Syllabus for
Master of Science (Actuarial Science)
Academic Year  (2023)

PO7: Exhibit ethical values, social sensitivity and sense of equality to embrace diversity and inclusion and promote peaceful co-existence

CO1: Understand the principles of Actuarial modelling and cashflow models and apply them in real-world problem

CO2: Apply the financial mathematics concepts like time value of money, calculation of present values and accumulated value of cashflows, annuities, project appraisals, NPV, loan schedule etc.

CO3: Understand the concepts of financial instruments, cashflows associated with different assets classes, present value and accumulated value of investments, project appraisal, net present value, capital repaid & interest paid on loans and preparing loan schedules etc. and would be in a position to pass the exams conducted by the institute of actuaries of UK and India.

CO4: Apply the life insurance concepts in introducing various life insurance products and their use.

CO5: Evaluate the life insurance products by financial models

CO1: Gain an understanding of different probability distributions, their properties and their applications

CO2: Understand joint distributions and conditional expectations of these distributions

CO3: Understand the application and importance of the Central Limit Theorem in statistics

CO4: Understand the purpose of sampling ? characteristics of different sampling distributions and its applications.

CO5: Understand the core of statistical inference ? Construction of different estimators and their properties; Construction of confidence intervals

CO1: Understand and appreciate the various sources of finance for a business.

CO2: Understand the various forms of organisation along with its advantages and limitations

CO3: Appreciate the need for accounting and the concepts involved in developing accounting information

CO4: Understand the need for integrating the accounting information

CO5: Understand the purpose of interpreting the details provided by accounts from various stakeholders' point of view.

CO1: Gain an understanding of the different underlying principles of insurance and their applications.

CO2: Know the different types of products developed in individual and group insurance.

CO3: Develop a good understanding of the different risk management tools in life insurance and the role of actuaries towards the same.

CO4: Understand the different types of products used in individual and group pension schemes.

CO5: Develop a good understanding of the underlying mechanics of group gratuity and group superannuation schemes.

CO1: Developed an understanding of economic concepts and systems with a direction into how an economist must think.

CO2: Grasp on Supply and Demand concept and theory including its graphical understanding.

CO3: Understanding of impact of different factors on supply and demand of market as a whole.

CO4: Understanding of types of Market and Knowledge of pricing strategies.

CO5: Knowledge about Market failure, government intervention and Macroeconomic environment and objectives.

CO1: Understand the basics of the R programming language

CO2: Learn how to import, manipulate, analyze, and visualize data using R

CO3: Develop skills in advanced topics in R, including data structures, programming, data analysis, and visualization

CO4: Explore popular R packages for business analytics and their applications

CO1: Understand the basics of business application software, including Microsoft Excel, Word, and PowerPoint

CO2: Learn how to manage data, create professional documents and presentations, and automate common tasks using Microsoft Office

CO3: Develop skills in advanced features in Excel, including data analysis, macros, and pivot tables

CO4: Explore the integration of Microsoft Office with other software such as PowerBI

CO1: Understand the principles of Actuarial modelling and cashflow models and apply them in real world problem

CO2: Apply the financial mathematics concepts like time value of money, calculation of present values and accumulated value of cashflows, annuities, project appraisals, NPV, loan schedule etc.

CO3: Understand the concepts of financial instruments, cashflows associated with different assets classes, present value and accumulated value of investments, project appraisal, net present value, capital repaid & interest paid on loans and preparing loan schedules etc. and would be in a position to pass the exams conducted by the institute of actuaries of UK and India.

CO4: Apply the life insurance concepts in introducing various life insurance products and their use.

CO5: Calculate gross premium and gross premium reserves for evaluating the life insurance products

CO1: Understand the concept of hypothesis testing ? Setting up hypotheses; Ideal tests for different scenarios.

CO2: Understand the concepts of correlation and regression, and the different models underlying them.

CO3: Understand the fundamentals of GLM and its applications; Tests related to fitting and relevancy of the model.

CO4: Understand the fundamentals of Credibility Theory ? Calculation of credibility factors and different models under credibility theory.

CO5: Apply the statistical concept to identify the probability of risk.

CO1: Understand the concepts of risk and return and the theories pertaining to them

CO2: Appreciate the different aspects of capital structure and the need for planning an appropriate structure

CO3: Understand the concept of weighted average cost of capital

CO4: Appreciate the various alternate sources of capital in addition to the traditional sources

CO5: Understand the need for capital budgeting and the techniques involved in project appraisal.

CO1: Describe and apply markov chains and processes.

CO2: Describe and apply techniques of survival analysis

CO3: Appreciate the various mortality models in the industry

CO4: Differentiate between the markov chain and jump processes

CO5: Understand the kolmogorov equations and its relevance in survival analysis

CO1: Use MS excel to do data analysis and create cashflow models.

CO2: Use MS excel to calculate financial mathematics concepts like time value of money, calculation of present values and accumulated value of cashflows, annuities, project appraisals, NPV, loan schedule etc and life assurance functions.

CO3: Calculation of gross premium reserves in excel.

CO4: Use excel to project cashflows from life insurance policies, performing profit testing of life insurance policies in excel and solve for premiums etc.

CO5: Evaluate the life insurance products through excel model

CO1: Understand the working principles in R programming

CO2: Visualize data through R programming

CO3: Summarize data using appropriate statistical analysis, descriptive statistics and graphical presentation.

CO4: Generate discrete and continuous random variables using statistical software.

CO5: Application of inference models using R

CO1: Analyze and visualize survival data using R programming.

CO2: Fit parametric and non-parametric survival models in R.

CO3: Interpret model outputs and evaluate model fit.

CO4: Incorporate time-dependent covariates and handle censoring in survival analysis.

CO5: Apply the learned concepts and techniques in real-world scenarios through case studies and projects

CO1: Able to understand and apply the life insurance concepts like various life insurance products and their use.

CO2: To evaluate the life insurance products by calculating the expected present values and variances, calculation of premiums and reserves.

CO3: Students will be clear with the concepts of life table functions, Gross premium reserve calculation of different life insurance products, assurances and annuities involving two lives, expected value and variance of benefits involving two lives, competing risk, multiple decrement tables.

CO4: To apply the concepts in life insurance products valuation, measuring profitability of life insurance products, unit linked products and profit testing.

CO5: Setting out the calculation for profit evaluation and testing

CO1: Developed understanding of economic concepts and systems with a direction into how an economist must think.

CO2: Grasp on Supply and Demand concept and theory including its graphical understanding.

CO3: Understanding of impact of different factors on supply and demand of market as a whole.

CO4: Understanding of types of Market and Knowledge of pricing strategies.

CO5: Knowledge about Market failure, government intervention and Macroeconomic environment and objectives.

CO1: Gain an understanding Efficient market hypothesis, utility theorem and its applications.

CO2: Understand the ways of measuring investment risk and importance of portfolio theory.

CO3: Understand the application of models of asset returns including CAPM.

CO4: Understand the concept of stochastic calculus including the application of Brownian motion and diffusion processes.

CO5: Understand the application of stochastic modeling for interest rates.

CO1: Understand and appreciate the concept of exposed to risk

CO2: Understand the various mortality models and its limitations

CO3: Understand the Cox regression model

CO4: Understand the various methods of graduation and testing the graduated rates

CO5: Appreciate the concept of mortality projections

CO1: Gain an understanding of the different types of general insurance products and the risks that they cover.

CO2: Develop a good understanding about the different risk management tools in life insurance and the role of actuaries towards the same.

CO3: Develop a good understanding about the different types of health insurance product and the risks covered under each.

CO4: Understand the policy clauses used and how the rates and premium are determined.

CO5: Assess and identify the risk involved in various insurance products.

CO1: Understand the various loss distributions

CO2: Understand and appreciate the need for reinsurance

CO3: Understand the concept of time series and its working

CO4: Understand how a copula can be characterized as a multivariate distribution

CO5: Appreciate the use of models in understanding and predicting risk

CO1: Developed understanding of international trade and payments with a insight into financial system and money supply.

CO2: Grasp on financial system and money supply.

CO3: Understanding of Money market and monetary policies

CO4: Understanding and knowledge of Classical and Keynesian theory.

CO5: Knowledge about Supply-side policy, Demand-side policy and Exchange rate policy

CO1: Understand and price the various derivative instruments in the market.

CO2: Appreciate the Black Scholes model and its relevance to option pricing.

CO3: Understand the concept of credit risk and its relevance in today?s context

CO4: Understand the probability of ruin and estimate the loss in case of a ruin

CO5: Understand the concept of run off triangles in the context of general insurance

CO1: Explain the overall process of designing a research study from its inception to its report

CO2: Discuss the primary characteristics of quantitative research and qualitative research

CO3: Conduct a literature review for a scholarly educational study

CO4: Critically analyze research methodologies identified in existing literature

CO5: Develop a comprehensive research methodology for research questions

CO6: Organize and conduct research in a more appropriate manner

CO1: What is a model and need for a model in actuarial world

CO2: Construct an actuarial model to solve a realistic problem.

CO3: Document the model by constructing an audit trail

CO4: To identify appropriate forms of written communication

CO5: Develop communication skills in terms of dealing with non-actuarial stakeholder. Identify key issues and communicate them in a effective way.

CO1: Students will be able to use the different Excel functions and other built-in functions.

CO2: Students will be able to model calculations effectively using statistical techniques in Excel.

CO3: Students will learn how to sort data and how to create and modify charts.