How to be an Actuary in Malaysia

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What is an Actuary?

Actuarial science can be an ideal profession for individuals who love dealing with numbers and studying the behaviour of the data. With the increasing interest and the vast career opportunities of this profession, it has become a booming trend for aspiring university students to enrol to further their study. So before we deep dive into how to become an Actuary in Malaysia, let’s understand a bit about this profession.

Actuaries are professionals who use mathematical and statistical skills to assess and mitigate financial risk. Actuaries generally can be found working in diverse industries, including insurance, banking, and investment firms, with responsibilities such as managing risks associated with future uncertain events, such as natural disasters, accidents, and illnesses, and providing necessary guidance to make sound mitigating plans.

Becoming an actuary offers many great benefits, including a competitive earning potential, job security, diverse career options, meaningful work, and professional recognition. These benefits make a career in actuarial science an attractive choice for those interested in finance, risk management, or even data-related roles.

Type of Actuaries

Potential areas of Actuarial Science study include the following:

Type of Actuaries	Specialisation
Life Insurance	Prioritise the design and pricing strategy of life insurance products that include term life insurance, whole life insurance, and endowment plan
Health Insurance	Generally, focus on health and medical insurance design, to manage the growing needs of new medical scenarios while aligning business expectation
Pension	Advise trustees and companies on the management of their pension schemes, to help different pension schemes meet the needs of trustees, employers, and scheme members
Property and Casualty (P&C)	Analyse, evaluate, and manage the financial implications of future contingent events primarily in general insurance, including property, casualty, or any similar risk exposures
Enterprise Risk Management	Specialise in the assessment and management of all types of risks faced by an organisation, including financial, operational, and strategic risks
Investment	Skilled in the analysis and management of investment portfolios, such as those held by insurance companies or pension plans
Reinsurance	Manage risk from insurance companies (reinsurance contracts) that transfer risk from one insurance company to another
Data Science	Use advanced data analytics techniques to extract insights from large data sets, often working in the areas of predictive modelling, machine learning, and artificial intelligence

Do you require assistance in determining whether an Actuarial career is the right fit for you? Contact one of our experienced consultants immediately!

Skills Needed to be an Actuary

To be a successful actuary, one needs to possess at least the following skills to excel in their role:

1. Numeracy Excellence

You need to be good with numbers and have a solid understanding of calculus, statistics, and probability theory. The foundation in these areas is extremely crucial, as it is the cornerstone for your work when assessing and managing different data, which will translate to risk.

2. Analytics & problem-solving ability

You should be able to interpret complex data and derive meaningful insights from it. This ability allows you to provide accurate and relevant guidance on risk management to individuals and organisations so they can make sound business decisions.

3. Computer skills

With the need to massage data from all sources, you need to be proficient in statistical programming languages such as R and Python and have experience working with various statistical modelling software. This enables you to process large amounts of data and apply appropriate analytical techniques to draw insights.

4. Knowledge in business and finance

A sound understanding of business and finance is equally important to excel in this role. Having such knowledge provides you with a comprehensive view of risk management and other industry related updates. You should also have a good grasp of the financial regulations and standards that are relevant to their work.

5. Communication & Interpersonal Skills

As you will be working with a diverse group of stakeholders, including clients, colleagues, and regulators, you need to be able to communicate, break down complex data into easy-to-understand terms, and build relationships with them to ensure effective collaboration.

Are you eligible to study Actuarial Science?

Following are the general entry requirements to study Actuarial Science:

Academic Entry	Minimum Score
Foundation	CGPA 2.00
Diploma	CGPA 2.00
STPM	2 Principal Passes (Minimum grade C)
UEC	5 Bs (inclusive of Mathematics)
A-Levels	8
Australian Matriculation (ATAR)	60% in 5 subjects (inclusive of Mathematics)
IB Diploma	26 points in 6 subjects (inclusive of Mathematics)

Note: Universities may have different requirements. To learn more, get in touch with us!

Entry Level	Minimum Score
IELTS	Band 5.5
MUET	Band 4
TOEFL	46

Note: Universities may have different English Language requirements. To learn more, get in touch with us!

General Pathway to be an Actuary

Firstly, it is essential to pass your SPM examination. As Mathematics is one of the core skills required for this role, it is vital to study hard and aim for good grades (and do not forget about Additional Mathematics!).

After graduating from secondary school, it is recommended to enrol in a pre-university programme such as A-Levels, STPM, or any relevant Foundation or Diploma programme. This will provide a solid foundation for you to move up the university ladder and graduate as an Actuarial Science student.

Next, it is time to take on the challenge of earning your Bachelor’s degree in Actuarial Science. To become a certified actuary, you will also need to pass certain professional exams from recognized professional bodies such as the 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.

However, some Bachelor’s degree programmes provide maximum exemptions from IFoA and SOA. Therefore, it is crucial to look through the programme outline and structure. If you would like to take on greater role in your future career, you can consider enroling to postgraduate study.

This is totally optional but it will help you to deepen your understanding and provide you with more opportunities in this role. To enrol, each university will have a different set of requirements. Reach out to us and let us help you to plan for your postgraduate journey.

Now that you have completed your study and professional exams, you are ready to enter the workforce as a certified actuary in Malaysia.

Top Universities to Study Actuarial Science in Malaysia

1. INTI International College Subang & Penang

NTI International College is a leading tertiary education institution with campuses across Malaysia, offering a wide range of programmes from pre-university and diploma to undergraduate and postgraduate degrees. Established in 1986, INTI is known for its innovative and industry-driven approach to education, providing students with practical skills and knowledge that prepare them for successful careers in their chosen fields.

Programme Offered	Duration	Intake	Indicative Fees (2023)
Actuarial Science Program (American University Program)	4 Years	January, May, August	Local Students: RM41,052 – RM44,380 International Students: RM41,052 – RM44,380