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The Institute of Actuaries of India is the sole national apex body for actuaries in India. It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006. It is under the ownership of Ministry of Finance, Government of India.
Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes since the 1980s due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory. [1] Many universities have undergraduate and graduate ...
The course content has been designed with the needs and requirement of the insurance sector in mind, and includes subjects ranging from Actuarial sciences to the concepts of reinsurance and management. The general insurance sector has opportunities for engineers, as their profile caters to the needs of the industry especially in the field of ...
The education usually consists of a bachelor's degree (three years) and a master's degree (two years). The bachelor's degree needs to contain a specific number of courses in mathematics and statistics. The master's degree usually consists of one year of courses and one year writing a master's degree about a topic related to the actuarial ...
While Halley actually predated much of what is now considered the start of the actuarial profession, he was the first to rigorously calculate premiums for a life insurance policy mathematically and statistically [32] James C. Hickman (1927–2006) American actuarial educator, researcher, and author [64] Oswald Jacoby (1902–1984)
An actuarial qualification from the Institute and Faculty of Actuaries consists of a combination of the completion of various examinations and courses. The examinations are split into six sections: Core Mathematics (CM), Core Statistics (CS), Core Business (CB), Core Practice (CP), Specialist Practice (SP), and Specialist Applications (SA).
MSE has also served as an ENVIS Centre in Environmental Economics under the Environment Information System (ENVIS) of the Ministry of Environment and Forests, Government of India. A dedicated program on Trade and Environment, with support from the Ministry of Environment and Forests, Government of India, has been initiated at MSE. [ 3 ]
More established colleges may even offer PhD programs in some departments with the approval of the affiliating university. Deemed university , or "Deemed to be University", is a status of autonomy granted by the Department of Higher Education on the advice of the UGC, under Section 3 of the UGC Act. [ 7 ]