10 May 2019|Noida | F 1 Seminar Hall
“Recruiters look for Inquisitive mind, Statistics & IT Knowledge, should have business stories to tell” avers professionals during Seminar on "Actuarial Science and Data Science" at Amity University
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Amity School of Insurance, Banking & Actuarial Science (ASIBAS) in collaboration with University of Leicester, U.K. organized a one day Seminar on "Actuarial Science and Data Science" at University campus, Sector 125, Noida
Welcoming the gathering, Mr. A P Singh, Director, ASIBAS said that Amity believes in nurturing the industry academia partnership and such seminars and conferences help in understanding the industry trends & expectations and furthermore, preparing the budding professionals as per industry needs. He shared that the field of Data Science is opening new avenues for professionals and it is the responsibility of educational institutions to provide necessary knowledge, skills and training to students. Mr. Singh averred that with Industrial revolution, Industry 4.0, taking place in full swing and changing the landscape of businesses, corporates and education, students are thus prepared industry ready, accordingly.
Inaugurating the event, Mr. Khushwant Pahwa, Founder and Consulting Actuary, KPAC Consultants Ltd. shared his views on ‘the Art of Data Science’ and said that in Data Sciences, there has been an increase in demand for computational abilities, availability of data and availability of machine learning skillset. He explained that Data Analysis provides insights or tests hypothesis or model from a dataset while data mining is one of the activities of Data Analysis. He mentioned,” Data Science is not a new domain- the profession has been in existence from long. However, it is the advance in high performing computer and the explosion of data which has made Data Science an important field.” Mr. Pahwa further added that the buzzwords describing the field has changed such as, ‘Data Mining’ has changed to ‘Data Analysis’ while ‘Predictive Analysis’ changed to ‘Data Science’ but the essence of work has remained the same. He called upon the budding professionals to inculcate four key elements that industry seeks while recruiting which are inquisitive mind, knowledge of statistics, IT knowledge and can tell business stories along with relevant data.
Addressing the gathering, Ms. Leena Sodha, Programme Director, University of Leicester (UK) described about the role of Actuaries and explained that Actuaries are experts in risk management who use their mathematical skills to measure the probability and risk of future events, moreover predicting the financial impact on a business and their clients. She added that in Data Science studies, students must be taught to analyze data, evaluate financial risk and most importantly, how to communicate the given data to non-specialists. Ms. Sodha further briefed the students about the Leicester’s curriculum which provides real industry experience, updated skill training and bridges the gap from university to industry.
Sharing his views, Mr. Rohit Jain, Director – Actuarial, Risk Analytics and Consulting Services, AON said, “Data Scientists only analyze the data, while Actuaries not only do the former but also take forward the data to provide solutions. If you are not able to narrate your ideas then the knowledge is as good as nothing.”
The seminar was attended by more than 150 students from Amity School of Applied Sciences, Amity University; University of Delhi and GGSIP University