An Actuary is a highly analytical individual who uses mathematics, computer sciences and statistics to assess the risks associated with certain events. They help companies plan for or reduce the financial consequences should these events occur. The Actuary will also present these findings to businesses, clients and often influences major financial decisions.
If you are interested in this field, you must be objective, detail-oriented, accurate and efficient with excellent communication skills.
The Job Scope
Collecting and analyzing statistical data to calculate potential financial consequences a certain event imposes.
Using computer programmes to collect and compile data and create reports that display findings.
Preparing and presenting complex statistical reports to others
Skills Required
Excellent in numeracy
Problem-solving ability
High-level of computer literacy
Detail-orientated
Academic Requirement
Degree in Actuarial Science
STPM
Minimum Grade C+ in 2 subjects and a credit in Mathematics and pass English at SPM
A-Level
Minimum Grade C in 2 subjects and a credit in Mathematics and pass English at SPM
Matriculation/Foundation studies
Minimum CGPA 2.50 and a credit in Mathematics and pass English at SPM
Unified Examination Certificate
Grade B in 5 subjects
South Australian Matriculation
Minimum of 65%
Canadian Pre-University
Minimum of average of 50%
Foundation Studies leading to Actuarial Science
SPM / O-Level
Minimum of 5 credits with good grades in Mathematics & Additional Mathematics
Salary Range
Actuaries have excellent promotion opportunities as they garner more experience in the field. Moving up the rank to higher management levels will usually come rapidly with good job performance. Is it also important to note that compensation may vary significantly according to industry and geographic region.
Fresh graduate
A fresh graduate actuary can expect a salary of RM3,300 a month.
4-7 years of experience
An Actuary with 4-7 years of experience will be earning between RM6,000 to RM10,000 a month.
8-12 years of experience
With an accumulative experience of 8-12 years will land you a management role with a salary between RM8,000 to RM17,000 a month
Senior Actuary
As a Senior Actuary, you can expect a lucrative salary of RM20,000 and above a month depending on the company. Actuaries with years of experience and training, have historically taken positions in companies such as, Chief Executive Office (CEO), Chief RIs Office (CRO), Chief Financial Officer (CFO), Appointed Actuary and Asset Consultant.
