The Actuary’s Role and Becoming One
Actuaries are managers of risk. They are trained to evaluate the risk of a particular event, deal with uncertainties and probabilities, and reduce the chance that an unwanted event might occur. Actuaries use tools in statistics, mathematics, and calculus to help them evaluate risk. They are key players in any business and their work directly prevents businesses from making poor financial decisions.
What Does it Take?
As an actuary, you will be dealing a lot with probabilities, statistics, and general mathematics. Knowledge of calculus can also be a huge plus. You must also be detail-oriented, analytical, a good communicator and interested in working the financial sector of a business. Ensure that you have strong writing skills as well.
How Can I Become One?
To become an actuary in Malaysia, you should be prepared to receive a university education. After you complete the university-level education, you must take special examinations. While studying, ensure that you take appropriate classes such as probability, statistics, insurance, risk theory, analysis of investments and financials, computing, and mathematical models.
You must also take the appropriate examinations from a society for actuaries. Some of the most common actuarial societies include Society of Actuaries (SOA), Actuaries Institute, Institute and Faculty of Actuaries (I&FA), and Casualty Actuarial Society (CAS).
Even after receiving passing marks from an actuarial society, the applicant should acquire practical experience and complete a residency or internship. After so much schooling, the practical experience can help you put your skills to practice. In total, it can take as long as three to seven years to become an actuary.
A Job in Demand
Companies and businesses will always require the help of risk managers. The chances of finding a job are quite high as actuaries are truly in demand. Visit here for actuarial science jobs in Malaysia just to see for yourself.
Actuaries have competitive salaries as well and have a great work-life balance. The problems actuaries solve at work are challenging and offer plenty of opportunities to continue expanding your analytical skills. Actuaries have the possibility of working in diverse and exciting areas of business, finance, insurance, and investments.
Your Future Workplace
Since so many businesses seek to hire actuaries, you have a large variety of workplaces to choose from once you become one. Some of the most common areas of work are life insurance agencies, the government, universities, investment firms, financial service firms, and general insurance agencies. You may even be inspired to start your own actuarial consulting firm after several years of experience in the field.
What Will You Do?
Actuaries typically provide consulting services, depending on the scope of their roles. They will work with clients to help them evaluate the risk of certain investments, acquire life insurance policies, and offer advice on future mergers or acquisitions. If the actuary works for a pensions agency, he or she will help manage the development of pension plans.
If an actuary is working for an investment firm, he or she may be responsible for setting the prices of premiums and updating insurance policies based on analysed risk and return.