Skills that will be in demand
DO you just love math and hope to use that to contribute to humanity by being involved in managing complicated risks facing our society?
Then you may wish to consider a career as an actuary.
What is an actuary? Actuaries apply mathematics, statistics and financial theory to study, evaluate and design ways to manage the risks associated with the uncertainty of future events occurring like accidents, hospitalisation, retirement, financial crisis, disasters and untimely death.
Some of the jobs of an actuary include pricing of insurance products; establishing pension and retirement plans; managing the assets and liabilities of financial institutions; helping the government develop regulations and legislation to ensure companies adhere to sound insurance practices; and providing risk management consultancy to companies; among others.
Actuaries are very well paid professionals because their actuarial skills are highly valued in the market place, not just in the financial sectors, but other industries as well. With regulatory changes, the emergence of new risks coupled with the need to have more creativity in managing risks and the changing business landscape, the actuarial profession has a very good employment outlook with excellent growth opportunities.
Apart from paying a high salary, many companies also offer cash bonuses, salary increases and promotions for each professional designation achieved.
Depending on one’s ability, an actuary has a high chance of end- ing up in the top management of a company.
Sunway University provides the first step to becoming an actuary through its BSc (Hons) Actuarial Studies, a new programme offered by the Sunway University Business School.
Besides being a usual three-year degree programme, it also prepares students for the professional exams leading to professional designations such as Fellow of Society of Actuaries, Fellow of Casualty Actuarial Society, Chartered Enterprise Risk Analyst and Fellow of Canadian Institute of Actuaries, which are all qualified actuary statuses.
Sunway University’s BSc (Hons) Actuarial Studies programme also provides exemptions for three papers (VEE Applied Statistical Methods, VEE Corporate Finance and VEE Economics) from the professional bodies on condition that the student scores a minimum grade set by the professional bodies in the designated subjects offered in the programme.
Students will also be required to undergo a 12-week internship after the second year.
Learning in a workplace environment is important to ensure students are exposed to real life issues and challenges so that students are future-ready when they graduate. Field trips and visits to the industry also enhance learning.
Students, while still enrolled in the degree programme and as they progress in their studies, can attempt the professional exams conducted by the professional bodies. Upon graduation with the degree and with some professional exams passed, they can start their career as an actuarial assistant.
While working, they continue to take the remaining professional exams, eventually becoming qualified actuaries in their chosen specialisations such as Finance or Enterprise Risk Management (ERM), Individual Life and Annuities, Group and Health, Investment, Retirement Benefits and Casualty & Property Insurance.
Sunway University Business School Financial Mathematics & Statistics Department head Associate Professor Dr Ho Chee Kit said: “Becoming an actuary requires time, patience and a lot of sacrifice. Those who are willing to persevere and are prepared to work hard will have a higher chance of success.”
Applications are open for the inaugural intake of BSc (Hons) Actuarial Studies in March 2013. A bursary of 10% off the tuition fee in the first year of study is available for students who enrol in the March 2013 intake only.
For more information, visit Sunway University during its Sunway Education Open Days on Dec 15 and 16, call 03-74918622 or e-mail info@sunway.edu.my
Extended counselling is available every day until Jan 13, 2013. Alternatively, log on to sunway.edu. my