G U J A R A T U N I V E R S I T Y

A C T U A R I A L SCIENCE

P R O SP E C TU S PACKAGE 20 2 0 ACTUARIAL SCIENCE

“The best investment you can make is an investment in yourself… The more you learn, the more you’ll earn.”

- Warren Buffet THE FUTURE THE GUJARAT UNIVERSITY

M.Sc. in Actuarial Science

Five Years Integrated Program

B.Sc. (3 Years) + M.Sc. (2 Years) M.Sc. INTEGRATED M.Sc. VICE CHANCELLOR

Prof. (Dr.) Himanshu Pandya

Gujarat University is the oldest and the largest university of the state of Gujarat, established in 1949 by Sardar Vallabhbhai Patel with the vision of Mahatma Gandhi. The University today is the top university in the state of Gujarat, offering courses across a plethora of domains, from rock-solid fundamental courses across sciences, humanities, business and various other streams to courses aligned with the needs of the modern age, involving defence, aviation, AI

A G E / ML, etc. I’m glad that you are considering the course at GU, which is one such course we introduced with an emphasis on offering new-age courses to young Indians to employ them with the right skills and making them industry-ready. This five-year integrated course is one of the most promising courses that we today offer, blending in a mix of fundamental S knowledge across various disciplines, with necessary practical experience. An admission at GU means getting an access pass to a haven of knowledge, creativity, innovation, and youthful experiences. GU is the same University that has given the country stalwarts such as the father of Indian space program Vikram Sarabhai, Prime Minister Narendra Modi, business tycoon Gautam Adani and noted social worker Elaben Bhatt, alongside dozens of other national figures. Among many other things, our campus is now home to one of the best startup support systems in the country, India’s first research park, and an upcoming Sports City that would allow you and the entire university family to have access to Olympics-standard infrastructure for over 16 sports and games, all of which have been provisioned for the benefit and success of students such as you. I welcome you to Gujarat University to experience a new standard of education,

M E S knowledge and practical application of your ideas, all within the vicinity of what could be your campus. PRO VICE CHANCELLOR

Dr. Jagdish Bhavsar

I am pleased that you are interested in the course at Gujarat University, which has been recently recognized as Gujarat’s #1 university by the state government. This course has been designed keeping in mind the constantly changing business, economic and industrial environments around the world. At Gujarat University, we have been bringing in several

A G E reforms since the last several years across our academic, co-curricular and extra-curricular platforms, and this course is part of the university’s evolution and strategy to align itself with the needs of today’s time and to ensure our students

S are given the right knowledge, skills and tools to become successful professionals in their domain areas. Our courses are delivered in new facilities within our completely redone campus, which now boasts state-of-the-art infrastructure such as smart classrooms as a bare minimum standard, excellent geographical location and a lush-green campus that allows GU to be called the ‘Lungs of Ahmedabad’. A variety of facilities are being regularly provisioned in the campus for the benefits of students, and our attitude of keeping student-friendliness at the heart of everything that we do has allowed GU to be recognized as a top university. I am certain that joining this five-year integrated course would be an exuberant and exciting journey for you, which would define how your career ahead shapes up. I welcome you to Gujarat

University! M E S MESSAGE FROM THE COURSE COORDINATOR

Dr. Ravi Gor Dept. of Mathematics, GU The fast-paced, technology-enabled world has changed the landscape of the ways in which businesses and economies run around the globe. The traditional roles of a business function have become more modernized and enhanced with technology to assist in rapid and accurate decision making processes. The ways in which financial markets have evolved in this era of high-frequency computing have enabled markets with the power to make massive economic impacts in a matter of hours. Similarly, the role of a traditional actuary has expanded from insurance, risk assessment, design and A G E pricing of insurance, pension and employee benefits to assessing and quantifying enterprise risk, financial modelling and much more. Thanks to the rising economy in India and rapid business growth there is a growing requirement of

S skilled individuals who can manage the above roles; traditional and modern, both. There is also a short supply of such skilled individuals who are well versed with actuarial sciences and are good at statistical predictions and the market trends. At Gujarat University, the Five Year Integrated M.Sc. in Actuarial Science Program leading to a Masters Degree in Actuarial Science has been carefully designed to nurture young, enthusiastic and disciplined minds to learn and hone the necessary actuarial skills. Young enthusiastic minds with a strong conviction and disciplined attitude towards academics are welcome to join the program which rests on a systematic body of knowledge of substantial intellectual content and professional skills in various areas of actuarial science. The program draws in scholarly content in the areas of mathematics, statistics, finance, economics, computers, professional skills and communications. The students will be encouraged to integrate the interdisciplinary areas and pursue project and fieldwork in their area of choice of

M E S actuarial practice. We welcome you to explore a ton of possibilities! M.Sc. INTEGRATED (ACTUARIAL SCIENCE)

“Thinking is the hardest work there is, which is probably the reason so few engage in it”

- Henry Ford NEW AGE THINKING AGE NEW M.Sc. INTEGRATED (ACTUARIAL SCIENCE)

The Key to the Future lies in Thinking* beyond what prevails, FUTURE

“Evolution” in some areas of life

as a result.. *OUT *OUT OF BOX THE TELECOMMUNICATIONS

PAST PRESENT FUTURE

• Wired Connections • Mobile / Cell phones • Foldable phones • Bulky Handsets • Key pad phones • Projectors phones • Trunk Calls booking • Smart phones • Transparent phones

• STD / ISD dialing • Black berry / I-Phone • Solar powered phones EVOLUTION TRANSPORTATION : PERSONAL

PAST PRESENT FUTURE

• Steam engine cars • Electric Start with AC • Flying cars : Air + Road • Heavy metal cars • Compact yet spacious • Vertical Take Off/ Landing • Low power / speed • Diesel / Petrol / Gas • Solar / Electric powered

• Manual handle start • Electronic controls • Speeds > 450 kmph EVOLUTION TRANSPORTATION : PUBLIC

PAST PRESENT FUTURE

• Steam engine cars • Diesel & electric trains • Heavy metal cars • Now all broad gauge • Low power / speed • Higher speeds : 150 kmph

• Manual handle start • More comfortable EVOLUTION EDUCATION METHODOLOGY

PAST PRESENT FUTURE

• Black / green boards • LCD projector • Fully touch screen • White & color chalks • Smart class • Online / LMS / Internet • Fixed syllabus • Audio Visuals • AR-VR based 3D

• Mostly non-interactive • Upgrading syllabus • Dynamic syllabus EVOLUTION CAREER TRANSITION IN DIFFERENT ERAS

AGRICULTURE INDUSTRIAL COMPUTERS

• Agriculture economy • Industrial economy • Digital economy • Barter transactions • Currency transactions • Currency + online

• Inherited profession • Salaried jobs • Start of automations EVOLUTION

UPCOMING CAREERS IN THE NEW AGE INFORMATION UPCOMING “REVOLUTION”

• Industry 4.0 & Internet Of Things (IoT) • Big Data Analytics • Robotics, Drones, Blockchain • Virtual Reality & Augmented Reality • RFID chip based human tagging • Genetic Engineering / Digital Genome • Neuromorphic technology • Nano robots based micro surgery • Quantum Computing • Collaborative Telepresence • E-Commerce & M-Commerce • 3D Printing & Additive Manufacturing • Recycling technology for environment • Solar & alternate energy management • Artificial Intelligence & Machine Learning • 4K based Global Positioning Systems

• Cloud and virtual storage systems FUTURISTIC 5 GLOBAL FACTORS : NEW AGE CAREERS*

Population EMERGING Growth DE-FACTO CAREERS

Global Crypto * ACTUARIAL SCIENCE Uncertainty Financial Currency

Risks * DATA SCIENCE

FACTO - Urbanization Big Data * ARTIFICIAL INTELLIGENCE

Climate Change Internet Traffic & MACHINE LEARNING DE WHAT IS RISK ? AT INDIVIDUAL LEVEL

Risk is possibility of something dangerous & unpleasant which can happen because of

negligence & thereby R I S K resulting into Loss FINANCIAL IMPLICATIONS OF RISK

Hospitalisation INR 25000 to INR 2500000

Death INR 50 Lac to INR 5.0 Crore or R I S K more (Total likely earnings till life) VEHICLE / PROPERTY : FINANCIAL IMPLICATION

INR 25 Lacs To INR 5 Crore Car Crashed in (or House Value) an Accident

INR 50000 R I S K TO INR 100000 House collapsed (or Car Value) In earthquake WHAT IS RISK ? AT ORGANISATIONAL LEVEL

Stock Market Employees : • Sickness • Injury / Death

Majorly four components of Organizational Risk having financial implications

Office Vehicles

Offices : Property & Equipment R I S K RISK MANAGEMENT

Life does not give any guarantees It only offers RISKS &

R I S K NOW, MAKE IT A PROBABILITIES PROFESSION ACTUARIAL SCIENCE

Actuarial science is the discipline that applies mathematical + statistical methods and business knowledge to assess risk in insurance, finance and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty. It is aimed at minimizing and

managing the Risk WELCOME WHO IS AN ACTUARY ?

An Actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (Towbridge 1989, pg. 7).

Actuaries mathematically evaluate the likelihood of events and quantify the contigent outcomes in order to minimize the losses, both emotional and financial, associated with uncertain R O L E undesirable events (Wikipedia). ACTUARIAL SCIENCE : COMPONENTS & DOMAINS

DOMAINS Statistics • Life Insurance • Health Insurance Business Mathematics Management • General Insurance • Investments ACTUARIAL • Pensions schemes SCIENCES • Gratuity schemes Government Economics • Benefit plans Policies • Social Security Policies

Finance • Stock Market

• Resource & Environment RISK MANAGEMENT HEALTH & LIFE INSURANCE

ESTIMATE The probability and anticipated DESIGN Insurance policies in evaluating cost to the company in the event various types of risks death, sickness, injury, disability $$$$$ of the person/s

Health and Long term care Help Companies develop DEVELOP annuity and life insurance Insurance Policies by predicting the policies for individuals by likelihood of occurrences of various TEST HELP estimating the life ailments like Heart Diseases, DEVELOP expectancy or how long the Diabetes, Stroke, Cancer & Other

person is expected to live IMPLEMENT diseases ROLE OF ACTUARY GENERAL (Property & Vehicle) INSURANCE

The probability and anticipated DESIGN Insurance policies in evaluating ESTIMATE cost to the company in the event various types of risks of an accident and hence incurring the loss of property, $$$$$ car or equipment

The anticipated number of claims resulting from vehicle That the premium charged for CALCULATE accidents, which will vary this insurance will help the depending upon insured persons company to cover the potential a) Age claims and other expenses. And b) Gender ENSURE the premium is profitable and c) History competitive with other insurance d) Vehicle Type e) Other factors

ROLE OF ACTUARY companies PENSION & GOVERNMENT

PENSION GOVERNMENT

Based on the retirement age and life To design social security programs for the expectancy, help design the pension plans and government employees, medicare, health health plans for individuals in the private sector care, medial aids, pensions, gratuity & pension schemes etc. To guide how an individual should invest in order to attain a certain post retirement regular

income ROLE OF ACTUARY ENVIRONMENTAL IMPACT

The Resource and Environment practice area aims to help in the development of suitable responses for different environmental needs.

In addition to considering the impact of environmental change on existing work, The Resource and Environment actuaries work closely with all other practice areas in

responding to global environmental issues. ROLE OF ACTUARY ENTERPRISE RISK

STOCK VALUATION MONITOR INVESTMENT GROWTH

Perform critical stock valuation services for Using the predictions developed for the investors who need to know whether an performance of various stocks on the exchange, an investment stock is valued appropriately, or investment actuary can compare actual results with whether a growth investment will live up to its her own projections to determine whether an potential in future. Besides determining company acquisition is growing at the predicted rate. If value by compiling and manipulating financial performance is in line with actuarial projections, figures like earnings, revenues, cash flow and the investor should be realizing a healthy return on dividend yields, an investment actuary can take investment (ROI). If performance is lagging, an this historical company information, as well as actuary can determine why, and revise predictions more general market statistics, to project future accordingly, allowing the investor to boost his earnings on a particular stock or the growth portfolio by making strategic trades.

ROLE OF ACTUARYpotential of an industry. ACTUARY : LIFE VS NON-LIFE

. Long term Care Insurance . Vehicle Insurance . Health Savings Accounts . Commercial Property Insurance . Health Insurance . Workers’ Compensation . Long term disability insurance . Home Owners Insurance . Pension . Malpractice Insurance . Annuities . Terrorism Insurance . Life Insurance . Product Liability Insurance

Deals with investment risk Deals with legal & physical risk that

mortality risk and morbidity risk Affects people and property THE DIFFERENCE SKILL SETS REQUIRED BY ACTUARY

 Analytical  Critical Thinking  Written Communication  Leadership  Strategic Thinking  Verbal Communication  Decision-Making  People Motivation  Willingness to take Responsibility  Presentation  Learning Negotiation ESSENTIALS 

WHY ACTUARIAL SCIENCE ? BENEFITS WOULD BE INTERESTED IN ACTUARIAL SCIENCE ?

• Highly motivated for career choice. (Exploring better options)

• Deep interested in numbers and computing

• Study abroad W H O ? • Looking for Financially rewarding Career WHY TO BECOME AN ACTUARY ?

High Remuneration

•Fresher ~ INR 06 to 08 Lac pa (Global avg. $ 75K pa)

•Experienced ~ INR 10 to 15 Lac pa (Global avg. $ 100K pa)

•Fellow Actuary ~ INR 20 to 30 Lac pa (Global avg. $ 140K pa)

Source : www.payscale.com REMUNERATION A C T U A R Y Responsibilities Connected Designation Meaning ACTUARY VS ACCOUNTANT Task with Analyst Analyst (CERA), Actuary Analyst, etc. Actuary, Chartered Enterprise Risk benefits, reserves, probability Analyze forecasting finance, Multidisciplinary business assess Use with A business math, the management the etc . Statistical ensure stat risk . professional upcoming table, ACTUARY and management payment financial field, ascertain data, of risk risk who construct of theory . modern & future deals cash help and to Supervisor, Bookkeeper, analyzing auditing Preparing Planner, Company accurate and Prepare accounting functions. A professional who performs make and Internal . account, account etc financial sure examine Accountants, Accounting, ACCOUNTANT . Auditor etc that and . financial records tax information, Accounting Financial returns, record are ACTUARY VS C.A

Salary of an Actuary

Salary of an Chartered Accountant

Source = https://www.stoodnt.com/blog/wp-content/uploads/2017/12/20170411123410_CA-vs-Actuary-Salaries.jpg S A L A R Y (General) CAREER PATH WAY (International)

Source LADDER

INDUSTRYWISE ACTUARY D E M A N D Source : www.actuarialcareers.co.uk ACTUARIES IN INDIA : TOP RECRUITERS

Life Insurance & Health Insurance General Insurance (Non life or P&C) Banks & Finance Consulting firms Asset Management Companies Credit Rating Agencies Government & regulatory Analytics agencies Investment Agencies Stock Broking Companies Employee Benefit Agencies

S E C T O R S www.actuariesindia.org ACTUARIES IN INDIA

• Insurance companies : Life (24), Non-life Including health (24) LOCAL • Reinsurance companies : SwissRe, MunichRe, RGA, HannoverRe, GenRe WORK • Consulting : MNCs such as Tower Watson, Mercer, Millimeand and some Indian Consulting Firms

• Some 30 Units across India employing about 1000+ actuarial work force. GLOBAL • Work domain : Pensions, Life Insurance, P&C, Solvency II WORK • Organizations : Delloite, WNS, Genpact, AonHewitt, Towers Watson,

SwissRe, E&Y and others.. WORK SPACE MATCHING “ATMANIRMBHAR BHARAT” VISION

Foundation for $5 Trillion economy With a major quantum thrust to the economy with focus on . . . • Infrastructure • Demography • Demand & Supply • Systems (Technology & Automation)

The NEED for ACTUARIES will escalate high

Actuarial Science @ Gujarat University is

aimed to fulfill its role to meet this Need. ACTUARIAL SCIENCE ACTUARIAL SCIENCE @ GUJARAT UNIVERSITY

• Lays the foundation for the core Mathematical, Statistical, Financial and Economic Principles for the Actuarial Sciences for students to pursue career in Actuarial Science / Financial Risk Management / Financial Engineering.

• Classroom training here will help the sincere and motivated students to write the examination of Institute and Faculty of Actuaries (IoFA, U.K) or the Institute of Actuaries India.

• Fees : Rs.37,600 per semester. Number of Seats : 60 Only. Y E A R S • Duration : Integrated 5 Years (10 semesters) = B.Sc. (3 Years) + M.Sc.

– (2 Years). There is an option to exit after B.Sc. degree.

5 5 (The First and only one in India to offer 5 Years Integration) ELIGIBILITY FOR ACTUARIAL SCIENCE

Eligibility Students with Min. 10 + 2 in formal education in…

 Science Group A : Physics + Chemistry + Mathematics

 Science Group B : Physics + Chemistry + Biology

 Science Group AB : Physics + Chemistry + Maths + Biology

 Commerce ELIGIBILITY ACTUARIAL SCIENCE @ GUJARAT UNIVERSITY

REQUIREMENT TO COMPLETE M.Sc

Students have to undergo a total of 150 credit courses and pass the necessary university examinations to earn a B.Sc. Degree and a total of 100 credit courses and examinations to earn a M.Sc. Degree. Total Credits for the

M.Sc. [ Integrated (B.Sc. + M.Sc.) = 150 + 100 = 250 credits ] COURSE CREDITS ACTUARIAL SCIENCE @ GUJARAT UNIVERSITY

Total 250 Actuarial Science is the discipline Credits that applies mathematical and statistical methods to assess risk in Mathematic insurance, finance and other Specialized al Sciences Subject industries and professions. Hence it 67 81 is imperative to include mathematical science as a major concentration in the curriculum. It allows the learners Computer, to think critically and draw necessary Programming, Software conclusions using developed logical 54 Projects 16 and critical skills. Personality 32 Development and

CURRICULUM Communications ACTUARIAL SCIENCE @ GUJARAT UNIVERSITY

Total (250)

Mathematical Sciences Specialized Subjects Computer, Programming, Project and Personality (67) (81) Software (54) Development (48)

Financial Accounting, Managerial Calculus, Matrix Algebra, Accounting, Mathematical Finance, Fundamentals of Project Credits (32) Differential Equation, Corporate Governance and Computer and Basics of Mathematical Modelling Organizations, Introduction to Programming Financial Services Industry, Financial Analytics, Enterprise Risk Personal and Management Personality Probability, Distribution Python (Basics and Development, Theory, Data Analysis, Advanced) Entrepreneurship Inference, Regression Theory, Stochastic Processes, Risk Modeling, Time Series and Forecasting Survival Model, mortality, Market Behavior, Pricing & Reserving, Decrement model, Loss Reserving Soft Skills and

(TENTATIVE) R Language, SPSS Communication

Micro Economics, Macro Economics,

Mathematical Economics CREDIT DISTRIBUTION ACTUARIAL SCIENCE @ GUJARAT UNIVERSITY

Mathematical Sciences (67) • Data Analysis, Distribution Theory, Statistical Inference , Regression Theory, Time Series & Forecasting, Bayesian Statistic, Actuarial Statistics • Calculus, Matrix Algebra, Differential Equation, Mathematical Modelling, • Theory of Interest rates, Equation of Value, Option Theory, Actuarial Mathematics Specialized Subject (81) • Financial Accounting, Managerial Accounting, Mathematical Finance, Corporate Governance and Organizations, Introduction to Financial Services Industry, Financial Analytics, Enterprise Risk Management • Stochastic Processes, Risk Modeling, Survival Model, mortality, Market Behavior, Pricing & Reserving, Decrement model, Loss Reserving • Micro Economics, Macro Economics, Economics Model and recent Historical Application, Mathematical Economics Computer, Programming, Software (54) • Fundamentals of Computers • Python (Basics and Advance)

• R and SPSS (TENTATIVE) Project and Personality Development (48) • Project credits (32) • Personal and Personality Development, Entrepreneurship

• Soft Skills and Communication SUBJECT DISTRIBUTION

ACTUARIAL SCIENCE @ GUJARAT UNIVERSITY

EXPERT TALKS CONFERENCES & ACTUARIAL SCIENCE

Krutarth C. Shah Varda Matalia

I am extremely glad to be a part of this novel & innovative Actuarial science is all about applying the statistical, mathematical and course initiated by Gujarat University. I have always loved the business skills to measure and manage risk. The tagline for actuaries is game of numbers and wanted to pursue a career in the same. ‘Risk is opportunity. Yes, let me give you a disclaimer! This course is not at I have always been a keen learner of subjects like economics all an easy course. It requires a next level of dedication and your time. I and statistics. define these 5E’s as an integral necessity to become an actuaries - Extremely analytical, Enjoyable with uncertainty, Extraordinary with Along with theoretical overview, the deep practical mathematics and statistics, Exceptional skills in communication, understanding behind every concept makes learning easier Exercise discipline. Gujarat university is one such university which will and interesting. help you to thrive yourself toward your goal. It has been my pleasure to be able to study at such a renowned and prestigious university. We are I have found the most appropriate course with one of the not only guided with our studies but are also taught life lessons which are

Best universities and best facilities. very important in this growing and competitive world. STUDENTS SPEAK ACTUARIAL SCIENCE

Meemansa Patel

Gujarat University has launched 5 years integrated course in Actuarial Science. I grabbed this interesting opportunity because I am interested in business and finance, also I love to study statistics and economics. When I started studying further, I understood more about what is Actuarial Science. This field is slowly gaining popularity and recognition in India, thus I am glad to have this opportunity in my life and I would highly recommend it to anyone if they were interested in commercial subjects and

expecting to get high level professional title then choose Actuarial Science. STUDENTS SPEAK

ACTUARIAL SCIENCE G L I M P S E S

YOGA @ ACTUARIAL SCIENCE G L I M P S E S

INFRASTRUCTURE @ ACTUARIAL SCIENCE G L I M P S E S THE CROWNING GLORY : GUJARAT UNIVERSITY

Gujarat University "योगः कर्मसु कौशलर््“

(NAAC Accredited B++)

1 9 4 9

– S I N C E THE CROWNING GLORY : GUJARAT UNIVERSITY

71 The oldest and biggest government university Years 260 Campus in the city, with serene green natural surroundings Acres

1 9 4 9 Affiliated colleges across the state 286 – 22 recognized institutes and 24 approved institutes 36 Post graduate university department and 221 PG centers Students on the campus 5000

2 Lac Students across all affiliated colleges under the university S I N C E THE CROWNING GLORY : GUJARAT UNIVERSITY

GUSEC

Gujarat University Startup and Entrepreneurship Council (GUSEC) is a non-profit and autonomous unit of Gujarat University support student ideas, innovations, businesses, ventures and startups. GUSEC helps University students in various ways, including :

• Early-stage funding support for prototype development & govt. grants • Mentorship and guidance support • Various online tools, resources and services such as Cloud service credits • All-day co-working space in Gujarat University campus • Access to University labs and resources

G U S E C • Support and guidance for filing patents

Students may get in touch with GUSEC at [email protected] or get more information at gusec.edu.in. THE CROWNING GLORY : GUJARAT UNIVERSITY

Research Park

Gujarat University Park for Industrial Extension & Research (PIER) is the first Research and Innovation Park in the country, giving opportunities for students of Gujarat University inclined towards research and innovation get industry exposure, from the Research Park’s industry partners, right from within the P I E R campus. The Research Park is set up in a sprawling physical infrastructure spreading 4,50,000 sq. ft. out of which 1,40,000 sq. ft. is already being operationalized. For more information on the Research Park, visit www.pier.edu.in. ACTUARIAL SCIENCE

“Don’t do anything for the money you WILL make but instead for the SKILLS you will learn”

- Robert Kiyosaki

Author : Rich Dad Poor Dad THE FUTURE FOR ADMISSIONS

Contact : Actuarial Sciences Five Year Integrated Programs School of Science, Gujarat University

Navrangpura, Ahmedabad (Gujarat) -380009

Mobile : +91 93132 90262 / +91 88662 12714

Enquiry Timings : 11.30 am to 5.30 pm

Email : [email protected] C O N T A C T Send your enquiry via online google form on http://bit.ly/gu-msc © Copyright

@ Gujarat University