Acturial Science

Description:

Actuarial Science is a fairly unique blend of mathematics, economics, and real world business understanding, all designed to give an understanding of sound practical ways in which financial risk can be managed.

The prototype examples of where auctarial science would be particularly relevant are in the running of insurance companies and pension funds. In return for investing people's money, a promise has been made to pay out some benefits in the future. It can also be define as turning risk into opportunities.

 
Personality Suited:
  • Good problem-solvers with sound mathematical and planning skills
  • The ability to analyse information and to interpret and draw conclusions from results is an integral part of daily work.
  • Good in communicating their findings to a range of people in the industry, Report-writing skills, particularly in English, are important.
Job Responsibilities:
Actuaries predict financial risk. They assess the impact of future events. It is all about turning risk into opportunities.

You will normally find actuaries in insurance, superannuation (EPF), investment, or any field involving products that require an evaluation or management of financial risk.




MAIN TASKS
  • Collecting and analysing statistics about financial events from the past
  • Forecasting the financial impact of future events
  • Analysing and solving business problems with mathematical and statistical modeling techniques
  • Preparing reports and advising on insurance, investment, superannuation and management of funds
  • Making predictions on how often insurance claims are going to occur and what they will cost
  • Assessing the value a new service will have for the customer and business
  • Analysing the financial implications and gains a new service may have
  • Advising on how lump sums of money can be fairly divided in cases such as wills or bulk funding
  • Advising on the best way to invest money to get the most profitable returns
  • Occasionally advising on valuations
Working Environment:
  • Mostly in an office
  • Working hours are fixed or flexible
  • Very hectic
Employment Opportunities:
Actuaries can work in a number of areas such as Insurance, Consultancies, Bank Negara (which is a regulatory body for all financial institutions) and also various departments under the Ministry of Finance like the government pension schemes. Below is an overview of the industries where actuaries can be found:
  • Actuarial Consultancy
  • Life, General & Health Insurance
  • Education & Research
  • Funds Management
  • Government
  • General Commercial Areas
  • Investment & Corporate Finance
  • Merchant Banks
  • Pension & Employee Benefits
Employment opportunities will be good despite the limited number of openings in this small occupation, as stringent qualifying requirements limit the number of new entrants.
Sample of Subjects:
Actuaries have desk jobs.They often work at least 40 hours a week. Some actuaries, particularly consulting actuaries, may travel to meet with clients. Consulting actuaries also may experience more erratic employment and be expected to work more than 40 hours per week.


Related Association accreditation

To be able to practise as an actuary, you will need to pass a series of examinations set by an accredited actuarial body eg:
  • Society of Actuaries (SoA) (US)
  • Casualty Actuarial Society (US)
  • Institute of Actuaries / Faculty of Actuaries (UK)
  • Institute of Actuaries of Australia
There are 8 to 9 papers to pass and it takes a minimum of four years to complete these examinations although there is no definite time frame.

Membership in this professional body is divided into 3 categories: student, associate and fellow and you must be registered as a fellow with SoA to be considered a professional actuary.


Useful Links

Actuarial Society of Malaysia (ASM)

Society of Actuaries (SoA) (US)

Casualty Actuarial Society (US)

Institute of Actuaries / Faculty of Actuaries (UK)

Institute of Actuaries of Australia
Description:

Actuarial Science is a fairly unique blend of mathematics, economics, and real world business understanding, all designed to give an understanding of sound practical ways in which financial risk can be managed.

The prototype examples of where auctarial science would be particularly relevant are in the running of insurance companies and pension funds. In return for investing people's money, a promise has been made to pay out some benefits in the future. It can also be define as turning risk into opportunities.

 
Personality Suited:
  • Good problem-solvers with sound mathematical and planning skills
  • The ability to analyse information and to interpret and draw conclusions from results is an integral part of daily work.
  • Good in communicating their findings to a range of people in the industry, Report-writing skills, particularly in English, are important.
Job Responsibilities:
Actuaries predict financial risk. They assess the impact of future events. It is all about turning risk into opportunities.

You will normally find actuaries in insurance, superannuation (EPF), investment, or any field involving products that require an evaluation or management of financial risk.




MAIN TASKS
  • Collecting and analysing statistics about financial events from the past
  • Forecasting the financial impact of future events
  • Analysing and solving business problems with mathematical and statistical modeling techniques
  • Preparing reports and advising on insurance, investment, superannuation and management of funds
  • Making predictions on how often insurance claims are going to occur and what they will cost
  • Assessing the value a new service will have for the customer and business
  • Analysing the financial implications and gains a new service may have
  • Advising on how lump sums of money can be fairly divided in cases such as wills or bulk funding
  • Advising on the best way to invest money to get the most profitable returns
  • Occasionally advising on valuations
Working Environment:
  • Mostly in an office
  • Working hours are fixed or flexible
  • Very hectic
Employment Opportunities:
Actuaries can work in a number of areas such as Insurance, Consultancies, Bank Negara (which is a regulatory body for all financial institutions) and also various departments under the Ministry of Finance like the government pension schemes. Below is an overview of the industries where actuaries can be found:
  • Actuarial Consultancy
  • Life, General & Health Insurance
  • Education & Research
  • Funds Management
  • Government
  • General Commercial Areas
  • Investment & Corporate Finance
  • Merchant Banks
  • Pension & Employee Benefits
Employment opportunities will be good despite the limited number of openings in this small occupation, as stringent qualifying requirements limit the number of new entrants.
Sample of Subjects:
Actuaries have desk jobs.They often work at least 40 hours a week. Some actuaries, particularly consulting actuaries, may travel to meet with clients. Consulting actuaries also may experience more erratic employment and be expected to work more than 40 hours per week.


Related Association accreditation

To be able to practise as an actuary, you will need to pass a series of examinations set by an accredited actuarial body eg:
  • Society of Actuaries (SoA) (US)
  • Casualty Actuarial Society (US)
  • Institute of Actuaries / Faculty of Actuaries (UK)
  • Institute of Actuaries of Australia
There are 8 to 9 papers to pass and it takes a minimum of four years to complete these examinations although there is no definite time frame.

Membership in this professional body is divided into 3 categories: student, associate and fellow and you must be registered as a fellow with SoA to be considered a professional actuary.


Useful Links

Actuarial Society of Malaysia (ASM)

Society of Actuaries (SoA) (US)

Casualty Actuarial Society (US)

Institute of Actuaries / Faculty of Actuaries (UK)

Institute of Actuaries of Australia