Challenges and Solutions for Actuarial Profession in Malaysia
Explore the challenges faced by the actuarial profession in Malaysia, such as brain drain, supply-demand imbalance, and communication issues. Discover the identified challenges and the proposed solutions, focusing on education, professional development, and wider field opportunities.
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Presentation Transcript
Actuarial Society of Malaysia CHALLENGES FACED BY THE ACTUARIAL PROFESSION IN MALAYSIA Teh Loo Hai 10 October 2011
Approach Emails sent to senior actuaries in town Short point form replies required 8 out of 23 responded My own observations added Grouping and summarising Opinion poll through Facebook Actuarial Society of Malaysia
Challenges Identified Brain drain Pay Regional office Supply demand imbalance Strong demand of experienced staff Strong supply of fresh graduates - unemployment Actuarial Society of Malaysia
Challenges Identified Small actuarial community Development of actuarial standards Some key positions occupied by inexperienced people compared with developed countries Lack of research activities Communication Jargons vs layman language Perception Compliance driven vs value adding Actuarial Society of Malaysia
Challenges Identified Concentration in life/takaful GI actuarial practice concentrated in few actuaries Very few in Investments, Risk Management, Audit Lack of study scheme Lack of guidance Exam boards too diverse No economies of scale for education support Comfort zone Low profile Media Corporate ranking Actuarial Society of Malaysia
Challenges Identified Independence Allegiance to employer or profession? Actuarial Society of Malaysia
Facebook Opinion Poll Votes Lack of wider field opportunities Supply / demand imbalance Long work hours Votes Lack of education support Communication skills Brain drain / talent war 0 2 4 6 8 10 Actuarial Society of Malaysia
The Way Out Focus on education Baby boomers Addresses: brain drain, supply demand imbalance, capacity issue Professional development Communication Professionalism Wider field Actuarial Society of Malaysia
