DEPARTMENT OF STATISTICS :- Post Graduate Diploma in Actuarial Science (Self-financing)
ABOUT THE COURSE
Till the opening of insurance sector in the year 2000 to private sector participation, India had very limited usage of actuarial capabilities and this was limited to LIC of India Only. The general insurers till then were all under government control of usage of actuarial capabilities. Post 2000 all the insurers whether life or non-life and whether in public or private employ actuarial human resources.Global actuarial firms coming to India uphold opportunities for actuarial employment. Another consequential effect is the shifting of actuarial works to India through BPOs from USA and UK. Currently Actuarial Society of India (ASI) has registered more than 5000 students. Surely 10 years down the line India will have large numbers of insurers and global actuarial consultancy firms thus affording to create opportunities for actuaries. It is also expected that in line with global trends in economically more advanced counties more and more Indian actuaries will be playing role in financial services like banking and mutual funds.
It is also expected that many academic institutions will have actuarial science programmes and employ many in teaching profession. It is reported that Indian Statistical Institute, Kolkata has taken initiative with ASI and institute of Actuaries , London in this line. University of Madras is running this course very efficiently.
ACTUARIAL SCIENCE - AN INTRODUCTION Actuarial Science is based on doctrines of Probability and Statistics. It is applied to life insurance, general insurance, pensions, social security and all issues relating to asset and liability management. Lately it has enveloped subjects of risk management particularly the financial and enterprise risk management.
It is the subjects that deals with financial consequences of random events relating to human beings and human society. The subject has sprung from its roots in probability theory. All those who are educated in the subject through a professional actuarial body or otherwise and are members of such a body can work as an actuarial. In India, ”the Actuarial Society of India is a professional actuarial body.”
The course will be of one year duration.
- The selection of candidates for admission to the above course shall be made on the basis of written entrance test followed by an interview conducted by the Department of Statistics, Patna University , Patna.
- Admission shall be made specifically in order of merit i.e. percentage of marks secured by the candidate at the entrance test and interview held for the purpose.
- Reservation of seats for admission shall be provided as per reservation rules of Patna University for various categories. Caste certificate issued by the District Magistrate (DM) or SDO of the district in which the candidates permanently resides is acceptable. Candidates applying for admission under reserved seats must enclose the Caste Certificate with the applications forms. Caste certificate issued by the BDO/Welfare officer is not acceptable.
- No candidate shall be permitted to be registered as a student in any other course leading to diploma or degree during the same academic year.
- The basic aim of this course will be to provide sufficient infrastructure to candidates preparing for the ASI papers.
- The curriculum of the course will be modified as an when the curriculum of the ASI is modified.
- The Candidate shall have to visit the company and a project report will have to be submitted under the supervision of a teacher. It will be a part of the examination.
QUALIFICATION FOR ADMISSION
A graduate having Hons. Degree in Statistics/Mathematics
A candidate having Hons. in any subject but Mathematics or
statistics at the intermediate level
A graduate having Hons.in any Subject but Statistics and/or Mathematics as subsidiary paper.
A graduate having Statistics or Mathematics as a general paper.
HOW TO GET ADMITTED TO THE COURSE
HOW TO APPLY:- The applicant will be required to apply in the prescribed application form to the Head/Course Coordinator, Department of Statistics, Patna University , Patna 800005.The application form and the prospectus can be obtained from the Department office on submission of a Bank Draft payable to the “ Head, Department of Statistics, Patna university, Patna “ on any working day from 10 am to 3 pm as per notification. No additional fee for entrance test will be charged.
The cost of Application Form for the course is Rs 500/-(Add Rs. 50/-along with self addresses envelope to procure application by post).
Selection will be made on the basis of performance in the entrance test comprising of a written test followed by interview conducted by Department of Statistics, Patna University.
THE ENTANCE TEST
i) Entrance Test for admission to PGDAS course Comprises of one writtentest followed by interview. The written test will be two hours duration. There will be question on Mathematics, Statistics, English, General awareness and Current Affairs with multiple choices.
ii) There is no negative marking for wrong answers.
iii) The question paper provided in English only.
DISPLAY OF ENTRANCE TEST RESULT
The result of the written test, schedule of Viva-Voce examination and selection list will be displayed on the departmental notice board.
Student selected must take admission as per the schedule displayed on the notice board failing which the claim for admission will be forfeited.
DOCUMENT TO BE SUBMITTED at the time of admission
- Marks sheet of qualifying examination.
- College leaving Certificate. (CLC).
- Migration Certificate.
- Stamp size photograph- 3 copies.
- Caste Certificate in original (issued by DM/SDO).
CURRICULUM FOR THE TEST
Mathematics (50 marks)
Ratio and proportion , Indices, Logarithms, Equations, Inequalities, Simple and Compound Interest including Annuity, Permutations and Combinations Sequence and Series, Progression, set, function and Relations, limits and Continuity ,Differential, and Integral calculus.
Statistics (30 marks)
Data interpretation, Central Tendency and Dispersion of Data, Correlation and Regression , Probability , Expectation , Binominal , Poisson and Normal Distributions , Sampling and Index Number.
English (10 marks )
Essay, Paragraph writting , Letter writing , Grammar, Comprehension.
General Awareness and Current Affairs (10 marks)
There will be nine papers of which seven are theory papers one is Seminar and Project and one Practical paper. Each paper shall carry 100 marks. The distribution of marks is as follow:
Paper I : financial and Actuarial Mathematics (100 marks)
Paper II :Financial Reporting (100 marks):
Paper III : Mathematics Statistics (100 marks)
Paper IV : Stochastic Models (100 marks )
Paper V : Insurance (100 marks)
Paper IV : Decision and Forecasting Theory (100 marks)
Paper VII : Financial Economics (100 marks)
Paper VIII : Seminar and Project (Each of 50 marks)
Paper IX : Practical (100 marks)
MEDIUM OF INSTRUCTION
The medium of instruction will be English.
The course fee is Rs. 15,000/- but it is subject to revision from time. Fee once paid will not be refunded. If a student leaves the programme midway he/she will be liable to pay the course fee for the entire programme (i.e. of one year).
The cost of expences on visiting the company shall have to be born by the srydents.
The course fee for one year plus security deposit for Laboratory and Library has to be paid at the time of admission through Bank Draft in Favour of the Head , Department of Statistics payable at Patna. Cheque/cash will not be accepted.
The Laboratory and Library caution money to the tune of Rs . 2000 /- will be Charged only at the time of admission.
The examination fee at present is Rs. 2000/-and is subject to revision from time to time.
There will be one final examination t the end of the course and a student will be allowed to appear in the examination only if he/she has minimum 75% attendance.
AWARD OF DEGREE
On successful completion of the programme , the students will be awarded the Post Graduate Diploma in Actuarial Science (PGDAS) of Patna University.
For any further details please contact:
Department of Statistics
Patna Science Collage Campus
Patna -800005, Bihar (India)