Well, something last week changed many things. Over a month ago, I took an exam called IIT-JAM, which is the entrance exam for mainly the MSc courses run by the IITs. And the result was declared on 29th April. I got an unexpectedly high rank, 18th in fact, when I was thinking I won't get anything beyond 200! What this means is that I stand a chance to study at IIT Bombay. But before someone goes 'Wow!', I'd like to state that MSc courses run by the IITs are nothing great, and are nowhere close to the engineering courses. So it is not the same as studying engineering at IIT.
Actually, I feel, had I studied, I would have got a better rank. And I did want to study for the exam. That can be seen from my earlier posts. But I could not find the time to do anything besides my college work, so in the end I just had to bank on what I had learnt(or more appropriately, what I had not learnt) in college, when I went into the exam. I have serious doubts about the exam, for if someone like me, who in my opinion, is no more than a mug at Maths, could end up with a high rank like this(Hey, still, it feels great!).
But the other option I have in front of me is, of course Bombay University. Now I have to decide where I should study. I will ask a few people from IIT that I'll meet in MTTS programme in Mysore, about everything from teaching, the amount of free time they get, 'coz I have to study Actuarial Science too, and placements and course contents. And of course, Nishant(who blogs
here) has been of great help to tell me more about the scene in the IITs.
Frankly, I did not find Bombay University too attractive. Now the situation I am facing is this:
1) I need time to study Actuarial Science.
2) The next papers involve statistics. Now, though a background in statistics is not at all required(did I need a background in Financial Mathematics?), I have to know it. Though I am not too worried about it, and I believe that I can breeze through them. I mean, even CT-1 was way different than what I had ever studied before, but I got it in the bag. To be honest, till that day, I never had the inclination to study it, everyone who knows me knows that I do not want to have a career in it. But nevertheless, I do not see studying those subjects as a problem.
3) The problem is, that I will have to learn statistical modelling too, and I don't think I can learn that in Bombay University. An IIT could be the place to learn that.
4) The reason I want to see this through is because I do not want to drop out of something I have taken up. It is like being a loser, and I do not want to drop it, just because I do not see a career in it. Since I have taken it up, I will go the distance.
5) Apart from actuarial science, the maths syllabus that is taught in the IITs has to be in tune with the Civil Services Exam that I plan to take in the near future. This is where Bombay University scores.
6) In the second year, we have to do a project in a particular area of maths, in the IITs. If I take up a project in Probability Theory, it could help me understand it better. Probability is just maths at the end of the day. If I can solve a sum in Analysis and Algebra, I am sure probability will not be much of a job.
7) Everyone who studies such courses like actuarial science or even Chartered Accountancy, knows that all that you really learn from the books is just jargon. You could be far more practically equipped to make investment decisions by reading and understanding The Economic Times for over a long period than pore over CT-1, CT-2 and other such obnoxiously coded subjects. But I have to admit, CT-2 has gone a long way in helping me understand articles in ET.
8) Till a point, I hated actuarial science, and that too for a good reason, but now I have changed the way I look at it. If anything, it will only help me be a better IAS officer, if I clear the Civil Services Exam. Because, I'll have to run huge parastatal corporations, and the talent could be honed by studying these subjects. Who knows, I might even get to be the LIC CMD or the IRDA Chairman, but that is only if I show that talent in the service. Why work in an insurance firm?
9) I would like to have a great pedigree of education, and one area I would really like to study is, quantitative economics. But that is later.
10) Weighing these options, an IIT could be a better choice. What makes these choices difficult for me is, that I want to have both, actuarial science(because dropping out is not an option) and IAS(one hell of a job).
11) If done properly, I could probably be the only actuary in the service, and that will be so cool!
12) So the decision has to be carefully thought out, and bang on!
Now achieving these two objectives will be difficult, though it is theoretically very possible.
And the way to achieve them is simple.
I have to study my ass out, everyday. Period. Whether I am in an IIT or Bombay University.
Of course, the thinking process above could be seriously flawed. Things may not be the way I have stated above. So, hopefully I have not indulged in any romanticism.
Still it feels good to have my thoughts out on my blog. Friends, foes, acquaintances, who might be reading this(and who might be feeling shy to comment), can help with their own inputs by commenting on the post, and help me make a good decision.
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