State life actuary training.....????

aaddaam · 02-23-2007, 03:47 AM

hiiiii

a few days ago an add came in news paper pertaining state life`s actuary training for 2 yrs ....my question is does anyone know wat is dis actuary training ? i mean wat we do in it ? wat r the benefits of dis training in ur future life ? should i apply in it ? why should i apply in it ? if i apply in it then wat i should or i can do after dis training ?
plz Do reply

adam.....

aaddaam · 02-24-2007, 12:19 AM

none out their to help me /???[(]

derivativetrader · 02-24-2007, 01:41 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by aaddaam
 none out their to help me /???[(]
<hr height="1" noshade id="quote"></blockquote id="quote">

What's your educational background to date?

aaddaam · 02-24-2007, 11:27 PM

i have passed Fsc ( 12th grade)with 75% marks and having 91% in Mathematics...
i hav done my fsc in maths, physics and chemistry

ausmanpk2001 · 02-25-2007, 05:52 AM

Actuary is basically composed of risk assessment. Normal employers in PK are insurance companies, and some firms which are involved in risk assessment.

This is a full fledge qualification like CA, ICMA, ACCA etc. You'll get jobs on its basis & you'll get promoted on its basis

Should you apply or not? Its upto you. Depends on which profession you want to chose. I don't know what to advise here

why should you apply in it. Because you want to make a career in actuary!

if i apply in it then wat i should or i can do after dis training ? Thats already answered. Like CA is a accounting/audit qual Acturay is risk assessment qual.

I don't have more than basic information on this. So its good to search on google or wait here for someone to answer!

aaddaam · 02-25-2007, 10:54 PM

@ausmanpk2001

thankx for ur reply.....yeah their is just one option left to sit and wait for som1 who know abt dis thing to cum n tell me

derivativetrader · 02-26-2007, 11:01 PM

With your background, I think you would be quite suited to a career in actuarial science. Assuming you have very little or no knowledge about this profession, I briefly describe the main avenues that an actuarial qualification may lead you to explore.

Actuarial Science is a profession, similar to accountancy in the sense that you have to study part-time to sit a number of exams. These exams are set by actuarial bodies and two of the main bodies are Institute of Actuaries (based in UK) and Society of Actuaries (based in US). IOA has 15 exams, whereas, the SOA has 9 (or there about) exams. The syllabus is approximately the same, so SOA exams may have more material per exam. It takes on average 6 years to qualify as an actuary. To qualify as an actuary means that firstly you have passed all these exams and secondly you have at least 3 years of relevent work experience. The salaries for actuaries in Pakistan are in the region of PKR 100k + but depends on a number of factors, i.e. experience, nature of job etc.

The syllabus covers application of mathematical concepts to solve real world finance problems. There are mainly four areas where actuaries work these days and below I describe briefly what sort of work they are doing these days

If you are working for a life insurance company than an actuarial department might be involved in building models to price and verify different products that the life company might already sell or introduce to the market.

If you are working for a pensions consultancy, you may be working on valuing the pension liabilities for a firm.

If you are working for an investment consultancy (a rare in Pakistan), you may be working alongside investment banks or investment managers in developing investment strategies for a pension fund, i.e. where to invest their assets to get enough returns to match their liabilties.

If you are working for a general insurance organisation, your role will be similar to that of a life insurance actuary (see above) but the only caveat is that you will be focusing on all other insurance sectors but life.

There are some universities (none in Pakistan to date) that are offering degrees in actuarial sciences and allow you to get exemptions from either the IOA or SOA. An exemption mean that you don't have to re-sit an exam and these are normally awarded if there is similarity to their own syllabus and you have performed to a level in your university exam.

I hope the above information would help. Please feel free to post any more question that you might have.

DT

aaddaam · 02-28-2007, 12:13 AM

thankx a lot abt dis burden of info.....Well i called state life ..they say tht they 1st give 2 yrs training+ while passing some basic papers while giving u 5K a month and then offering a job or sponsor u for further higher studies in actuaries...with each passing ppaer ur pay increases and u r then bound to job in state life for some yrs
but the most bad news for me is tht last time they picked just 6 candidates for training
so probality of gettin in is LoW

derivativetrader · 02-28-2007, 12:39 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by aaddaam
 thankx a lot abt dis burden of info.....Well i called state life ..they say tht they 1st give 2 yrs training+ while passing some basic papers while giving u 5K a month and then offering a job or sponsor u for further higher studies in actuaries...with each passing ppaer ur pay increases and u r then bound to job in state life for some yrs
but the most bad news for me is tht last time they picked just 6 candidates for training
so probality of gettin in is LoW
<hr height="1" noshade id="quote"></blockquote id="quote">

I have heard that their recently qualified actuaries are getting around PKR 125k per month.

aaddaam · 02-28-2007, 08:11 PM

wao tht sounds very intrestiing,,,, but the problem is tht they took only 6 candidates last time so.......
dis actuary field is creating a huge interest for me...so DT can u plz tell me if i want tht actuary degree in pak besides frm State life then wats the procedure for it ? since no uni`s here r offering dis programme as told by u then wat should i do ? how can i get dis degree /? where frm ? and how much money it requires?

derivativetrader · 03-01-2007, 07:27 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by aaddaam
 wao tht sounds very intrestiing,,,, but the problem is tht they took only 6 candidates last time so.......
dis actuary field is creating a huge interest for me...so DT can u plz tell me if i want tht actuary degree in pak besides frm State life then wats the procedure for it ? since no uni`s here r offering dis programme as told by u then wat should i do ? how can i get dis degree /? where frm ? and how much money it requires?
<hr height="1" noshade id="quote"></blockquote id="quote">

I think Karachi University runs an undergraduate programme in actuarial science - I don't know the entrance requirements but I'm sure you can get that information yourself. As per my information, currently it is not possible to earn any exemption from KU degree but this programme should give you a flavour and basic understanding of actuarial subjects. This may help you passing the actuarial exams quickly.

Besides KU, you may want to study a couple of actuarial exams on self-study basis and then apply to a number of actuarial employers in your city - most of these are based in Karachi. An alternative would be to go abroad and do a ug course in actuarial course and try your luck in that country or come back to pakistan once you have graduated. This route would be a lot expensive.

There is always been an issue with the demand for actuarial students. I work for a leading firm of actuarial and investment consultants and this firm only took 5 students in my in-take year. It is partially this reason why the actuarial profession is so small and commands a reputation and high salaries.

aaddaam · 03-02-2007, 04:11 AM

i donot hav much money to go abroad and srudy actuaries their....it seems like tht just finding an institution here in pak for actuary is the most difficult thing in dis profession...i hav applied in state life but chances r low for gettin into actuary training....

how many exams do i hav do pass in order to apply to actuarial employers in my city and can i really pass those exams without any1 instructing me ( totally on myself)?
wat do u suggest me to do? if i want my future profession in actuaries?

aaddaam · 03-04-2007, 02:44 AM

@derivativetrader

u didnt reply man