The School of Mathematical Sciences, Tribhuvan University (TU SMS), is committed to helping the learners not only know and understand the modern world but also make them able to combine the development of knowledge and practical skills in solving real-world problems encountered in various disciplines
Tribhuvan University has quite recently taken up this as a challenge and has decided to run Bachelor and Master Degree Programs in Mathematical Sciences (B.Math.Sc. and M.Math.Sc.) that will help produce at least a critical mass of experts with sound knowledge of fundamentals of mathematics, statistical and analytical capability, and fluent computational skills.
Mission
The School of Mathematical Sciences, Tribhuvan University (TU SMS), is dedicated to supporting students not only in understanding the modern world but also in developing the ability to combine knowledge and practical skills in solving real-world problems encountered in various disciplines of education. SMS TU provides an open, caring, and multicultural learning environment built on the core values of integrity, responsibility, and dignity.
Vision
SMS TU shares the vision of developing an intellectually vibrant community of students and faculty, together engaging in research, teaching, and learning that advances knowledge in diverse areas of mathematics and supports current progress in science. It is designed to provide students with extensive and diverse knowledge in the Mathematical Sciences, offering a unique interdisciplinary learning environment for high-quality education and research through the blending of three disciplines: mathematics, statistics, and computer science, and strives 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, and 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, including product pricing, financial modeling, valuations, risk management, conducting peer reviews, designing social security schemes, and advising on the premium to be charged, among others.
Career Opportunities:
A career in Actuarial Science involves the application of mathematics, statistical knowledge, and skills in risk assessment, as well as the 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 increased their market presence, and the penetration rate of insurance has been growing, most notably following the devastating 2015 earthquake. Although there are a total of 40 insurance companies (19 Life Insurance, 20 Non-Life Insurance, and 1 Reinsurance) operating in Nepal, a large portion (approximately 90 percent) of Nepal’s population does not have access to insurance services, creating a lucrative market for insurers. Besides, the situation is high and dry when it comes to actuaries. Nevertheless, insurance companies are struggling to attract qualified human resources and 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 shortage 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 work.
