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Workplace Expert - Answered on Jan 17, 2024

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Asked by Anonymous - Jan 16, 2024Hindi
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Career

My son has an undergraduate degree in Mathematics & Statistics from Kolkata. He is currently working in as an Analyst and wants to move to the USA. Please let me know his career options, either in the US or any other European country. Thank you.

Ans: Your son, having completed an undergraduate degree in Mathematics & Statistics in Kolkata, has various career opportunities in both the USA and European countries. Here are some potential paths for him:

Options in the USA:

1. Data Analysis/Science:
- With his strong Mathematics and Statistics background, he can pursue a career in data analysis or data science, as industries in the USA, such as tech, finance, and healthcare, have a growing demand for analytical skills.

2. Actuary:
- He could consider becoming an actuary, using statistical methods to assess risk in industries like insurance and finance. Obtaining relevant certifications would be beneficial.

3. Quantitative Analyst:
- Exploring a role in finance where he would use mathematical models to analyze financial markets and make informed investment decisions.

4. Business Intelligence Analyst:
- Analyzing business data to aid companies in making strategic decisions, utilizing statistical methods and data visualization tools.

5. Operations Research Analyst:
- Applying mathematical and analytical methods to optimize decision-making in areas like logistics, manufacturing, and healthcare.

Options in European Countries:

1. Data Science/Analysis:
- Similar to the USA, European countries also have a growing demand for data professionals in various industries.

2. Researcher/Academia:
- Opportunities in research or academia, contributing to mathematical or statistical advancements.

3. Financial Analyst/Quantitative Analyst:
- European financial markets also seek professionals with strong quantitative skills.

4. Consulting:
- Management consulting firms value individuals with strong analytical backgrounds, providing data-driven insights to clients.

5. Government or Public Sector Roles:
- Opportunities in government agencies or public sector organizations that require statistical expertise for policy analysis.

Considerations:

1. Advanced Education:
- Depending on the chosen career, pursuing advanced degrees can enhance his skills and competitiveness.

2. Networking:
- Building a professional network through platforms like LinkedIn or local organizations is crucial.

3. Certifications:
- Depending on the field, certifications can enhance his credentials.

4. Job Market Research:
- Researching the specific job market and industry demands in the desired location is essential for tailoring his skills and applications.

Encourage your son to explore these options, identify his interests, and seek guidance from career professionals. Staying updated on industry trends and networking will significantly enhance his job search prospects.

All the best!
Career

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Hello Sir, I am 42 years old IT professional. I have one son of 6 years and in class 1. My wife also works and our combined MF portfolio is of 1.1 cr. We both invest 90k per month in various mutual funds. I have purchased one flat which has 60 lacs of home loan and 58000 emi. I have sold my current flat in 80 lacs. I am in confusion of what to do with this money. Should I part close my home loan, should i invest it in mutual funds or should i go for PMS. I am in no hurry to pre close home loan as I can close the loan in next 6-7 years from our salary and my PPF. My goal is to maximize my returns to create wealth as I want to retire by 50. I have monthly expenses of 75K including my child fees for now. Please suggest. Thank you.
Ans: Hi Shaks,

Your query will resonate with many working professionals.

First and foremost, please check/calculate if you have capital gains arising out of the sale of your current flat. This is important for tax implication and will also help make your decision for utilizing the funds.

Lets assume you have some capital gains from this sale, then you can again have to confirm if the capital gains can be utilized without paying tax on it - this is possible if you have purchased the new flat within the last 1 year. If so, then you can utilize/adjust the capital gains towards payments made for the new flat and save tax on it. If you have purchased the new flat earlier than the last 1 year, then you have 2 options - pay tax on the capital gains and then use the funds as you wish OR invest the capital gains amount in NHAI bonds (locked) for the next 5 years (pay tax only on the interest earned).

Once you have sorted the above, you will know what is the amount in hand to make your decision, so lets dive into it.
You have a loan of 60 Lacs and you can manage the EMI from your salaries. Over the next 6-7 years, your salary will also see an increment of approx 7-8% annually, so I suggest you utilize this excess amount each year to prepay/topup your EMI payments. This will help reduce the loan burden over time. At the time of retirement, your loan outstanding can be paid with available options at that time.
You mentioned PPF as an option - I would suggest you do not utilize PPF amount towards this loan closure. The reason is PPF is a completely tax exempt asset and can be utilized well towards retirement income. Of course depends on how much you have accumulated in PPF.

So lets now consider paying the loan amount with the sale proceeds of the current flat. You have a loan today (assuming interest rate applicable is 8-8.5%), which you can manage and you are keen to continue it till retirement, so also recommend you do so. Keep the sale proceed amount available for investment and wealth creation as there are opportunities that can generate returns at a same rate (conservative options) and higher returns (with a slightly higher risk associated).

As you do not have any major liability which is outstanding or cannot be managed, and also you are investing 90k per month in Mutual funds, you can consider wealth creation options for the sale amount available.
PMS is an option but I feel its risks will out weigh the returns in the time frame you have, unless you have a known and trust-worthy option you want to consider.
As you are looking to retire early, at age 50, you should target to create a corpus that will sustain your retirement life (consider at least 30 years post retirement) and your child's education requirements.
Hence my recommendation would be to invest in Mutual Funds and continue with your PPF until retirement. A well constructed portfolio to create a retirement corpus and your child's education requirements would be required.

You can consult a Certified Financial Planner to help you with this plan. They can guide you with your Investments and Retirement planning and provide options to consider and provide advise on risk management (Insurance requirements).

Thanks & Regards
Janak Patel
Certified Financial Planner.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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