The MS (AS & FC) degree program is conformed upon those candidates who have demonstrated high academic performance at BS level programs in the fields of Actuarial Science, Economics, Mathematics, Statistics, Computer Science, and Physics and interested to explore actuarial science, risk management, financial mathematics and computing sciences in insurance and finance. The field of computational finance along with actuarial science is/will be in demand nationally and internationally in banks, financial institutions, insurance companies.

  1. Sixteen years of schooling or 4 year education (130 credit hours) after HSSC/F.A/ F.Sc./Grade 12 equivalent will be required for admission in the MS (AS&CF).
  2. The test conducted by IoBM Admission Dept. or some equivalent agency acceptable to HEC (NTS) with a minimum of 50% cumulative score will be required at the time of admission to MS (AS&CF). The test is valid for a period of two years. 
  • For the award of MS (AS&CF) candidates will complete 30 credit hours with 24 credit hours of course work along with a minimum of 6 credit hours for thesis.
  • (*1. 6 credit hours may be exempted only for those disciplines where research is not possible)
  • (*2. The HoD may allow students to do course work of 6 credit hours in lieu of 6 credit hours of research work. This exemption can only allowed if students wish to terminate their course work at MS and not pursue PhD.)
  • Course work of 12 credit hours is required to be completed in two semesters and the thesis should be completed in a year time after completing course work. All examinations and grading will be as per Institute’s rules.

Required Courses

Compulsory Courses (12 credit hours)
ACF601 Financial Mathematics and Computational Finance
ACF602 Finance and Financial Reporting
ACF603 Life Insurance Mathematics and Computing
ACF604 Advanced Life Insurance Mathematics and Computing

Elective Courses (12 credit hours)

Area  Course Code/Title
Actuarial Science Concentration ACF605 Economics of Risk and Insurance
ACF606 Statistical Methods (for Insurance and Risk Management) with Computing
ACF607 Stochastic modeling (for Insurance and Risk Management) with Computing
ACF608 Survival Models & Theory of Reliability
ACF609 Risk Theory (for life insurance)
ACF610 Financial Economics
ACF611 Introduction to Model Office Building in Life Insurance
ACF612 Social Insurance in Emerging Markets
ACF613 Hedge Funds
ACF614 Risk Assessment and Decision Analysis Using Bayesian Network (BAN)
Computing Concentration ACF615 Time Series Modeling & Forecasting
ACF616 Simulation & modeling
ACF617 Machine Learning
ACF618 Actuarial Computing Using R or Other Software
ACF619 Financial Soft Computing /Advances in Computational Finance


Course Structure

Semester One Semester Two Semester Three Semester Four
Financial Mathematics and Computational Finance
Finance and Financial Reporting
Life Insurance Mathematics and Computing
Advanced Life Insurance Mathematics and Computing
Elective I
Elective II
Elective III
Elective IV
MS Thesis
(6 credit hours)