5 Important Facts About Actuary Profession
Have you ever heard of the actuary profession? In short, an actuary is an expert whose job is to solve actual problems in a business, especially those related to risk.
In fact, in Indonesia, the number of professional actuaries is still very minimal. At present, there are only around 500 actuaries out of a total population of over 250 million. In fact, many actuaries are needed by many companies in various fields.
More about this profession, SUN Media summarizes five important facts about this profession that you need to know, some directly from the presentation of experts at the Acturial Science Expo 2018 on Thursday (11/15) at Balai Kartini, Jakarta:
- The Main Role is “Forecasting” Future Risks
The future is something abstract and challenging. However, an actuary can help predict the risk with the right calculation. Risk here means a bad consequence that might occur, such as natural disasters, accidents, fires, and others. In calculating risk, actuaries are required to apply formulas from mathematical theory, probability and statistics, as well as economics and finance, which are studied in actuarial science.
- Contributing to Build The Nation
Pierre Yves Monnard, representative of the Global Affair of Canada, explained that the actuary profession plays an important role in building the nation. “The expertise of actuaries is the key to economic and financial stability in the public sector, as well as management capacity at national and regional levels.”The function of the actuary, he continued, greatly impacts on economic development including life and general insurance, banking, pensions, government services, financing of health care, investment and others. Seeing this fact, Fauzi Arfan, Chair of the Indonesian Actuary Association (PAI), firmly stated that the Indonesian state desperately needs actuaries considering that our country is vulnerable to various risks, such as natural disasters, financial risks, and others.
- Must Love Mathematics
Because of the main job is very related with calculations and analysis, Ponno Jonatan, Actuarial Consultant, explained in the workshop session entitled Practicing your Acturial Skills that an actuary must be able to master the mathematics science.”Besides it is related to the main job, actuaries will also pass various examinations to achieve a professional degree that is very closely related to mathematics, science and investment. So, I suggest, if you don’t like math or calculations, it’s better not to pursue this profession,” he explained.
- Must Have An Extraordinary Determination
Steven Tanner, a Director and Actuary who has 30 years experience explained that to get a professional actuary degree, it took a long time. Upon the graduation, an actuary must take various certificate exams with an estimated six to 10 years.The actuary has two degrees in Indonesia, namely the Fellow of the Society of Actuaries of Indonesia (FSAI) and the Associate of the Society of Actuaries of Indonesia (ASAI). The FSAI actuary has completed 10 subjects held by the Indonesian Actuary Association (PAI), while the ASAI actuaries are only taking eight subjects in between.
“For that, hard work is needed to become a professional actuary. The most important thing is don’t back down if you have decided to enter this profession,” Steven said.
- Pay with High Salary
Behind a long journey to become a professional actuary, you will get a salary that is worth according to your degree. Here’s the salary reference for an actuary from the beginner to the president director level:
- Starting as an Actuarial Analyst profession, the salary is around Rp. 4-7 million per month.
- After passing the five certification exams, an Actuarial Analyst becomes an Associate who meets ASAI (Associate Societies Actuary Indonesia) with a salary of around Rp 10-25 million per month.
- Furthermore, an Associate will rise to the Actuary Level Manager with a salary of Rp 38 million per month.
- Afterwards, you’ll become a Fellow to Actuary Appointed position with a degree from the Fellow Societies Actuary Indonesia with a salary of more than Rp 50 million per month.
- Then go up again to the level of Chief Actuary, where the salary of an Actuary will be the same as the salary of the president director of large companies.
For those of you who are interested in pursuing Actuarial Science majors, visit SUN Course Navigation to find a university that provides these majors. For further consultation, contact the nearest SUN office.