Complete Guide to Actuarial Science Degree in Malaysia
Actuarial science is a scientific discipline that uses mathematical methods and statistics to assess risks in insurance, finance and other industries and professions. Many industries such as the insurance, finance and pension funds rely on actuarial science in order to make good business and budgetary decisions.
What is Acturial Science?
Acturial Science is an inter-disciplinary field consisting of mathematics, statistics, finance, economics and computer sciences to analyse and predict data based on economic movement. An example of this is when insurance companies increase their premiums because acturial scientists predict a risk in a certain demographic. This ensures the insurance company can pay out claims in case something bad happens.
Fields of Actuarial Science
||Focuses on the analysis of the rates of disability, morbidity, etc and the effect of consumer choice and the geographical distribution of medical services, drugs and therapies.
|Human Resource Consulting
||Actuarial scientists in this field have to provide assessments, audits, recommendations and proposals that are required for the clients to have fully functional and effective HR teams.
||Focuses on the analysis of mortality rate, credit and mortgage, and the production of life tables, and the application of compound interest to produce a reliable life insurance.
||Applies mathematics to analyse the financial markets, economic theory and market prices.
How is an Actuarial Science Degree in Malaysia structured?
- 3 year program
- Some universities provide SOA or IFA paper exemptions
- Graduates become Actuarial Scientists
Actuaries are qualified professionals in this field. Once graduated, actuarial science graduates are required to take professional qualifying exams which can be 3 to 7 years long. Some of the institutions that provide professional actuarial science exams are Society of Actuaries (SOA), USA, Institute and Faculty of Actuaries, UK and Institute of Actuaries of Australia. Overall, to become a professional actuary, it might take up to 10 years.
Subjects in an Actuarial Science Degree
The actuarial science degree focuses heavily on mathematics, statistics and computer sciences. Students can expect to have subjects that require a lot of calculations and analysis of data. Students are taught to assess risks and minimise costs associated with these risks. Some of the subjects that are taught in this degree are:
- Actuarial Mathematics
- Life Insurance Mathematics
- Probability & Statistics
- Risk Theory
- Survival Models
- Time Series & Forecasting
Why should you study Actuarial Science Degree in Malaysia?
- Jobs are in demand: With the rise in the awareness for the importance of insurance, more and more people are seeking to get themselves protected. This is a professions that tends to survive through economic recessions.
- Competitive salary: Professional actuaries are paid very handsomely. Fresh graduates can expect to make an average of RM54,000 a year and professional actuaries have the potential to make up to RM480,000 annually in Malaysia.
- Opportunity to make an impact: Being an actuary will give you a very fulfilling career where you can participate in high-level decision-making in business companies and positively impact everyone around.
Is an Actuarial Science degree your ideal choice?
This degree is definitely for you if…
- You love mathematics. You love calculations and noticing patterns data.
- You want to be challenged intellectually. You want a career where you handle different problems every day.
- You want to make an impact. Almost all fields require risk modelling and risk management. This includes insurance, finance, transport and environment.
This degree might be for you if…
- You are ready to study for 7 - 10 years. To be a certified actuarist, you must take professional qualifications.
- You want a secure career. This is a career that tends to outlast economic downturns.
This degree might not be for you if…
- You want a short course. Y
This degree is certainly not for you if…
- You cannot stand calculation and analysation of data.
Career options with an Actuarial Science Degree in Malaysia
After graduating with an actuarial science degree and being a fully qualified and certified actuary, you can opt for the following careers:
- Actuarial Pricing & Risk Analyst
- Catastrophe Risk Analyst
- Financial Risk Analyst
- Financial Planning Advisor
- Insurance Actuarial Analyst
- Retirement Plan Actuarial Analyst
- Underwriting Auditor
Entry requirements for this programme
A Level: Minimum 2 credits including Mathematics (entry requirements may differ between universities)