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Query: What is the scope of actuarial sciences and risk management in Pakistan?

Query: What is the scope of actuarial sciences and risk management in Pakistan?

Advisors Replies

Malik Nawaz

Actuarial students may get safe job in many fields like banks, statistical institutions, Research firms, insurance sector, and teaching and in many others but these are major.

The lifestyle and thinking of people is changing with time. They are not only utilizing their money to insure their life and assets but also to get maximum benefit of their money involved in it. Increasing number of money and insurance policy holders are strengthening this fact. This changing frame of mind of people has converted actuarial science into a career full of employment opportunities.

This stream of science is completely dependent on calculation. Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. The experts of this field are known as backbone of the insurance sector as they assess the financial brunt of future events which are uncertain.

There are a wide range of areas in which Actuarial science professionals work. These areas are financial institutions, pensions and employee benefits, insurance sector, reinsurance companies, investment, consultancies and risk management.

Day by day new opportunities are leaping forth in Actuarial science. Apart from banking, insurance, financial, BPO and other sectors are also looking forward for Actuarial science professionals. So, there is a pool of opportunity if your numerical skills are strong. You can definitely pursue any above listed domain if you love to play with numbers.

The work of an actuary involves a lot of number crunching and the nature of work is quite tedious, nevertheless it offers rewards in terms of intellectual challenge, status, job satisfaction and earnings. As their judgment is the basis of decision making for many business activities, their career paths often lead to upper management and executive positions.

Traditionally actuaries have been associated with insurance sector but in present scenario with the economy opening up actuaries are needed in sectors like employee benefits, health insurance, asset-management, reinsurance; insurance broking houses non-life insurance and consulting companies.

The job of an actuary involves formulating policies and calculating the premium to be charged. For this they assemble and analyze data to estimate the probability of such eventualities as death, sickness, injury, disability and property loss and formulate a sum which is advantageous to the customer as well as the company. In areas where employee benefits and retirement/ pension schemes are dealt, the actuaries have to calculate the amount of money to be paid as contribution to pension fund in order to generate a certain income level post-retirement. Actuaries in administrative positions have to explain technical matters to executives, government officials, shareholders, policyholders. Actuaries working in tandem with government/ government agencies are responsible for designing social security and Medicare plans. Many of these professionals work as independent consultants providing actuarial advice to clients for a fee. Some also provide investment advice. Actuaries have scope for career growth not only in Pakistan but also in countries like USA, UK, Canada and Australia where they already have the necessary infrastructure and support system available.

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