DEPARTMENT OF ACTUARIAL SCIENCE (SELF-FINANCING)
Department Brief
Mar Athanasius College was the first institute in Kerala to offer a postgraduate programme in Actuarial Science. The Department of Actuarial Science at MA College was established in the year 2012. Since its inception, the programme has evolved in size and academic accomplishments. Currently, the department offers only M.Sc. in Actuarial Science. The programme consists of four semesters, spread over two years. In 2020, the students’ intake was increased from 15 to 25. The programme includes the following core courses: Actuarial Statistics, Actuarial Mathematics, and Business. The core subjects and curriculum are aligned with the curriculum of professional actuarial bodies. Academic excellence, application-based learning, and a forward-thinking vision have been the cornerstones of the department. The department is committed to providing students with an amicable learning environment that aids in their holistic development.
Eligibility criteria:
· Graduation in any degree with Mathematics/Statistics as one of the core/subsidiary courses with not less than 50% of marks.
· Commerce graduates (provided they have studied Mathematics at Plus Two level) with not less than 50% of marks
· Note: A weightage of 10 marks shall be given to the candidate who has studied Mathematics as the Main/Core subject.
Vision
Our vision is to impart competencies necessary for actuarial professionals to develop solutions for complex financial issues
Mission
· Offer a well-balanced academic programme that reinforces a firm grounding in the actuarial science discipline
· Provide a learning environment that develops a comprehensive understanding of financial and risk-related issues.
· Produce graduates with skills and abilities to recognize, measure, evaluate, and handle risk and uncertainty in order to make substantial contributions to the financial stability of individuals, organizations, and society.
HOD’s Desk
Actuarial Science is a discipline that uses mathematical and statistical methods in identifying, assessing, evaluating, and minimizing the risks and financial implications of uncertain events. Actuarial Science encompasses multiple disciplines, such as Mathematics, Statistics, Economics, and Finance. The interrelatedness and synergies of these disciplines help graduates synthesize ideas from many perspectives and develop feasible solutions to actuarial problems.
The curriculum has been designed keeping in mind the industry requirements. The programme offers core and elective courses that develop and enhance discipline-specific competencies and employability skills of students. Our pedagogy emphasizes analytical reasoning, problem-based learning, critical thinking, and a balanced understanding of issues. In order to keep the students updated on the latest trends and developments in the actuarial field, the department regularly organizes seminars, workshops, and talks by industry experts and alumni.
The department takes pride in our students’ achievements. Every year our students qualify for examinations conducted by the Institute of Actuaries of India (IAI), Institute and Faculty of Actuaries (IFoA), UK, and Insurance Institute of India (III). A comprehensive curriculum, novel teaching techniques, and active engagement with the industry prepare our students to secure promising career in a variety of sectors, including insurance, reinsurance, healthcare, investment, and banking. Our students have been able to secure placements in some of the leading actuarial and financial companies, such as AON Specialist Services, WNS Global Services Pvt. Ltd., AIG, E&Y, Chubb Business Services, Allianz Technologies, Kuwait Insurance Company, Omega Healthcare, Shriram Life Insurance Co. Ltd., TCS, Mashreq Global Services, Royal Bank of Scotland, South Indian Bank, etc. The credit for these accomplishments is the result of tireless efforts by the past and present faculty members and the unwavering support of college management.
Ms. Shalini Binu
Objectives of the programme are to:
1. Equip students with the knowledge and understanding of mathematical, statistical, and financial tools and techniques and the application of these techniques in solving actuarial issues.
2. Provide a foundation in actuarial modelling concepts, with an emphasis on deterministic models that can be used to model and value both known and unknown cashflows, such as those based on death, survival, or other unpredictable risks.
3. Enable students to apply statistical techniques to actuarial applications in insurance, pensions, and emerging areas of actuarial practice.
4. Provide proficiency in using software programming languages like R and Excel for statistical computations
5. Provide basic understanding and knowledge of the instruments used by the corporates to raise finance. Analyze and interpret the financial account statements and manage financial risks.
6. Introduce students to the underlying core microeconomic and macroeconomic principles that guide decision-making in organizations and explain the functioning of the economic system.
7. Enable students to understand the insurance and financial environment, key products and principles that govern insurance, superannuation, and other areas of actuarial practices.
8. Identify the business problems and apply appropriate analytical tools to evaluate and manage the constantly changing business environment
9. Develop independent learning abilities and transversal skills like communication, networking, and teamwork.
10. Assist and prepare students for actuarial examinations administered by the Institute of Actuaries of India (IAI) and the Institute and Faculty of Actuaries(IFoA), UK.
