Your Everything Guide to Actuarial Science
Duration
3 - 4 years
Average Salary
MYR 4,000 - 7,000
Average Fees
MYR 30,000 - 130,000
Job Demand
Want to know more? Find out everything you need to know about studying Actuarial Science in Malaysia.
You’re the right fit for this course if you:
Are passionate in statistics
Possess mathematical skills
Can manage complex calculations
#1 Basics of Actuarial Science
a) What is Actuarial Science?
Actuarial Science applies mathematics, statistics and financial theory to assess risk and uncertainty in industries like insurance, finance and healthcare.
b) Actuarial Science Paths to Shape Your Career
Probability and Statistics
Financial Mathematics
Actuarial Modelling
Risk Theory and Risk Management
| Field | Description |
|---|---|
| Probability and Statistics | Focuses on the principles of probability and statistical methods used to analyse data and make predictions. |
| Financial Mathematics | Studies the mathematical techniques used in finance to value cash flows, investments and financial products. |
| Actuarial Modelling | Involves building mathematical models to predict future events and assess risk, often using life expectancy, mortality and financial data. |
| Risk Theory and Risk Management | Focuses on the study and management of risk in uncertain conditions, with applications in insurance, finance and investments. |
c) AI’s Role in Actuatial Science
Will AI Replace Me?
- No, AI Won’t Replace You - It Will Empower You:
AI can automate calculations and analyse vast datasets, but actuaries are needed to interpret results, create strategies and make judgments in uncertain scenarios. - How You and AI Can Work Together:
Use AI tools to optimise data modelling and forecasting, allowing you to focus on advanced problem-solving and decision-making. - Future-Proofing Your Career:
Develop expertise in data analytics, programming languages (R, Python), and business acumen to complement your actuarial skills and remain competitive.
#2 Navigating Your Academic Journey
a) Entry Requirements & Qualifications
| Pathway | Requirements | Next Steps |
|---|---|---|
| Pre-university | SPM, ideally with credits in Mathematics | Proceed to a Bachelor’s Degree in Actuarial Science. |
| Degree | Completed Pre-University/Foundation with a minimum CGPA in relevant subjects | Career in actuarial field. Postgraduate Diploma, Master’s, Phd. |
| Post-graduate | Bachelor’s degree in Actuarial Science | Advanced in specialised or managerial roles in data science, research or teaching. |
| Professional Actuarial Exams (SOA/IFoA) | Pass required exams and gain practical work experience | Become a certified actuary and move into senior or specialised roles. |
b) What You Will Study in Actuarial Science
You’ll focus on core subjects to build a strong foundation. These subjects include:
Probability and Statistics
Financial Mathematics
Risk Theory
Actuarial Modelling
c) Key Skills for Actuarial Science
Here are some key skills that will help you succeed in an Actuarial Science course:
Don’t worry if you’re still developing these skills — an Actuarial Science degree will help you build them along the way!
Just be prepared for the journey ahead.
#3 Career Options For You
a) Top Career Paths
Once you’ve completed your degree, a variety of career paths open up to you, including:
Actuary
Risk Analyst
Underwriter
Data Analyst
Industry Insights
Experts believe that Actuarial Science play a critical role for managing risk in today’s complex financial world, with diverse opportunities in insurance, finance, and beyond.
b) Top Recruiters in Malaysia
Curious about where a career in Actuarial Science could take you? Discover some of the top recruiters in Malaysia:
Great Eastern Life Assurance
Allianz Malaysia
Prudential Assurance Malaysia
HSBC Malaysia
#4 Other Courses
Don’t think Actuarial Science is for you? Check out these courses in Malaysia and find out the perfect path for your future in Maths, Sciences & Technology!
Students
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