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How can I grow in Actuarial Fields ?

I'm Azim, Actuarial Science student at UiTM Shah Alam, Malaysia. Im expecting to finish my studies in Feb 2028. I know there are a few paths I can opt for such as IFoA and SOA. However, I reckon it is quite expensive to sit for the papers (idk if there are any financial aids or not). My question is, is sitting for professional papers is the only way of climbing my career ladders or i still can excel in the field without collecting the papers. if i still need to collect the papers, can you recommend any good plans on how to collect it (collect it right away or establish myself in the field first)

thank you in advance for the answers! ✨️

career-path actuary actuarial-science actuarial actuarialscience
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Smitha’s Answer

It’s nice to know that you are taking interest in your career considering Actuarial science. Yes, there are financial aids and scholarship provided by few Malaysian Universities like Asia Pacific University (APU), Sunway University, Heriot-Watt University Malaysia, Taylor’s University, Monash University Malaysia. and Scholarship Opportunities in Malaysia in MNRB Scholarship Fund: Bank Negara Malaysia Scholarship, Maxis Scholarship Program to name a few. Please explore further for more information.
There are exemptions in papers but that doesn’t make you qualified actuary. You can become qualified when you consider taking up all core papers.
To be successful in your career, you can achieve by hard work, interest and skills.
All the best!!
Thank you comment icon Thank you for giving me advice. Azim
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Mrinalini’s Answer

Hi Azim, pursuing a career in the actuarial field in Malaysia is an exciting journey that blends education, exams, and real-world experience. Many people start with a degree in actuarial science, mathematics, or statistics and then aim for international qualifications like SOA or IFoA. Joining the Actuarial Society of Malaysia (ASM) is a great way to network and find mentors. Early career opportunities often arise in insurance, pensions, or risk management, and as you gain experience, you can move up to roles like Chief Actuary or Risk Director. To stay ahead, actuaries in Malaysia are now focusing more on data analytics, AI, and regulatory compliance, in addition to their core skills.
Thank you comment icon This was super helpful, thank you! Azim
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Donna’s Answer

Very happy to see you received some helpful and relevant answers. I had a career as an actuary (specializing in pensions) for 40 years in the US and was a Fellow of the Society of Actuaries. At the beginning of my career it was helpful for me to work for a large insurance company which reimbursed me for the cost of exams and actuarial study materials and also paid me bonuses for passing exams. I was also given time during the work day to study for the exams. I was not in an actuarial science program when I was at my university as there was no such major. I did major in mathematics which gave me the foundation to pursue the exams. Of course, that was a long time ago, and also in a different country. But I do think getting a job in the field is a big help in finding out if an actuarial career suits you. On the job training is very important training as well as studying for and passing exams. They work together to provide you with the essentials for a very rewarding career. My best to you.

Donna recommends the following next steps:

Explore opportunities for internships at companies that employ actuaries and see what support they give to you as you pursue your papers/exams.
If you want to pursue the exams of the Society of Actuaries, go to their website soa.org
Thank you comment icon Thank you so much Donna. You're an Angel 💓 I also have checked out some of other questions you've answered, it is really helpful. It is truly a blessing to have you guide us answering our questions. Azim
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