What is the Career Scope of Actuarial Science & Risk Management in Pakistan? Introduction, Job Options, Courses, Core Subjects, Pay & Tips
Actuarial Science is a subject which deals with measurement and management of risk factor in insurance, finance and related fields. Arithmetical and statistical techniques are used for this purpose. Such a a business professional is called actuary. Risk calculation and risk management are two key elements for success of any business. Actuaries perform these two functions for insurance companies, financial institutions, businesses, banks, industries, firms, forex traders, investment companies and stock exchanges. Mainly they deal with insurance sector from both ends. They help to calculate the amount of premium, pension, profit, loss, installments and benefits. They also design different insurance and social security schemes. You may call them risk and financial astrologers. They calculate the financial impacts of events hidden in future.
Career & Scope of Actuarial Science in Pakistan, Jobs, Programs, Subjects, Salary
Actuarial science is a field for those students who are good at statistics, mathematics, finance, evaluation, financial modeling and economics. They should be able to forecast financial aspects of disasters like accidents, injuries, disabilities, sickness, property loss, thefts, death, hospitalization and other hazards. You should be sound at communication skills, financial reporting, assessing the profitability, predicting and quantifying the risk.
Career Scope & Job Prospectus
You may get job both in public and private sector organizations like banks, insurance companies of different kinds like health, car, life, business and general insurance firms, finance department, pension departments, brokerage homes, consulting firms, social security department, post office, mobile phone insurance companies (Like Mobilink Jazz has launched health insurance scheme), banks, financial institutions, investment companies and academia.
Programs & Core Subjects
BS, MSc and MS are three main degrees of Actuarial Science & Risk Management in Pakistan. Actuarial Foundation, Financial Reporting, Communication Skills, Micro Economics, Business Statistics, Probability and Mathematical Statistics, Actuarial and Statistical Computing, Advanced Financial Mathematics, Financial Mathematics, Corporate Finance, Calculus, Macro Economics, Islamic Modes of Finance, Life Contingencies and Life Tables,Mortality Data Analysis, Regression Analysis, Stochastic Models, Financial Econometrics, Investment, Employee Benefits Management, Time Series Analysis, Pension, Takaful and Actuarial Practices, Investment portfolio Management, Financial Risk Management, Life Insurance, Financial Economics, Health Insurance, General Insurance, Survival Models and Research Methods are main subjects in BS, MSc and MS programs in Actuarial Science & Risk Management field. Practical projects, thesis and internships are also the part of these degree programs.
Although Actuarial science is a highly paid profession in the world still salary in this field depends upon your skills set, experience, responsibilities, industry and geographical location. In Pakistan as a fresher internee you may start with the monthly salary of 80000 rupees. Actuarial Science experts can also migrate in any first world country. There they can earn up to 1 million$ per annum. CIMA & CFA graduates are also considered the experts of Actuarial Science. For more knowledge about the risk management field you may read our following post too;
You may also form or join consultancy firm to provide actuarial and investment advice to individuals and companies. In government sector actuarial science jobs special salary package is given to the professionals of this field. Here they form policies and deal with the matters related to employee benefits, retirement, social security, health insurance, endowment fund, group insurance, gratuity fund and pension. Actuaries soon get managerial and administrative posts in their organizations. At these positions they monitor and manage the all the risk activities of a organization related to risk calculation and risk management. You may give actuarial advice as a private consultant in your individual capacity. Keep visiting us for more career counseling tips on scope of actuarial science in Pakistan and other countries.