrar@bsauniv.ac.in

Name Designation

: Alhaj V.N.A Jalal : Director (Admissions)

Qualification : B.A., B.L., Email : admissions@bsauniv.ac.in

Name Designation

: Dr.I.Mohammed Bilal : Dean School of Science and Humanities

Qualification : M.Sc., Ph.D., Email : @bsauniv.ac.in

Name Designation

: Dr.S.Rajasekaran : Professor & Controller of Examinations

Qualification : M.Sc., Ph.D Email : coe@bsauniv.ac.in

Name Designation

: Dr.S.Srinivasan : Professor & Head

Qualification : M.Sc., M.Phil., MCA., B.Ed., PGDCA., Ph.D Email : srinivasan@bsauniv.ac.in

Name Designation

: Ms.P.Taj Begum : Associate Professor

Qualification : M.Sc., M.Phil., (Ph.D) Email : ptajbegum@bsauniv.ac.in

Name Designation

: Dr.P.S.Shiek Uduman : Associate Professor

Qualification : M.Sc., M.Phil.,(Maths & C.S)., B.Ed., PGDCA., Ph.D Email : sheikuduman@bsauniv.ac.in

Name Designation

: Mr.T.R.Ramesh Rao : Assistant Professor (Senior Grade)

Qualification : M.Sc., M.Phil., PGDOR., (Ph.D) Email : rameshrao@bsauniv.ac.in

Name Designation

: Ms.Sindhu J Kumaar : Assistant Professor (Senior Grade)

Qualification : M.Sc., M.Phil., (Ph.D) Email : sindhu@bsauniv.ac.in

Name Designation

: Mr.C.D.Nandakumar : Assistant Professor (Senior Grade)

Qualification : M.Sc., M.Phil., (Ph.D) Email : cdnandakumar@bsauniv.ac.in

Name Designation

: Mr.A.A.Sathakathullah : Assistant Professor (Senior Grade)

Qualification : M.Sc., M.Phil., (Ph.D) Email : aasathak@bsauniv.ac.in

Name Designation

: Mr.A.Bernick Raj : Assistant Professor (Senior Grade)

Qualification : M.Sc., M.Phil., (Ph.D) Email : bernickraj@bsauniv.ac.in

Name Designation

: Mr.A.Saibulla : Assistant Professor

Qualification : M.Sc., M.Phil., (Ph.D) Email : saibulla@bsauniv.ac.in

Name Designation

: Mr.A.P.Prasanna Venkatesan : Assistant Professor

Qualification : M.Sc., M.Phil., (Ph.D) Email : prasannaram@bsauniv.ac.in

Name Designation

: Mr.M.G.Fajlul Kareem : Assistant Professor

Qualification : M.Sc., M.Phil., (Ph.D) Email : kareem@bsauniv.ac.in

Name Designation

: Mr.T.Kavaskar : Assistant Professor

Qualification : M.Sc., M.Phil., (Ph.D) Email : tkavaskar@bsauniv.ac.in

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: admissions@bsauniv.ac.in

(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: admissions@bsauniv.ac.in 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 : srinivasan@bsauniv.ac.in Mobile : +91 9444032702

Dr.P.Sheik Uduman M.Sc., M.Phil., (Maths & Computer Science), B.Ed., P.G.D.C.A., Ph.D Email : sheikuduman@bsauniv.ac.in Mobile : +91 9444182227