2020
The Lack of Experts Turns Actuary into one of The Most In-Demand Job.
Actuary has become one of the most in-demand professions in Indonesia until today. Currently, there are only 500 actuaries out of more than 250 million people in Indonesia. Despite this fact, an actuary is essential for various sectors of the industry, especially insurance companies. This was also supported by a policy by the government which requires all insurance companies to have at least one actuary. The lack of human resources has made this profession one of the most in-demand jobs and one that has the most promising career prospect.
As quoted from QS Wolrd University Rankings and Macquarie University (Australia), the demand for actuary will increase by about 10% by the year 2020.
Actuary itself is an expert that has the capability to apply mathematics theories, probability, and statistics, as well as economics and finance to solve actual problems in business, especially the ones that deal with risks (https://www.aktuaris.or.id/).
Moreover, according to the Society of Actuaries dan Casualty Actuarial Society, as a promising profession, an actuary has three important roles in a company which includes (1) doing evaluation for various possibilities of occurrence that may happen in an event, (2) building a creative strategy to reduce the risk of unexpected occurrences, and (3) reduce any impact that may arise from unexpected occurrences.
Not everyone can become an actuary. A person who wants to become an actuary has to master several fields including maths, statistics, finance, accounting, as well as computer programming. An actuary should also pass an assessment exam held by the Society of Actuaries of Indonesia (SAI).
One of the most important subjects that an actuary has to master is actuarial science and there is currently only one university in Indonesia with this program and it is Universitas Pelita Harapan (UPH). Under the Faculty of Science and Technology (FaST), the ACtuarial and Applied Mathematics Study Program of UPH equips its students comprehensively through its curriculum that offers a series of specific courses. This will prepare students for their actuary certification from the Society of Actuary (SOA), which is really important for actuaries. Currently, UPH is the only university in Indonesia to receive a complete Validation by Education Experience (VEE) from SOA.
Aside from theories and concepts, the Actuarial students of UPH are also encouraged to practice their knowledge in class and to increase their experience in the professional world since early times through the Co-operative Education (Co-Op) program, a curriculum complimentary program. The Co-Op program itself is a structured method that combines class-based education and practical experience. Co-Op involves collaboration between students, universities, and industry. This program can be taken for three semesters alternately starting from semester 5. In the next semester, students will get back to campus and so on. Students can take this program up to semester 10 when they are finishing their undergraduate thesis. This internship experience can be done in three different companies, which enables them to explore their passion and expand their business relation. Moreover, they will also receive compensation (salary) during this internship program.
Through the Actuary and Applied Mathematics Program, UPH is ready to prepare excellent actuaries to meet the needs of industries today and in the future.
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