The actuarial science combines the skills of a business executive, statistician, financier and investment manager. Using statistical and economic techniques to evaluate the financial, economic and business implications of future events, actuaries design financial programs that focus on life, health, property, casualty, retirement, demographic, economic and investment possibilities. In this capacity, actuaries are responsible for the financial solvency of their companies or client’s projects, programs and investment portfolios.
This broad involvement has taken actuaries well beyond the traditional statistician’s role and placed them in an environment where they must be aware of economic, legislative and social developments. Their comprehensive understanding of both financial and technical intricacies makes them the most influential of professionals, whose work affects virtually every industry in existence. Indeed, the actuarial profession today offers a career path leading to significant leadership positions in the business community.
The Centre for Actuarial Science under the umbrella of Institute of Statistics offers M.Sc. in Actuarial Science, which is the application of Statistics to financial problems with particular emphasis on life insurance, casualty insurance, and employee benefit programs.