How to be an Actuary and what it takes to pursuing Actuarial Science
Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products.
With experience, actuaries are often given supervisory roles. They are responsible for delegating tasks and providing advice to senior management. They also may be called on to testify before public agencies on proposed laws that affect their business, such as state laws placing caps on auto insurance prices.
Most actuaries work at insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable, yet competitive with other insurance companies.
How to pursue studies in this field?
Finishing your SPM or O Level exams is the first step. For those wondering how to continue from this point, we've put together a simple 5-step guide for you to follow. It should also give you an idea of how your journey to becoming an actuary will look like:
Step 1 - Pass SPM. Study hard to get good grades in Mathematics and Additional Mathematics!
Step 2 - Study a pre-university programme, such as A-Levels or STPM. You could also go for a relevant Foundation or Diploma programme
Step 3 - Study and complete a Bachelor's degree in Actuarial Studies
Step 4 - Pass professional exams to be a qualified actuary. You can take these exams from actuarial institutions such as the Society of Actuaries (SOA), Casualty Actuarial Society (CAS), Institute and Faculty of Actuaries (IFoA) and Actuaries Institute. You may also need to fulfil practical experience requirements and attend courses
Step 5 - Work or pursue postgraduate education to deepen your understanding of the field. Pursuing a Master's degree or PhD will open up more opportunities for you, especially if you want to teach or become a researcher.
These 5 steps look easy on paper, but to become an actuary takes a lot of studying and patience. Your journey does not end with getting a Bachelor's degree, but after you pass professional exams, which could go on for 3 to 7 years.
Who Should Study Actuarial Science in Malaysia?
To become an actuary, you will generally need to have a high-level of mathematical ability and an above-average level of intelligence. However, actuaries must also have good verbal and written communication skills, strong computer skills, time-management skills, as well as possess good judgement, imagination and clear logical thinking.
Important characteristics for an actuary to have would be as follows:
Mathematics is one of your favourite subjects. You study mathematics at the highest possible level and achieve good grades for it. You have a strong interest in solving complicated problems.
You see yourself working as an actuary or risk manager for an insurance company, consultancy, pension fund or another financial or government institution.
You have an affinity for numbers as well as the societal reality behind them, you are a good abstract thinker and you have strong analytical skills.
Students should have achieved high marks in English and possess good oral & written communication skills.
You are capable of working independently: you know how to use a library. Initiative and inquisitiveness are also of great value.
Other than that, actuaries bring a special set of skills to their work such as:
Specialised math knowledge
Calculus, statistics, probability
Keen analytical, project management, and problem solving skills
Good business sense
Finance, accounting, economics
Solid communication skills (oral and written)
Strong computer skills
Formulating spreadsheets, statistical analysis programs, database manipulation, programming languages
Actuaries are talented professionals, with personal characteristics such as:
Self-motivation
Creativity
Independence
Ability to work with others
Ambition
To view tertiary programs related to this article, click here to go to the list of recommendation. If you are not sure which path you want to pursue for your tertiary education, you should find this psychometric test here to be helpful in providing some aptitude breakdown and course suggestions upon completion of the test. Feel free to proceed to the test, it's free after all.
