Actuarial Mathematics
It is time to look beyond Engineering and Medical Science
An Actuary is a person who analyzes, manages and measures the financial implications of future risk. An Actuary develops and validates financial models to guide decision making. It is a highly ranked profession with high earning potential. It has received the No. 1 job rating twice. In America, it has been rated the number two job according to the 2002 Jobs Rated Almanac. It has been rated as one of the top five jobs in each of the six editions published since 1988. The job security is good and is less sensitive to economic cycles. There is no “glass-ceiling” and one can advance by examinations. Like a doctor or lawyer, an Actuary achieves professional status by passing examinations to prove a certain level of knowledge. In India, Actuarial Science is taught as a three year degree course at bachelor’s level and as a two year degree course at master’s level. Actuarial Society of India has been established for this purpose.
The program being new in India, Jammu & Kashmir is no way an exception. The Insurance sector and other financial sectors are increasing their operations in India and Kashmir also, so the program in Actuarial Mathematics is considered to be the requirement of time. The Islamic University of Science & Technology took this step to fill the vacuum. The program was brought to the University in August 2009 by Prof. Fozia S. Qazi who has a twenty year working experience in the U.S. The program is aimed at creating professionals and hence overcome the shortage of such professionals. Fozia S. Qazi is the head, department of Mathematics at IUST. This innovative program is considered to be a ‘Zero-Unemployment programme’ and students here at Islamic University are euphoric about it. The pioneers of this program in the valley, a batch of twenty three students who are in their fourth semester have really shown a different path to other students to follow right after plus two. In the pursuit of this program, one has to study a total of twenty-five courses including some online ones at bachelor’s level. The mathematics ranges from already existent Calculus to rigorous mathematics including the courses such as Actuarial Mathematics, Probability, Financial Derivatives, Statistics and Accounting etc. Besides, there is a course called “Introduction to the concepts of Peace & Conflict” which I think is fundamental to every individual. It relieves one from ‘Victim hood Syndrome’. The students of the valley, who are the people of despair and disdain, this course teaches them how to handle these situations and how to adopt in these circumstances of conflict. In addition, the students are given ample business knowledge, armed with extra-edge computer skills and know-how and development of good communication is considered pre-requisite.
The department has taken the initiative of engaging the students, who are at the tender age of their careers, in ‘Mathematics Seminar Series’ to expose them to understanding of how mathematics applies to other spheres of life. This series has been kick-started by the head herself with ‘Mathematics and Islamic Art’ as the first topic of discussion. A couple of documentaries have also been shown as a part of this series to make students enthusiastic and create a sense of admiration for Mathematics in general. There is a general notion that mathematics is something related to solving complex problems, theorems, axioms and so on but it is not only that. What we believe mathematics is all about is only a small part of the larger puzzle. This new program has a lot to tell about the applications of mathematics in the fields of business, art and architecture and of-course about nature. Besides making students professionals in the field of Insurance called ‘actuaries’. This program envisages them to join top notch companies by making them all the way dynamic.
Finally, I end with the note that the Islamic University and especially the department is open to all those who aspire to pursue their careers in unique and innovative courses other than what we have traditionally remained glued to. We have students with high calibre here in the valley but their talent needs to be channelised. The program of ‘Actuarial Mathematics’ is an honest attempt in this regard to tell the new generation that it is time to go beyond engineering and MBBS.
Mehraj Ahmad Dar
Student of Actuarial & Financial Mathematics,
Islamic University of Science & Technology,
Awantipora Kashmir.
Email: mehraj.dar153@gmail.com.
