Choosing to Study at the Best Private University for Actuarial Science will Help You to Handle the Professional Exams

Actuaries are business professionals who measure and manage the financial implications of future events—pro and con, certain and uncertain, probable and improbable. Actuaries measure and manage risk. With a deep understanding of mathematics, actuaries forecast possibilities and develop plans to manage financial risks. Applying a blend of math, statistics, computing and business knowledge, they serve as trusted financial and business advisors. Actuaries inform and make decisions that lead to profits, savings, stability and success.

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.

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. Actuarial Science degree students at top private universities in Malaysia will also learn Calculus, Statistics, Probability, and Financial Mathematics. With this fundamental Mathematical knowledge graduates will be able to solve complex actuarial problems.

The Actuarial Science degree programme has a heavy mathematical and statistical component. The first step after SPM or IGCSE/O-Levels, students will need to consider a private university in Malaysia that has a solid Actuarial Science degree programme that will help you prepare well for the professional papers. After completing your degree, you can continue on to two of the more popular professional papers in Malaysia which are the Society of Actuaries (SoA) USA and the Institute and Faculty of Actuaries (IFoA) (UK). A few private universities have managed to obtain full exemptions from IFoA allowing students the fastest pathway to becoming a professional actuary.

You might also be interested to read:

• Top Private Universities in Malaysia Best for Actuarial Science Studies Courses
• Pathway to Become an Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA) Curriculum 2019
• 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
• Actuarial Science Degree at Malaysia’s Private Universities with VEE Exemptions

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Top Actuarial Science Private Universities in Malaysia

Actuaries in Malaysia are professionals dealing with the financial impact of risk and uncertainty.

Actuaries use their skills in mathematics, economic, computer science, finance, probability and statistics, and business to assess the likelihood of occurrence of certain risky events formulate policies that minimize the cost of these risks.

As such, actuaries are essential to the insurance and reinsurance industry in Malaysia. In addition, they can be consultants to other businesses, including sponsors of pension plans; and to government agencies such as Bank Negara 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.

Which are the Best Private Universities to Study Actuarial Science?

Outstanding private universities in Malaysia have garnered experience throughout the years in equipping students with the knowledge and skills to pass the difficult professional programmes. Their lecturers are highly experienced, qualified and competent. In addition, some have gained full exemptions from the IFoA. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.

Top Private Universities in Malaysia for the Actuarial Science Degree Programme are:

1. Heriot-Watt University Malaysia
2. Asia Pacific University (APU)
3. University of Southampton Malaysia (UoSM)
4. Taylor’s University.
5. UCSI University

The Best Education Pathway to Become a Professional Actuary in Malaysia

The path to becoming an actuary in Malaysia involves going through a well-structured education plan. This involves university-level education and post-university examinations, as well as other requirements.

After SPM or IGCSE/O-Levels, students can go for the Foundation in Business Administration or Foundation in Arts and then enter into a degree programme in Actuarial Science with VEE exemptions from the Society of Actuaries (SOA). At most universities in Malaysia, 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 equivalent papers.

Upon completing the Actuarial Science degree, students can then begin to take the professional exams.

During their undergraduate studies, students can attempt the examinations conducted by professional bodies such as Society of Actuaries (SOA) or Institute and Faculty of Actuaries (IFoA).

How long does it normally take to become an Actuary in Malaysia?

A normal bachelor degree takes 3 years (+1 year if you consider an Honours degree in Australia). Thereafter, writing the professional exams through the Institute and Faculty of Actuaries (UK) or Society of Actuaries (USA) takes an average of 3-7 years (working and studying) after the degree.

Actuarial Science/Math Degree (3-4 years) + Professional Papers (3-7 years taken part time as you work)

Which actuarial professional bodies are recognized in Malaysia?

Malaysian insurance regulator, Bank Negara Malaysia and the Actuarial Society of Malaysia (ASM) recognize Fellows of the following organizations as qualified actuaries:

• Society of Actuaries (U.S.)
• Institute and Faculty of Actuaries (UK)
• Faculty of Actuaries (Scotland)
• Institute of Actuaries of Australia
• Canadian Institute of Actuaries
• Casualty Actuarial Society (U.S.)

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.

Society of Actuaries (SOA) – USA

The Society of Actuaries (SOA) is a professional organization for actuaries based in North America. It is a full member organization of the International Actuarial Association.

The Society’s vision is for actuaries to be recognized as the leading professionals in the modeling and management of financial risk and contingent events. The SOA has three overall goals: providing primary and continuing education for students and practicing actuaries, maintaining high professional standards for actuaries, and conducting research on actuarial trends and public policy issues.[5]

The Society’s members are mainly involved in the life, health, and pension areas of the actuarial profession. There are three designations offered by the Society. The two Associate-level designations are Associate of Society of Actuaries (ASA) and Chartered Enterprise Risk Analyst (CERA), which was introduced in 2007. The highest designation is Fellow of the Society of Actuaries (FSA).

What type of students should study Actuarial Science in Malaysia?

Students who have a passion for Maths and excel in it can consider Actuarial Science as a career in Malaysia. 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.

Degree students will also learn Calculus, Statistics, Probability, and Financial Mathematics. With this fundamental Mathematical knowledge graduates will be able to solve complex actuarial problems.

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!

Being an actuary also requires you to master several computer programming languages such as Microsoft Excel, Microsoft Visual Basic, Microsoft Visual FoxPro, 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.

Other than that, 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:

• Self-motivation
• Creativity
• Independence
• Ability to work with others
• Ambition

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The skills developed and honed by successful actuaries include an excellent business sense with knowledge of finance, accounting, and economics; keen analytical, project management, and problem solving skills; specialized math knowledge; strong computer skills; and solid written and oral communication skills.

In addition, actuaries enjoy learning, like to solve complicated problems, enjoy writing and talking to people, can work effectively alone or as part of a team, are interested in a variety of historical, social, legislative, and political issues, and are self-motivated achievers.

As you can see, future actuaries need to be very well equipped to face the challenges of completing the professional papers and then to succeed in the competitive work environment. Students should choose universities that are reputable with an English-speaking environment so that they are forced to communicate in English and therefore improve. Remember, if you want to work for top Multi-National Insurance companies, banks and investment firms, you have to have a strong command of the English language.

What you Will Study in Actuarial Science 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, Pre-U, STPM, A-Levels or UEC with excellent results 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.

Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. 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.

Actuarial Science degree students at top universities in Malaysia will also learn Calculus, Statistics, Probability, and Financial Mathematics. With this fundamental Mathematical knowledge graduates will be able to solve complex actuarial problems.

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.

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.

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:

1. Define the problem
2. Design the solution
3. 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.