Actuary
Actuaries - also known as actuarial executives - apply knowledge of mathematics, statistics and economics to assess financial consequences of risks, and recommend solutions to solve or prevent problems that may arise. A thorough understanding of various financial security system models that can help to secure economic well-being for individuals and organisations is needed. These include various types of insurance, and pension and retirement plans.
The job scope typically involves analysing future financial events – assessing how likely an event may be and the costs associated with it – and then develop, as well as implement and help to manage, plans to deal with those event(s). For example, in the insurance field where most actuaries are employed, the actuary uses mathematical models based on statistical data – such as the demographics of life expectancy within a population – to calculate premium rates that policyholders must pay.
Actuaries also have to educate people about financial risk and management.
Typical Employers
- insurance companies
- banks
- consulting firms
- educational institutions
Qualifications
A degree in actuarial science or a relevant course in statistics, economics, business or finance. The graduate then has to register with the Actuarial Society of Malaysia (ASM) and pass a series of qualifying examinations. The following foreign professional bodies are recognised by the ASM and Bank Negara Malaysia:
- Canadian Institute of Actuaries
- Casualty Actuarial Society (US)
- Faculty of Actuaries (Scotland)
- Institute and Faculty of Actuaries (UK)
- Institute of Actuaries of Australia
- Society of Actuaries (US)
Qualification requirements differ according to the professional body; please check with the individual organisation for details. Candidates are generally expected to pursue their professional qualifications while working full-time, as professional experience is a requirement for qualifying. It will take around three to seven years – following graduation – to complete all professional requirements and become a fully qualified actuary.
Key Skills
- excellent analytical skills
- aptitude for mathematics
- good communication skills
- strong interest in business, finance and economics
- good problem solving skills
Useful Links
- www.asm.org.myhttp://www.asm.org.my
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