In a rapidly evolving global economy, where risk management plays a pivotal role, actuarial sciences - a field related to Science, Technology, Engineering, and Mathematics (STEM) - are a promising career path for Pakistani students. Actuaries, equipped with a deep understanding of mathematics, statistics, and business management, are instrumental in helping businesses grow while providing value to their customers. This unique skill set allows them to assist leaders in making strategic decisions and enables consumers to prepare for a more secure future.
Globally, actuaries find employment in a wide array of sectors with a financial focus. These include insurance (life, health, property-casualty, and even pet insurance), banking, investments, government, energy, e-commerce, marketing, employee benefits, product development, enterprise risk management, predictive analytics, and consulting, among others.
Actuaries in Pakistan are predominantly employed by actuarial consultancies or insurance companies/takaful operators, with the majority of placements concentrated in the life insurance and family takaful sectors. However, the landscape is evolvingand new opportunities are emerging, with investment management firms and risk departments of banks becoming attractive fields.
Recently, in a significant announcement by the Society of Actuaries (SOA), the world’s largest actuarial professional organization, a Global Access Pilot Program was launched in Pakistan that aimsto improvethe accessibility and affordability of actuarial exams on a global scale. This initiative comes as a strategic move to reduce financial barriers to the Associate-level pathway (ASA), encouraging the expansion of the actuarial profession in Pakistan.
Founded in 1889, the SOA has more than 32,000 actuaries as members and is dedicated to advancing actuarial sciences through research and education.In 2023, the society reported 65 candidates, under the age of 25,that took the actuarial exams. Indicating how youth is more inclined towards new career pathways, STEM subjects, and are beginning their ASA pathway exams before graduating from university. Currently, 88 SOA credentialed actuaries reside in Pakistan.
ThePakistan Society of Actuaries (PSoA) serves as the representative body for the actuarial profession in the country with Mr. NaumanCheema at the helm as the President.The PSoA not only facilitates networking among actuaries but also conducts informational seminars on current trends in the actuarial market. These seminars provide valuable insights to actuaries and also fulfil Continuing Professional Development (CPD) requirements for members of various international actuarial societies.
Recognizing the growing importance of actuarial sciences, educational institutions in Pakistan have stepped up to offer degree programs in the field. The University of Karachi and The Institute of Business Management in Karachi as well as The University of Punjab in Lahore, provide opportunities for students to pursue a career in actuarial science.
Looking ahead, the role of actuaries is set to become even more critical. As Pakistan grapples with economic uncertainties ranging from social policies to politics, the use of data to predict future outcomes and help organizations evaluate risk and protect against financial loss will become even more pivotal. Ensuring the work of actuaries as integral for the psychological, physical, and financial stability of society and making actuarial sciences a beacon of opportunity for Pakistani students seeking a fulfilling and impactful career.