In a digitally connected world, students now have the opportunity to explore many career paths that previously seemed out of reach. As of fall 2022, an estimated 54.4% of students pursued undergraduate degrees, while 53.5% pursued graduate degrees through distance education courses. Reports suggest that the e-learning market is projected to grow by 20.5% by 2030. In Pakistan, this trend has paved the way for many students to pursue careers that were traditionally unknown. One such unique opportunity is presented through the accreditations provided by the Society of Actuaries (SOA).
You may be wondering, who are actuaries and what is actuarial science? For those curious, actuarial science is a field within science, technology, engineering, and mathematics (STEM) that represents a dynamic and multifaceted discipline crucial for economic stability and growth. This discipline offers a promising career avenue for students keen on mathematics, statistics, and business management. Professionals equipped with this knowledge serve as a one-stop solution for matters pertaining to risk management, financial analysis, and strategic planning. Actuaries often emerge as architects of economic resilience and steer economies towards a future characterized by stability, inclusivity, and prosperity.
While actuaries serve as a pillar for many prosperous nations, they are relatively lesser-known in Pakistan, with few educational institutions providing undergraduate degrees in this field. This is where the SOA has stepped in to fill the gap, providing local students with the opportunity to understand and work in this prosperous field with greater depth.
Through tailored education and resources, the SOA has made it easier for students to pursue their actuarial path.
Through the SOA free Affiliate Membership, aspiring actuaries prepare for their next step. Whether you’re a student or someone who works with students and candidates or a career changer, you’ll find all the resources you need to begin your actuarial journey. Affiliate members gain access to resources such as a digital library of recordings and podcasts on a range of actuarial topics, educational tools, events and networking opportunities and a mentorship program.
Additionally, the Micro-credentials provide three distinct educational outcomes for students. Through earning Pre-Actuarial Foundations, Actuarial Science Foundations, and Data Science for Actuaries, candidates new to the field can share milestone achievements as they make their way along the world of actuaries.
The SOA provides two key accreditations for actuarial professionals:
- Associate of the Society of Actuaries (ASA)
To attain an ASA designation, candidates will gain knowledge of the fundamental concepts and techniques for modeling and managing risk through e-learning courses, validation of educational experience (VEE)outside the SOA Education system), and a professionalism seminar. Associates are able to step into the world of actuarial practice. - Fellow of the Society of Actuaries (FSA)
The FSA pathway is for professionals who have completed the ASA and wish to pursue further specialization. This designation provides the opportunity for professionals to gain more in-depth knowledge of the application of techniques to a specific practice area or a flexible pathway that reflects their current role or future aspiration.
For Pakistan, the SOA offers countless resources and opportunities through a dedicated webpage for local students, allowing aspiring actuaries to enhance their knowledge and skills from the comfort of their home. The advent of digitization has significantly improved access to quality education, enabling students to explore various fields that pique their interest. Embracing these advancements and pursuing what you enjoy learning is essential for both personal and professional growth.
Author: Interview with Zain Ibrahim, Regional Director – Middle East, Africa, South Asia for the Society of Actuaries (SOA)
