Actuarial Sciences: A bright path for Pakistani students

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.

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