Actuarial brain drain 

How serious is the problem?

It is no secret that we have a lot of Malaysian actuarial talents working overseas. In fact sometimes I joke that our country is the largest exporter of actuarial talents! So how serious is the actuarial brain drain problem? Until now there is no official statistics.

I attempt to answer this question by basing on some facts collected and making certain actuarial assumptions, a natural thing for an actuary to do I guess. Before I reveal the results, I invite you to take an actuarial guess of the ratio of Malaysian actuarial workforce residing in Malaysia to those residing outside Malaysia. 80:20? 50:50? Take your guess before scrolling down for the answer.

The Singapore Actuarial Society (SAS) in its recently published Annual Report 2014/2015 has a pie chart that shows its membership by country of origin. Malaysia makes up of 28% of SAS' membership. Based on SAS' total membership of 976, this translates to 273 Malaysians.

A quick check on the Actuarial Society of Malaysia (ASM)'s website shows that its membership as at 31 December 2014 stood at 708. I make an assumption that 95% of its membership are Malaysians, which translates to 673 Malaysians. Further I estimate that there are 150 to 250 Malaysians with actuarial qualifications working outside Malaysia and Singapore. We are now all set to answer the question I posed earlier.

  Malaysia Singapore Others Total
Scenario 1 673 (61.4%) 273 (24.9%) 150 (13.7%) 1,096 (100%)
Scenario 2 673 (56.3%) 273 (22.8%) 250 (20.9%) 1,196 (100%)

Based on the above, I conclude that we have a 40-45% actuarial brain drain problem. So, are you surprised with the results?


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Posted by Loo Hai Tuesday, March 17, 2015 5:30:00 PM Categories: ASM SAS
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ASM elects new Council 

On 16 February 2015, ASM elected its new Council for 2015-17.

 

President Wan Saifulrizal Wan Ismail
Vice President Kelvin Hii
Secretary Wong Li Kuan
Treasurer Gary Lim
Committee Members Nur Amin Nur Azmi
  Yeoh Eng Hun
  Kelvin Yeong
  Agnes Kuan
Auditor Tan Teoh Guan
Immediate Past President Yap Chee Keong

 

Posted by Loo Hai Friday, February 27, 2015 4:08:00 PM Categories: ASM
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