Transcript 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
• 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
THANK YOU!