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Challenges Faced by the Actuarial Profession in Malaysia

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

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Challenges Faced by the Actuarial Profession in Malaysia

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  1. Actuarial Society of Malaysia Challenges Faced by the Actuarial Profession in Malaysia Teh Loo Hai 10 October 2011

  2. 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

  3. Challenges Identified • Brain drain • Pay • Regional office • Supply demand imbalance • Strong demand of experienced staff • Strong supply of fresh graduates - unemployment

  4. 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

  5. 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

  6. Challenges Identified • Independence • Allegiance to employer or profession?

  7. Facebook Opinion Poll

  8. The Way Out • Focus on education • Baby boomers • Addresses: brain drain, supply demand imbalance, capacity issue • Professional development • Communication • Professionalism • Wider field

  9. Thank you!

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