#CoursesGalore: Actuarial Science
What is it?
Actuarial science is the study of statistical and mathematical methods to forecast and manage risk. It is essentially the science of analysing patterns of past events to make calculated predictions about future trends and probabilities, and the financial consequences of risk. It especially involves areas of assurance (life insurance), casualty insurance, pension plans and employee benefit programmes.
What will you study?
The course will train you to calculate the probability of accidents (such as fire, flood and loss of property) and advise insurance companies, for example, about this data to help determine customer premiums.
To be a qualified actuary, you must pass professional qualification exams after your degree. At this time, professional exams are not conducted domestically in Malaysia. However, graduates with qualifications from professional actuarial institutes in the US, UK, Canada, and Australia are recognised by the ASM.
Economics (micro- and macro-); financial accounting; financial management; financial models in electronic spreadsheets; management; management accounting; mathematics (calculus, differential equations, linear algebra); quantitative methods; statistics.
Typical course duration
A degree in actuarial science takes about three years to complete. The professional qualifications will take from three to seven years to complete.
An aptitude for mathematics or statistics is required.
What do graduates do?
Qualified actuaries can work in insurance companies, consulting firms, banks, investment firms, financial institutions, government departments, and colleges and universities.
For more information, please refer to Actuarial Society of Malaysia.