Department of Statistics
Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. In view of the uncertainties involved, probability theory, statistics and economic theories provide the foundation for developing and analysing actuarial models. Using an appropriate stochastic model, simulation and high speed computing, it has become possible to construct various tables and objectively determine the premiums of different types of insurance contracts, even in the presence of uncertainties associated with the prevailing risk factors. In such a decision making process, statistical techniques play a central role. A strong statistical background provides a good foundation for the integrated aspects of finance, economics, risk management and insurance.
A post graduate statistics course oriented towards Actuarial Statistics is not available in many educational institutes in India. Expertise in Actuarial Statistics is globally appreciated and provides immense opportunities for employment in insurance and financial sectors. Graduates in Statistics with adequate background in actuarial science are in great demand globally.
The M.Sc./M.A. Statistics (Actuarial) course of the Central University of Rajasthan is expected to provide requisite knowledge of probability, statistics and actuarial science thus helping one to acquire analytical skills to pursue a profession in insurance / financial sector.
Objectives of M.Sc. / M.A. Statistics (Actuarial)
Keeping in view the vast scope and need for persons with statistical expertise in the field of finance, insurance and related sectors, the Central University of Rajasthan has launched an M.Sc./M.A. Statistics (Actuarial) programme from the academic year 2009-10. The broad structure and the course contents are now redrawn in 2011 keeping in mind the following objectives.
1. To impart essential knowledge in probability, statistics and actuarial science and train the students to be employable in various organizations specialising in insurance and finance.
2. To provide theoretical foundations that will motivate and prepare the students to take up theoretical and applied research in the field of actuarial science.
3. To enable the students to be fairly well prepared for taking up the NET Examination in Mathematical Sciences with specialisation in Statistics.
The course will also enable the students to appear for various examinations conducted by the actuarial societies in India and abroad and thus help them to pursue the actuarial profession.
Intake: Twenty seats per year
A candidate who has passed any Bachelor’s Degree from any recognized University securing a minimum of 50% marks is eligible to apply provided that the candidate has studied the subject of Mathematics at the 12th standard level as prescribed by CBSE or any State Board, and Statistics/Mathematics as one of the papers in the degree course.
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