You can work in the actuarial field without any exams, especially in places where accredited university actuarial courses are not available.  A lot of companies hire statistics grad to fill actuarial position.  Most companies will hire actuarial students who are determined to go through the whole exam system.  However, you only advance to more senior roles after passing exams.  Usually, you are stucked at manager level and cannot proceed to director level without being fully qualified.

As to the exam system, the UK system requires you to pass 15 papers to become fully qualified.  The more exams you get, the more you will understand the work that you will be doing.  You cannot learn all the technical knowledge by practising because too much technical knowledge will be assumed as people are given basic knowledge through the exams.

For info on the exams and how to sit the exams, visit this website
http://www.actuaries.org.uk/students

There are even some past year exams there you can look at if you want.  Also bear in mind the syllabus can change over time, it used to be 9 exams 20 or so years ago, now it is 15.

You can find study guides for each exam here:
http://www.acted.co.uk/Html/paper_study_guide.htm

You also order materials from this site, if you reside in Malaysia you qualify for reduced rate fees and materials.

Please bear in mind that I am not working in Malaysia and I do not know how they hire over there.  From experience, companies overseas hire whoever they think is suitable, just like some engineers will get into investment banking jobs.

There see, someone in the field has spoken. You can get a job without the papers. Please don't listen to the rubbish that an actuarial degree is a useless piece of paper.