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Advice Required
12-13-2003, 05:52 AM,
#1
Advice Required
Hi folks!

My name is Ahsan and I am new to this forum. At present I am studying Actuarial Science at the London School of Economics and hold 5 100 Series exams exemptions from the Institute of Actuaries.

I have noticed that there are some very resourceful people who give their insight into the matters very seriously and in pure belief. Therefore, I would highly appreciate if my few of the below queries could be answered,

1. I have researched that there are very few qualified actuaries working in Pakistan, although the supply of graduates is very elastic. Would it due to the rigour of the professional training or fierce competition (I mean very inelastic demand) that to date only 20 actuaries have been qualified?

2. What nature of Actuarial Practice do these people do in Pakistan, keeping in view that there is not much trend of Insurance or Pensions Policies (2 major fields of Practice Actuaries)?

3. I have heard that there is (hopefully) a very bright future of tomorrows Actuaries in Pakistan. Would any body comment on this, making sure that they cover the economical position and the overall position of Pakistan Economy? And how safe this bet would be?

4. Would the member of this forum advice me that whether I should come to Pakistan and take my 200, 300 & 400 Series Exams there, or alternatively, I should be looking into getting a contract with PWC, KPMG etc, here in London? Also, I heard that in Pakistan, trainee Actuaries have to arrange their tuition by themselves. Would you, in this regard, not recommend me staying in the UK, as here there are several opportunities to get a very varied (in focus) education / preparation guidance, and consequently one could get FIA status within 4 years, I am assuming my case as I would get all of the 9 100 Series exemptions from my degree in Actuarial Science?

5. What sort of remuneration packages, firstly a part qualified (having passed 100 Series Exams), and a fully qualified FIA should be expecting in Pakistan?

6. Finally, this question is not specifically regarding the Actuarial Profession as such. What is the scope of Investment Banking (Corporate Finance, Equity and Derivative Trading) in Pakistan?

I would highly appreciate your endeavours in taking time and answering my queries.

Looking forward to a positive reply.

AHSAN (ahsan_abdullah85@hotmail.com)

By taking this opportunity I would like to say that I would be more than happy in answering any of your guys questions about the Actuarial Profession and in addition to this, the Investment Banking (careers in Financial Markets) opportunities in the UK, as I am an IMC-Qualified Member of the UK Society of Investment Professionals and has varied experience of these fields, acquired in the internships I had with big Investment Banks and Actuarial Consultancies.


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12-13-2003, 04:20 PM,
#2
 

Answers to your questions one by one.....

1. Quite a few Actuaries have qualified from Pakistan, but only about mere 20 in 'regular practice' reside in Pakistan... Others decide to go abroad due to better opportunities for 'practice'... Its also due to the fact that people don't even know what or who an Actuary is... Lack of knowledge.


2. Due to the Pensions and Insurance sector not playing a significant part as compared to other countries, Actuaries go into the investment sector.


3. They say the future for Actuaries in Pakistan is bright considering WTO and its impacts on our economy... More multinationals would be competing to get into the main markets of India/Pakistan and would therefore require qualified actuaries.


4. If you get a contract with PWC, KPMG, etc., then surely you should consider staying back there if you're considering longterm plans... Students here have to study by themselves... If you live in UK with your family, then certainly you should stay there... But if you're on a student visa, then consider other factors as well... It would take you extra time (eg 2 years) to complete your course from there as compared to staying in Pakistan and doing it, international students know the relaxed nature of studying at home... Because one ONLY has to think about studies while at home, whereas you might have other things to tackle there... Secondly, saving precious 1-2 years of your career by quickly 'clearing' your exams would not only save your fees and expenses of staying in UK (approx 13,000 pounds p.a), but would also earn you the salary you might get by being employed in those two years if you clear your exams early... However, whatever you do, think 'long-term'.


5. Depends on which field (investment, insurance, etc) you opt to go into... Actuaries with a good work related background can expect to work with salary packages of 100K+ starting... Salaries of FIA's are extremely high and again depend on a lot of factors.


6. I don't think I can comment much on Pakistan's future of Investment banking.




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12-13-2003, 08:27 PM,
#3
 
I am juss adding few of my coments considering my little knowledge of acturial sciences as still being associted with the field of finance and accontancy we ppl do not know much ( coz there has not been such a need as yet)

discussing the current Fin reporting framework of pakistan, the only implication so far as i have noticed in my short span of experiance is to the companies for getting the acturial analyses with refernce to the employee benefit obligations and costs. A new standard of Pension is due from IASB too. so there may some development at that level

I am not discussing the technical side of ur degree but What u can think is of ur development on the side of become competitive. U no once there was a time when there were few surgeons, or MBA's or computer scientists. I dont see any reason why in like next 3-5 years there may be a lot of arenas opened for investment bankings and for acturies. You have an option being in UK to intorduce new or enhance existinh areans for investming banking. You can get assistance in this regard from Board of Investment and SECP if u feel like u wanna be in like business kinnna thing if u have sufficient resources.


also not only 20 acturies are working but a lot of part qualified are fulfilling the needs of pakistani companies and economy.

i guess our trade minister hamayon akhtar is an acturay finance.

I have seen a lot of ppl looking and going for the corp finance and derivates but still pakistan needs to be working in that area. I dont know of any bank which has properly implemented in full IFRS 39 . (AM I RIGHT)...



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12-15-2003, 12:00 AM,
#4
 
Thanks Sumaan for your reply, and it was much appreciated.

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12-15-2003, 12:13 AM,
#5
 
Thanks XBRL for your suggestions and once again they were also found very useful. However, I have few queries regarding to what you suggested.

You mentioned that Pakistan's economy is still looking for new Investment Banking arenas to be introduced and that if I have sufficient resources, I should consider in introducing them to Pakistan. What exactly did you mean by this? Did you mean that I should bring my expertise to Pakistan's banking infra structure, or I should introduce new concepts like Weather Derivatives, Interest Rate Derivatives etc. to them as there is not much trend as yet in Pakistan. Please clarify this?

Will be looking forward to hear from you soon.

AHSAN


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12-18-2003, 07:23 AM,
#6
 
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
also not only 20 acturies are working but a lot of part qualified are fulfilling the needs of pakistani companies and economy.

<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

I meant 20 'fully qualified' actuaries in 'regular practice'.

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