Actuarial Science

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Actuarial science is defined as a discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. As a profession, you are awarded a working environment that is intellectually stimulating and challenging with continuous growth in technical skills and ability.

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur and to help businesses and clients develop policies that minimize the cost of that risk.

Pathway

To become a professional actuary, you will have to complete a series of professional papers which typically take another 3 to 7 years to complete depending on your ability to pass the papers. The professional exams are based on Bank Negara and The Actuarial Society of Malaysia (ASM) requirements.

Subject Focus

SPM

  • Mathematics
  • Additional Mathematics
  • Biology
  • Physics
  • Chemistry
  • MUET

University Level

  • Various levels of Mathematics & Calculus
  • Programming and Computing
  • Probability & Statistics
  • Mathematical Methods
  • Various types of analytical skills
  • Finance, accounting and economics
  • Life Contingencies
  • Investment and Financial Analysis
  • Insurance
  • Stochastic Process
  • Risk theory
  • Investigation studies
Personality Type

These personality type codes serve ONLY as a guideline and can be taken with a pinch of salt. Always consult with your school counsellor or ask our experts for further guidance!

Myers-Briggs: ISTJ, ESTJ, INTP, ENTJ

These types all share the Thinking preference (T), or a preference for objective decision making as opposed to taking into account personal values in making decisions.

Find your Myers-Briggs personality type here.

Holland Vocational Code: ESR (Enterprising, Social, Realistic)

Find where you belong in the RIASEC model here.

Career Info
  • Financial Manager
  • Financial Analyst
  • Financial Planners
  • Accountants
  • Actuarial Analyst
  • Actuarial Associate
  • Actuarial Technician
  • Operating Specialist
Salary

Entry Level: RM 3,000 to RM 4,500

Professional: RM 6,000 to RM 8,000

Job Demand

In Malaysia: The demand for actuarial technical skills and knowledge is high, job prospects in this field are excellent with vast career options and opportunities.The functions of actuaries vary. In Malaysia, their roles are focused on consultation, insurance, pension, and investment sectors. They can take on the role of chief executive officer (CEO), chief risk officer (CRO), chief financial officer (CFO), signing actuary, asset/investment consultant and management consultant.

Overseas: If you enjoy both problem solving and have strong people skills, an actuarial science degree can create excellent opportunities for creative work, professional recognition, financial reward, and public service. The demand for actuarial science graduate is quite favorable, financial analyst make some of the highest earnings internationally.

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