Introduction

The Department of Statistics took a millennium initiative to start an international standard four-year bachelor’s degree in Actuarial Sciences & Risk Management in 2003 and by the grace of the Allah Almighty, we have delivered our first batch of Actuarial graduates to the financial market in 2007. It is an honor that now our BS degree provides exemptions for Validation by Educational Experience (VEE) which is one of the educational requirements needed to become an Associate of Society of Actuaries (ASA) or Chartered Enterprise Risk Analyst (CERA). Our degree provides exemptions for all three VEE subjects which are Economics, Corporate Finance and Applied Statistics.

In this four-year BS program our graduates have covered the fundamentals of actuarial science and risk management and are provided with a sound and stable basis required for the understanding of risk management and financial economic environment that is essential for all businesses. Our program basically deals with the learning of risks and the financial management of insurance and different financial sectors. It involves financial risk management, statistical and economical applications to a wide range of decision-making processes in financial planning, financial forecasting & management. Our graduates are intensively trained in finance, statistics, economics, accounting and insurance probabilities as required by the market. Furthermore, our students can achieve their professional status by passing a series of examinations conducted by different actuarial societies including the Society of Actuaries (SOA) of United States of America, the Casualty Actuarial Society (CAS) of Canada or GARP (Global Association of Risk Professionals) in particular. The examinations cover the areas of life insurance, financial risk management, and health and pension practice.

Our faculty has executed all possible efforts to produce the best professionals who can deal with the latest market trends and current customized needs. Our faculty is blessed with senior PhD professors and lecturers having vast experience. Our visiting faculty members consisting of fellow actuaries, risk managers, executives of insurance companies who are considered market gurus.

In Pakistan, actuaries are engaged in life insurance and retirement benefit consultancies. Some actuaries are now engaged full time in Asset Management and other related fields in the financial and investments market in Pakistan. They are also involved in actuarial valuation of post-retirement medical benefits, EOBI and provisional social security institutions for the designing and cost of retirement benefit plans. They also do periodic valuation of life insurance businesses, pensions and other investment benefits liabilities. Their skills can also be applied to many relatively new and areas of business such as risk management, corporate finance, financial economics and major capital projects.