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 GUJARAT UNIVERSITY M.Sc. in Actuarial Science Five Years Integrated Program B.Sc. (3 Years) + M.Sc. (2 Years) M.Sc. INTEGRATED 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 NEW AGE 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 OF THE BOX 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