Regional Director - Middle East, Africa, South Asia for the Society of Actuaries (SOA)

Zain Ibrahim, ASA, ACIA, leads strategic initiatives to advance the actuarial profession as the Regional Director of the Society of Actuaries across Middle East, Africa, South Asia. In this interview with us, he highlighted the increasing demand for actuaries in Pakistan, emphasizing the valuable career prospects for students in this field and the opportunities offered by the SOA. Following is the edited excerpt from our conversation with him:

What skills and qualities do you believe are essential for success in the field of actuarial science, and how can students develop and enhance these skills during their academic journey?
I feel success in actuarial science requires technical ability, analytical thinking and effective communication. Students should develop strong mathematical skills and a deep understanding of data analysis skills. Additionally, problem-solving skills and adaptability are essential. Experiencing internships, mastering relevant coursework, and participating in extracurricular activities such as actuarial clubs or research projects can hone these skills. A quest for continuous learning, staying updated with industry trends, and seeking guidance is essential in upskilling. A holistic approach integrating academic rigour with practical experience is critical to thriving in the field.

What opportunities for specialization exist within actuarial science, and how can students explore these areas to align their career goals with their personal interests?
In the actuarial science pathway, the Society of Actuaries offers fellowship specialization tracks in various fields such as life insurance, general insurance, retirement benefits, group and health, corporate finance and enterprise risk management. Students can gain exposure to these fields by choosing relevant elective coursework, doing internships, and attending industry seminars. Engaging with professionals and joining actuarial associations, such as affiliate membership of the Society of Actuaries, can provide insight into different specialties. Additionally, taking special examinations and becoming a Fellow of the Society of Actuaries demonstrates expertise in a chosen area. By aligning coursework, experiences, and certifications with personal interests, students can pursue their chosen and preferred specialization within an actuarial science career.

Can you share some real-world examples or projects where actuarial science has made a significant impact, and how students can expect to contribute to similar scenarios in their future careers?
Actuarial science has significantly influenced various fields, from insurance and takaful to banking, finance and beyond. For example, actuaries play an important role in determining insurance premiums, managing pension funds, and assessing financial risks for businesses. Students can apply predictive modelling to healthcare costs, develop innovative risk management strategies for climate change, and develop pricing structures for emerging industries such as crop insurance or cybersecurity insurance. Actuaries of the future tackle complex challenges by leveraging their analytical skills.

What motivated you to pursue a career in actuarial science, and how did your educational background prepare you for this field?
From a very young age, I was good with numbers and passionate about math. That led me to pursue a degree in applied mathematics. During my university days, I accidentally learned about the actuarial sciences field from my fellow student and close friend. I was intrigued by this career choice, as it seemed to align very nicely with my passion for mathematics and problem-solving mindset, coupled with a degree in math. The allure of a unique profession, like an actuarial career, promising personal growth and professional success captivated me. This synergy between academic preparation and personal interest, where I could apply my skills to real-world challenges and make a meaningful impact propelled me toward an actuarial science career.

Could you describe a typical day in your role as an actuarial scientist, highlighting the variety of tasks and challenges you encounter regularly?
Working at an insurance company in Karachi, my day as an actuarial scientist began with data analysis of policyholder demographics, claims and market trends. I would build models to assess the group's risk exposure, pricing, and reserve adequacy. Collaborating with underwriters, I would develop and evaluate insurance products, ensuring profitability and regulatory compliance. Challenges include managing large data sets, balancing accuracy with efficiency, and navigating dynamic market conditions. Adaptability, problem-solving skills, and effective time management are essential in meeting deadlines and managing day-to-day work. I remember always ending the day with the satisfaction that I was able to contribute to the organization's vision.

How has technology influenced the practice of actuarial science, and what tools or software do you recommend students become familiar with to excel in the profession?
I strongly feel that technology has revolutionized actuarial science as the field continues to embrace it wholeheartedly. Technology has streamlined the process of data analysis, modelling, and risk assessment. These days, proficiency in Excel, R, Python, and actuarial-specific tools and software is essential. These platforms increase efficiency, enable advanced modelling techniques, and simplify data visualization.

Additionally, familiarity with AI and machine learning applications benefits in navigating complex datasets. Adopting technological advancements has empowered actuaries to make more accurate predictions and stay competitive in today's dynamic landscape.

Can you provide insights into the professional exams and certifications that are commonly pursued by actuaries?
Actuarial students in Pakistan typically follow the exam route of the Society of Actuaries. The exam path consists of core exams covering topics such as probability statistics, financial mathematics, and predictive analytics, followed by specialized exams covering various actuarial domains such as life insurance, general insurance, pensions, and a focus on risk management. As candidates progress, they attain credentials like the Associate of the Society of Actuaries (ASA), Chartered Enterprise Risk Analyst (CERA), and Fellow of the Society of Actuaries (FSA). These credentials indicate expertise in specific areas and are highly valued in the industry. Continuous exam preparation and successful completion of these rigorous assessments advance the actuarial profession.

Finally, what advice do you have for students who are considering this career path?
For Pakistani students aspiring to enter the actuarial sciences field, I suggest building a strong foundation in mathematics, statistics and economics. They should work towards attaining professional actuarial qualifications from the Society of Actuaries by passing actuarial exams while gathering practical experience through internships and part-time or full-time roles in the insurance or finance sectors. Network with professionals and seek guidance to understand the nuances of the industry.

Embrace technology by mastering software like Excel, R, and Python. Stay updated with local market trends. Finally, welcome challenges and persevere, as the actuarial science career demands deep commitment. With dedication and persistence, this career path offers promising opportunities in Pakistan's emerging financial landscape.