Studying Actuarial Science in Singapore

A reader asked me if I knew anything about the Actuarial field in Singapore.

Actually I don't know much about it. I only knew that a boyfriend of my dorm mate from JC was studying Actuarial Science in NTU when I talked to my dorm mate last year.

Last night, I had dinner with a friend from Singapore. Being curious about the actuarial profession in Singapore, I asked my friend if he knew anything about it.

And this is what he said, "I knew nothing about it. Before I met you, I didn't even know this profession exists!"

Do you know anything about studying actuarial science in Singapore? Please leave a comment to share. Thank you. :)

P.S. I found this pdf file from the Singapore Actuarial Society. Actually, NTU and NUS do offer Actuarial Science programs.

8 comments:

Yata BKK said...

Hi,

I know pretty much about Actuarial Science in Singapore because I took an internship with one of the composite insurers there for 3 months. The info Y put about SAA is pretty good. Maybe this would help a bit more:

http://www.nbs.ntu.edu.sg/student/Undergrad_portal/curriculum_share/AS.asp

I know only Nanyang Biz School offers an undergrad degree, major in Actuarial Science. But some people I know graduated from Dept of Statistics, Math or Comp Science at NUS and also get a job as an actuarial trainee. Since anyone has to pursue a professional exam with IOA (In Singapore, they follow the UK system., it doesn't matter what the first degree is in your hand.

Nanyang Biz School offers an exemption from IOA, ranging from CT1-CT8 papers (equivalent to the prelim papers of SOA). Ahyhow, I know that SOA doesn't have any exemption policy to any educational bodies (except the VEE modules).

I actually considered working in Singapore in actuarial field. However, for some reason, I m now working in Thailand currently. If you would like more info, please feel free to let me know.

Yata BKK said...

I try to leave a comment here but it doesn't seem to work, duh.

yync said...

Hi Yata,

Thank you for sharing! Which system does Thailand follow? UK or US?

Yata BKK said...

Hi,

In Thailand, it is not compulsory which system you are in pursuit of an actuarial exam. Department of Insurance as well as Society of Actuaries of Thailand approve of the US, the UK and Australia as a recognized actuarial societies. Thus, an actuarial student is independent to join any societies.

But most of people in Thailand join SOA because IOA doesn't have a test center in Thailand. It means you need to fly to Singapore just to sit for an exam. It is like what you mentioned about the scholarship selection process of MOE, Singapore. Anyhow, there is a similar scholarships offered to Thai students too. I tried to get it but I didn't get it eventually. So you did much better than me. :)

Anonymous said...

I honestly feel that the market in Singapore is still pretty restricted. It's either Life or General or consulting firms. That's all I have heard of so far (correct me if I'm wrong). And the remuneration isn't that great.

I also feel that the exposure in Singapore for an actuarial education is still pretty poor.

I think the SAS wouldn't be able to tell you much. The people in this field is either this person or that person. The field is pretty small and everyone knows everyone (sort of!)

If I were to be a mentor to a young fledgling interested in pursuing an actuarial career, I wouldn't recommend Singapore. =)

KE said...

True that.

I've graduated from NTU (actuarial science) and am now working at one of the insurers.

BTW its not compulsory to pursue IOA here in Singapore. Many are doing SOA and IAAA tracks as well.

Aside from life/general, there is pensions but opportunities are few. The market is restricted simply because of the size of the Singapore market.

Remuneration isn't as good, although I'm comparing it strictly from a POV of direct currency conversion before tax.

Still, for those starting on early, I'd focus more on the training you get, and IMHO I'd say it pretty much is behind the rest of the world over here. I want out!!

Y said...

Hi KE, thanks for sharing!

Anonymous said...

hi! i am an indian,n doing my graduation in economics(honours),i wanted to pursue my master's in singapore..n i want to become an actuary,as v know there is no institute in india providing master's in this field,what else can i do?