Which are the Best Actuarial Science Courses in Malaysia that Suits You?
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Most practicing actuaries in Malaysia have a degree in actuarial science or related course. Similar to accountants, graduates must also pass professional exams, before they become recognised as an actuary. The path to becoming an actuary involves going through a well-structured education plan. One must pass professional examinations and various on-the-job assessments, in addition to obtaining a degree in actuarial science.
Students who have a passion for Maths and excel in it can consider Actuarial Science as a career in Malaysia. A top actuarial science programme from a private university in Malaysia can enhance your ability to perform well on the rigorous demands of the actuarial professional exams and requirements. In addition, exemptions from the professional papers will allow you to complete faster. The most common route to become an Actuary in Malaysia is taking the Professional Papers from the Society of Actuaries (SOA) – USA and the Institute and Faculty of Actuaries (IFoA) – UK.
You might also be interested to read:
- 4 Top Private Universities in Malaysia Best for Actuarial Science Studies Courses
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- Actuarial Science in Malaysia – Job, Salary, Education Pathway & Professional Papers
- Which are the Top Private Universities Best for Actuarial Science Malaysia
- Top Universities in Malaysia for Actuarial Science Best for Preparing You for the Society of Actuaries (SOA) Exams
- How to Become a Professional Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA)
- Studying Actuarial Science in Malaysia & the Best Pathway to Become a Professional Actuary
- Studying Actuarial Science in Malaysia can get you a High Salary Career
- Best Pathway to Becoming an Actuary in Malaysia through the Society of Actuaries (SOA) Professional Exams
- Best Actuarial Science Degree Courses in Malaysia
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What you Will Study in Actuarial Science Degree Programme in Malaysia
Obtaining an Actuarial Science degree at a top private university in Malaysia provides the first step towards qualifying as an actuary. Actuarial Science is an extremely demanding field of study and only very dedicated and capable students are likely to succeed.
Not all people are suited to study actuarial science as it is a very challenging course and requires a long time to become a professional actuaries. Students after SPM, O-Levels or UEC with As in Maths and Add Maths can consider a career in actuary.
Actuarial Science is a very comprehensive course in the way that it covers Mathematics, Finance, Economics, Accounting, Business Models, Computer Programming and Risk Management. As such, a high aptitude in Mathematics is highly required.
Furthermore, actuarial Science degree students at top universities in Malaysia includes a number of interrelated subjects such as Calculus, Statistics, Probability, Probability Theory, Economics, Finance and Financial Mathematics. With this fundamental Mathematical knowledge graduates will be able to solve complex actuarial problems. Historically, actuarial science used deterministic models in the construction of tables and premiums.
The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory. Being an actuary also requires you to master several computer programming languages such as Microsoft Excel, Microsoft Visual Basic, Microsoft Visual FoxPro, R and most importantly, Prophet – an actuarial software designed to crunch a large database. If you do not enjoy learning programming languages or writing codes, actuarial science would not be the career for you.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through intense education and experience.
Upon completion of the actuarial science degree programme in Malaysia, actuaries must demonstrate their competence by passing a series of thorough professional examinations.
Who Should Study Actuarial Science in Malaysia?
To become an actuary, you will generally need to have a high-level of mathematical ability and an above-average level of intelligence.
However, actuaries in Malaysia must also have good verbal and written communication skills especially in English, strong computer skills, time-management skills, as well as possess good judgement, imagination and clear logical thinking.
They also should have a knack for problem-solving, be self-confident, and possess the ability to work under pressure.
Sharpness, creativity, practicality coupled with good business sense are also some of the key personal attributes. An actuary who has devised a brilliant solution to complex problem must be able to explain his solution to non-actuaries!
Important characteristics for an actuary to have would be as follows:
- Mathematics is one of your favourite subjects. You study mathematics at the highest possible level and achieve good grades for it. You have a strong interest in solving complicated problems.
- An excellent business sense with knowledge of finance, accounting, and economics; keen analytical, project management, and problem solving skills
- You see yourself working as an actuary or risk manager for an insurance company, consultancy, pension fund or another financial or government institution.
- You have an affinity for numbers as well as the societal reality behind them, you are a good abstract thinker and you have strong analytical skills.
- You are interested in a variety of historical, social, legislative, and political issues, and are self-motivated achievers.
- Students should have achieved high marks in English and possess good oral & written communication skills.
- You are capable of working independently: you know how to use a library. Initiative and inquisitiveness are also of great value.
Moreover, being an actuary also requires you to master several computer programming languages such as Microsoft Excel, Microsoft Visual Basic, Microsoft Visual FoxPro, R and most importantly, Prophet – an actuarial software designed to crunch a large database. If you do not enjoy learning programming languages or writing codes, actuarial science would not be the career for you.
To summarise, actuaries bring a special set of skills to their work such as:
- Specialised math knowledge
- Calculus, statistics, probability
- Keen analytical, project management, and problem solving skills
- Good business sense
- Finance, accounting, economics
- Solid communication skills (oral and written)
- Strong computer skills
- Formulating spreadsheets, statistical analysis programs, database manipulation, programming languages
Actuaries are talented professionals, with personal characteristics such as:
- Ability to work with others
Students after SPM or O-Levels with at least 5 credits including Maths and relevant subjects may enter the Foundation in Business or Foundation in Arts for 1 year before continuing on to the Actuarial Studies degree.
Pre-University graduates in Malaysia from programmes such as UEC, STPM, A-Levels, SAM, CPU, AUSMAT and others may enter directly into the Actuarial Science or Actuarial Studies degree providing they meet the minimum entry requirements.
What are the Rewards for Actuarial Science Graduates in Malaysia?
- Financial – qualified actuaries have significantly higher salaries than most other professionals in the financial services industry. In addition, due to increments commonly offered for exam progress, actuarial executives can expect to outperform their peers in other sectors even before qualifying.
- Intellectually stimulating – actuaries are rewarded for their problem solving and analytical skills. As such, job satisfaction comes from working in an intellectually stimulating and challenging environment. This encourages continual growth in one’s technical skill and ability, paving the way to involvement at senior levels of all organisations.
- Employment opportunities – due to the constant demand for actuaries exceeding supply, there is rarely ever a shortage of demand for actuaries. Many actuaries have also successfully transitioned to other non-traditional areas such as corporate finance and investments, where their analytical and quantitative skills are highly sought after.
The Work of Actuaries
Actuaries are professionals who like to solve complex problems. There are many factors impacting an actuarial solution that even one assumption is inaccurate, it would affect the whole solution and result.
Consequently, actuaries employ the actuarial control cycle – a problem-solving approach that applies equally well to the most broad and the focused actuarial problems. It is a model of actuarial practice in a wide range of fields and provides common grounding for all candidates.
Through the control cycle, all actuarial work is categorized into three main functions:
- Define the problem
- Design the solution
- Monitor the results
Because of their ability to analyse and solve complex problems, actuaries command a very high salary. In fact, it is one of the highest paid professions in Malaysia and globally.