5 Things You Need to Know about Actuarial Science

1. What skills do you have to acquire before you can work as an actuary?

First of all, you have to excel at mathematics, particularly in calculus, probability, and statistics as you will need to deal with a lot of mathematical calculations. Other than maths and numeracy skills, actuaries nowadays have come to realise that the significance of application of technology into their profession. Thus, having a basic understanding of Excel, VBA, SQL, SAS and some other computer skills is necessary for them.

     2.   What do actuaries actually do?

Basically, actuaries’ job is to manage risk and opportunity in nature. They analyse and estimate the likelihood of the occurrence of a future event and come up with different effective strategies in order to reduce the likely impact of the undesirable outcome. Traditionally, actuaries work for insurance companies where they can specialise in life insurance, health insurance, property-casualty insurance and pensions. Due to the diverse demands of the society, some of actuaries transfer to different sectors such as bank and finance, investment, data mining, and etc.

     3.   How much can an actuary make in Malaysia?

On account of the extensive workload and some other commitments, actuarial science has always been recognised as a relatively high paying job in Malaysia. According to Jobstreet.com, the average salary for an actuarial science graduate is RM2,475.00 per month whereas a fresh graduate average pay is RM2,100.00, which has made actuarial science the 8th highest paying job in Malaysia. For actuaries with at least 5 years' experience, they can command as much as RM76,000 per year while those with 10 year's experience can earn as much as RM120,000 per year. 

      4.  What are the current career prospects of actuarial science in Malaysia?

The growth of the insurance market in Malaysia has increased the demand for actuaries which promise great job opportunities for fresh graduates. According to Mr. Yap Chee Keong, the president of the Actuarial Society of Malaysia, they will assist public universities that offer actuarial science programmes to produce graduates that meet industry needs.

     5.  Which are the local universities that offer actuarial science programme?

Table below shows the universities that offers actuarial science programme in Malaysia.