FRC Urges Students to Embrace Actuarial Science for Professional Excellence

The Financial Reporting Council of Nigeria (FRC) has made a strong appeal to students at CMS Grammar School in Bariga, Lagos State, urging them to choose actuarial science as their preferred field of university study and professional qualification.

The regulatory body's call came during an awareness outreach organized under the Nigerian Actuarial Development Programme (NADP), running under the theme “Catch-Them-Young Initiative: Building Capacity for Actuarial Excellence in Nigeria.”

Led by Mr Harris Oshojah, Assistant Director and Head of the Directorate of Actuarial Standards at the FRC, the delegation aimed to educate students on the immense career advantages of the discipline, reassuring them that pursuing it would lead to a highly rewarding professional life.

"We are identifying a critical skills gap in Actuarial Science within Nigeria," Oshojah explained, highlighting that the campaign is designed to ensure the country develops the local expertise required to protect its financial systems.

Delivering the keynote address, Professor Ismaila Adeleke, Head of the Insurance and Actuarial Department at the University of Lagos, described the field as an exceptional route for analytically minded individuals. He noted that despite being one of the most lucrative careers globally, it remains largely overlooked by Nigerian students due to a lack of early awareness.

Adeleke explained that actuarial science blends advanced mathematics, statistics, finance, and economics to evaluate and manage future risks across major industries, such as pensions, banking, and insurance forecasting. He added that the global demand for these specialists is so intense that qualified Nigerian actuaries are routinely headhunted by top firms in the United States, Canada, and Europe.

Addressing the severe talent shortage, Mr Olasunkanmi Ayinde, Head of Auditing Practices Standards at the Council, revealed that Nigeria currently has fewer than 30 certified actuaries to service a population exceeding 200 million. This deficit frequently leaves corporate establishments unable to find suitable local applicants, forcing them to depend heavily on expensive foreign expatriates.

To lower entry barriers, Ayinde disclosed that the FRC has established a financial support framework to reimburse professional examination fees—which are typically charged in US dollars—for students who successfully pass their certification papers. He urged the students not to be intimidated by the heavy mathematical requirements of the course, encouraging them to see it as a golden opportunity to distinguish themselves early in life.

In his closing remarks, the Principal of CMS Grammar School, Reverend Jacob Ayokunle Ogunyinka, expressed gratitude to the FRC delegation and charged the students to embrace the discipline, noting that specialized skills are essential for achieving true professional excellence in the modern workforce.