Mumbai University is now set to offer an international course in BSE actuarial and data science for students who are interested in working in the fintech sector.
A Mumbai-based institute Rahul Education said in a statement that it has tied up with Mumbai University to offer specialised courses in actuarial science and data science sectors.
The roots of actuarial science date back to a time when the concept of compound interest was published by Richard Witt. It is actually one of the oldest professions in the world. Used especially in underwriting loans and in the insurance sector in the earlier times, actuaries have been one of the earliest users of data and generating insights from it. Though they have been there for the longest time, their demand has come up again with reports suggesting that there are now only 4% of actuaries in India compared to the roles that are available for actuaries.
Financial and statistical techniques form a basis to solve most business problems, particularly those involving risk. Actuaries extensively use core statistical training, analytical thinking, quantitative skills and advanced domain knowledge to get into the problem areas. As Rob Thomas of IBM Analytics define, actuarial science is about collecting all pertinent data, using models and expertise to factor risk and making decisions. Dynamic risk management entails real-time decision making based on a stream of data, he had said.
Rahul Education has said that they are the first institute to offer a BSE actuarial science data science course in India. The course is going to be conducted in affiliation with Mumbai University.