2 years full-time
Actuaries analyse the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur and they help businesses and clients develop policies that minimize the cost of that risk.
A person who is dealing with risk ,determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute.
An actuary is a business professional who analyses the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Actuaries may work for insurance companies, consulting firms, government, employee benefits departments of large corporations, hospitals, banks and investment firms, or, more generally, in businesses that need to manage financial risk.
Traditional responsibilities of actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of the funds to provide the promised benefits, recommending fair rate of bonus where applicable, valuation of the insurance business, ensuring solvency margin and other insurance risks like legal liability, loss of profit, etc. An actuary works as consultant either individually or in partnership with other actuaries in multi-disciplines. There are many areas like Analytics, Insurance, Employee benefits, Risk Management, Investment, Information Technology, Taxation, academics where the actuaries are working. Actuaries help stakeholders to identify and analyse the financial risks they face and to manage and mitigate those risks.
Actuaries need to be able to assess, quantify, manage and monitor the risks inherent in financial structures, products, schemes, contracts and transactions that provide benefits on future financial events.
Our M.Sc in Actuarial Science and Analytics program gives students the opportunity to conduct and gain experience of an in-depth open-ended actuarial investigation and on successful completion of the program, students will be able to:
Use economic analyses to form judgments about future inflation and interest rates
This program of study will provide the ideal entry platform for a student into a broad range of employment sectors, such as Insurance, Finance and Risk Management. After the completion of program students would be able to get jobs in Actuarial Firms, Risk management firms, Data Research and various Consultancy firms like Deloitte, Swiss- re, WNS, AON-Hewitt, Mercer, PWC, E&Y,AIG,AIR Worldwide, Genpact, RMS, Xceedance ,XL-Catlin, Re insurance Companies, General Insurance Companies and many more.
M.Sc in Actuarial Science and Analytics is a 2-Year program which is spread over four terms. It comprises of modules on Statistics, Financial Mathematics, Insurance, Economics and others. Some of the subjects that will be covered under this program are:
Projects will be given by industry mentor and regular workshops will be conducted by industry experts will help the students to understand practical applications of class room studies.
When the world’s most selective organizations seek new, innovative talent, they turn to Chitkara Business School. Top FMCG companies, financial institutions, consulting firms, consumer products manufacturers and technology companies are among those firms that hire our Management graduates as interns and full-time employees.
1) The candidate should have completed the Bachelor’s Degree with minimum of 50 % aggregate marks in any stream from a recognized university.
2) The candidate appearing in the final year examination can apply but the candidate must have secured minimum 50% (aggregate) marks till the previous year’s examination.
However, the candidate must submit his/her graduation completion certificates by September 30, 2017 failing which he/she shall be de-registered.
3) Candidate having compartment in any subject will not be considered.
4) Having work experience is not a requirement for admission to the program.
Admission to the MBA Program at Chitkara Business School is based on the merit ranking in CAT / MAT / NMAT / XAT / CMAT score followed by group discussions and personal interview. Applicants who have not taken any of the above mentioned entrance examinations shall have to take Chitkara University Test with group discussions and personal interview. Decision of the jury will be final.
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