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"Giri (my better half) always chides me for attempting to show things in
poor light. But I cannot help it, can I? Even as I plan my annual trip
to the US in February, I thought I must share certain happenings that
will definitely be in the interest of the larger public" continues Moneylife.
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| Photo: Moneylife |
I know that
Moneylife stands in the forefront when it comes to issues such as these,
as part of its exemplary efforts in setting a new journalistic trend.
My nephew, who is based in Mumbai, was keen on his son pursuing a course
in actuarial science. He sought my help, since he, somehow, believed
that a seasoned academician like me will be of great help to him. I had
already forewarned him about my activist instincts. Despite being a
senior citizen, I have still managed to maintain my contacts in
academia. It always helps. Thanks to social media networks, I have
managed to stay connected.
As I began talking to one person after another, the real truth behind an
actuarial science course started coming to light. It was, indeed, a
shocker for me! Anyway, readers must have heard/ read about how an
actuary is a most sought after person in the insurance industry and how
actuaries draw huge sums of money as salaries and bonuses. Actuaries are
responsible for using statistical methods to compute the amount of
insurance premium. This is the main function of an actuary, though they
have other roles like risk modelling, etc.
When I contacted Satish Nair (not his real name) through one of my
acquaintances, he dropped a bombshell. Since pursuing an actuarial
science course from India was next to impossible (I will come to it
later), his daughter pursued a two-year actuarial science course from UK
wiping out half of Satish’s retirement funds. When she returned to
India, hoping to land a plum job, there were no takers. After waiting
for close to six months and twiddling her thumbs at home, Satish’s
daughter managed to get a job in an insurance call centre (of all
places) in Pune. Satish was fuming so much that if a kettle of cold
water had been kept before of him, it would have heated up in no time.
So where is the problem? Why is doing an actuarial science course in
India not such an exciting proposition? There are very few educational
institutions that impart an actuarial science course in India. Of these,
50% offer courses that are not recognised by the industry. Gullible
students get attracted to all the marketing nonsense being dished out by
these institutions and end up wasting money, time and effort. Some of
them end up ruining their career too.
Source: Moneylife
