Mathematics,%20Actuarial%20Science%20and%20Statistics

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Mathematics, Actuarial Science and Statistics

• University of Southampton

Dr Sujit Sahu School of Mathematics
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School of Mathematics

• Large student centred school
• Expertise across mathematical physics, applied
  mathematics, operational research, pure
  mathematics and statistics
• Active links with business, industry, science and
  technology
• A centre for interdisciplinary research and
  teaching
• Large graduate school with three thriving MSc
  programmes and many research students

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Mathematics students

• 550 MMath BSc students
• 85 MSc students
• 48 PhD students

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Teaching Assessment

• Lectures
• Tutorials
• Supervisions
• Computing Labs
• Consolidation Class
• Private study

• Exams
• Coursework
• Projects
• Presentations
• In-class tests

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Course structure
Topology
Hyperbolic Geometry
Mathematical Programming
Simulation and Queues
Design and Analysis of Experiments
Algebra Analysis Calculus Differential
Equations Geometry Mathematical
Modelling Probability and Statistics
Number Theory and Cryptography
Applications of Mathematics in Biology
Relativity, Black Holes and Cosmology
Mathematical Finance
Rings and Fields
Gravitational Waves
Optimization
Metric Spaces
Complex Function Theory
Differential Geometry and its Applications
Groups and Symmetry
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Programmes of Study

• Single Honours
• BSc Mathematics
• MMath Mathematics
• BSc Mathematical Studies
• Mathematics for Business
• Mathematics with
• Actuarial Science, Economics, Finance
• Management Sciences, Statistics,
• Operational Research, Computer Science

• Mathematics for Arts
• Mathematics with Music
• Mathematics and French, German, Spanish
• Mathematics for Science
• Mathematics with
• Astronomy, Biology
• Physics, Computer Science

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Some money making ideas with Mathematics

• Google search
• Pricing financial options
• iPod and MP3
• Green logistics
• Formula 1 pit stop strategies
• Financial Portfolios
• Encryption of credit cards
• Airline pricing

• Linear Algebra
• Differential Equations
• Analysis
• Operational Research
• Optimization
• Statistics
• Number Theory
• Linear Programming

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Mathematics with Actuarial Science

• Our most popular programme!
• Lets learn a bit more about it!

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Actuarial Science

• Why choose Mathematics with Actuarial Science?
•   Actuarial Studies focus on the study of
  Mathematics and Statistics integrated with
• Economics,
• Finance,
• Demography and
• Actuarial Science
• For most people the excellent career prospects
  are the main reason for choosing Mathematics
  Actuarial Science

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EXAMPLES OF ACTUARIAL SCIENCE QUESTIONS

• Mr Patel is 65 and had a heart attack 3 years ago
  how much should his travel insurance to the USA
  for 2 weeks cost?
• How many children in India will require
  elementary schooling in 2015?
• Could health insurance for my pet cat be included
  free as part of my house insurance?
• How much will it cost if it rains at the Olympics
  in 2012?
• How much funding should the Indian Government put
  aside for building new roads for the next 10
  years?

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TEST YOURSELVES..

• Should health insurance be cheaper or more
  expensive for smokers?
• MUCH CHEAPER
• How old do you have to be to have a 50 chance of
  dying in the next 6 months?
• 103
• If you are 80 what chance do you have of living
  until 81?
• 97

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How much do Actuaries earn?

• Lots!
• Typical Actuarial salaries start at about 60,000
  (Rs 48 Lakh)
• Many Actuaries earn well over 150,000 (Rs 1.2
  Crore!)
• The profession is very carefully regulated
• It also has a high professional profile
• And high professional standards
• -Actuaries are needed worldwide

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Does India need more Actuaries?

• There are about 6000 professional actuaries for 6
  crore UK citizens.
• There are about 100 crore Indians. How many
  actuaries are needed?
• See an article in rediff.com For a 7-figure
  salary, be an actuary
• Many banks such as HSBC will pay very highly to
  Southampton graduates.
• Southampton is a brand name!

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Top ten subjects studied by new entrants to the
Actuarial profession in 2004-7
Mathematics 350
Actuarial Science 198
Mathematics and other 89
Mathematics and Statistics 53
Economics 43
Statistics 29
Physics 31
Actuarial Maths and Statistics 30
Actuarial Science and Statistics 26
Mathematical Science 23
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How does the system of exemptions work?

• One of the major attractions of a Mathematics
  with Actuarial Science programme is the
  exemptions
• The professional examinations to become a
  fully-qualified Actuary are long and difficult
• If a degree programme grants exemptions from some
  of these then it may be possible to qualify as an
  Actuary much quicker than normal
• A Southampton Maths with Actuarial Science
  graduate can earn the maximum number of
  exemptions!

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Exemptions from Actuarial Professional
Examinations

• The new examination structure consists of
• 8 exams at Core Technical stage (CT1 to CT8)
• 3 exams at Core Applications stage (CA1 to CA3)
• 2 exams at Specialist Technical stage (2 from
  ST1 to ST6)
• 1 exam at Specialist Application stage (1 from
  SA1 to SA6)
• A total of 14 examinations must therefore be
  passed to qualify as an Actuary.
• Exemption from some of the Specialist exams by
  undertaking a course of study or a research
  dissertation as an alternative is now possible.

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Actuarial Professional Examinations CT stage

• CT1 Financial Mathematics
• CT2 Finance and Financial Reporting
• CT3 Probability and Mathematical Statistics
• CT4 Models
• CT5 Contingencies
• CT6 Statistical Methods
• CT7 Economics
• CT8 Financial Economics

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Agreement with the IoA

• It has been agreed with the Institute of
  Actuaries that students achieving a suitable
  performance in certain units will get an
  exemption from the corresponding subject in the
  professional examinations.
• A maximum of 8 exemptions out of the 8 CT
  stage units is possible
• THE SOUTHAMPTON PROGRAMME OFFERS ALL 8 EXEMPTIONS
• This means that after completing our
  programme you would be over half way to
  qualifying as an actuary

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What about Statistics?
All knowledge
is, in final analysis, history. All
sciences are, in the abstract, mathematics.
All judgements are in, in their rationale,
statistics.

Prof C. R. Rao
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What is Statistics?

• Statistics is the scientific application of
  mathematical principles to the collection,
  analysis, and presentation of numerical data, and
  the interpretation of the results.
• Statisticians provide crucial guidance in
  determining what information is reliable and
  which predictions can be trusted. They often help
  search for clues to the solution of a scientific
  mystery and sometimes keep investigators from
  being misled by false impressions.
• Many economic, social, political, and military
  decisions cannot be made without statistical
  techniques, such as the design of experiments to
  gain government approval of a newly manufactured
  drug.

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What Do Statisticians Do?

• Produce trustworthy data
• Analyse data to make their meaning clear
• Draw practical conclusions from data
• Principles of 4-Rs Reading, wRiting, aRithmetic
  and
• Reasoning under Uncertainty

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Job Characteristics

• Use data to solve problems in a wide variety of
  fields
• Apply mathematical and statistical knowledge to
  social, economic, medical, political, and
  ecological problems
• Work individually and/or as part of an
  interdisciplinary team
• Travel to consult with other professionals or
  attend conferences, seminars, and continuing
  education activities
• Advance the frontiers of statistics, mathematics,
  and probability through education and research
• If you enjoy any of these, a career in statistics
  may be right for you!

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Examples of Statistics Careers

• Medicine
• Search for improved medical treatments
  based on carefully designed experiments.
• Environment
• Produce data on the abundance and
  location of plants and animals, on the spread of
  pollution from its sources, and on the possible
  effects of changes in human activities.
• Industry
• Maintain quality of goods and services
  and the efficiency with which they are produced
  and delivered.
• Government Surveys
• How many people are unemployed this month?
  What do we export to China, and what do we
  import? Are rates of violent crime increasing or
  decreasing?
• Market Research
• Are consumer tastes in television programs
  changing? What are promising locations for a new
  retail outlet?

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What do I do as a Statistician?

• Sulfate pollution map of the Eastern US in 2001

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Annual map for the North Atlantic Ocean
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Scholarships and Bursaries

• Golden Jubilee Scholarships
• Two scholarships comprising the full value of
  tuition fees for the normal duration of study in
  the School of Mathematics.

• School Scholarships
• Scholarships of up to 5,000 per annum will be
  awarded automatically to any international
  student who is accepted on an undergraduate
  degree programme. These scholarships will be
  awarded on the basis of examination performance
  more than 80 in XII exams.

Golden Jubilee Scholar Pradeep Subedi (06-09)
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What happens to our graduates?
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Mean Starting Salaries in Mathematics Mean Starting Salaries in Mathematics
Southampton 21,948
Russell Group 20,688
Others 18,481
Source HESA 2006 Soton data
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• Southampton Mathematics Department is 2nd in the
  Country for graduate employment 6 months after
  graduation.

(Better than Bristol, Cambridge, Durham,
Edinburgh, Imperial, Nottingham, Oxford and
Warwick)
www.unistats.com (2008)
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Destinations

• Academia, Accountancy, Actuarial, Aircraft
  Design, Banking, Brokerage, City Quant, Crime
  Analysis, Computer Game Design, Financial
  Analysis, Fusion Research, (ex-) Home Secretary,
  IT, Logistics, Management Consultancy, Marketing,
  Medical Research, Merchant Banking, Meteorology,
  Oceanography, Oil Industry, Pharmaceuticals,
  Security Service, Simulation, Statistician,
  Systems Analysis, Tax, Teaching, Transport
  Planner, Underwriter, Uranium production....

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What we offer

• A student centred community
• A caring staff, committed to teaching and
  sustaining an active learning environment
• An international research programme inspiring a
  leading edge curriculum
• An extremely broad undergraduate curriculum,
  feeding into a range of postgraduate
  opportunities
• A track record of success in graduate employment
  and training