Deputy Governor State Bank Syed Ahmed is trying to justify his job by intimidating anchor Imran Khan with his educational credentials that he is actuary. Yes its a good skill/education to have & the pay is very good.
But the Question is WHY YOU Mr Deputy Governor State Bank Syed Ahmed WHY YOU for this job ???
Here is what an Actuary is:
An
actuary is a business professional who deals with the measurement and management of
risk and uncertainty (
BeAnActuary 2011a). The name of the corresponding profession is
actuarial science. These risks can affect both sides of the
balance sheet, and require
asset management,
liability management, and valuation skills (
BeAnActuary 2011b). Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (
Trowbridge 1989, p. 7).
While the concept of insurance dates to antiquity (
Johnston 1903, 475–476,
Loan 1992,
Lewin 2007, pp. 3–4), the mathematics and finance needed to scientifically measure and mitigate risks have their origins in the 17th century studies of probability and annuities (
Heywood 1985). Actuaries of the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems to design and manage programs that control risk (
BeAnActuary 2011c). The
actual steps needed to become an actuary are usually country-specific; however, almost all processes share a rigorous schooling or examination structure and take many years to complete (
Feldblum 2001, p. 6,
Institute and Faculty of Actuaries 2014).
The profession has consistently ranked as one of the most desirable (
Riley 2013). In various studies, being an actuary was ranked number one or two multiple times since 2010 (
Thomas 2012,
Weber 2013,
CareerCast 2015).
Responsibilities
Actuaries use skills primarily in mathematics, particularly
calculus-based
probability and
mathematical statistics, but also
economics,
computer science, finance, and business. For this reason, actuaries are essential to the insurance and reinsurance industries, either as staff employees or as consultants; to other businesses, including sponsors of pension plans; and to government agencies such as the
Government Actuary's Department in the United Kingdom or the
Social Security Administration in the United States of America. Actuaries assemble and analyze data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income and the way in which a company should invest resources to maximize its return on investments in light of potential risk. Using their broad knowledge, actuaries help design and price insurance policies, pension plans, and other financial strategies in a manner that will help ensure that the plans are maintained on a sound financial basis (
Bureau of Labor Statistics 2015,
Government Actuary's Department 2015).
Disciplines
Most traditional actuarial disciplines fall into two main categories: life and non-life.
Life actuaries, which include health and
pension actuaries, primarily deal with
mortality risk,
morbidity risk, and investment risk. Products prominent in their work include
life insurance,
annuities, pensions, short and long term
disability insurance, health insurance,
health savings accounts, and
long-term care insurance (
Bureau of Labor Statistics 2015). In addition to these risks, social insurance programs are influenced by public opinion, politics, budget constraints, changing
demographics, and other factors such as
medical technology,
inflation, and
cost of living considerations (
GAO 1980,
GAO 2008).
Non-life actuaries, also known as property and casualty or general insurance actuaries, deal with both physical and legal risks that affect people or their property. Products prominent in their work include
auto insurance,
homeowners insurance, commercial property insurance,
workers' compensation,
malpractice insurance,
product liability insurance,
marine insurance,
terrorism insurance, and other types of
liability insurance (
AIA 2014).
Actuaries are also called upon for their expertise in
enterprise risk management (
Bureau of Labor Statistics 2015). This can involve
dynamic financial analysis,
stress testing, the formulation of corporate risk policy, and the setting up and running of corporate risk departments (
Institute and Faculty of Actuaries 2011b). Actuaries are also involved in other areas of the
financial services industry, such as analysing
securities offerings or
market research (
Bureau of Labor Statistics 2015).