Nepal Government will provide scholarship for 6 persons applying for Actuary subject

Kathmandu : Actuarial science education is the most expensive and rare education in the world. It is surprising to hear that the world’s most expensive and rare education is provided in the Mathematical Science School under Tribhuvan University.

There is a large crowd of students in medical science and engineering in Nepal. However, actuarial science, which is recognized several times more than medical science and engineering is seen comparatively less attractive.

Since actuarial science is only for students who are sharp in mathematics, it is definitely difficult to study it. Even the regulatory body, Nepal Insurance Authority is not able to pass the financial statements of insurance companies on time as they rely on foreign actuary.The fifth highest paid actuary in the world earns more than three to four hundred thousand dollars annually. Actuaries that earn so much are very few in the world, Nepal cannot afford such expensive actuaries.At present there is not a single actuary who has completed the course in Nepal. Although some Nepalese have obtained actuary degrees, they are not in Nepal. Some who are working in Nepal have yet to complete the entire course.

Keshav Raj Fullaral, the Program Coordinator of Math Science School, has informed that Mathematics Science, which is known as the highest earning job in the world, is going to distribute scholarships to 6 students from within its own school this year.

He informed that he is going to open scholarships for 6 students for two students currently studying in the school and two reservation and remaining two open.

He said that the fee for two genuine students selected through the school will be charged at the rate of five percent per annum and for the four open and reserved students, the fee will be charged at 10 percent per semester.At present, the students studying in Mathematical Science School have to pay the semester fee of 50 to 60 thousand rupees. There are currently 203 students studying in the school.

Mathematical Science School under Tribhuvan University is going to distribute scholarships to 2 students. The school has published a notice and requested to apply for the scholarship according to the prescribed criteria.In order to distribute scholarships to the students studying in the school, according to the scholarship guidelines of the Tribhuvan University Institute of Science and Technology Studies 2079, applications are requested for the scholarships to be awarded in the first year of the first semester of the 2079 group of postgraduate data science (MDS) program, the first year in the second semester, the second year in the third semester. It has been requested to apply for the scholarship on 30th of March.

Scholarship Selection Criteria:1. Genuine Scholarship 1 Male, 1 Femalea) On the basis of the score of the entrance examination in the first semester and the result of the final examination of the previous semester in case of other semesters.2. Free Scholarship: 10%a) Passed SLC/SEE from government/community school for free scholarship. (For postgraduate level, one should have graduated from Ashik Community Campus with SLC/SEE from government community school.

b) For free scholarship, 50% open and 50% reservation will be kept on the basis of seat.

c) Women, tribals, Madhesi, Dalits, disabled, backward areas, Muslims, Tharu and others (martyrs’ families, students injured in the people’s movement) must submit certified documents from the relevant authorities for reservation.

d) In order to apply for the reservation seat, proof obtained from the relevant district education office or the relevant government agency related to education must be submitted stating that they are in class 8, 9 and (SLC/SEE) government/community school.

e) If the seat of free scholarship is not filled, scholarship will be given according to merit.

f) The names of the open applicants will be published if there are no quotas from the applicants to apply for the reserved seat.g) Separate application should be made for each semester.
h) Application for scholarship can be downloaded from the school website.

Insurance businessmen have to bring in skilled manpower to do insurance work in Nepal from abroad. The insurance company is working through a foreign consultant. The committee has been paying more than 30 lakh rupees annually to consultants for actuary.

In the case of Nepal, an actuary who has worked in one insurance company cannot work in another insurance company. But an actuary in a life insurance company can work in a non-life insurance company. Although it is now mandatory only in insurance, it seems that it will gradually become mandatory in banks and institutions that bear long-term obligations.

According to NFRS, banks and financial institutions are also required to have an actuary. Because of this, some banks and financial institutions also have to keep actuary.Similarly, since they manage long-term funds such as Employee Provident Fund, Citizen Investment Fund and Social Security Fund, they also need an actuary. As there is not a single actuary in Nepal, the National Bank is not able to make it mandatory due to the compulsion to bring them from abroad.

Due to lack of actuary in Nepal, Tribhuvan University has started teaching it. Academically, though it started as a Mathematical Science School, its main objective is to achieve the title of Actuary. Students who have cleared the plus two exam can take the entrance exam in this school. There was a total seat of 36 people in the first year, less than the seat participated in the entrance exam. There is a lot of interest in this exam in Nepal.