In the dynamic world of business and finance, risk is an ever-present reality. To mitigate these risks, companies need skilled professionals who can navigate the complex landscape of insurance and risk management. This is where a Bachelor of Science (BS) in Insurance & Risk Management comes in. This comprehensive degree prepares students to address potential challenges and protect businesses from unforeseen pitfalls.
Whether you’re considering this as a potential career path, or simply aiming to broaden your knowledge, this blog post will provide a detailed comparison of the top universities offering this program in Pakistan, explain the scope of this field, and delve into the most sought-after courses. Read on to make an informed decision about your future in insurance and risk management.
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What is the study of risk management and insurance?
Risk Management and Insurance is a fascinating field that integrates finance, law, and business to develop a holistic comprehension of safeguarding organizations from unexpected events.
Is risk management in demand?
The importance of risk management in today’s complex and unpredictable business environment cannot be overstated. With companies recognizing the need to identify, assess, and mitigate risks, there is a growing demand for risk management specialists. According to Mordor Intelligence, the global risk analytics market is expected to grow at a CAGR of 14% by 2022.
Admission Eligibility
Most universities in Pakistan require applicants to have completed their Intermediate or an equivalent qualification to be eligible for admission into the BS Insurance and Risk Management program.
BS Insurance and Risk Management Universities in Pakistan
The field of Insurance and Risk Management is rapidly gaining momentum in Pakistan, with several universities offering comprehensive programs in this discipline.
Here’s a comparison of some of the top universities and their offerings:
Hailey College of Banking and Finance BBA (Hons.) 4 Years
Hailey College of Banking & Finance, a constituent college of the University of the Punjab, Lahore, offers a comprehensive Bachelor of Business Administration (BBA) Honors program with a specialization in Insurance & Risk Management.
Insurance & Risk Management Specialization
This specialization includes subjects such as Principles of Insurance and Risk Management, Life Health and Disability Insurance, Motor Marine and Aviation Insurance, Property and Pecuniary Insurance, Underwriting Management, Insurance Marketing, Claims Management, Contemporary Issues in Insurance, Insurance Laws, and an Internship.
Admission Criteria
To establish merit for admission into the BBA (Hons.) program, the college considers the total marks obtained in SSC/O Level and Intermediate/A Level, plus additional marks for Hafiz-e-Quran and subjects like Mathematics, Statistics, and Economics studied at the Intermediate level. I.Com students receive additional marks. However, two marks will be deducted from the total score for each late year, up to a maximum of two years.
This post is a part of our series “Best degrees after 12th commerce I.Com in Pakistan”. You can read on the below link.
Best degrees after 12th commerce I.Com in Pakistan
BS in Actuarial Science & Risk Management at Karachi Institute of Economics and Technology
The Karachi Institute of Economics and Technology (KIET) offers a comprehensive Bachelor of Science program in Actuarial Science and Risk Management. This program is designed to equip students with the necessary skills to assess risks and ensure the financial stability of insurance or financial institutions.
Course Structure
The course is spread over eight semesters, with each semester carrying 15 credit hours, except for the seventh and eighth semesters which carry 18 credit hours each. The subjects covered include Financial Accounting, Probability Theory and Statistics, Micro Economics, Macro Economics, Introduction to Actuarial Science, Linear Algebra, Principles of Risk Management, and more.
Elective Courses
The elective courses offered in the final year allow students to specialize in areas such as Financial Economics, Statistical Modelling for Risk, Investment Analysis & Financial Markets, Portfolio Management, Time Series Analysis & Forecasting, and Computational Methods in Risk.
Corporate Relations
KIET also focuses on building strong industry-academia linkages and facilitates internships and placements for students, providing them with hands-on experience and exposure to the corporate world.
Admission Procedure
Interested candidates can apply through the official website of KIET. The admission process includes filling out an application form, followed by an entrance exam and interview.
BS Actuarial Science and Risk Management Program at Institute of Business Management (IoBM)
The Institute of Business Management (IoBM) offers a comprehensive Bachelor of Science program in Actuarial Science and Risk Management. This program is designed to equip students with the necessary skills to assess risks and ensure the financial stability of insurance or financial institutions.
Course Structure
The course spans over four years and requires the completion of 144 credit hours of coursework, including both required and elective courses.
Required Courses
The core curriculum includes subjects such as
- Financial Accounting
- Probability Theory and Statistics
- Micro Economics
- Macro Economics
- Introduction to Actuarial Science
- Linear Algebra
- Principles of Risk Management
Elective Courses
The elective courses offered in the final year allow students to specialize in areas such as
- Financial Economics
- Statistical Modelling for Risk
- Investment Analysis & Financial Markets
- Portfolio Management
- Time Series Analysis & Forecasting
- Computational Methods in Risk
Internship and Placement
IoBM also focuses on building strong industry-academia linkages and facilitates internships and placements for students, providing them with hands-on experience and exposure to the corporate world.
Admission Procedure
Interested candidates can apply through the official website of IoBM. The admission process includes filling out an application form, followed by an entrance exam and interview.
BS Insurance & Risk Management Curriculum/ Syllabus Outline
Based on various universities’ curricula for a Bachelor’s degree in Insurance & Risk Management, the program typically covers a broad range of topics to equip students with the necessary skills to plan, manage, and analyze the financial and monetary aspects of the insurance industry.
Here are semester wise courses for the program.
Semester 1
- Academic English
- Principles of Microeconomics
- Foreign Language I
- Probability Theory and Statistics
- Calculus I
- Islamic Studies
Semester 2
- Introduction to Financial Accounting
- Probability Theory and Statistics II
- Calculus II
- Principles of Macroeconomics
- Financial Mathematics I
- Introduction to Actuarial Sciences
Semester 3
- Principles of Marketing
- Linear Algebra
- Model and Inferences
- Introduction to Business Finance
- Persuasive & Analytical Writing for Bus. Com.
- Financial Mathematics II
Semester 4
- Numerical Computing
- Business Law
- Introduction to Econometrics
- Principles of Management
- Pakistan Studies
- Method of Data Analysis
Semester 5
- Financial Derivatives
- Actuarial Mathematics
- Principles of Risk Management
- Stochastic Processes
- Financial Econometrics
- Corporate Finance
Semester 6
- Portfolio Management
- Life and Other Contingencies
- Enterprise Risk Management
- Sampling Theory
- Models in Financial Economics I
- Methods in Business Research
Semester 7
- Institutional Investments
- Models in Financial Economics II
- Applied Regression Analysis
- Computational Methods in Risk Mgmt.
- Loss Models I
- Elective I
Semester 8
- Decision Theory
- Loss Models II
- Risk Financing Techniques
- Time series Analysis &forecasting
- Project
- Elective II
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