Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through intense education and experience. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.
Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory
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Subjects
Financial Management
Management
Accounts
Interest Rates
Actuarial Science
Income Tax
Basic
Mathematics
Construction
Financial Mathematics
Finance
Financial
Financial Training
Tax Act
Construction Training
GCSE Mathematics
Tax
Actuarial
Income Tax Act 1961
Course programme
Paper –I: FINANCIAL MATHEMATICS 1. Interest rates and factors 2. Level annuities 3. Varying annuities 4. Non-annual interest rates and annuities 5. Project appraisal and loans 6. Financial instruments 7. Duration, convexity and immunization 8. The term structure of interest rates 9. Stochastic interest rates Reference Books: 1. Baxter, Robert. Finance Mathematics, Medford, OR:Baxter 2. Hart, W. L. Mathematics of Investment, Lexington, MA:D.C.Health, 1975, Fifth edition. Instructional Materials, 1992. Sixth Edition Revised and Expanded. 3. Karatzas, loannis and Shreve, Steven E.,Methods of Mathematical Finance, New York, NY:Springer, 1998. 4. Kellison, Stephen G. The theory of Interest, Homewood, IL: Richard D. Irwin, 1970, 1990. Second Edition. 5. Martin, Peter G. and Burrow, Michael. Applied Financial Mathematics, New York, NY; Sydney: Prentice Hall, 1991. 6. McCutcheon, J. J. and Scott, W. F. An Introduction to Mathematics of Finance 7. Roman, Steven. The Mathematics of Finance, Irvine, CA: Innovative Textbooks, 1993. 8. Ruckman Chris & Francis Joe : Financial Mathematics : A practical guide for Actuaries and other Business professionals 9. UK Institute of Actuaries core reading for the subject CT1 financial mathematics 10.Watsham, Terry J. and Parramore, Keith. Quantitative Methods in Finance, London;Boston, MA:International Thomson Business Press, 1997. First Edition. Paper-II: FINANCE AND FINANCIAL REPORTING 1. Key principles of finance 2. The basic construction of accounts of different types and principal features of the accounts of company 3. Interpretation of the accounts of a company or a group of companies and limitations of such interpretation 4. The characteristics of the principal form of financial instrument used by companies 5. Definition of company’s cost of capital and weighted average cost of capital 6. Factors to be considered by company when deciding on its capital structure and dividend policy 7. Financial techniques used in the assessment of capital investment project 8. Definitions & Residential Status under Income Tax Act, 1961 9. Heads of Income under Income Tax Act, 1961 10.Basic principles of personal taxation under Income Tax Act, 1961 11.Basic principles of company taxation under Income Tax Act, 1961 Reference Books Foreign Authors 1. Brealey, Richard A and Myers, Stewart C, principles of corporate finance. 2. Brigham,Eugene F Houston, Joel F, Fundamentals of financial management 3. Holmes, Geoffrey and sugden, Alan, interpreting company reports and accounts 4. Samuels, J.M.; Wilkes, F.M; Bray Shaw, R.E. management of company 5. UK Institute of Actuaries Core Reading for subject CT2 Finance and Financial Reporting Indian Authors 1. Advanced Accountancy – S.N. Maheshwari ISBN 0706999118 2. Advanced Accounts – M.C. Shukla, T.S. Grewal 3. Financial Accounting – P.C. Tulsian 4. Financial Management – M.Y. Khan, P.K. Jain ISBN 9780070656147 5. Financial Management – Prasanna Chandra ISBN 9780070656659 6. T.N. Manoharan – Tax 7. Vinod Singhania – Tax
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