FRC affords scholarships to spice up actuarial science

The Monetary Reporting Council of Nigeria has launched an initiative to handle the important scarcity of actuarial professionals within the nation by providing scholarships to excellent college students.

This was revealed on the University of Lagos throughout a profession advocacy session with newly admitted postgraduate college students of the Division of Actuarial Science and Insurance coverage.

The Head of the Directorate of Actuarial Requirements at FRC, Mr Olasunkanmi Ayinde, who spoke on the occasion, mentioned that the physique, below the management of its Govt Secretary/Chief Govt Officer, Dr Rabiu Olowo, was decided to reverse the development and promote the examine and instructing of actuarial science in Nigeria.

He mentioned, “The lower than 30 actuarial professionals in Nigeria are unacceptable. South Africa has virtually 2,000. In Nigeria, now we have about 60,000 chartered accountants; now we have about 40,000 bankers and 9,000 registered insurance coverage professionals. However now we have lower than 30 actuarial professionals in Nigeria. A few of them are even foreigners. In reality, there are 28 of them in Nigeria: 5 associates and 23 fellows. You possibly can see that now we have issues on our fingers.”

Highlighting the function of actuaries within the monetary sector, which incorporates figuring out insurance coverage premiums and assessing monetary dangers, Ayinde identified that each insurance coverage firm in Nigeria, in addition to regulatory our bodies just like the Central Bank of Nigeria, Nationwide Insurance coverage Fee, Nationwide Pension Fee, and Nationwide Well being Insurance coverage Authority, ought to have at the least one or two actuarial scientists.

To sort out this hole, FRC, in collaboration with the Nigerian Actuarial Society, PenCom, and different stakeholders, is implementing measures to remove limitations to the career’s progress.

“We’re introducing a sponsorship programme. This yr, one of the best 10 graduating college students can be sponsored for skilled examinations. The ball is now in your courtroom,” Ayinde informed the scholars.

He added that the FRC’s marketing campaign to advertise actuarial science had already reached secondary faculties.

“We’re taking place even to secondary faculties within the type of advocacy outreach. We went to a Baptist Excessive School in Jos after which ECWA Workers Excessive School, Jos, and they’re displaying curiosity in making use of for the course within the college,” he mentioned.

Regarding the programme, he mentioned, “The programme that now we have come to matriculate right this moment is an M.Sc. programme of the University of Lagos that has accreditation from the Institute and School of Actuaries of the UK. This can encourage the scholars to work exhausting to be among the many finest 10. Furthermore, we are going to refund people who move their skilled examination their cash.”

Head of the Actuarial Science Division at Unilag, Professor Hamadu Dallah, highlighted the constructive impression of FRC’s involvement in getting ready graduates for the job market.