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Quick facts


Duration
2 years full-time

M.Sc in ACTUARIAL SCIENCE & ANALYTICS

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.

Actuarial skills are particularly important for managing risks that are
  • Financial – the risks involved have financial consequences
  • In the future – either the risk event or the consequences extends over a period of time.

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.

Program Objectives

  • To prepare working professionals to take on challenging roles in the promising Actuarial & Analytics industry in the context of globalisation
  • To train the students in the latest developments in the area of Actuarial and Analytics across various industry verticals
  • To equip them with a good mix of theoretical and cutting edge practical skills so they can be immediately effective and productive on the job

Program Learning Outcomes

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

  • Use data relating to future liabilities to estimate payments that need to be met
  • Project and discount future cash- flow using assumptions
  • Calculate the contributions required to build up a fund over time to meet future liabilities
  • Monitor the progress of the accumulation of a fund
  • Advise on reinsurance and other risk transfer mechanisms
  • Analyse the variation between the actual and expected experience
  • Manage the variation in the progress of a fund to ensure that future liabilities are met
  • Handle data in a critical manner
  • Manage the build-up of assets to meet future liabilities
  • Apply statistical data analysis and other decision science techniques to optimally solve real world business problems
  • Contribute to decisions on investment policies aimed at meeting future liabilities.
  • understand where and when the expertise of other professionals is needed operate within an environment that requires professionalism, scrutiny and
  • Transparency in the disclosure of information
  • Communicate the results of all his/her work.
  • Objectively analyse alternatives using quantitative techniques
  • Apply cutting edge tools and technologies to analyse Big Data
  • Develop appropriate algorithms using machine learning techniques to solve business problems
  • Be able to effectively communicate the results of the analysis using appropriate data visualisation techniques
  • Demonstrate the ability to work effectively in cross functional teams

Unique Features

  • Coverage of Core Technical (CT Series) subjects to become fellow of Actuarial Society of India/UK
  • Students can do their Actuarial certification from various Actuarial bodies across the globe.
  • Industry projects during the program will give the practical knowledge to apply and understand various tools and techniques.

Career Opportunities

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.

ProgramStructure

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:

  • Descriptive Statistics
  • Probability and Probability Distributions
  • Financial Mathematics
  • Concepts of Accounting & Reporting
  • Communication skill
  • Environmental Science
  • Mathematical Statistics & Inference
  • Principles and Regulations of Insurance
  • Stochastic Processes
  • Actuarial Models
  • Statistical Methods
  • Economics
  • Insurance Contingencies
  • Introduction to Analytics
  • Introduction to Data Science
  • Data Structures and Algorithms
  • Programing Skills (Excel, SQL, C++,VBA)
  • Financial Economics
  • Econometrics
  • Optimization and Decision Models
Industry Projects & Workshops

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.

Top Campus Recruiters for our MANAGEMENT Programs

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.

Key Information

Eligibility
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.

Selection Process
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.

Admission Procedure
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