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Which Private Universities in Malaysia have Full Exemptions from Institute & Faculty of Actuaries (IFoA) UK

Study at a Top Private University in Malaysia with Full Exemptions from IFoA (UK)

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To become a professional actuaries in Malaysia, one must take the relevant professional exams and pass them. One route to become an Actuary in Malaysia is taking the Professional Papers from the Institute and Faculty of Actuaries (IFoA) UK. Furthermore, Malaysian insurance regulator, Bank Negara Malaysia and the Actuarial Society of Malaysia (ASM) recognize Fellows from the Institute and Faculty of Actuaries (IFoA) UK  as qualified actuaries in Malaysia.

The first step after SPM or O-Levels is to take a Pre-University Course such as the Foundation in Business Administration or Foundation in Arts and then enter into the Actuarial Science degree. Upon completion of the degree, you can then start taking the professional papers. Read on to find out Which are the top private universities in Malaysia with full Exemptions from Institute and Faculty of Actuaries (IFoA)

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Study at a Top Private University in Malaysia for Actuarial Science

Actuarial Science, Heriot-Watt University Malaysia

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At Asia Pacific University, Bachelor of Science (Hons) Actuarial Studies students will also receive credits for all the 3 Validated by Educational Experience (VEE) papers from SOA as long as they receive a minimum mark of 70% in the APU equivalent papers.

In addition, the Actuarial Science degree at Asia Pacific University (APU)  has been awarded full accreditation from the IFoA (UK). APU is among the 7 universities in Asia to receive such worldwide recognition.

APU graduates who perform to the required standard can be eligible for exemption from CS1, CS2, CM1, CM2, CB1 and CB2. This is a 6-paper exemption out of 7 papers of the Core Principles Professional Papers for the new IFoA Curriculum 2019, which is the maximum paper exemptions.

In addition, the university has competent teaching staff with professional or specialized academic qualification, possessing working experience from actuarial industries/academia.

APU’s Actuarial Science course syllabus is comprehensively structured in tandem and compliance with the 2 biggest actuarial bodies, the IFoA (UK) and the SOA (US).

Heriot-Watt University Malaysia’s team of leading academics is internationally recognised for research, scholarship and teaching in mathematical and actuarial sciences. The Actuarial Science degree at Heriot-Watt University Malaysia receives the same exemptions from the VEE papers from SOA.

HWUM Bachelor’s degree mirrors the highly successful BSc Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.

Good performance in examinations means exemptions from all Core Technical subjects, CT1 to CT8, of the UK Institute and Faculty of Actuaries (IFoA) which can be converted to CS1 and 2, CM1 and 2 and CB1 and 2 under the new system of examinations, giving prospective actuaries an advantage over those in other mathematics programmes.

The degree is accredited by the Royal Statistical Society.

How to Qualify to Become a Fellowship/Associateship through the Institute and Faculty of Actuaries (IFoA)

What is the Institute and Faculty of Actuaries (IFoA), UK?

Institute and Faculty of Actuaries (IFoA) UK

Institute and Faculty of Actuaries (IFoA) UK

As a professional body the Institute and Faculty of Actuaries (IFoA) has a responsibility to ensure that the curriculum is relevant, up-to-date and reflects the skills, knowledge and attributes required of actuaries in an ever-changing global business environment. At the same time the IFoA, as a full member of the International Actuarial Association (IAA), must ensure that its curriculum reflects the international standards set by them. This we have done by ensuring that the core subjects align themselves to the agreed 2017 IAA syllabus.

To become an Associate member you need to complete the following:

  • Core Principles subjects (CS1-2, CM1-2 and CB1-3) either by examination or exemption
  • Core Practices subjects (CP1, CP2 and CP3) either by examination or exemption
  • Personal and Professional Development (PPD) – A minimum of 2 years of PPD
  • Professional Skills Course (PSC)
  • Online Professional Awareness Test (OPAT)

To qualify as a Fellow you need to complete the following:

Actuarial Science at Asia Pacific University (APU)

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  • Core Principles subjects (CS1-2, CM1-2 and CB1-3) either by examination or exemption
  • Core Practices subjects (CP1, CP2 and CP3) either by examination or exemption
  • Two Specialist Principles (SP1, SP2, SP4, SP5, SP6, SP7, SP8 and SP9) subjects either by examination or exemption
  • One Specialist Advanced (SA1, SA2, SA3, SA4 and SA7) subject by examination or dissertation
  • Personal and Professional Development (PPD) A further minimum 1 year of PPD
  • Professional Skills Course (if you have not yet taken this course you must do so within 12 months of becoming a Fellow)
  • Online Professional Awareness Test (OPAT). Must take OPAT before taking CB3

Core Principles (7 Subjects)

General Structure

The Core Principles cover three main areas. These are:

  1. Actuarial Statistics (CS)
    • Actuarial Statistics (CS1)
    • Risk Modelling & Survival Analysis (CS2)
  2. Actuarial Mathematics (CM)
    • Actuarial Mathematics (CM1)
    • Financial Engineering and Loss Reserving (CM2)
  3. Business (CB)
    • Business Finance (CB1)
    • Business Economics (CB2)
    • Business Management (CB3) – Pre-requisite in OPAT

Within each area there are a number of subjects shown opposite. The Core Principles therefore comprises seven subjects.

Assessments for Core Principles

All Core Principle subjects will be assessed. Actuarial Statistics and Actuarial Mathematics have two elements of assessment. For each subject there will be a 3 hours 15 minutes written paper and a 1 hour 45 minutes problem-based assessment. For these subjects both elements of assessment must be taken at the same examination sitting. The two papers will be weighted (70% for the written paper and 30% for the problem based assessment). A single aggregate mark will then be calculated. Failure to reach the overall pass mark will require both elements of assessment to be retaken. The problem-based assessments will be computer based and taken at home or in your office.

Core Practices (5 Papers)

The Core Practices cover three areas. These are:

  1. Actuarial Practice (CP1)
  2. Modelling Practice (CP2)
  3. Communications Practice (CP3)

Assessments for Core Practices

All three will be assessed using written and computer-based examinations. For CP1 and CP2 there will be two elements of assessment for each subject. Each assessment carries equal weighting. A single aggregate mark will then be calculated. Failure to reach the overall pass mark will require both elements of assessments to be retaken. For CP3 there will be a single paper.

Specialist Principles (Choose 2 out of 9)

The Specialist Principles (SP) subjects require individuals to demonstrate an understanding of the concepts of specific specialist areas. Each subject will be assessed using a 3 hours and 15 minutes paper-based examination. These will be taken in an examination centre. Those who have obtained an alternative qualification have the option of applying for SP0.

This is normally through a Level 7, Master’s Thesis in an actuarially relevant subject. The Specialist Principle subjects are:

  • SP0: Master’s Level Thesis
  • SP1: Health and Care
  • SP2: Life Insurance
  • SP4: Pensions
  • SP5: Investment and Finance
  • SP6: Financial Derivatives
  • SP7: General Insurance: Reserving
  • SP8: General Insurance Pricing
  • SP9: Enterprise Risk Management

Two of these SP subjects have to be passed to be eligible to qualify as a Fellow. You do not need to take any SP subjects to qualify as an Associate.

Specialist Advanced (Choose 1 out of 7)

The Specialist Advanced (SA) subjects require individuals to apply specific knowledge and principles of actuarial practice to the provision of specific practice areas.

Subjects SA1 – SA7 will be assessed using a 3 hours and 15 minutes paper-based examination. These will be taken in an examination centre. Those who are planning to undertake some original research on an actuarial topic can apply to take the SA0 route. The research should be at MPhil or PHD level and is likely to require at least 2 years of study. The IFoA must be involved from the start of the project and agree the objectives of the research.

The Specialist Principle subjects are:

  • SA0: Research Master’s Thesis
  • SA1: Health and Care
  • SA2: Life Insurance
  • SA3: General Insurance
  • SA4: Pensions
  • SA7: Investment and Finance

One of these subjects has to be passed to be eligible to qualify as a Fellow. You do not need to take any SA subjects to qualify as an Associate.

Actuaries’ Code

Institute and Faculty of Actuaries (IFoA) UK Career Pathway after High School

Institute and Faculty of Actuaries (IFoA) UK Career Pathway after High School

Throughout their career as an actuary, individuals are expected to act within the framework of the Actuaries’ Code. The principles of which are:

  • Integrity – Members will act honestly and with the highest standards of integrity. Competence and Care – Members will perform their professional duties competently and with care.
  • Impartiality – Members will not allow bias, conflicts of interest, or the undue influence of others to override their professional judgement.
  • Compliance  – Members will comply with all relevant, legal, regulatory and professional requirements, take reasonable steps to ensure they are not placed in a position where they are unable to comply and will challenge non-compliance by others.
  • Communication – Members will communicate effectively and meet all applicable reporting standards.

To help members develop their understanding of how to apply this code in practice, the IFoA has developed different stages which need to be completed. For students these are:

Stage 1: Online Professional Awareness Test (OPAT) This is a 90 minute, mainly knowledge based, multiple choice online exam, which it is recommended you sit within your first year of membership. This must be sat and passed before applying to sit CB3.

Stage 2: Professional Skills Course (PSC) This is an online course which continues the development of professionalism through case-study discussion. These discussions explore the concepts of professionalism and business ethics. They also provide an opportunity to demonstrate judgement and decision making to resolve issues. The PSC must be completed in order to qualify at either the Associate or Fellow

Personal and Professional Development (PPD)

As part of the journey to become a qualified member of the IFoA, an individual needs to demonstrate they have the relevant skills and experience within a work environment. To do this, the IFoA requires PPD to be completed in addition to the examinations and professionalism requirements.

The PPD requirement includes three categories, subdivided into key competencies, which will carry a credit value. All credits will be recorded online and there will be a minimum annual requirement for each qualification route.

The PPD requirement will align with the CPD scheme which all members need to adhere to when qualified. The three key categories of PPD are:

  1. Effective Communications
  2. Problem Solving and Decision Making
  3. Professionalism

PPD was introduced in September 2017 and replaces Work Based Skills (WBS). There is also a requirement to complete 2hrs of formal learning each year

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