Actuary
Study the financial cost of risk and uncertainty using mathematics and statistics.
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Jobs in Jobstreet right now
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In the last year
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What's it like to be an Actuary?
An Actuary studies the financial cost of risk and uncertainty using mathematics, statistics, theory, and other models to help companies in the financial sector create strategies and policies. Most Actuaries in Malaysia work for the insurance industry, typically concentrating on a certain insurance type, such as life, health and property. By analysing the risk and financial impacts of possible future events, they help insurance companies create policies and calculate premium costs.
Tasks and duties
- Creating new financial, investment, and insurance products.
- Compiling statistical data and other information for further analysis.
- Calculating, assessing, and analysing risk of potential events, then estimating probability, and developing policies to minimise costs of that risk.
- Determining how much the company should invest now to mitigate future financial losses.
- Suggesting ways for insurance companies to distribute profits among current clients while keeping in mind the company’s future duties to policy holders.
- Working with managers and financial analysts to better understand the market, and getting accurate data and insights for analysis.
- Simplifying technical information for clients, team members and company executives.
- Preparing and presenting reports on findings and implications to stakeholders and clients, and advising them on risk limitations.
- Thinking critically to predict outcomes.
Actuaries apply concepts in probability theory, statistics, and economics. Skills in time management, organisation, and communication are highly useful in Actuary positions. Additionally, computer literacy is important. Actuaries write code, employ programming languages, create spreadsheets, and use software to gather and examine data. As a result, they spend most of their time at a desk.
How to become an Actuary
Actuaries undergo highly-technical training and complete several examinations that ensure their professional conduct and quality of skills.
- Complete a relevant qualification such as a 3-year bachelor degree in actuarial science. Alternatively, a degree in business, mathematics, statistics, or economics may give you relevant knowledge.
- University-level education alone will not make you an Actuary. The Actuarial Society of Malaysia recommends undertaking professional exams from recognised bodies such as the Actuaries Institute (Australia), Casual Actuarial Society (U.S.), and the Institute and Faculty of Actuaries (U.K).
- Gain professional experience. Practical experience is required before you become an Actuary. You may also attend a few residential courses to further develop your competencies.
- Consider pursuing postgraduate studies. A masters degree or doctorate will add to your knowledge and open more opportunities for career growth.
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