I think you may have given people some misconception about actuarial science

1. I want to do Actuarial Science because I like Math.
This is the biggest misconception that people have about Actuarial Science. In actual fact, a good knowledge of Mathematics is necessary, but a great knowledge is not. In the UK, the first 8 professional papers are somewhat Maths-based, but the tougher papers at the end are all written papers, which require a good command of English, a good knowledge of the insurance industry and good critical thinking skills. Throughout my course, the most difficult branch of Maths we did was Calculus and Linear Algebra, and that is not saying much. When you do start working, you will realise that the only Math you need are mostly addition and subtraction. Computer Programming will be the most important skill you will ever need. And to all of those who says that they need Further Math in their A-Levels, I did Math, Economics and Law. If you like Math, do a Mathematics degree.

Yes! You may be true that when we start working, the only maths that is needed is addition and subtraction. However, why do you think that most people have to study so much mathematics just to take an actuarial science major?  We have to know as well, passing those professional papers are not easy at all and it needs mathematics! Actuarial science major is more than mathematics as it involves economics, finance, computing, communication and others. That's how students are prepared for those harder examinations.

2. I want to do Actuarial Science because the pay is good.
True, we have one of the highest starting salaries in the business world. Not by much though. The thing is, a qualified actuary does earn a lot. But to get that qualification, one has to pass professional papers, and those are not easy by a mile. The average time it takes to pass all your papers in Malaysia is around 6 years, depending on how good you are. (Some do take more than 10 years) And truth be told, all other professions will be able to earn a satisfactory remuneration within 10 years. If you want the money, go into Investment Banking. In a magazine which I have read, in business, while all other financial workers are paying off their mortgage for their first house, Investment Bankers are buying their second home.

True that it's a good pay. However, the situation may not be as bad as u may have said. To earn a lot, we need qualification, which is by passing papers. However, if one were to be serious in actuarial science, he/she would have plan to take some papers when doing their degree. Serious students would on average pass about 4 papers(SOA/CAS) by the time they graduated with their actuarial degree. Hence, it may not take that many years to pass all the papers. Moreover, to be exact, it's not that you can only earn a lot by passing all the papers. In fact, for each paper that you passed, your salary will increase. Lets say you passed 4 papers(SOA/CAS) after 3 years you graduated. The pay is already vert high as compared to other degree holders are still working their way up in their career

3. I can pass all my professional exams if I work hard enough.
I want to believe this. I really do want to believe this. But with only 50 qualified actuaries in Malaysia, doesn’t it make you doubt that the only reason people are failing is because of a lack of effort? Studying is easy enough. Working is easy enough. Studying while working is not. While I was working in Malaysia, a colleague of mine works from 9 to 7 everyday, if he is lucky. On his way to and back from work, he studies on the LRT. If there is overtime, he will need to stay back and continue working. On weekends, he studies. At night, after being thoroughly exhausted at work, he studies. And while doing all these, he needs to find time for his girlfriend, family and friends. Now, ask yourself this: can you picture yourself doing that for a year? 3 years? 10 years?

I have to say i have to disagree with you. YES one can pass all professional papers if they work hard enough. For the actuarial field, if you are working for an actuarial company, you would usually be given study break if you were to take a professional exam. They would give you holidays so that you can study and prepare well for the papers. Therefore, the situation is not as bad as you said it is. You said that why is there only about 50 qualified actuary in Malaysia? This may not be because passing the papers are very hard. This may be because the actuarial field are not familiar to the society yet. The so-called qualified actuaries are those who passed all the papers. However, those who have passed a few papers are also actuary, just that they are not fully accredited.

I just want to clear out some misconception that TS may bring to you. In short, actuarial science is really a very rewarding career. If you like maths, do mathematics, like money, do investment banking. If you like both maths and money, do actuarial science. Moreover, an actuarial career is one of the best career because despite of its high demand, the workload is not as much. It is also ranked the best job in 2010.

Still, these is something that i have to agree with TS. Many people are taking actuarial science without first exploring what Actuarial science is all about. I have a friend who took physics in Matriculation took actuarial science for university just because many people are taking it. Many people even take actuarial science without knowing what actuarial science it, and that they have no idea about those professional papers. For them, it is just another degree that give you a lot of money once you graduated. This is the major misconception about actuarial science.

you can never get into a subject just because of maths cause even engineering is not all about maths. there's physics, chemistry and lab skills as well.
what type of maths do you love?
for actuarial studies, its a shitload of statistics and finance. not the mean, mode, median kind of statistics but the abstract kind of statistics (ie stochastic modelling) and finance kind of statistics (ie: financial maths, life contingencies...)
I HATED THEM ALL but i'm already graduating so... ya. how many person in the world actually reallyyyy love their job anyway?

Firstly, you have to understand that the demand for actuarial science grads in Malaysia had significantly due to the excessive supply. If you try to go out and look for jobs, you'll notice how scarce is it. But of course, I'm talking about vacancies in insurance(general/life/takaful) and consulting(life,general,health&benefits,pension&retirement). Other than that, feel free to search around. But what I am suggesting students who want to proceed with this career to actually major in statistics/computer programming/and any other majors(finance,economics,accounting). That way, you won't be stuck with only "real actuarial" job. Talking from experience here. Those newspaper article talking about the growing demand is utter bullshit, literally, especially the ex-ASM president who always go around promoting the non-existent demand. Mathematics is not crucial, but critical and analytical thinking is crucial in this line.

Financial engineering is more of pure mathematics, such as analysis, differential equations, linear algebra (well you rely alot on those 3 areas), and probability. but NOT stats. (there is a difference between stats and probability)

basically financial engineering is mostly pure maths (analysis, differential equations, linear algebra), and some probaility (stochastic processes), but less of stats.

where as actuarial science is more of statistics.

personally its really up to you, but financial engineering IMO has better career prospects in the financial sector because its not so directed into actuarial/insurance stuff.

read this: about financial engineering (also called quantitative finance, etc.)
http://en.wikipedia.org/wiki/Mathematical_Finance

http://en.wikipedia.org/wiki/It%C5%8D's_lemma
http://en.wikipedia.org/wiki/Black%E2%80%93Scholes

and most people do financial engineering/financial maths etc.. as a masters degree 1 year course, whereas actuarial science alot of people do it as a 3 years undergrad course.

hello are you still in high school or are you a college student already?
im currently studying at the australian national university and... i would say its a pretty horrible experience for me cause i hate complicated and abstract stuffs...... and pretty much all the later year subjects are complicated and abstract. if i would've been given a second chance, i'll just go for accounting. actuarial's a little too ambitious for me :/
but still, its up to personal preference. i know people who loved it and does very well in it.
so ya, it isn't an easy course, but i guess with hardwork.. its doable. i guess. *inserts skepticism*

oh and im not very sure about financial engineering. it might be something similar to quantitative finance... which is rather close to actuarial, minus all the insurance focused subjects like life contingencies, actuarial techniques, survival model, risk theory bla bla. well thats what happen in my uni so im not sure if its the same in mmu!

any job is risky (well, maybe not doctors) when theres an economic crisis.
and sorry i lost you there. your term 'engineering' refers to financial engineering or the mechanical/civil type of engineering? but anyway,
define interesting. cause some people find fishing interesting while alot don't. it depends on how much you like it seriously. i like shopping so i think a job as an actuary is damn boring. but if you work as a consultant actuary, you get to talk to clients, meet people, and stuffs like that. so that being said, its more interesting to work in the consultancy field!
btw, thought you should know that the word "actuarist" doesn't exist. a person who work in the acturial field is called an actuary. and the plural of it is "actuaries".

http://en.wikipedia.org/wiki/Actuary

all the best for ur future undertakings!

ok guys, those who plan to take up an actuarial degree please dont study locally, as it would be hard to find an actuarial job in insurance firms(life,general,consulting). Demand is scarce, but supply is abundant. speaking from experience here ok. Last graduation along, there are >200 actuarial grads, and that doesn't include those coming from overseas. those who does not perform go to places doing underwriting, claims all those jobs u wont really wan to do. What is suggest is to take up a CFA course as a back up plan, although it's kinda expensive, and go for investment banks(i admit that it's not easy). only industry that has a bright future is takaful, although that would come a long way. So guys, have a back up plan before u start, dont just study for a particular course, it is kinda risky. Even when finding for a job, we have got to diversify, although specializing is good.