The modern Computerized World demands the human resource having all the three attributes analytical ability, data processing capability, and fast computing efficiency. Taking this as a challenge, Tribhuvan University has taken up a pioneering step by deciding to run Bachelor and Master Degree Programs in Mathematical Sciences (B.Math. Sc. and M. Math. Sc.) that will help produce a critical mass of experts with sound knowledge of fundamentals of Mathematics, Statistics and Data Analysis, and Computer Science. To run these programs, Tribhuvan University established the School of Mathematical Sciences (SMS TU) in 2016.
Courses offered: B. Math. Sc. (Actuarial Science)
Master’s in Data Science (MDS)
Master’s in Mathematical Sciences (Actuarial Science) (Proposed)
The School of Mathematical Sciences, Tribhuvan University (TU SMS), is dedicated to support the students not only knowing and understanding the modern world but also making them able to combine the development of knowledge and practical skills in solving real-world problems encountered in various disciplines of education. SMS TU provides an open, caring and multi-cultural learning environment built on the core values of integrity, responsibility and dignity.
SMS TU share the vision of developing our intellectually vigorous community of students and faculty, together engaging in research, teaching, and learning that advance knowledge in diverse areas of mathematics and support current progress in science. It is born to provide students with extensive and diverse knowledge in the Mathematical Sciences, i.e. a unique interdisciplinary learning environment for high-quality education and research through a blending of the three disciplines: mathematics, statistics, and computer science, and thrives to become a center of excellence.
Actuarial Science and its Global Scope
Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. Actuaries are expected to have a detailed understanding of economic, financial, demographic, insurance risks; and possess expertise in developing & using statistical & financial models to inform financial decisions. The role that an actuary can perform in each of these sectors can be quite varied, such as product pricing, financial modelling, valuations, risk management, carrying out peer reviews, designing social security schemes, advise on the premium to be charged etc.
A career of Actuaries involves application of math, statistical knowledge, skill in risk assessment, and evaluation of financial products such as insurance and investments. An actuary typically works in the following fields: · Life Insurance · General Insurance ·Health Insurance · Reinsurance Companies ·Pension Funds · Consultants · Investments · Government · Academics ·Risk Management.
Scopes of Actuarial Science in Nepal
The field of actuarial science in Nepal is gradually gaining popularity and recognition. The last few years have seen significant activities in the Nepalese insurance sector. Both life and general insurers have upped their market presence and the penetration rate of insurance has been growing, most notably after the devastating earthquake of 2015. Although there are altogether 40 insurance companies (19 Life Insurance, 20 Non-Life Insurance and 1 Re-Insurance) operating in Nepal, a large portion (about 90 percent) of Nepal’s population does not have access to insurance services which has created a lucrative market for insurers. Besides, the situation is high and dry when it comes to actuaries. Nevertheless, insurance companies are struggling hard to get qualified human resources to make an aggressive move in the domestic market. One reason for the low qualified workforce is the lack of university-level courses in insurance in the country. For example, the absence of a course on actuarial science has resulted in a severe of actuaries for the insurance companies. There are no actuaries in the country and insurance companies are required to pay high remuneration for foreign actuaries to carry out the actuarial works.