What do an Actuary and an Accountant do?
Do you believe in beauty amongst numbers or mathematics? Or do you love the acoustic sounds of a calculator? Maybe you aspire for a career revolving around these notions? Then, you might want to consider pursuing a career as an Actuary or an Accountant.
Actuarial Studies and Accounting are typically interlinked with finance, but they fall under a more specialised and narrower field. As such, they are arguably known to be the backbone of the financial field. Similarly, they are both very relevant fields due to the reason that corporations and businesses are always in need of them.
Before we dive into the differences between these professions and their pathways, let us understand and familiarise ourselves with what an Actuary and an Accountant does.
What does an Actuary do?
One can describe the works of an Actuary with that of a fortune teller, without the spiritual magical elements and instead with proper statistics and data, of course. By analysing the data, Actuaries predict the financial future of the company and clients they work with.
An Actuary typically deals with risk management for their respective company or clients. They utilise the data they have to measure and predict the possibility of risks, and advise their company or clients accordingly. This contributes to the reason why a majority of Actuaries work in the insurance industry, as it is a business with risk involved.
Though becoming a full-fledged certified Actuary (by attaining fellowship, which will be discussed in pathways) could take a very long time, it is dubitably worth it because you are still able to work after completing your degree, and proceed to take the certified exams while working to gain better prospects and credentials.
What does an Accountant do?
Now, picture a doctor working with a patient’s medical health through the patient’s health records and medical history. Well, an Accountant is similar where they would deal with a client’s financial health through the client’s financial reports and history. Keep in mind that an Accountant’s clients can be businesses, corporations, government agencies, or even an individual client.
An Accountant typically deals with keeping and interpreting financial records. As a way of ensuring their client’s financial health, Accountants would essentially manage the client’s invoicing, salaries, budgetings, financial reportings, tax returns, and account reconciliations.
According to the Institute of Labour Market Information and Analysis, a career as an Accountant is deemed to be highly sought-after. Accountants can qualify with either general Accountancy or continue with a specialised area of Accounting. Most of those pursuing a career as an Accountant would strive to work with the Big 4; Deloitte, Ernst & Young (EY), KPMG, and PwC.
If you’re interested to learn more, reading this article can help you with that.
Difference between an Actuary and an Accountant
We’ve established a brief understanding on what an Actuary and an Accountant is, but what are the differences between them?
In terms of education and training, it is more common for an Actuary to start learning the intricacies of the industry after they have completed their undergraduate studies, whereas an Accountant takes their first step into the professional finance industry with an internship placement during their studies.
Regarding certifications, an Actuary would have to take a number of professional exams with professional bodies such as Society of Actuaries (SOA) or Institute and Faculty of Actuaries (IFoA) or other professional bodies to become a full-fledged certified actuary. Similarly, an Accountant would have to do the same with a different set of certifications, either under Association of Chartered Certified Accountants (ACCA) or Institute of Chartered Accountant in England and Wales (ICAEW) and some others which are recognised by Malaysia’s Ministry of Finance.
Career choices for Actuaries are mostly within the nature of insurance and risk management. As such, there is a limited number of availability for Actuarial positions. Accountants, on the other hand, are sought for in almost every company, offering a wider range of career opportunities in a wider range of industries, but still mainly tied to finance.
In the context of career duties, an Actuary would typically work with more data and statistics to predict financial probabilities whereas an Accountant would deal with known numbers and current data to present their respective clients on accumulated profits and losses.
It is difficult to discern the career prospects in terms of salaries between an Actuary and an Accountant due to a variation of factors. However, it is generally noted that an Actuary would have a higher income considering the higher number of exams and licensing taken, which would mean they are better equipped with technical skill sets and specialised knowledge. What’s more, the number of exams an Actuary has to complete to become a full-fledged certified Actuary is why many would consider pursuing a career as an Actuary to be more challenging as compared to pursuing a career as an Accountant.
These are just general differences to discern these two professions, for more information reach out to us!
Pathway for Actuaries and Accountants in Malaysia
General Pathway for an Actuary in Malaysia
Generally, to become a certified Actuary in Malaysia, you would have to primarily pass your SPM examinations with Mathematics included due to how vital mathematical knowledge is throughout your career as an Actuary.
Afterwards, you can opt for pre-university programmes, such as in STPM, A-Levels, UEC, IB or any relevant Foundation and Diploma programmes.
Next, you should continue your journey with a Bachelor’s Degree in Actuarial Science or a Maths related degree where you will then have to pass recognised certifications.
Some of the professional Actuarial bodies in Malaysia include Society of Actuaries (SOA), USA, Institute and Faculty of Actuaries (IFoA), UK, Casualty Actuarial Society (CAS), USA, Institute of Actuaries of Australia, Canadian Institute of Actuaries, Canada.
Actuarial Society of Malaysia provides a non-exhaustive list of the professional Actuarial bodies recognised in Malaysia along with information on exam exemptions in Malaysian Institutes and how to gain fellowship according to respective professional bodies. For instance, Asia Pacific University (APU), Heriot-Watt University Malaysia, UCSI University have IFoA exemptions. These exemptions depend on which university programme you decide to enrol in, making it vital for you to properly peruse their course outlines and structures. There is also the option of taking additional certifications and licensing or consider postgraduate studies to gain more credentials.
After completion of your studies and professional exams, you can earn the certification of a full-fledged Actuary in Malaysia. For more information, you can read our article on How to be an Actuary in Malaysia, or you can get in touch with us!
General Pathway for an Accountant in Malaysia
Similar to the pathway for an Actuary, you would have to essentially pass your SPM with Mathematics included because numeracy knowledge is fundamental in your career as an Accountant.
Then, you can proceed with a relevant Foundation or Diploma in Accountancy, Business, Finance, or any equivalent pre-university programmes, such as STPM. You also have the option to enrol in ACCA Foundation in Accountancy (FIA) to ACCA or ACCA Certified Accounting Technician (CAT) then ACCA. Our article here provides an elaboration on these pathways.
Subsequently, you can pursue a Bachelor’s Degree in relevant fields while also finishing exams or certifications from accounting professional bodies such as, ACCA, CIMA, CPA Australia, ICAEW, and MICPA. You should take note that graduates from certain Accounting degrees are entitled to particular exemptions. For instance, the Bachelor of Accounting and Finance (Honours) in Asia Pacific University has exemption of 9 out of 13 papers under ACCA and 8 out of 12 papers under CIMA. That being the case, you should thoroughly review the programmes you decide to enrol in.
As per the Malaysian Institute of Accountants (MIA), a minimum of three years relevant practical experience in the field could grant you the title of a Chartered Accountant.
To further understand the pathway for becoming an Accountant in Malaysia, get in touch with us!
Actuary and Accountant skills required
- Mathematical Knowledge
A professional career as an Actuary or an Accountant will guarantee numerics in your day-to-day duties. Also, most programmes and degrees will call for a requirement of the Mathematics subject. Accordingly, it would be helpful for those pursuing these careers to possess a good level of mathematical knowledge.
- Technological Literacy
An Actuary or an Accountant would most probably benefit from knowing how to utilise statistical analysis softwares or programmes, such as Excel and its Excel Functions, due to the amount of data they would have to work with.
- Analytical
Both an Actuary and an Accountant would need to be involved in some kind of analysis, whether it revolves around financial data or risk prevention, comprehend data, and solve problems. Hence, analytical skills where you process these data and yield results would be instrumental throughout your career.
- Detail-oriented
Considering that Actuaries and Accountants would have to ensure accuracy and avoid errors when preparing important materials such as financial data or financial records, it is vital for them to pay attention to the minute details of said materials.
- Discipline
Nurturing discipline in terms of time-management is crucial for someone aspiring to be an Actuary or an Accountant to ensure strict deadlines are met, especially periods where many corporations start to file their tax returns and reports.
Universities to study Actuarial and Accounting in Malaysia
1. Taylor’s University
Taylor’s university persists as one of the top ranking private universities in Malaysia, complete with facilities, equipment, and a supportive academic atmosphere. They take pride in their value of holistic approaches to education through their offers of enriching programmes and courses to their students.
Taylor’s University Accounting programmes allow graduates to receive accreditation along with exemptions from professional bodies while also granting them the chance to be eligible for MIA Qualifying Examination. At the same time, their Actuarial Studies programme offers the opportunity for a long-term internship as a way of gaining proper industry experiences to gain credentials as well as accreditation and exemptions from professional bodies.
| Programme Offered | Duration | Intake | Indicative Fees (2023) |
| Bachelor of Accounting and Finance (Honours) | 3 Years | February, April, September | Local Students: RM 118,034 International Students: USD 30,688 |
| Bachelor in Accounting (FinTech) (Honours) | 3 Years | February, April, September | Local Students: RM 112,002 International Students: USD 29,347 |
| Bachelor of Actuarial Studies (Honours) | 3 or 4 Years | February, April, September | Local Students: RM 105,458 (3 Years) RM 115,970 (4 Years) International Students: USD 27,823 (3 Years) USD 30,736 (4 Years) |
Contact us right now for a free consultation if you’d like more details about the costs, the format of the programmes, and the entry requirements!
2. Heriot-Watt University Malaysia
Heriot-Watt University Malaysia (HWUM) is an established higher education in Malaysia and has over 5 global campuses, with their Malaysian campus to hold the title of the first ‘green campus’ in the country. HWUM tailors their education to retain academic brilliance alongside the all-encompassing growth of their students.
Their Accounting programme is a specialist degree fit for those who want to pursue a career as an Accountant. It has accreditation and exemptions from Accounting professional bodies together with the ACCA Accelerate programme. HWUM’s Actuarial Science programme is globally renowned, rooted with necessary courses and accreditation to prepare their students for a career as an Actuary.
Programme Offered | Duration | Intake | Indicative Fees (2023) |
MA (Hons) Accounting and Business Finance | 3 Years | January, September | Local Students: RM 109,680 International Students: RM 128,544 |
BSc (Hons) Actuarial Science | 3 Years | September | Local Students: RM 131,760 International Students: RM 149,760 |
Contact us right now for a free consultation if you’d like more details about the costs, the format of the programmes, and the entry requirements!
3. University of Southampton Malaysia
University of Southampton Malaysia (UoSM) is known to be one of the prestigious higher education institutes, being a part of the founding members of the Russell Group in the UK. They take the initiative to improve their education quality through constant worldwide network developments.
University of Southampton Malaysia’s Accounting programmes would properly equip you with skills needed in the industry through comprehensive modules and recognised accreditations. Their programme relating to Actuarial Science shapes their graduates to be industry-ready through elaborate courses, recognised accreditations, and even a personalised tutor support.
Programme Offered | Duration | Intake | Indicative Fees (2023) |
Bachelor of Science in Accounting and Finance | 3 Years | September | Local Students: RM 115,500 International Students: RM 133,980 |
Bachelor of Science in Economics and Actuarial Science | 3 Years | September | Local Students: RM 126,381 International Students: RM 146,622 |
Contact us right now for a free consultation if you’d like more details about the costs, the format of the programmes, and the entry requirements!
4. Asia Pacific University (APU)
The award-winning Asia Pacific University of Technology and Innovation (APU) in Malaysia promotes the incorporation of technology, innovation, and creativity into its curricula in an effort to produce graduates who are competent, adaptable, and marketable.
Asia Pacific University offers the option for their Accounting graduates ACCA Accelerate schemes as well as CPA Australia Fast-track schemes with recognised accreditations, maximum exemptions, and fundamental courses. On the other hand, their Actuarial Science graduates are offered comprehensive modules, full accreditations, and maximum exemptions from SOA and IFoA.
Programme Offered | Duration | Intake | Indicative Fees (2023) |
Bachelor of Accounting and Finance (Honours) | 3 Years | March, July, September, November | Local Students: RM 96,600 International Students: RM 99,500 (USD 22,610) |
Bachelor of Science (Honours) in Actuarial Studies | 3 Years | March, July, September, November | Local Students: RM 92,000 International Students: RM 99,500 (USD 22,610) |
Contact us right now for a free consultation if you’d like more details about the costs, the format of the programmes, and the entry requirements!
5. UCSI University
UCSI University stands as a leading tertiary education institution in Malaysia with three campuses in the country. The university holds principles such as audacity, perseverance, integrity, and excellence to ensure their graduates are empowered through their transformative education.
Their Accounting programme rejoices with 100% employability score by the Ministry of Higher Education’s Graduate Employability 2022. With professional accreditations, essential subjects are taught with the purpose of making their graduates properly equipped for the industry. Their Actuarial Science programme holds the same calibre, with professional accreditations, exemptions, and thorough modules.
Programme Offered | Duration | Intake | Indicative Fees (2023) |
Bachelor of Arts (Hons) Accounting | 3 Years | January, May, September | Local Students: RM 71,540 International Students: RM 81,880 |
Bachelor of Science (Honours) Actuarial Science | 3 Years | January, May, September | Local Students: RM 72,420 International Students: RM 83,400 |
Note: UCSI offers a range of Accounting and Actuarial Science degrees along with other study areas such as Finance. For more information, contact us now!
Contact us right now for a free consultation if you’d like more details about the costs, the format of the programmes, and the entry requirements!
For more information regarding the university, programs offered, entry requirements and fees, contact Excel Education.
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About The Author
Hannah Hir
Hannah appreciates various art forms, especially Asian literature, film and music. Most of her favorite Malaysian kuihs are green-coloured.