FRC Urges Students to Embrace Actuarial Science for Professional Excellence

Dike Onwuamaeze

A delegation of the Financial Reporting Council of Nigeria (FRC) has made a strong appeal to the students of CMS Grammar School, Bariga, Lagos State, to choose Actuarial Science as their course of choice in the university and professional examination.

The delegation, which was led by an Assistant Director/Head, Directorate of Actuarial Standards, FRC, Mr. Harris Oshojah, was in the school in furtherance of the advocacy outreach of the Nigerian Actuarial Development Programme (NADP) with the theme “Catch -Them Young Initiative (Building Capacity for Actuarial Excellence in Nigeria).

Oshojah said they were in the school to convince the students of the numerous benefits of studying Actuarial Science and encourage them to embrace the course in their academic and professional pursuits, adding that it would be a choice that they would live to enjoy without regrets.

He added: “What we are saying in essence is that there is value addition in studying Actuarial Science irrespective of your chosen field of endeavour.

“As a regulatory agency, we are identifying the need for Actuarial Science that is lacking in Nigeria.

“That is why we are telling you to try as much as possible to identify with Actuarial Science.

“We are ensuring that the right skills that are required are available in Nigeria.

“So, we’re telling you to identify with this course and you will never regret it.”

In his keynote speech to the students, the Head of Department, Insurance and Actuarial Department, University of Lagos, Prof. Ismaila Adeleke, said, “we are here to promote a course that is highly rewarding but is rarely chosen by students in Nigeria.”

Adeleke noted that Actuarial Science remains the most rewarding course in the world, especially if you want to work in the financial industry.

He described actuaries as professionals are very key to protecting our funds in the financial system, adding that the FRC is here to promote that field of study so that we can produce as many experts as possible and that our economy can be properly protected.

He said the demand for actuaries was so high globally that Nigerians that earn the professional qualifications are lured to work in the United States of America, Canada and Europe.

“But we know that if we produce as many as possible, we will have more than enough that will stay in the country to protect our funds and economy,” Adeleke said.

He described Actuarial Science as a field that applies mathematical, statistical, finance and economics skills to solve risk problems in business.

He added: “They are very important in assessing risk of any activity that we want to carry on. So you find them calculating premiums in insurance industry.

“You find them in the pension industry deciding how we set aside funds for a new employee so that when he is retiring in 30 years time we will be able to pay off his gratuity.

“It is the actuaries that do the calculation.

 In the banking industry to protect your funds. from being eroded as a result of fluctuation in the foreign exchange.

“So actuaries are very very important in the economy.”

Adeleke said a student needs credits in English Language, Mathematics, Economics and two other subjects to study Actuarial Science in the university.

The Head, Auditing Practices Standards, FRC, Mr. Olasunkunmi Ayinde, said there are just 28 actuaries in Nigeria.

Ayinde also disclosed that top employers in the country have advertised several without finding actuaries to employ.

He, however, told the students not to venture into the study of Actuaries Science if they are not strong in Mathematics.

“If you are very good in mathematics, you are good in computer science, you are good, the course is for you,” he said.

The Principal of CMS Grammar School, Revd. Jacob Ayokunle Ogunyinka, said that he was happy to receive the FRC team and urged the students to embrace Actuarial Science in order to distinguish themselves in the workplace.

He said: “The world we are in now will make a person who has something others do not have to excel.

“A skill that will distinguish you from your colleagues will speak for you.”