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The journey to become a qualified actuary as outlined by the Society of Actuaries (SOA) – one of the most prominent professional organisation for actuaries in the world – is divided into four stages. The first is the Validated by Educational Experience (VEE) stage where students who receive grades of 70% and above for subjects in economics, corporate finance and applied statistics – will receive credit for these professional papers.
The second stage involves five preliminary exams that candidates must pass before proceeding to the penultimate stage, namely, the Fundamentals of Actuarial Practices course and the Associateship Professionalism Course (APC). This will qualify them as an Associate of the Society of Actuaries (ASA). The final hurdle would be to qualify as a Fellow of the Society of Actuaries (FSA).
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Top Universities in Malaysia to Study Actuarial Science with Exemptions from Validated by Educational Experience (VEE) Papers from Society of Actuaries (SOA) and Prepare You for the Professional Exams
I wasn’t sure of which university to join for actuarial science. EduSpiral shared with me about the scholarship and actuarial pathways clearly which helped me to decide. Wei Zhe, Actuarial Science at Asia Pacific University (APU)
Students can consider studying the BSc (Hons) Actuarial Studies at Asia Pacific University (APU). APU is the first and the only Malaysian university that has all the six preliminary exams (P, FM, IFM, LTAM, STAM & SRM) and all the three VEE topics listed in its SOA UCAP profile.
Heriot-Watt’s Statistics & Operational Research course (Actuarial Mathematics and Statistics) was placed the world’s top 200. In addition, in the 2021 Complete University Guide, Heriot-Watt is ranked 11th in UK for Mathematics. The best university in Malaysia for Actuarial Science would be Heriot-Watt University Malaysia where students can get 8-paper exemptions out of 15 needed to qualify as a Fellow at the Institute and Faculty of Actuaries (FIA), UK. This degree is one of only a few to be accredited by the UK actuarial profession. Good performance means exemptions from professional examinations (CT1-CT8), giving prospective actuaries an advantage over those on other mathematics programmes.
Graduates who go on to qualify as actuaries with the Society of Actuaries in North America can get credit from some of the SOA examinations on the basis of exemptions from the IfoA examinations.
Heriot-Watt University is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. Heriot-Watt University is the only Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide with this designation. With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 28,000 actuaries as members.
In addition, students will receive a dual award University of the West of England, UK degree at Taylor’s University for the BSc. (Hons) Actuarial Studies. Taylor’s University offers a 3-year and a 4-year Actuarial Studies degree programme.
The 1-year internship at Taylor’s University is offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Best Actuarial Science Degree Course in Malaysia at Asia Pacific University (APU)
I wasn’t sure of which university to join for actuarial science. EduSpiral shared with me about the scholarship and actuarial pathways clearly which helped me to decide. Wei Zhe, Actuarial Science at Asia Pacific University (APU)
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.
APU is the first and the only Malaysian university that has all the six preliminary exams (P, FM, IFM, LTAM, STAM & SRM) and all the three VEE topics listed in its SOA UCAP profile.
Moreover, APU is one of the first universities to receive Full IFoA Accreditation with (maximum) exemptions from CS1, CS2, CM1, CM2, CB1 & CB2 in the new IFoA curriculum.
The necessary knowledge and skills to provide advice to institutions like insurance or reinsurance companies, pensions funds and financial and investment institutions. The skills acquired by actuaries are not confined to the financial sector but are also transferable to any organisation that has to deal with risk and make financial sense of the future.
Opportunities to adapt to Insurance-related industries by providing them with assignments to mimic the actual decision making process and broad-based information pertaining to the industries.
Opportunities to develop their skills to solve a problem and model a solution using specialized statistical and actuarial methods.
What you will study in the Bachelor of Science (Hons) in Actuarial Studies at Asia Pacific University (APU)
After chatting with EduSpiral on WhatsApp, he met me & my family to take us around the campus & provide further advise on the course. Zijun, Actuarial Science at Asia Pacific University
Asia Pacific University’sBSc (Hons) in Actuarial Studies is a 3 years degree programme of full-time study. The actuarial studies degree programme at APU is designed not only to provide students with knowledge and skills to enter the actuarial profession but also prepare them for the professional examinations that will lead them to a qualified actuary.
APU’s Bachelor of Science (Honours) in Actuarial Studies programme is to develop students’ mathematical, statistical and analytical skills in addition to actuarial practices as preparation to become a qualified actuary.
Actuaries are highly regarded professional and they work across several industries including life and general insurance, commercial and investment banking, pensions and healthcare, consulting firms, and public sector.
Actuaries are problem solvers and strategic thinkers with a deep understanding of risk management; they are one of the top paying professionals as they are usually in high demand worldwide.
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) and upon graduation, they can embark on careers as an actuarial assistant.
In 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. APU is the first and the only Malaysian university that has all the six preliminary exams (P, FM, IFM, LTAM, STAM & SRM) and all the three VEE topics listed in its SOA UCAP profile.
While working, they continue to sit and pass the remaining professional exams, eventually becoming qualified actuaries in their chosen specialisation in various areas such as Corporate Finance and Enterprise Risk management, Individual Life and Annuities, Group and health Insurance, Retirement Benefits, Quantitative Finance and Investment, and General Insurance.
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).
APU graduates will also acquire the essential leadership qualities, work in teams, communication skills, problem solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging and exciting world today.
Actuaries usually work primarily for the insurance industry. They are also highly sought after by other sectors such as private corporations, banks, financial institutions and investment firms, brokerages and even government department such as Bank Negara also requires actuaries in risk management and financial consulting services.
APIIT & APU had continuously wins awards for excellence in education, research and development and for the achievements of their students. Students interested to register at APU may go to this link.
Study the Actuarial Science Degree at the Top Ranked Heriot-Watt University Malaysia
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
Actuaries manage risk and uncertainty and evaluate the likely impact of future events. Heriot-Watt’s Actuarial Science programme is world-famous for its excellence. It contains all the courses that are essential for ensuring a flying start to a career as an actuary whilst at the same time fostering highly transferable mathematical skills.
If you excel at mathematics, enjoy problem solving and are looking for a degree that will prepare you for a rewarding career – both intellectually and financially – Actuarial Science could be the programme for you.
Heriot-Watt University Malaysia 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.
Teaching and Assessment
Teaching is delivered through a combination of lectures, tutorials and project work. Course assessment is generally based on either coursework or an exam at the end of the semester, or a mixture of the two at the end of the semester or academic year.
Accreditation
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.
Accreditation of Actuarial Science Degree at Heriot-Watt University Malaysia
The UK Actuarial Profession has a structure of 26 professional examinations. To become a qualified Actuary (Fellow), you must pass 15 of these professional exams plus relevant work experience. The Actuarial Science degree program at Heriot-Watt University Malaysia will give you 8 paper exemptions from the Core Technical Subjects which are CT1 to CT8. This means that Heriot-Watt University Malaysia Actuarial Science graduates need to take 7 more of the professional examinations plus relevant work experience to become a qualified Actuary (Fellow) in Malaysia. Which means that this will be the fastest pathway to become an Actuary in Malaysia through Heriot-Watt University Malaysia’s Actuarial Science Degree.
Top Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University Lakeside Campus
Taylor’s University Lakeside Campus encompasses a modern, functional design with state-of-the-art facilities together with lush greenery and its trademark 5.5 acre lake
Actuarial Studies is the extensive study of mathematics, probability, statistics, finance and economics. Offered by Taylor’s Business School (TBS), the programme transforms students into skilled analytical problem solvers who are trained to calculate and manage financial risk for businesses.
Beyond providing a comprehensive programme, Taylor’s University further enrich the educational experience through various learning opportunities to help students get the most out of their studies.
3-Year and 4-Year Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia
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Designed to Suit Different Needs
The Actuarial Studies programme at Taylor’s University offers flexibility and allows students to choose how they wish to maximise their time at Taylor’s Business School. These options include:
A Semester Abroad Students have the choice to complete a semester abroad in their second year. Credits gained during this semester will be recognised by Taylor’s University.
Short Internship Offered in the final year of the 3-year programme, students have the opportunity to apply classroom lessons and gain industry experience from top companies.
Long Internship Offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Flexible Learning Students also have the option to transfer to another Taylor’s Business School programme during their course. Credits gained during their enrolment in Actuarial Studies will be credited to their new programme. Students have an option to take electives from other business programmes as well.
UK Dual Award from the University of the West of England (UWE), Bristol, U.K.
Taylor’s University Lakeside Campus is strategically located in a modern and well-planned township. Just 30 minutes away from the bustling Kuala Lumpur
Taylor’s Business School (TBS) offers dual award degree programmes in collaboration with the Bristol Business School, University of the West of England (UWE), UK. A quality review committee, comprising academics from both institutions, is established for quality assurance and the moderation of the standards of the programmes, which includes curriculum and assessment. Students will receive certification from both Taylor’s University and UWE upon completion of their degrees at Taylor’s.
Tracing its roots back to 1595, UWE represents a long and well-established tradition of first-class professional education and training. With over 30,000 students, UWE is a modern, growing university situated in Bristol, which is ranked UK no.1 most liveable city.
UWE has been ranked no.6 for employability in the UK. 95% of graduates are employed or in further study six months after graduation. Bristol is the eighth largest city in the UK, the largest city in the south west and is home to many large businesses and employers including Airbus, AXA, BBC, Environment Agency, Hewlett Parkard, Lloyds TSB, Ministry of Defence and Rolls-Royce.
Internship and Industry Immersion Programme at Taylor’s University
A distinctive feature of our Bachelor of Business (Hons) curriculum is the internship and industry immersion programme at established organisations. The internship programme aims to provide you with a deeper cross-cultural appreciation of both business practices and research, whereas industry immersion programme is specially designed to provide you with a wealth of exposure with some of the prestigious companies in the corporate world, and receive exclusive training, insights and mentorship form industry veterans.
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.
Read on to find out what the career opportunities and salary for Actuaries is in Malaysia.
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Find Out What are the Salary and Career Opportunities for Actuarial Science in Malaysia
Of course, salaries can vary according to company policy and market forces of supply and demand. Actuaries have excellent promotion opportunities as they gain more experience and advancement to higher management levels will usually come rapidly with good job performance.
Many Actuaries have also migrated overseas to work, therefore, I have also included the salary for Actuaries for the USA, UK and Australia. When choosing a course, students should also keep in mind the future prospects of working overseas and potential for migration.
Future job prospects for actuarial science professionals in Malaysia
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
The Actuarial Society of Malaysia observed that with the expected continuous growth in the insurance market, the demand for actuaries in Malaysia will continue to grow in the next few decades. The rewards for an actuary is good and is one of the higher paid jobs. There is a demand for actuaries in Malaysia.
Given the expected continuous growth in the insurance market, it is anticipated that the demand for actuaries in Malaysia will continue to grow in the next few decades.
Future regulatory developments (e.g. requirement for certification of IBNR) and the increasing need for risk management are likely to result in significant increase in demand for actuarial services by general insurers.
With only 164 qualified actuaries in Malaysia, the market for actuaries can perhaps still be considered unsaturated.
Compensation Benefits for Actuaries in Malaysia
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Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities. For example, an actuary with a fellowship designation working as a financial manager in the banking industry could earn a higher salary than another fellow working in the health insurance industry.
The actuarial profession is perfect for individuals who enjoy challenges and problems solving. Those who develop a track-record of success will have many opportunities for growth and advancement. Most employers of actuaries in Malaysia award merit increases as you gain experience and pass the actuarial examinations. Most companies also offer cash bonuses, salary increases, and promotions for each professional designation achieved.
Skills acquired by actuaries, especially the quantitative analysis of risk, are valued in the marketplace. As such, those who have the will to succeed can aspire to career advancement with an actuarial credential.
Actuaries Salary in Malaysia
After chatting with EduSpiral on WhatsApp, he met me & my family to take us around the campus & provide further advise on the course. Zijun, Actuarial Science at Asia Pacific University (APU)
Actuaries are well compensated. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that.
Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities. For example, an actuary with a fellowship designation working as a financial manager in the banking industry could earn a higher salary than another fellow working in the health insurance industry.
The actuarial profession is perfect for individuals who enjoy challenges and problems solving. Those who develop a track-record of success will have many opportunities for growth and advancement.
According to Hays Recruitment Malaysia 2019 Salary Guide
The yearly salary for the various job positions in actuaries in Malaysia are:
Chief Actuaries 420 – 660k
Department Head 180 – 300k
Senior Manager 180 – 264k
Manager 84 – 192k
Associate 60 – 84k
According to the 2020 Robert Walters Salary Report
The annual salary for an actuary in Malaysia is:
4 – 7 Years Experience
8 – 12 Years Experience
12+ Years Experience
Actuaries – Pricing & Valuation
90 – 180k a year
180 – 264k a year
264k+ a year
Actuaries Salary in the USA
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According to data reported by the U.S. Bureau of Labor Statistics (BLS), the median annual pay of an actuary – an individual who analyzes statistical data for the purpose of forecasting risk and liability – was $102,880 as of May 2018, the most recently available data. This breaks down to an average compensation of $49.46 per hour.
The best-paid 25 percent made $141,760 that year, while the lowest-paid 25 percent made $76,720. The typical actuary works full time in an office for a particular employer, but some work as consultants, traveling frequently to meet with clients.
Actuaries working with insurance brokerages and financial institutions earned the highest yearly salary – $108,920 – whereas those working for general companies earned the least – $97,110.
Job growth forecasts are strong, with the field expected to increase by 20% over the ten-year period of 2018-2028.
Actuaries rank #11 in Best Business Jobs. Jobs are ranked according to their ability to offer an elusive mix of factors. Read more about how we rank the best jobs.
#11 in Best Business Jobs
#23 in Best STEM Jobs
#24 in Best Paying Jobs
#54 in 100 Best Jobs
Actuaries Salary in the UK
Starting salaries for graduates generally fall between £25,000 and £35,000. The average salary is £32,000. Salaries vary according to location, and are usually higher in London.
Newly qualified actuaries in insurance companies can earn between £40,000 and £55,000. Increments are usually paid for examination success.
At a senior level, or with 10 to 15 years’ experience, salaries are typically more than £60,000. There is a wide range of salaries for experienced actuaries, but high financial rewards and excellent benefits packages are common.
Salaries in excess of £200,000 are typical for senior directors.
Actuaries Salary in Australia
In Australia, the number of qualified actuaries is 2,972*. A newly qualified Fellow can expect to earn around $125,000 per year and incomes rise quickly. Senior actuaries can easily earn over $300,000 a year.
Actuaries Salary in Singapore
In Singapore, the starting base salary salaries for actuarial graduates may be about SGD$3,000 per month on average. Upon obtaining a Fellowship from a recognised actuarial association, with work experience, actuaries may earn in excess of SGD$120,000 a year.
How many Professional Actuaries are there in Malaysia? Actuarial Society of Malaysia (ASM) Society Statistics as at 30 June 2019
Membership Breakdown by Class
Class
Total
Fellow
164
Associate
65
Ordinary
721
Student
18
Total
968
Membership Breakdown by Professional Body
Professional Body
Total
Society of Actuaries
515
Institute & Faculty of Actuaries
286
Institute of Actuaries of Australia
38
Casualty Actuarial Society
88
Others
41
Total
968
The Job of an Actuaries in Malaysia
I wasn’t sure of which university to join for actuarial science. EduSpiral shared with me about the scholarship and actuarial pathways clearly which helped me to decide. Wei Zhe, Actuarial Science at Asia Pacific University (APU)
Basically an Actuary calculates the amount of premiums to charge to a policy holder using mathematical models based on statistical data from the past. Since we are not able to predict the future, the actuary has to use mathematical models to make projections as accurate as possible on the chances that disease, accidents or death will occur to a person at a particular age and the potential for claims.
Then the insurance company is able to charge the premium for the financial protection. For example, a premium for a young male driver would be higher as the risks are higher as compared with an experienced driver or the premium for a non-smoker is lower because of the lower health risk.
In short, actuaries use and analyse historical data using mathematical models to come up with projections on the chances of something happening in order to formulate the pricing.
Actuaries are also involved in designing insurance products, formulating involved in designing insurance products, formulating investment strategies, determining reserves to be set up to meet future claims and recommend distribution of profits to shareholders taking into account the insurance company’s future obligation to policyholders.
Actuaries also estimate the amount of future claims by analysing past data or experience to assign probabilities to events such as death, sickness, disability, loss of property or even loss of business profits. Actuaries provide solutions to today’s insurance and financial problems that properly take into account the financial impact of future events. With the actuaries’ expert knowledge in financial matters, they are often key advisors to the Board of Directors.
An actuary’s job is not just boring desk-bound number crunching. Actuaries are faced with challenges of the ever-changing economic environment in which they have to constantly update their techniques of assessment and calculation. It is an intellectual challenge to analyse current trends and predict the future as we live in a world where the unexpected (e.g. the SARS outbreak, September 11 etc.) can happen.
Due to the demand for actuarial technical skills and knowledge, there are vast career options and opportunities for an actuary. Traditionally, actuaries worked only in the insurance industry.
However, with the growing acknowledgement and recognition of actuarial skills today across the various financial sectors, the potential employment opportunities of an actuary have expanded to encompass banks, investment companies, security and commodity broker firms, regulators and even lecturing in the education sector. With such demand, there is an ever-increasing need for actuaries all around the world.
In Malaysia, most actuaries are still working in the traditional life and non-life insurance industry. However, based on trends worldwide and the rapid growth of the Malaysian financial industry, it is expected that more and more actuaries will ventured into the non-traditional areas as mentioned above.
Graduates of the Actuarial Studies major are well prepared for careers in the following areas:
Banking and finance
Capital and risk management
Financial planning
Financial reporting and performance management
General insurance
Health insurance
Investments and asset management
Life insurance: product pricing, design and distribution
Superannuation
Valuation of insurance liabilities and financial instruments.
What are the Job Responsibilities of an Actuaries?
Specific tasks vary, but your work might include:
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Using mathematical modelling techniques and statistical concepts to determine probability and assess risks, such as analysing pension scheme liabilities, to price commercial insurance
Analysing statistical data in order to calculate, for example, accident rates for particular groups of people
Developing new financial products
Preparing presentations, reports, valuations and quarterly updates
Monitoring risk within trading positions in investment banking to ensure excessive risks are not taken during the fast pace of trading
Presenting reports, explaining their implications to managers and directors and advising risk limitation
Advising on issues such as the selection of investment managers or the administration of pensions and benefits
Working with IT professionals to develop systems to ensure compliance with the requirements of regulatory bodies
Carrying out relationship management, liaising with clients such as investment managers, financial directors and external stakeholders
supervising staff
Working with mergers and acquisitions.
What are the examples of actuarial work?
The traditional areas in which actuaries operate in Malaysia are: consultancy, investment, life and general insurance and pensions. Actuaries are also increasingly moving into other areas of the financial sector where their analytical skills can be employed.
Consultancy
Actuarial consultancies offer a whole range of services to their clients on issues such as acquisitions, mergers, corporate recovery and financing capital projects. Many also offer advice to employers and trustees who run occupational pension schemes. In fact, such consultancies are probably the biggest employers of actuaries in the UK.
Investment
In the area of investment, actuaries are involved in a range of work such as: pricing financial derivatives, working in fund management, or working in quantative investment research. Often investment actuaries work in fields where their understanding of insurance or pension liabilities helps them to manage the investment of the corresponding assets.
Insurance
The work carried out by actuaries in insurance includes designing new insurance policies, setting premium rates, calculating a company’s financial status (based on the policies already sold), and answering technical queries from policyholders. Insurance actuaries also undertake detailed investigations of different experiences; such as how assets and expenses have performed and the extent of different types of claims for different types of insurance policies (eg death claims for life insurance or car theft for motor insurance).
Pensions & Employee Benefits
In the pensions field, actuaries are usually involved in designing and advising company pension schemes, especially where a value needs to be placed on a scheme’s accumulated pension promises. Actuaries are also involved in designing schemes for employee benefits.
Where do most actuaries work in Malaysia?
Actuaries are normally found in the insurance industry. They also work in consulting, financial institutions, banks, investment, brokerages, or as lecturers.
The American Society of Actuaries defines actuaries as ‘professionals who provide expert advice and relevant solutions for business and societal problems that involve economic risk.’ In Malaysia, one of the places where actuaries are often found is at insurance companies. Using mathematical models based on statistical data, they are the brains behind the calculation of the amount of insurance premium that a policyholder has to pay.
With their readily transferable skills, actuaries can also be found in many other fields. Besides the hugely popular insurance field, an actuary can work in finance, marketing, manufacturing or in the development of new products.
For example, an actuary might be hired by a business to help determine where it should invest its money based on risk and potential return analysis. Opportunities for actuaries range from the education industry to research work and even to government agencies. Because of the importance of their work, actuaries are respected throughout the business community.
In Malaysia, most actuaries can be found in life insurance companies, financial institutions such as banks, consultancies providing advice in the fields of employee benefits, life insurance and general insurance, Bank Negara Malaysia and public universities.
The areas of work for actuaries are not limited to insurance firms only. Instead, the horizon for this line of job is very wide. Below are some of the areas of work which actuaries do:
Life Insurance / Family Takaful
General Insurance / General Takaful
Reinsurance / Retakaful
Actuarial Consulting
Investment and Financial Services
Employee Benefit Industry (e.g. EPF)
Government Sector (e.g. BNM)
Colleges and Universities
What are the career options available to actuaries?
Actuarial Science is a qualification you can take anywhere in the world. It’s a highly regarded profession that is high in demand in Malaysia and you’ll be well rewarded for your analytical and problem solving skills and your ability to lead. Emerging as a key growth sector of the 21st century, actuarial science applies elements of economics, finance, statistics and advanced mathematics to interpret, manage and evaluate risk.
Employment opportunities include working as an investment analyst, portfolio manager, actuarial consultant, insurance actuary, superannuation actuary, risk analyst, big data analyst, liability manager and high level manager.
Actuaries have historically taken on the following positions in companies:
Chief Executive Officer (CEO)
Chief Risk Officer (CRO)
Chief Financial Officer (CFO)
Appointed Actuary / Signing Actuary
Asset/Investment Consultant
Management Consultant
Actuaries can Specialise in Various Fields in Malaysia
Combining their skills in mathematics, statistics, economics and finance, actuaries are able to gauge and make expert financial predictions about the future.
Actuaries can specialise in the following fields:
Traditional life insurance
They focus on the analysis of mortality, the production of life tables and the application of interest to produce life insurance, annuities and endowment policies. It also includes credit and mortgage insurance, long term care insurance and health savings account.
Health insurance
They focus on the analyses of rates of disability, morbidity, mortality, fertility and other contingencies. Also of great importance are the effects of consumer choice and the geographical distribution of medical services as well as the procedures and use of drugs and therapies.
Pension industry
They measure costs of alternative strategies with regards to the design, maintenance or redesigning of pension plans. The strategies are greatly influenced by collective bargaining, the changing demographics of the workforce, changes in internal revenue code and financial and economic trends among others.
Property and casualty
They focus on data collection, measurement, estimation, forecasting and valuation tools to provide financial and underwriting data for management to assess marketing opportunities and the required degree of risk taking.
Reinsurance
Focus on designing and pricing reinsurance and retro-reinsurance schemes. Their responsibility also includes establishing reserve funds for known claims and future claims as well as catastrophes.
What do Actuaries work as in Malaysia?
Actuaries work in insurance and everywhere in-between.
Actuaries are at work all over the world—anticipating and solving financial, economic and other problems for companies, institutions and societies.
Actuaries are in demand in financially focused businesses including insurance, employee benefits and consulting. The field is expanding to include just about any industry or opportunity where decisions carry financial weight: banking and investments, government, energy, e-commerce and marketing. More and more, leaders want to reinforce their decisions with trusted analysis.
Actuaries measure risk and discover ways for people and organizations to stay secure, even when the risks are high. And because risk is everywhere, so are actuaries.
People generally know that actuaries work in the insurance industry but what is it that an actuary really does? If you have a life insurance policy, you’ll have to pay premiums regularly to your insurance company in exchange for the financial protection that the company is providing you. Have you ever wondered who calculates the amount of premium you have to pay?
Actuaries build and use mathematical models based on statistical data to calculate the appropriate amount of premiums to charge policyholders. This will require projections of how events will unfold in the future. In calculating the right amount of premiums, the actuary will need to project how large potential claims will be and when they will occur.
Such projections are incorporated into the models to calculate the premium required. At the same time, judgement, business acumen and experience are required to understand and logically interpret the results of the model before finally coming up with a solution to the problem. Actuarial science is a combination of science and art!
Calculation of premiums is only one of the many contributions of actuaries to insurance companies. In addition to pricing decisions, actuaries are involved in designing insurance products, formulating investment strategies, determining reserves to be set up to meet future claims and recommending distribution of profits to shareholders after taking into account the insurance company’s future obligation to policyholders.
Actuaries also estimate the amount of future claims by analysing past data or experience to assign probabilities to events such as death, sickness, disability, loss of property or even loss of business profits. Actuaries provide solutions to today’s insurance and financial problems that properly take into account the financial impact of future events. With the actuaries’ expert knowledge in financial matters, they are often key advisors to the Board of Directors.
An actuary’s job is not just boring desk-bound number crunching. Actuaries are faced with challenges of the ever-changing economic environment in which they have to constantly update their techniques of assessment and calculation. It is an intellectual challenge to analyse current trends and predict the future as we live in a world where the unexpected (e.g. the SARS outbreak, September 11 etc.) can happen.
Due to the demand for actuarial technical skills and knowledge, there are vast career options and opportunities for an actuary. Traditionally, actuaries worked only in the insurance industry. However, with the growing acknowledgement and recognition of actuarial skills today across the various financial sectors, the potential employment opportunities of an actuary have expanded to encompass banks, investment companies, security and commodity broker firms, regulators and even lecturing in the education sector. With such demand, there is an ever-increasing need for actuaries all around the world.
In Malaysia, most actuaries are still working in the traditional life and non-life insurance industry. However, based on trends worldwide and the rapid growth of the Malaysian financial industry, it is expected that more and more actuaries will ventured into the non-traditional areas as mentioned above.
In the wide field of opportunities to manage risk, one industry employs more actuaries than any other: insurance. Within this industry, actuaries hold significant positions:
In insurance companies, where actuaries develop, price and manage products across all lines of business—life, health, retirement, and general insurance (property and casualty).
With consulting firms, where actuaries advise employers on the design and management of pension, retirement and other employee benefit programs and provide actuarial advice to insurance companies and other providers of financial services.
Within employee benefits departments, where actuaries define, create and manage pension and retirement plans for employees.
In government agencies, where actuaries operate retirement and insurance programs.
For financial advisories, where actuaries provide financial planning guidance to individuals.
With actuarial work, opportunities grow and change along with the world. For instance, changes in healthcare laws have created the need for more actuaries to evaluate the effects of those laws on insurance programs and benefit plans. Additionally, catastrophic weather brings opportunity for actuaries in the general insurance field to predict, evaluate and cover the risks associated with potential storms.
Examples of actuarial work:
Valuation –performs experience studies, cash flow testing and other tasks to set the amount of reserve and capital to be held by an insurer
Pricing –determines product features and pricing of products
Pension –certifies the contributions needed to adequately fund a pension plan
Consulting –advises clients on actuarial financial risks, usually associated with employee benefits and insurance
Reinsurance –performs traditional actuarial duties for a reinsurer that would accept risk from a direct insurance company
General Insurance – performs roles like a valuation or pricing actuary, with a specialty in property and casualty insurance
Health Insurance –performs actuarial duties for a health organization or insurer
Product Line or Segment Risk Management – performs risk management functions for a specific line of business for an insurance company
Non-traditional Career Pathways for Actuaries in Malaysia
In terms of employment opportunities for actuaries, the insurance industry is number one—but not the only industry for actuaries.
Wherever there is risk—and a desire to manage it—there is opportunity for actuaries to apply analytical skills and business knowledge to solve problems. Changes in the world bring new risks; and new risks mean new challenges for actuaries. Also, as more leaders and organizations see that risk modeling and management can help them navigate volatile situations, actuarial careers are taking exciting turns.
Actuaries are finding roles in industries where actuaries have never been.
As companies seek greater control over risk, they are bringing actuarial work in-house. Enterprise Risk Management has become such a trusted, essential function that some organizations employ a Chief Risk Officer, a risk management-focused position at the most senior level of business leadership.
Additionally, actuaries find professional growth and personal satisfaction in fields such as:
Financial services, such as banking, investment management and stock markets in developing economies
Technology, e-commerce and business start-ups of all sorts
Environmental causes, climate change and weather risk management
Transportation, such as shipping and air travel
Energy, such as utilities, oil and gas
Government institutions, social programs and other groups that help shape legislation
Examples of non-traditional actuarial fields in Malaysia
Business Analytics, where actuaries work on predictive modeling and data mining
Enterprise Risk Management, where actuaries provide tools, techniques and perspective to manage operational risks at an enterprise or corporate level
Senior Management, where actuaries provide broad business and management oversight for an organization’s most senior decision makers
Investments and Fund Management, where actuaries focus on asset risks for asset managers but also contribute in areas such as hedging strategy, derivatives structuring and structured finance
Banking and Financial Services, where actuaries help banks and financial services companies with product portfolio, capital management and risk analysis
Environmental Finance, where actuaries apply finance techniques and practices to environmental issues
Wealth Management and Financial Planning, where actuaries contribute skills and expertise to wealth management firms and individuals (rather than to insurance companies)
Health and Retirement Financing, where actuaries offer advice on aspects of social insurance including funding levels and population projections
Sales and Marketing, where actuaries help set policies, messages and compensation levels for those directly involved in marketing
Entrepreneurial Actuaries, which represents a wide range of opportunities for actuaries who desire to set up and run their own business
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.
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Study at a Top Private University in Malaysia for Actuarial Science
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
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.
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).
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
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:
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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:
Actuarial Statistics (CS)
Actuarial Statistics (CS1)
Risk Modelling & Survival Analysis (CS2)
Actuarial Mathematics (CM)
Actuarial Mathematics (CM1)
Financial Engineering and Loss Reserving (CM2)
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:
Actuarial Practice (CP1)
Modelling Practice (CP2)
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
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:
Effective Communications
Problem Solving and Decision Making
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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What you Will Study in Actuarial Science Degree Programme in Malaysia
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
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.
After chatting with EduSpiral on WhatsApp, he met me & my family to take us around the campus & provide further advise on the course. Zijun, Actuarial Science at Asia Pacific University (APU)
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.
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:
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?
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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
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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.
Find Out About the Bachelor of Science (Hons) Actuarial Studies Degree Course Details, Entry Requirements, Fees & Intakes at Asia Pacific University (APU) Malaysia
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Malaysian students after high school or Pre-University wanting to find out more about the Bachelor of Science (Hons) Actuarial Studies course, intake dates & tuition fees at Asia Pacific University (APU), Malaysia have come to the right place. We will provide detailed information for the course and counseling is available.
Established in 1993, Asia Pacific University (APU) is famous in Malaysia for its technology courses and is one of the first private universities to offer the actuarial science degree programme. The Actuarial Science degree at Asia Pacific University (APU) has been awarded full accreditation from the Institute and Faculty of Actuaries (IFoA) (UK). APU is among the 7 universities in Asia to receive such worldwide recognition. In addition, APU is the first and the only Malaysian university that has all the six preliminary exams (P, FM, IFM, LTAM, STAM & SRM) and all the three VEE topics listed in its SOA UCAP profile.
Please fill up the Form below and I will WhatsApp you and provide you with sound advise on how to choose the best private university or college in Malaysia to study at. If you do not give your mobile number or full name as in IC, your query will not be answered. Our knowledgeable & experienced counsellor will se nd you a message on WhatsApp & provide assistance from there.
Actuarial Science Degree Programme at Asia Pacific University (APU) in Malaysia
I wasn’t sure of which university to join for actuarial science. EduSpiral shared with me about the scholarship and actuarial pathways clearly which helped me to decide. Wei Zhe, Actuarial Science at Asia Pacific University (APU)
The necessary knowledge and skills to provide advice to institutions like insurance or reinsurance companies, pensions funds and financial and investment institutions. The skills acquired by actuaries are not confined to the financial sector but are also transferable to any organisation that has to deal with risk and make financial sense of the future.
Opportunities to adapt to Insurance-related industries by providing them with assignments to mimic the actual decision making process and broad-based information pertaining to the industries.
Opportunities to develop their skills to solve a problem and model a solution using specialized statistical and actuarial methods.
Why Study Actuarial Science at Asia Pacific University?
Asia Pacific University (APU) was awarded the Premier Digital Tech University status and 100% are Employed by Graduation
A course of study in Actuarial Science which has been awarded full accreditation from the IFoA (UK). APU is among the 7 universities in Asia to receive such worldwide recognition.
Competent teaching staff with professional or specialized academic qualification, possessing working experience from actuarial industries/academia.
Course syllabus which is comprehensively structured in tandem and compliance with the 2 biggest actuarial bodies, the IFoA (UK) and the SOA (US).
Comprehensive guidance to mold graduates to be industry-ready.
According to the latest Graduate Tracer Study 2018 by Ministry of Education Malaysia, 100% of APU graduates are employed by graduation. This is not just a number, but a significant symbol of APU’s success and pride in nurturing professionals for global careers.
The university has more than 12,000 students coming from over 100 countries. 60% of its students are international students giving the campus a very international flavour. This is advantageous to Malaysian students who want to learn in a global environment in order to compete in the multinational work force of the future. In addition, it forces Malaysian students to improve their English while communicating with the international students.
Actuarial Science Programme Details at Asia Pacific University (APU)
I was confused what to study & which university. My cousin introduced me to EduSpiral who helped me to make the right choice. Ye Lun, Actuarial Science at Asia Pacific University (APU)
APU’s Bachelor of Science (Honours) in Actuarial Studies is a 3-year degree programme of full-time study. This programme is to develop students’ mathematical, statistical and analytical skills in addition to actuarial practices as preparation to become a qualified actuary.
Actuaries are highly regarded professional and they work across several industries including life and general insurance, commercial and investment banking, pensions and healthcare, consulting firms, and public sector. Actuaries are problem solvers and strategic thinkers with a deep understanding of risk management; they are one of the top paying professionals as they are usually in high demand worldwide.
Education Pathway to the Actuarial Science Degree at Asia Pacific University (APU)
After chatting with EduSpiral on WhatsApp, he met me & my family to take us around the campus & provide further advise on the course. Zijun, Actuarial Science at Asia Pacific University (APU)
Entry Requirements for the Actuarial Studies Degree at Asia Pacific University (APU)
Programmes
General Requirements
DIRECT ENTRY TO LEVEL 1 OF THE DEGREE:
STPM
• 2 Passes in STPM with a minimum Grade C+ (GP 2.33) and a Credit in Mathematics and a Pass in English at SPM Level or its equivalent.
A-LEVEL
• 2 Passes in A-Level in any 2 subjects, and a Credit in Mathematics and a Pass in English at SPM/O-Level/ IGCSE or its equivalent.
UEC
• 5 Grade B’s in UEC including Mathematics with a Pass in English.
MATRICULATION/ FOUNDATION
• Passed Foundation programme (minimum CGPA of 2.5) with a Credit in Mathematics and a Pass in English at SPM/O-Level/IGCSE or equivalent.
DIRECT ENTRY TO LEVEL 2 OF THE DEGREE:
DIPLOMA IN ACCOUNTING
• Passed Diploma with minimum CGPA of 2.5 and a Credit in Mathematics at SPM level.
Any qualification that APU accepts as equivalent to the above.
What you will study in the Bachelor of Science (Hons) in Actuarial Studies at Asia Pacific University (APU)
An excellent study environment at Asia Pacific University (APU)
APU BSc (Hons) in Actuarial Studies is a 3 years degree programme of full-time study. This programme is designed not only to provide students with knowledge and skills to enter the actuarial profession but also prepare them for the professional examinations that will lead them to a qualified actuary.
While working, they continue to sit and pass the remaining professional exams, eventually becoming qualified actuaries in their chosen specialisation in various areas such as Corporate Finance and Enterprise Risk management, Individual Life and Annuities, Group and health Insurance, Retirement Benefits, Quantitative Finance and Investment, and General Insurance.
APU graduates will also acquire the essential leadership qualities, work in teams, communication skills, problem solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging and exciting world today.
Actuaries usually work primarily for the insurance industry. They are also highly sought after by other sectors such as private corporations, banks, financial institutions and investment firms, brokerages and even government department such as Bank Negara also requires actuaries in risk management and financial consulting services.
Accreditation & Recognition of the Actuarial Science Degree at Asia Pacific University (APU)
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).
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.
APU is the first and the only Malaysian university that has all the six preliminary exams (P, FM, IFM, LTAM, STAM & SRM) and all the three VEE topics listed in its SOA UCAP profile.
The Actuarial Science degree at Asia Pacific University (APU) has been awarded full accreditation from the Institute and Faculty of Actuaries (IFoA) (UK)
SOCIETY OF ACTUARIES (SOA), USA
APU is also recognized by the Society of Actuaries (US) that our BSc (Hons) Actuarial Studies will prepare students for all the six preliminary exams (P, FM, IFM, LTAM, STAM, and SRM) in the new SOA curriculum. This is in addition to the approved coursework for all the three VEE topics (Accounting & Finance, Economics, and Mathematical Statistics).
What You Will Study in the Bachelor of Science (Honours) in Actuarial Studies
I was confused what to study & which university. My cousin introduced me to EduSpiral who helped me to make the right choice. Ye Lun, Actuarial Science at Asia Pacific University (APU)
APU’s Bachelor of Science (Honours) in Actuarial Studies is a 3-year degree programme of full-time study. This programme is to develop students’ mathematical, statistical and analytical skills in addition to actuarial practices as preparation to become a qualified actuary.
Actuaries are highly regarded professional and they work across several industries including life and general insurance, commercial and investment banking, pensions and healthcare, consulting firms, and public sector.
Actuaries are problem solvers and strategic thinkers with a deep understanding of risk management; they are one of the top paying professionals as they are usually in high demand worldwide.
Year 1 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University
Asia Pacific University (APU) is ranked Tier 5 or “Excellent” in the SETARA rating by MQA.
Equipping students with essential fundamentals of Mathematics, Statistics, Economics and Finance starts at Level 1. To complement the core knowledge, the students will also learn Business, Communication, and IT skills, before progressing to the Level 2 of Actuarial Science study.
Modules
Probability Models
Linear Algebra
Business and Communication Skills
Calculus
Financial Accounting
Microeconomics
Macroeconomic
Introduction to R Programming
Advanced Probability Models
Statistics
Year 2 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University
Library at Asia Pacific University (APU)
The core knowledge of Mathematics and Statistics now act as engine to drive the complex models of Economics and Finance in the actuarial industries.
Those core knowledge are integrated to form actuarial tools and infrastructure, ready to be used for planning and managing purposes. Students will receive exposure and coaching which are actuarial centric, targeting at industrial applications. They are gradually groomed to be more independent in their study and research efforts.
Modules
Asset and Liability Valuations
Financial Statement Analysis
Predictive Analytics
Financial Mathematics
Calculus II
Regression Analysis
Financial Economics
Financial Planning and Control
Business Research Methods
Financial Management
Business Ethics & Governance
Mathematics of Financial Derivatives
INTERNSHIP (16 WEEKS)
At APU, we encourage our students to be entrepreneurial and innovative. After the completion of Level 2, students will undertake a short internship/industrial training of a minimum of 16 weeks. This will provide our students opportunities to engage with realworld business problems both in our programmes and in our renowned Professional Training placements.
Year 3 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University
Top lecturers teach at Asia Pacific University (APU)
The students are now ready to merge their knowledge and industrial experience to forge ahead and put into action their acquired skills in planning, managing and analyzing risk. At this level, emphasis is placed on evaluating financial performance of businesses from actuary’s perspectives.
Students will have the opportunity to understand the critical roles played by actuaries, for example, in the development and pricing of insurance products. Risk Management, Actuarial Modeling and Ratemaking are some of a wide repertoire of skills to be used.
Modules
Stochastic Processes
Life Contigencies
Strategic Management
Corporate Finance
Risk Theory
Investigation in Actuarial Studies
Option and Bond Valuations
Survival Analysis
Life Contingencies 2
Pension and Retirement Plans
Project in Actuarial Studies
MQA Compulsory Subjects*
Ethnic Relations (M’sian Students)
Islamic & Asian Civilisation (M’sian Students)
Malaysian Studies (Int’l Students)
Malay Communication Language (Int’l Students)
Workplace Professional Communication Skills
Employee & Employment Trends
Co-Curriculum
(*All students are required to successfully complete these modules as stipulated by the Malaysian Qualification Agency)
Career Options for Graduates of the BSc. (Hons) in Actuarial Studies at Asia Pacific University (APU)
Actuary
Risk Analyst
Financial Analyst
Financial Planning Advisor
Regulator
Statistician
Mathematician
Professor
Intake Dates for the BSc. (Hons) in Actuarial Studies at Asia Pacific University (APU)
The duration for the BSc. (Hons) in Actuarial Studies at Asia Pacific University (APU) is 3 years with 2 semesters a year. Each semester is 6 months long.
Intakes for the degree programmes are in February, April, September and November of each year. For the exact dates, please WhatsApp 01111408838
2020 Course Fees:
Malaysian Students
International Students
Year 1: RM 25,400
Year 2: RM 25,800
Year 3: RM 26,800 Total: RM 78,000
Year 1: RM 28,600 (USD 7,150)
Year 2: RM 29,700 (USD 7,430)
Year 3: RM 29,900 (USD 7,480) Total: RM 88,200 (USD 22,060)
* Fees stated above do not include Deposits and other Miscellaneous Fees. Please refer to Fee Guide for details.
Studying Actuarial Science in Malaysia is a Pathway to a Financially Rewarding Career
Written by EduSpiral Consultant Services. For more information contact 01111408838
With only 100 qualified actuaries in Malaysia, the market for actuaries can perhaps still be considered unsaturated.Due to the demand for actuarial technical skills and knowledge, there are vast career options and opportunities for an actuary. Traditionally, actuaries worked only in the insurance industry.
However, with the growing acknowledgement and recognition of actuarial skills today across the various financial sectors, the potential employment opportunities of an actuary have expanded to encompass banks, investment companies, security and commodity broker firms, regulators and even lecturing in the education sector. With such demand, there is an ever-increasing need for actuaries all around the world.
Furthermore, salaries for actuaries is can be very high compared to the similar jobs in financial institutions.
For more information on the top private universities and colleges in Malaysia, WhatsApp 01111408838
Please fill up the Form below and I will WhatsApp you and provide you with sound advise on how to choose the best private university or college in Malaysia to study at. If you do not give your mobile number or full name as in IC, your query will not be answered. Our knowledgeable & experienced counsellor will send you a message on WhatsApp & provide assistance from there.
Choosing to Study Actuarial Science in Malaysia can get you into High Paying Jobs in your Future Career
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
One of the main aim of getting a university education in Malaysia is to find a stable job so that you can take care of yourself and your family. However, nowadays, with the high cost of living, just finding any job will not do. You will need to find a job that has a high salary.
For those who are willing to work hard, Actuary is a financially-rewarding profession. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that.
Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities. For example, an actuary with a fellowship designation working as a financial manager in the banking industry could earn a higher salary than another fellow working in the health insurance industry.
The actuarial profession is perfect for individuals who enjoy challenges and problems solving. Those who develop a track-record of success will have many opportunities for growth and advancement.
Most employers of actuaries award merit increases as you gain experience and pass the actuarial examinations. Most companies also offer cash bonuses, salary increases, and promotions for each professional designation achieved.
Skills acquired by actuaries, especially the quantitative analysis of risk, are valued in the marketplace. As such, those who have the will to succeed can aspire to career advancement with an actuarial credential.
According to Hays Recruitment Malaysia 2019 Salary Guide
The yearly salary for the various job positions in actuaries in Malaysia are:
Chief Actuaries 420 – 660k
Department Head 180 – 300k
Senior Manager 180 – 264k
Manager 84 – 192k
Associate 60 – 84k
According to the 2020 Robert Walters Salary Report
The annual salary for an actuary in Malaysia is:
4 – 7 Years Experience
8 – 12 Years Experience
12+ Years Experience
Actuaries – Pricing & Valuation
90 – 180k a year
180 – 264k a year
264k+ a year
What is the Job Demand for Actuaries in Malaysia?
Ong Shze Yeong, Head of Actuarial at AXA Affin General Insurance Berhad was at UCSI University to discuss the general insurance industry in Malaysia and to share career insights in this emerging market.
With only 100 qualified actuaries in Malaysia, the market for actuaries can perhaps still be considered unsaturated.Due to the demand for actuarial technical skills and knowledge, there are vast career options and opportunities for an actuary. Traditionally, actuaries worked only in the insurance industry.
However, with the growing acknowledgement and recognition of actuarial skills today across the various financial sectors, the potential employment opportunities of an actuary have expanded to encompass banks, investment companies, security and commodity broker firms, regulators and even lecturing in the education sector. With such demand, there is an ever-increasing need for actuaries all around the world.
Given the expected continuous growth in the insurance market, it is anticipated that the demand for actuaries in Malaysia will continue to grow in the next few decades. Future regulatory developments (e.g. requirement for certification of IBNR) and the increasing need for risk management are likely to result in significant increase in demand for actuarial services by general insurers.
Currently, Malaysians are generally under-insured or not insured, and there is a lack of understanding of insurance products by the general public. However, as the country develops and the middle-working class population grows, there will be an increase in financial awareness. This will create a lot of potential growth in the Malaysian market. There is a demand in Life and takaful insurance, since the majority of Malaysians are Muslims where there is demand for Sharia compliant products.
Where do Actuaries Work?
I was confused which university to choose for my studies and contacted EduSpiral. He provided facts & evidence to help me make the right choice. Vivian Chua, Actuarial Science at UCSI University
Actuarial science is also an internationally-recognised qualification that is a passport to working anywhere globally. Actuaries are in demand mainly in the financial services sector, working in banks, insurance and investment companies as well as government bodies.
Actuaries are excellent risk managers. They work in the specialist areas of insurance, pensions, benefits, healthcare, investments and banking, or for any large organization where risk management plays an important role, or for a consultancy advising on all sorts of different projects.
Therefore, actuaries play very important roles in the insurance and finance industries in Malaysia. They include life insurance companies, general insurance companies, and reinsurance companies.
Actuarial Science is a job that is recession-proof, therefore providing security for your career.
Who Should Study Actuarial Science?
After chatting with EduSpiral on WhatsApp, he met me & my family to take us around the campus & provide further advise on the course. Zijun, Actuarial Science at Asia Pacific University (APU)
The work is challenging and intellectually stimulating, especially for those who love numbers and logic.
For an actuary, being good in mathematics is a must. However, actuaries must also have good verbal and written communication skills, 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!
You can also see your efforts having a big impact on the industry and society as a whole, as when you devise and formulate financially-secure benefit plans and programmes that serve to protect clients.
What will you Study in an Actuarial Science Degree in Malaysia?
I wasn’t sure of which university to join for actuarial science. EduSpiral shared with me about the scholarship and actuarial pathways clearly which helped me to decide. Wei Zhe, Actuarial Science at Asia Pacific University (APU)
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, 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.
Where do Actuaries Work in Malaysia?
I received a lot of in-depth information about the course & university from EduSpiral. He took us around for a campus tour as well as the hostel in Cyberjaya. Wen Hang, Actuarial Science at Heriot-Watt University Malaysia
Actuaries are normally found in the insurance industry. They also work in consulting, financial institutions, banks, investment, brokerages, or as lecturers.
The American Society of Actuaries defines actuaries as ‘professionals who provide expert advice and relevant solutions for business and societal problems that involve economic risk.’ In Malaysia, one of the places where actuaries are often found is at insurance companies. Using mathematical models based on statistical data, they are the brains behind the calculation of the amount of insurance premium that a policyholder has to pay.
With their readily transferable skills, actuaries can also be found in many other fields. Besides the hugely popular insurance field, an actuary can work in finance, marketing, manufacturing or in the development of new products.
For example, an actuary might be hired by a business to help determine where it should invest its money based on risk and potential return analysis. Opportunities for actuaries range from the education industry to research work and even to government agencies. Because of the importance of their work, actuaries are respected throughout the business community.
In Malaysia, most actuaries can be found in life insurance companies, financial institutions such as banks, consultancies providing advice in the fields of employee benefits, life insurance and general insurance, Bank Negara Malaysia and public universities.
The areas of work for actuaries are not limited to insurance firms only. Instead, the horizon for this line of job is very wide. Below are some of the areas of work which actuaries do:
Life Insurance / Family Takaful
General Insurance / General Takaful
Reinsurance / Retakaful
Actuarial Consulting
Investment and Financial Services
Employee Benefit Industry (e.g. EPF)
Government Sector (e.g. BNM)
Colleges and Universities
What is the Day-to-Day Job of an Actuaries in Malaysia?
My mum contacted EduSpiral and he gave me in-depth information on the courses & universities. He arranged for us to tour the universities to help me make the right choice. Bryan Yap, Foundation in Business (Actuarial Science) at Heriot-Watt University Malaysia
In the insurance industry, actuaries are the financial engineers. Actuaries analyse and predict the probability that a potential event will generate a claim, and ascertain the amount of money needed for claims payouts. They are also involved in regulation, policy writing, product design and marketing of the products.
The main roles of actuaries in insurance companies are to calculate the premium for the insurance products, and determine whether the insurance company is financially solvent. In contrast, the roles of actuaries in the finance industry are in the field of risk management and assets liabilities management. They help in assessing all possible risks and manage them before the problems surface.
Actuaries are often required to work overtime in some aggressive companies, especially when they are to meet deadlines. As such, life of an actuary can be thrilling or stressful, depending on how you perceive it.
Combining their skills in mathematics, statistics, economics and finance, actuaries are able to gauge and make expert financial predictions about the future.
What areas can Actuaries Specialise in for their Job in Malaysia?
Actuaries can specialise in the following fields:
Traditional life insurance
They focus on the analysis of mortality, the production of life tables and the application of interest to produce life insurance, annuities and endowment policies. It also includes credit and mortgage insurance, long term care insurance and health savings account.
Health insurance
They focus on the analyses of rates of disability, morbidity, mortality, fertility and other contingencies. Also of great importance are the effects of consumer choice and the geographical distribution of medical services as well as the procedures and use of drugs and therapies.
Pension industry
They measure costs of alternative strategies with regards to the design, maintenance or redesigning of pension plans. The strategies are greatly influenced by collective bargaining, the changing demographics of the workforce, changes in internal revenue code and financial and economic trends among others.
Property and casualty
They focus on data collection, measurement, estimation, forecasting and valuation tools to provide financial and underwriting data for management to assess marketing opportunities and the required degree of risk taking.
Reinsurance
Focus on designing and pricing reinsurance and retro-reinsurance schemes. Their responsibility also includes establishing reserve funds for known claims and future claims as well as catastrophes.
What is the Education Pathway to Become an Actuary in Malaysia?
I was confused what to study & which university. My cousin introduced me to EduSpiral who helped me to make the right choice. Ye Lun, Actuarial Science at Asia Pacific University (APU)
The Actuarial Science degree programme has a heavy mathematical and statistical component. The first step after SPM or 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. Students should have excellent overall results including Maths in order to tackle the academic rigours of the actuarial science programme.
Thereafter, completing the professional exams may take another 3-7 years (considering working full-time while studying). The Society of Actuaries (SOA) has a series of examinations and modules that you can take to become a fully-qualified actuary. This is usually undertaken while one is already working as an entry-level actuary, and this certification process is often sponsored by the employer while the candidate gains practical experience at the same time.
Most people will take around six to eight years to complete the requirements to become an Associate, and another two or three years to become a Fellow, by which time one will usually be in one’s thirties.
After qualifying to be an actuary, one can choose to specialise in one of the areas of insurance, viz life, health protection, property, pensions etc. Later, one can also choose to work with a consulting firm or even be an independent consultant.
However, even those who did not manage to sit for all the exams will still be recognised for those that they have successfully completed. Those who have taken only the first three exams can qualify to become underwriters.
Institute and Faculty of Actuaries (IFoA) Curriculum 2019 Pathway
One of the pathways to become a professional actuaries in Malaysia is taking the professional papers from the 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.
To become an Associate member you need to complete 7 subjects of the Core Principles. The Core Principles cover three main areas which are Actuarial Statistics (CS), Actuarial Mathematics (CM) and Business (CB). Additionally, 3 Core Practices subjects (CP1, CP2 and CP3) either by examination or exemption and a minimum of 2 years of Personal and Professional Development (PPD).
To qualify as a Fellow you need to complete Two Specialist Principles subjects either by examination or exemption. You can choose 2 out of 9 subjects. Furthermore, you will need to complete One Specialist Advanced (Choose 1 out of 7 subjects) subject by examination or dissertation and a further minimum 1 year of Personal and Professional Development (PPD)
Where to Study the Best Degree for Actuarial Science in Malaysia?
EduSpiral helped me to find the right college for A-Levels, & now they have helped me to choose what to study after my A-Levels. Chee Kin, Actuarial & Finance degree at UCSI University
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.
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).
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.
The 1-year internship is offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Furthermore, students can consider studying the BSc (Hons) Actuarial Science at affordable and top ranked UCSI University. Many of UCSI’s students have completed 3 to 5 professional papers of the SOA during Year 2 and 3 of the Actuarial Science degree which reflects on the strength of their lecturers and curriculum.
All you need to know about becoming an Actuary through an Actuarial Science degree and then taking the professional papers from the Society of Actuaries (SOA) USA in Malaysia
Written by EduSpiral Consultant ServicesFor more information contact 01111408838
The most common route to become an Actuary in Malaysia is taking the Professional Papers from the Society of Actuaries (SOA) – USA. Malaysian insurance regulator, Bank Negara Malaysia and the Actuarial Society of Malaysia (ASM) recognize Fellows from the Society of Actuaries (U.S.) as qualified actuaries in Malaysia.
After SPM or 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 the Society of Actuaries (SOA).
Please fill up the Form below and I will WhatsApp you and provide you with sound advise on how to choose the best private university or college in Malaysia to study at. If you do not give your mobile number or full name as in IC, your query will not be answered. Our knowledgeable & experienced counsellor will send you a message on WhatsApp & provide assistance from there.
Best Education Pathway to Study Actuarial Science and Become a Professional Actuary in Malaysia
I was confused what to study & which university. My cousin introduced me to EduSpiral who helped me to make the right choice. Ye Lun, Actuarial Science at Asia Pacific University
Actuarial science is a discipline that assesses financial risks in the insurance and finance fields, using mathematical and statistical methods.
Actuarial science applies the mathematics of probability and statistics to define, analyze and solve the financial implications of uncertain future events. Traditional actuarial science largely revolves around the analysis of mortality and the production of life tables, and the application of compound interest.
Students after SPM, IGSE or O-Levels, can go for the Foundation in Business and subsequently the Actuarial Science degree programme with exemptions from the professional papers. Students may attempt part of the Society of Actuaries (SOA) professional papers during their degree programme or upon completing the degree.
There are not many universities in Malaysia that offer the degree in Actuarial Science. To study Actuarial Science in Malaysia, students should choose a university that best equips them with the knowledge and skills to succeed in actuaries.
During their undergraduate studies, students can attempt the examinations conducted by professional bodies such as Society of Actuaries (SOA). The SOA is the world’s largest actuarial professional organisation and one that constantly highlights the importance of education, credentialing and professional development. Although based in the USA, the society has a global footprint.
Through research and education, the SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges.
Most people will take around six to eight years to complete the requirements to become an Associate, and another two or three years to become a Fellow, by which time one will usually be in one’s thirties.
The current structure for the respective exam series is briefly described below:
Society of Actuaries (U.S.)
5 Preliminary Exams
Validation by Educational Experience (VEE) – 3 subjects
Fundamental Actuarial Practices (FAP) – 8 modules + 2 assessments
Associateship Professionalism Course
FSA Module – 2 Modules
FSA Exams – 2 Exams
Strategic Business Management Module
Fellowship Admissions Course
Top Private Universities Offering the Actuarial Science Degree Programme in Malaysia
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
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.
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.
The 1-year internship is offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Furthermore, students can consider studying the BSc (Hons) Actuarial Science at affordable and top ranked UCSI University. Many of UCSI’s students have completed 3 to 5 professional papers of the SOA during Year 2 and 3 of the Actuarial Science degree which reflects on the strength of their lecturers and curriculum.
Qualifying to become a professional Actuary in Malaysia through taking the Society of Actuaries (SOA) Professional Papers
I was confused which university to choose for my studies and contacted EduSpiral. He provided facts & evidence to help me make the right choice. Vivian Chua, Actuarial Science at UCSI University
No specific degree is mandatory, but like most good jobs, graduating from university will give one a certain edge and credibility. Most practising actuaries today have a degree in mathematics, actuarial science, statistics or computer science. Similar to accountants, graduates must also pass professional exams, before they become recognised as an actuary.
In Malaysia, to be recognised as an actuary, one will have to be a registered member with the Actuarial Society of Malaysia (ASM).
What kind of support do local and foreign companies provide?
Most, if not all local and foreign companies support their actuarial students by having actuarial development programs with the following incentives:
Study and exam leave
Full/partial reimbursement on costs of study material
Salary increment and/or bonus upon passing of exams
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:
Currently, the ASM does not conduct any of its own exams, but aspiring actuaries in Malaysia can choose to take the exams conducted by one of the above professional bodies.
What are the passing rates like for the Actuarial Science Professional Papers?
Passing rates are generally low compared with other professions.
For the Institute, Society or Faculty professional exams, passing rates as low as 15% – 25% per subject are not uncommon.
What about exams and qualifications for Actuary?
The current structure for the respective exam series is briefly described below:
Society of Actuaries (U.S.)
5 Preliminary Exams
Validation by Educational Experience (VEE) – 3 subjects
Fundamental Actuarial Practices (FAP) – 8 modules + 2 assessments
Associateship Professionalism Course
FSA Module – 2 Modules
FSA Exams – 2 Exams
Strategic Business Management Module
Fellowship Admissions Course
Society of Actuaries (SOA) – USA
After chatting with EduSpiral on WhatsApp, he met me & my family to take us around the campus & provide further advise on the course. Zijun, Actuarial Science at Asia Pacific University (APU)
The journey to become a qualified actuary as outlined by the Society of Actuaries (SOA) – one of the most prominent professional organisation for actuaries in the world – is divided into four stages.
The first is the Validated by Educational Experience (VEE) stage where students who receive grades of 70% and above for subjects in economics, corporate finance and applied statistics – will receive credit for these professional papers.
The second stage involves five preliminary exams that candidates must pass before proceeding to the penultimate stage, namely, the Fundamentals of Actuarial Practices course and the Associateship Professionalism Course (APC). This will qualify them as an Associate of the Society of Actuaries (ASA).
The final hurdle would be to qualify as a Fellow of the Society of Actuaries (FSA).
To attain the Associate of the Society of Actuaries (ASA) designation a candidate must successfully complete the requirements shown below, and have the Application for Admission as an Associate approved by the SOA Board of Directors. Requirements include examinations, an e-Learning course, a proctored project assessment, validation of educational experiences outside the SOA Education system (VEE), and a professionalism seminar.
Route to Becoming an Actuary throught the Society of Actuaries professional exams – SOA
1. Preliminary Education Component
Consists of five papers:
Exam P Probability
Exam FM Financial Mathematics
Exam LTAM (Long-Term Actuarial Mathematics)
Exam IFM (Investments & Financial Markets)
Exam STAM (Short-Term Actuarial Mathematics)
2. Validation by Educational Experience (VEE)
There are three required VEE topics as of July 1, 2018:
Economics
Accounting and Finance
Mathematical Statistics
NOTE: Some candidates may be eligible to obtain VEE transition credit for the previously required topics of Corporate Finance and Applied Statistics.
The VEE topics are not formal prerequisites for the preliminary exams and may be fulfilled independently of the exam process. However, you must pass two SOA, CAS or CIA actuarial exams before applying to have your VEE credit added to your record.
NOTE: VEE topics are not prerequisites for the preliminary examinations. They need not be completed prior to writing any of the preliminary exams and may be fulfilled independently of the preliminary exam process.
Credit for VEE can be obtained through various courses completed from colleges or other education programs. Within Malaysia, candidates can gain credit via the following Private Universities:
A series of online learning modules, called the Fundamentals of Actuarial Practice (FAP), are intended to be taken after the preliminary exams. They cover real-world topics such as insurance and professionalism with readings, case studies and projects. The preliminary exams and FAP modules comprise the majority of the education requirement for the ASA designation.
Web-based course comprising eight modules and two assessments:
Modules:
Module 1 – Introduction / The Role of the Professional Actuary
Module 2 – Core External Forces
Module 3 – Risk in Actuarial Problems
Module 4 – Actuarial Solutions
Module 5 – Actuarial Models
Module 6 – Model Selection and Solution Design
Module 7 – Selection of Initial Assumptions
Module 8 – Monitoring Results and Completing the Control Cycle
Assessments:
First Assessment upon completion of Modules 1 to 5
Final Assessment upon completion of Modules 6 to 8
4. Associate Professionalism Course (ACP)
Half day course covering professionalism, ethics and legal liabilities.
Upon completion of the Preliminary Education Component, VEE, FAP and ACP, the candidate will obtain the title of Associate of the SOA (ASA).
5. Specialty Tracks for Fellowship Courses
Upper-level exam topics for the FSA designation include plan design, risk classification, enterprise risk management, ratemaking and valuation. Three fellowship exams are taken in one of six specialization tracks chosen by the candidate – Finance & Enterprise Risk Management, Investments, Individual Life Insurance & Annuities, Retirement Benefits, Group & Health Insurance, or General Insurance.
To proceed from Associate to Fellow in the SOA, specific exams and modules have to be completed from one of the following specialty tracks:
Corporate Finance and ERM (CFE)
Quantitative Finance and Investment (QFI)
Individual Life and Annuities
Retirement Benefits
Group and Health
General Insurance
6. Decision Making and Communication (DMAC) Module
E-learning module on written and oral communication skills and decision making skills, applied in solving business problems.
7. Fellowship Admissions Course (FAC)
Final fellowship course consisting of lectures, case studies and presentations to increase awareness in professional ethical and malpractice issues, encourage problem-solving from different perspectives and facilitate coaching in oral communications.
Upon completion of all of the above, the candidate will obtain the title of Fellow of the SOA (FSA).
Route to Becoming an Fellow through the Society of Actuaries professional exams – SOA
Membership Classes (To become a member of Actuarial Society of Malaysia)
There are four membership classes under the ASM:
Fellow
Associate
Ordinary
Student
The requirements for each class are as follows:
Fellow
To join, professionals must be a Fellow of one of the following bodies:
Society of Actuaries (USA)
Casualty Actuarial Society (USA)
Faculty and Institute of Actuaries (UK)
Institute of Actuaries of Australia (Australia)
Canadian Institute of Actuaries (Canada)
Recommended by 2 Fellow members of the Society
Resident in Malaysia or deemed to be familiar with Malaysian conditions
At least 1 year’s experience in the Malaysian actuarial industry
Associate
To join, professionals must be an Associate of one of the following bodies:
Society of Actuaries (USA)
Casualty Actuarial Society (USA)
Faculty and Institute of Actuaries (UK)
Institute of Actuaries of Australia (Australia)
Canadian Institute of Actuaries (Canada)
OR
– Passed examinations of any professional actuarial bodies to be recognized as Fellow, which is deemed to be at least equivalent to the examination requirements to become an Associate of the above actuarial bodies.
Ordinary
– Satisfies one of the following:
Ordinary member of a professional actuarial body; OR
Passed at least 1 part/subject of the examinations of a professional actuarial body which has no class of Ordinary membership and is continuing to study for other examinations of the actuarial body; OR
Completed an actuarial course or other related statistical course in a university, college or other academic institute and has achieved a qualification thereof; OR
Carrying out actuarial or other related work in a life or non-life insurance company, government office or actuarial consulting office.
– Nominated by 2 members of the Society
Student
Nominated by 2 persons delegated by the Vice Chancellor of the university
Does not meet the requirements for admission as Fellow, Associate or Ordinary member; OR meets the requirements but is not gainfully employed and chooses to seek Student membership
Has a declared interest in actuarial matters
Undergraduate/postgraduate student in an actuarial-related program
Find Out About the Best Actuarial Science Degree Programmes in Malaysia
Written by EduSpiral Consultant Services For more information contact 01111408838
The path to becoming an actuary in Malaysia for students after high school involves going through a structured education plan. First, students will obtain university-level education and then post-university examinations, as well as other requirements. One must pass the actuarial professional examinations and various on-the-job assessments. A normal actuarial studies degree spans 3 years. Thereafter, completing the professional exams may take another 3-7 years (considering working full-time while studying). Students should choose the best university in Malaysia for actuarial science to prepare them well to face the professional exams.
Please fill up the Form below and I will WhatsApp you and provide you with sound advise on how to choose the best private university or college in Malaysia to study at. If you do not give your mobile number or full name as in IC, your query will not be answered. Our knowledgeable & experienced counsellor will send you a message on WhatsApp & provide assistance from there.
The Best Universities in Malaysia to Study Actuarial Science
EduSpiral helped me to find the right college for A-Levels, & now they have helped me to choose what to study after my A-Levels. Chee Kin, Actuarial & Finance degree at UCSI University
The Actuarial Science degree programme has a heavy mathematical and statistical component. The first step after SPM or 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.
Students should have excellent overall results including Maths in order to tackle the academic rigours of the actuarial science programme.
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.
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.
The 1-year internship is offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Furthermore, students can consider studying the BSc (Hons) Actuarial Science at affordable and top ranked UCSI University. Many of UCSI’s students have completed 3 to 5 professional papers of the SOA during Year 2 and 3 of the Actuarial Science degree which reflects on the strength of their lecturers and curriculum.
UCSI University is one of the pioneers for actuarial science in Malaysia and offers a top rated actuarial science degree that’s affordable.
Who Should Study Actuaries in Malaysia
EduSpiral explained the pathway to become an actuaries & gave facts on why Heriot-Watt is the best for actuarial science. We also toured the campus and hostel. Weng Hang, Heriot-Watt University 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 must also have good verbal and written communication skills, 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.
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 capable of working independently: you know how to use a library. Initiative and inquisitiveness are also of great value.
What you Will Study in Actuarial Science in Malaysia
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
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:
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.
What is the Education Pathway into the Actuarial Science Degree in Malaysia?
Best Actuarial Science Degree Course in Malaysia at Award Winning Asia Pacific University (APU)
I wasn’t sure of which university to join for actuarial science. EduSpiral shared with me about the scholarship and actuarial pathways clearly which helped me to decide. Wei Zhe, Actuarial Science at Asia Pacific University (APU)
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).
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.
The necessary knowledge and skills to provide advice to institutions like insurance or reinsurance companies, pensions funds and financial and investment institutions. The skills acquired by actuaries are not confined to the financial sector but are also transferable to any organisation that has to deal with risk and make financial sense of the future.
Opportunities to adapt to Insurance-related industries by providing them with assignments to mimic the actual decision making process and broad-based information pertaining to the industries.
Opportunities to develop their skills to solve a problem and model a solution using specialized statistical and actuarial methods.
What you will study in the Bachelor of Science (Hons) in Actuarial Studies at Asia Pacific University (APU)
After chatting with EduSpiral on WhatsApp, he met me & my family to take us around the campus & provide further advise on the course. Zijun, Actuarial Science at Asia Pacific University (APU)
Asia Pacific University’sBSc (Hons) in Actuarial Studies is a 3 years degree programme of full-time study. The actuarial studies degree programme at APU is designed not only to provide students with knowledge and skills to enter the actuarial profession but also prepare them for the professional examinations that will lead them to a qualified actuary.
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) and upon graduation, they can embark on careers as an actuarial assistant.
While working, they continue to sit and pass the remaining professional exams, eventually becoming qualified actuaries in their chosen specialisation in various areas such as Corporate Finance and Enterprise Risk management, Individual Life and Annuities, Group and health Insurance, Retirement Benefits, Quantitative Finance and Investment, and General Insurance.
APU graduates will also acquire the essential leadership qualities, work in teams, communication skills, problem solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging and exciting world today.
Actuaries usually work primarily for the insurance industry. They are also highly sought after by other sectors such as private corporations, banks, financial institutions and investment firms, brokerages and even government department such as Bank Negara also requires actuaries in risk management and financial consulting services.
Study the Actuarial Science Degree at the Top Ranked Heriot-Watt University Malaysia
My father wanted me to study at the best university for actuarial science & I wasn’t sure about my results. EduSpiral met up with us, explained about the course and university. Min En, Actuarial Science, Heriot-Watt University Malaysia
Actuaries manage risk and uncertainty and evaluate the likely impact of future events. Heriot-Watt’s Actuarial Science programme is world-famous for its excellence. It contains all the courses that are essential for ensuring a flying start to a career as an actuary whilst at the same time fostering highly transferable mathematical skills.
If you excel at mathematics, enjoy problem solving and are looking for a degree that will prepare you for a rewarding career – both intellectually and financially – Actuarial Science could be the programme for you.
Heriot-Watt University Malaysia 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.
Teaching and Assessment
Teaching is delivered through a combination of lectures, tutorials and project work. Course assessment is generally based on either coursework or an exam at the end of the semester, or a mixture of the two at the end of the semester or academic year.
Accreditation
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.
The Best Actuarial Science Degree Programme at UCSI University
I was confused which university to choose for my studies and contacted EduSpiral. He provided facts & evidence to help me make the right choice. Vivian Chua, Actuarial Science at UCSI University
The 3-year BSc (Hons) Actuarial Science programme at UCSI University provides a solid grounding in mathematics, accounting, finance and statistic to integrate theories with actual experience and build a foundation for students to pursuit professional career in the financial risk management industry.
Students at UCSI University will be furnished with the essential leadership qualities, communication skills, problem-solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging yet exciting world, where risks can be turned into opportunities.
The assessment includes a combination of examinations, projects and assignments, and finally a requirement to complete a dissertation in Independent Project in the final year. Students will acquire up-to-date vocational skills that are relevant and competitive. This reflects the complex and challenging nature of the accounting, finance and business realms.
As testament to UCSI University’s efforts, they have students who passed three to five preliminary exams during their degree studies when they were still in their second year. This is a remarkable feat.
Top Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University Lakeside Campus
My dream was to study at Taylor’s University and with the Taylor’s Excellence Award that EduSpiral shared with me, I am able to achieve it. Chun Tim, Foundation in Business into Finance at Taylor’s University
Actuarial Studies is the extensive study of mathematics, probability, statistics, finance and economics. Offered by Taylor’s Business School (TBS), the programme transforms students into skilled analytical problem solvers who are trained to calculate and manage financial risk for businesses.
Beyond providing a comprehensive programme, Taylor’s University further enrich the educational experience through various learning opportunities to help students get the most out of their studies.
3-Year and 4-Year Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia
Our mum asked us to talk to EduSpiral as we did not know what to study. EduSpiral had helped our older sister before. He met us at Taylor’s, talked to us and then gave us a tour. Gan twins, Foundation in Arts at Taylor’s University
Designed to Suit Different Needs
The Actuarial Studies programme at Taylor’s University offers flexibility and allows students to choose how they wish to maximise their time at Taylor’s Business School. These options include:
A Semester Abroad
Students have the choice to complete a semester abroad in their second year. Credits gained during this semester will be recognised by Taylor’s University.
Short Internship
Offered in the final year of the 3-year programme, students have the opportunity to apply classroom lessons and gain industry experience from top companies.
Long Internship
Offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Flexible Learning
Students also have the option to transfer to another Taylor’s Business School programme during their course. Credits gained during their enrolment in Actuarial Studies will be credited to their new programme. Students have an option to take electives from other business programmes as well.
Top Private Universities in Malaysia Offering the Best Actuarial Science Degree with Exemptions from Validated by Educational Experience (VEE) papers from SOA
Written by EduSpiral Consultant Services For more information contact 01111408838
The journey to become a qualified actuary as outlined by the Society of Actuaries (SOA) – one of the most prominent professional organisation for actuaries in the world – is divided into four stages. The first is the Validated by Educational Experience (VEE) stage where students who receive grades of 70% and above for subjects in economics, corporate finance and applied statistics – will receive credit for these professional papers.
The second stage involves five preliminary exams that candidates must pass before proceeding to the penultimate stage, namely, the Fundamentals of Actuarial Practices course and the Associateship Professionalism Course (APC). This will qualify them as an Associate of the Society of Actuaries (ASA). The final hurdle would be to qualify as a Fellow of the Society of Actuaries (FSA).
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Top Private Universities in Malaysia to Study Actuarial Science with Exemptions from Validated by Educational Experience (VEE) Papers from Society of Actuaries (SOA) and Prepare You for the Professional Exams
I was confused what to study & which university. My cousin introduced me to EduSpiral who helped me to make the right choice. Ye Lun, Actuarial Science at Asia Pacific University
The 1-year internship is offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Students after SPM or O-Levels with at least 5 credits including the 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.
Best UK Dual Award Actuarial Science Degree Course in Malaysia at Asia Pacific University (APU)
Graduates from Asia Pacific University will receive a UK Dual Award degree from Staffordshire University. An impressive 95% of APU’s graduates obtain jobs before graduation.
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.
Graduates from Asia Pacific University will receive a dual award, one from APU and the other from Staffordshire University, UK. After Foundation, students will enter the BSc. (Hons) in Actuarial Studies at APU. Uniquely at APU, graduates will receive dual degrees, one from APU and the other from Staffordshire University, UK.
Since its inception in the early 1900s, Staffordshire University has evolved into one of the country’s most dynamic, progressive and forward-thinking learning institutions.
A modern, fast-paced, vocationally-led University with 100 year’s experience of pioneering higher education within the creative, technological and scientific industries. Students can opt to transfer to Staffordshire University for the final 2 years or final year of studies for a UK experience.
Asia Pacific University (APU) is ranked Tier 5 or “Excellent” in the SETARA 2013 rating by MQA. APU is now operating at its new iconic campus at Technology Park Malaysia, Kuala Lumpur.
provide:
The necessary knowledge and skills to provide advice to institutions like insurance or reinsurance companies, pensions funds and financial and investment institutions. The skills acquired by actuaries are not confined to the financial sector but are also transferable to any organisation that has to deal with risk and make financial sense of the future.
Opportunities to adapt to Insurance-related industries by providing them with assignments to mimic the actual decision making process and broad-based information pertaining to the industries.
Opportunities to develop their skills to solve a problem and model a solution using specialized statistical and actuarial methods.
What you will study in the Bachelor of Science (Hons) in Actuarial Studies at Asia Pacific University (APU)
“EduSpiral provided a lot of research and insights into actuarial science to help me choose my university.” Chee Wey, scholarship student at Asia Pacific University
provide students with knowledge and skills to enter the actuarial profession but also prepare them for the professional examinations that will lead them to a qualified actuary.
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) and upon graduation, they can embark on careers as an actuarial assistant.
In Asia Pacific University, 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.
While working, they continue to sit and pass the remaining professional exams, eventually becoming qualified actuaries in their chosen specialisation in various areas such as Corporate Finance and Enterprise Risk management, Individual Life and Annuities, Group and health Insurance, Retirement Benefits, Quantitative Finance and Investment, and General Insurance.
APU graduates will also acquire the essential leadership qualities, work in teams, communication skills, problem solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging and exciting world today.
Actuaries usually work primarily for the insurance industry. They are also highly sought after by other sectors such as private corporations, banks, financial institutions and investment firms, brokerages and even government department such as Bank Negara also requires actuaries in risk management and financial consulting services.
APIIT & APU had continuously wins awards for excellence in education, research and development and for the achievements of their students. Students interested to register at APU may go to this link.
Year 1 Subjects for the UK Dual Award BSc (Hons) in Actuarial Studies at Asia Pacific University
Asia Pacific University new campus at Technology Park Malaysia, Bukit Jalil in Kuala Lumpur
The first year programme comprises modules from the areas of finance, economics and mathematics. The objective of the first year is to equip students with the basic tools of mathematical, financial, accounting and economic analysis which will be required for the modules to follow at Level 2
Statistical Investigation module forms the basis for later statistics options. Linear Algebra, Calculus, Discrete Mathematics, Probability Models and Statistical Inference are introductory level courses designed to prepare students for using mathematics & statistics in other contexts.
Economics will provide students with a better understanding of the Business Environment. Financial Accounting skills and the core principles underlying financial theory will be introduced in this level which will be enhanced in the higher level.
Business & Communication Skills will further equip students with the communication skills required to cope with academic demands of degree level study in all disciplines.
Asia Pacific University students have access to state-of-the-art computer facilities that include the latest PCs and workstations with Internet connection, operating systems, software suites and commercial programming software in multiple IT labs built for project work, multimedia production, software and internet programming.
Modules
Business and Communication Skills
Business Economics
Calculus
Discrete Mathematics
Financial Accounting
Introduction to Visual Programming
Linear Algebra
Probability Models
Statistical Inference
Statistical Investigation
Three (3) MQA modules applicable only to Malaysian students
MQA Modules
Bahasa Melayu (Malay Language)
Pengajian Malaysia (Malaysian Studies)
Pendidikan Moral (Moral Studies); or Pendidikan Islam (Islamic Studies)
Year 2 Subjects for the UK Dual Award BSc (Hons) in Actuarial Studies at Asia Pacific University
This level looks at applications of mathematics and statistics in the Financial & insurance sectors.
1st Runner Up in the 2014 Chartered Institute of Management Accounting (CIMA) GLOBAL Business Challenge Malaysia – Ali Atiq, Nikita Arabel Pironti, Kasimova Shafia and Veeresh Roy Joggesser, who are all third year BA (Hons) in Accounting and Finance students from Asia Pacific University (APU)
The modules offered will cover techniques for the analysis of results from experiments and surveys where students will be doing modules like Regression Analysis, Time Series & Forecasting, Life Contingencies as well as Linear Programming.
Modules such as Financial Mathematics, Financial Planning & Control, Financial Statement Analysis and Financial management will allow students to explore finance in greater depths, both at the planning and management aspect.
The Financial Economics module will introduce students to the necessary skills to
construct asset liability models and to value financial derivatives whereas Life Contingencies module will provide students with a grounding in the mathematical techniques which can be used to model and value cashflows dependent on death, survival, or other uncertain risks.
Ethics & Corporate Governance will also be taught in this level to provide students with relevant knowledge, skills and professional judgment in which companies are directed and controlled.
Students may opt to undergo an optional period of practical training of about 3 months after the second level of study, which
EduSpiral met up with me many times to explain the course to me, took me to visit the campus, & even arranged the Head of Department to clear my doubts. Fung (Right), Accounting at Asia Pacific University
would enable students to experience the culture and ethos of a working environment and formal employment.
Students will benefit from seeing how the skills and knowledge acquired are applied in a practical setting.
Modules
Calculus II
Ethics and Corporate Governance
Financial Economics
Financial Management
Financial Mathematics
Financial Planning and Control
Financial Statement Analysis
Life Contingencies
Linear Programming
Regression Analysis
Research Methods
Time Series and Forecasting
Year 3 Subjects for the UK Dual Award BSc (Hons) in Actuarial Studies at Asia Pacific University
I was confused about what to study & where to study. EduSpiral spent a lot of time to explain the courses & which ones had bright careers. He also advised me to choose a university that has an English-speaking environment to help improve my language skills. Hui Ying, Diploma in Accounting leading to Finance Degree, Asia Pacific University
modules will further enhance the knowledge of an individual to plan, manage, and analyze the financial and monetary aspects and performance of business enterprises, banking institutions or other organisations.
Insurance Practice and Survival Analysis modules introduce students to a wide range of concepts and terminologies in insurance providing students with basic skills of calculating various insurance related items. Introduction to Stochastic Process will introduce students to a range of stochastic process which are used as modeling tools in diverse fields of applications.
Students will also carry out an individually researched project and their own investigations into areas related to investment, finance, commerce or insurance.
Modules
Corporate Finance
Financial Derivatives
Insurance Practice
Introduction to Stochastic Process
Investigation in Actuarial Studies
Macroeconomics Policy and Financial Markets
Pension Planning
Portfolio Management
Project in Actuarial Studies
Risk Theory
Survival Analysis
The UK Dual Degree Programmes at Asia Pacific University
Staffordshire University is a top rated university in the UK
The Dual Degree Programmes are offered through a unique collaborative partnership between APU and Staffordshire University, United Kingdom, through which Staffordshire accredits undergraduate programmesthat are designed and delivered by APU. On completion of the programme, students will be awarded two undergraduate degree Certificates and Transcripts: one from APU and one from Staffordshire.
The APU-Staffordshire Dual Degree Programmes are offered under an approved collaboration in accordance with the Code of Practice for the Assurance of Academic Quality and Standards in Higher Education as published by the United Kingdom Quality Assurance Agency’s (QAA).
APU’s academic programmes are all approved by the Ministry of Higher Education of Malaysia and the qualifications are accredited by the Malaysian Qualifications Agency (MQA).
The Computer Science degree programme at Asia Pacific University is specifically designed to provide:
Technical knowledge, skills and background in the design and organization of computer systems.
The ability to critically evaluate design paradigms, languages, algorithms, and techniques used to develop complex software systems.
The ability to evaluate and respond to opportunities for developing and exploiting new technologies.
The Best Actuarial Science Degree Programme at UCSI University
Associate Professor Dr. Ngerng Miang Hong Ph.D, Head of Department, Actuarial Science & Applied Statistics at UCSI University
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.
The 3-year BSc (Hons) Actuarial Science programme at UCSI University provides a solid grounding in mathematics, accounting, finance and statistic to integrate theories with actual experience and build a foundation for students to pursuit professional career in the financial risk management industry.
Students at UCSI University will be furnished with the essential leadership qualities, communication skills, problem-solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging yet exciting world, where risks can be turned into opportunities.
Assessments of the Bachelor of Science (Hons) Actuarial Science at UCSI University
The assessment includes a combination of examinations, projects and assignments, and finally a requirement to complete a dissertation in Independent Project in the final year. Students will acquire up-to-date vocational skills that are relevant and competitive. This reflects the complex and challenging nature of the accounting, finance and business realms.
Year 1 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University
UCSI University students Chew Pei Xin (second from left), Jasmine Lum (third from let), Lim Wai Hing (fifth from left), and Faculty of Business & Information Science lecturer Ms. Eva Lim (sixth from left) posing for a group photo after bagging the first runner-up prize at the MSC Malaysia- IHL Business Plan Competition (MIBPC).
Mathematics 1
Statistics
Elective 1
Managerial Accounting
Mathematics 2
Applied Probability
Mathematics of Interest Rates
Mathematics of Financial Derivatives
Business Accounting
Elective 2
Elective 3
University Life (MPU-U2)
Extracurricular Learning Experience 1 (MPU-U4)
Co-operative Placement 1
Year 2 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University
Students learn from qualified & experienced lecturers at UCSI University
Applied Statistical Models
Life Contingencies 1
Financial Management 1
Intro to Stochastic Process
Life Contingencies 2
Loss Models
Stat. Simulation for Fin. Modelling
Macroeconomics
Elective 4
Microeconomics
Elective 5
Business Law- Malaysian Perspective (MPU-U3)
Extracurricular Learning Experience 2 (MPU-U4)
Co-operative Placement 2
Year 3 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University
I was confused which university to choose for my studies and contacted EduSpiral. He provided facts & evidence to help me make the right choice. Vivian Chua, Actuarial Science at UCSI University
Independent Project 1
Stochastic Calculus for Ins. & Fin.
Stat. Methods for Insurance
Credibility Theory
Actuarial Practices
Elective 6
Independent Project 2
Extracurricular Learning Experience 3 (MPU-U4)
Co-operative Placement 3
List of Electives (choose up to 6)
Fundamental of Marketing
Fundamentals of Management
Introduction to Internet Technologies
Accounting Information System
Business Modelling with Spreadsheet
Business Information System
Java Programming 1
Business Law
Business Communications
Corporate Finance
Visual Basic .Net
Numerical & Computing Method
Top Actuarial Science Degree Programme at UCSI University
As testament to UCSI University’s efforts, they have students who passed three to five preliminary exams when they were still in their second year. This is a remarkable feat.
To obtain the best people for the job, the actuary profession is one of the most
Chan Min Zhuo, Actuarial Science degree student at UCSI University, is one of the few local students who passed three of the five preliminary exams required in 2 years
Chan Min Zhuo, Actuarial Science degree student at UCSI University, is one of the few local students who passed three of the five preliminary exams required in 2 years regulated. Chan has now passed all 5 preliminary papers.
One must pass professional examinations and various on-the-job assessments, in addition to obtaining a degree. There are not many universities in Malaysia that offer the degree in Actuarial Science.
Teoh Wei Jing, a UCSI Actuarial Science student from SMJK Jit Sin has completed 5 Society of Actuaries (SOA) Professional Papers before entering into the 3rd Year of his degree studies.
Chong Kim Sin, a UCSI Actuarial Science student has completed 5 Society of Actuaries (SOA) Professional Papers before entering into the 3rd Year of his degree studies.
Another student, Chong Kim Sin, a UCSI Actuarial Science student has completed 5 Society of Actuaries (SOA) Professional Papers before entering into the 3rd Year of his degree studies.
There are very few students in the whole of Asia who have passed five SoA examinations before the third year. This makes Chong Kim Sin among Asia’s crème de la crème for actuarial science.
Currently, Chong Kim Sin has passed the Probability (P), Financial Mathematics (FM), Actuarial Models: Financial Economics (MFE), Actuarial Models: Life Contingencies (MLC), as well as the Construction and Evaluation of Actuarial Models (C) examinations.
He now has only two components left before qualifying as an Associate of the Society of Actuaries (ASA); the Fundamentals of Actuarial Practice (FAP) and Associateship Professionalism Course (APC).
Other top UCSI students Xie Chun Xiao, Angie Ng Mei Sean, Christopher Low Jia Iuan, Callie Loh, Hon Li Yen, Ham Khai Chung, Ngew Chee Hong Anthony, Tan Khe Han and Wong Mei Chin have completed 4 preliminary SoA examinations before the third year.
Understanding the profession’s stringent requirements, UCSI University sought the knowledge and experiences of Dr Ngerng Miang Hong and Dr Toh Kian Kok to manage and design its BSc (Hons) Actuarial Science.To study Actuarial Science in Malaysia, students should choose a university that best equips them with the knowledge and skills to succeed in actuaries.
Assoc Prof Dr Toh Kian Kok is also the Deputy Vice-Chancellor, Quality Assurance and Enhancement at UCSI University with a B.Sc. (Actuarial Science), M.Sc. (Applied Mathematical Science), and Ph.D (Statistics)
The library & computer labs are located inside the Learning Resource Centre at UCSI University
The result: A course that provides students with a world-class degree in line with the requirements of the Society of Actuaries (SOA) – the largest professional organisation for actuaries in the world. On top of that, the course also grooms students to have the rigorous capacity to ace the professional examinations they are required to sit for.
“Students require only three years of full-time study to prepare them for the professional examinations and on-the-job assessments during the span of their careers,” says Dr Toh, who is the Dean of UCSI University’s Faculty of Business and Information Science.
“It is a heavy responsibility for us as we want to ensure that within their three years with us, we prepare them for the next 30-years or more of their career.”
Award-Winning Business Students at UCSI University
UCSI University is ranked in the Top 300 Universities in Asia in 2015 by the renown QS University Rankings. UCSI University is ranked as Excellent or Tier 5 in the SETARA 2013 rating system by MQA.
2015 – Wong Hao Yi & Kok Yat Sing, Bachelor of Science (Hons) Actuarial Science students at UCSI University, became National Champions for CIMB ASEAN Stock Challenge 2015, organised by CIMB Group Holdings Bhd, Malaysia’s second-largest bank by assets.
2015 – Kong Kah Weng, Eric, Bachelor of Arts (Hons) Marketing student at UCSI University, is the First Prize Winner for the “Think New” Essay Writing Competition, Eric Kong won himself a one month internship at Novo Education New Zealand. The competition was organized by South and South East Asia (SSEA), Education New Zealand.
2015 – Yeah Nyoke Kim, Bachelor of Arts (Hons) Logistics Management student at UCSI University, won the Best Student Award at the Chartered Institute of Logistic and Transport (CILT) Convocation 2015, Malaysia
2015 – Lim Czi Xian, Bachelor of Science (Hons) Finance and Investment at UCSI University, was chosen as the Seminar Leader for Obuse, Negano Prefecture to teach 8 seminars on philosophy in Japan, a project fully sponsored by Reischauer Institute of Japanese studies at H-LAB, Harvard College Japan Initiative.
UCSI University students Chew Pei Xin (second from left), Jasmine Lum (third from let), Lim Wai Hing (fifth from left), and Faculty of Business & Information Science lecturer Ms. Eva Lim (sixth from left) posing for a group photo after bagging the first runner-up prize at the MSC Malaysia- IHL Business Plan Competition (MIBPC).
2015 – Fatin Aveena Binti Azlan, Bachelor of Business Administration (Hons) Oil and Gas Management student at UCSI University, participated in the 2015 Yong Southeast Asian Leaders Initiative* (Yseali) Institute on Environmental issues in the United States, fully funded by the Department of United States and will be hosted by the University of Montana, Montana from 25 August -30 September 2015. * Initiative by U.S. President Barack Obama, international Council of Malaysian Scholars and Associates, Hosted by Mckensey & Co.
2014/2015 – Yong Kok Seong (Diploma in Management), Loh Peng An (Bachelor of Arts (Hons) Logistics Management) & Lo Shai Man (Bachelor of Arts (Hons) Accounting) won Merit Prize in the Malaysia Startup Challenge (MSC) Malaysia – Institution of Higher Learning (IHL)
2014 – Eric Kong Kah Weng (Bachelor of Arts (Hons) in Marketing), Kelvin Choo Chiang Tung (Bachelor of Science (Hons) in Finance and Investment), and Vivian Ng Mun Yee (Bachelor of Arts (Hons) in Accounting) emerged Champion for the event “World Islamic Economic Forum (WIEF) Business Plan Challenge 2014” for Social Entrepreneurial Project — “Bangi Soap”, Kampung Kalangkaman, Sabah, Malaysia
2013 – Lim Wai Hing & Chew Pei Xin (Bachelor of Arts (Hons)Business Administration students at UCSI University) won First runner-up placing at the Malaysia Startup Challenge (MSC) – Institution of Higher Learning (IHL) Business Plan Competition (MIBPC), 2012/2013, an annual competition that seeks to nurture a new generation of technology entrepreneurs.
2013 – Vanessa Meghann @ Ang Man Xuan, Liew Wye Yaw, Jason Yao Ching Huat & Vijayalecchumy who are Diploma In Management students at UCSI University emerged Champion for the Entrepreneurial Building Project 2014 competition, Malaysia
2011 – Foo Dun Fei & Ng Shing Leng (Bachelor of Arts (Hons)Business Administration students at UCSI University)won the first runner up during the national Malaysia Startup Challenge (MSC)–Institution for higher Learning (IHL) Business Plan Competition
Co-Operative Education Training Programme for Every Year of Degree Studies at UCSI University
I am glad that EduSpiral recommended me to UCSI University as I gained so much real work experiences during all my Co-Op (Internship). Paul Kong, graduated in Business Administration from UCSI University
With its innovative academic curriculum, UCSI University students also enjoy the unique benefits of its Co-Operative Education Training Programme (Co-Op) that enhances their employability by integrating classroom learning with workplace training in Co-Op employer organisations.
Completing two months’ work experience for every study year, a UCSI University student would have six to eight months’ work experience to stand ready for full-time employment upon their graduation.
The Co-Operative Placement Programme at UCSI University formally integrates classroom learning with workplace training in co-operative employer organisations.
As part of their degree requirements, students enrolled in UCSI University programmes are required to complete a co-operative module comprising two months’ work experience for each year of their degree programme. Today, the University have over 3500 industry partners supporting the Co-Op Placement Programme.
With the number rising annually, these partnerships create job opportunities for students to be job-ready upon their graduation.
Top Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University Lakeside Campus
The beautiful 27-acre Taylor’s Lakeside Campus will provide all the right conditions for a vibrant exchange between academic, commercial, social and leisure activities for top students
Students wanting a top rated business degree can go for theBachelor of Science (Hons) Actuarial Studies UK Dual Award degree at Taylor’s University. Students will receive a degree from Taylor’s University as well as the top ranked University of the West of England, UK. These are just some of the reasons that Taylor’s University is one of the best universities in Malaysia for you to study the degree in Actuarial Studies.
Actuarial Studies is the extensive study of mathematics, probability, statistics, finance and economics. Offered by Taylor’s Business School (TBS), the programme transforms students into skilled analytical problem solvers who are trained to calculate and manage financial risk for businesses.
Beyond providing a comprehensive programme, Taylor’s University further enrich the educational experience through various learning opportunities to help students get the most out of their studies.
3-Year and 4-Year Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia
Taylors University is strategically located at Subang Jaya, Selangor in a safe self-sustaining 27-acre campus
Designed to Suit Different Needs
The Actuarial Studies programme at Taylor’s University offers flexibility and allows students to choose how they wish to maximise their time at Taylor’s Business School. These options include:
A Semester Abroad
Students have the choice to complete a semester abroad in their second year. Credits gained during this semester will be recognised by Taylor’s University.
Short Internship
Offered in the final year of the 3-year programme, students have the opportunity to apply classroom lessons and gain industry experience from top companies.
Long Internship
Offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.
Flexible Learning
Students also have the option to transfer to another Taylor’s Business School programme during their course. Credits gained during their enrolment in Actuarial Studies will be credited to their new programme. Students have an option to take electives from other business programmes as well.
Programme Structure for the Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia
Year 1 Subjects for the Actuarial Studies degree programme at Taylor’s University
Taylors University offers a conducive environment for students to excel in their studies
Mathematics of Finance
Mathematics Statistics
Insurance Practices and Takaful
Macroeconomics
Fundamentals of Linear Algebra
Introduction to Accounting
Introduction to Finance
Microeconomics
MPU 1(a)
MPU 1(b)
Year 2 Subjects for the Actuarial Studies degree programme at Taylor’s University
Lecture Theatre at Taylor’s University
Globalisation and Economics Sustainability
Enterprise Risk Management
Advanced Calculus
Actuarial Mathematics
Calculus
Corporate Finance
Life Contingencies I
MPU 2
MPU 3
MPU 4
1 Elective
Year 3 Actuarial Studies Subjects
Year 3 Actuarial Studies Subjects
Business Ethics and Values
Financial Economics
Insurance Regulations and Corporate Law
Life Contingencies II
Personal Financial Planning
Life Insurance and Pension Funds
Programming
Stochastic Processes
Project
Internship Placement (Short Internship)
2 Electives
Internship Placement (Long Internship)
Year 4 Actuarial Studies Subjects
Business Ethics and Values
Financial Economics
Insurance Regulations and Corporate Law
Life Contingencies II
Life Insurance and Pension Funds
Programming
Stochastic Processes
Project
2 Electives
UK Dual Award from the University of the West of England (UWE), Bristol, U.K.
Taylor’s University Lakeside Campus is strategically located in a modern and well-planned township. Just 30 minutes away from the bustling Kuala Lumpur
Taylor’s Business School (TBS) offers dual award degree programmes in collaboration with the Bristol Business School, University of the West of England (UWE), UK. A quality review committee, comprising academics from both institutions, is established for quality assurance and the moderation of the standards of the programmes, which includes curriculum and assessment. Students will receive certification from both Taylor’s University and UWE upon completion of their degrees at Taylor’s.
Tracing its roots back to 1595, UWE represents a long and well-established tradition of first-class professional education and training. With over 30,000 students, UWE is a modern, growing university situated in Bristol, which is ranked UK no.1 most liveable city.
UWE has been ranked no.6 for employability in the UK. 95% of graduates are employed or in further study six months after graduation. Bristol is the eighth largest city in the UK, the largest city in the south west and is home to many large businesses and employers including Airbus, AXA, BBC, Environment Agency, Hewlett Parkard, Lloyds TSB, Ministry of Defence and Rolls-Royce.
Internship and Industry Immersion Programme
Taylor’s University Lakeside Campus encompasses a modern, functional design with state-of-the-art facilities together with lush greenery and its trademark 5.5 acre lake
A distinctive feature of our Bachelor of Business (Hons) curriculum is the internship and industry immersion programme at established organisations. The internship programme aims to provide you with a deeper cross-cultural appreciation of both business practices and research, whereas industry immersion programme is specially designed to provide you with a wealth of exposure with some of the prestigious companies in the corporate world, and receive exclusive training, insights and mentorship form industry veterans.
National Business and Entrepreneurship Competitions
Taylor’s University students have consistently been involved in real-life business presentations and pitches, where they have gone on to clinch numerous awards and gain national and international recognition.
These opportunities put their knowledge and skills to the test, and add to the repository of experiences that prepare them for business. Active participation in these events also enables students to benchmark their solutions and knowledge against their peers, while managing the challenges that come with actual business scenarios.
HSBC Young Entrepreneur Challenge
Business Prototype Showcase
Tokio Marine Marketing Challenge
CIMB ASEAN Stock Challenge
CIMA Global Business Challenge
Taylor’s Business Plan Challenge
Deloitte Risk Intelligence Challenge Trophy
CFA Institute Research Challenge
PNB Kuiz Pelaburan
Innovative Youth, Future Business Leader
L’Oreal Brandstorm Competition
EduSpiral Consultant Services- Your Personal Online Education Advisor
Established since 2009, EduSpiral ConsultantServices helps provide information and counselling on courses and private universities in Malaysia.
EduSpiral took us around to tour the campus and talk to the Head of Actuarial Science Department to help us make a better decision. Edward Loh (L) Partial Scholarship and Chee Wei (R) Full Scholarship for Actuarial Science at UCSI University
range of choices for students to choose from. These colleges and universities offer value for money in the quality of education and excellent facilities that you get.
These universities and colleges are chosen by EduSpiral because they represent the best in their fields in Malaysia and affordable. EduSpiral provides in-depth information and counseling on their courses so that students are able to make the right choice.
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Study Actuarial Science & Finance at the Top Ranked UCSI University in Malaysia
Written by EduSpiral Consultant Services For more information contact 01111408838
Students after SPM, O-Levels, UEC, STPM, Foundation or Pre-University wanting to pursue the Actuarial Science & Finance degree course in a university with full campus facilities in Kuala Lumpur can consider the top ranked UCSI University. With more than 28 years of education experience, UCSI University provides an affordable actuarial science & finance degree programme in Malaysia supported by excellent facilities. UCSI students will enjoy the wide range of sports facilities as well as interact with students from more than 80 countries.
Please fill up the form for more information. If you do not give your mobile number or full name as in IC, your query will not be answered. Please make sure you give a correct email address and check your email including the SPAM or JUNK email folder within 48 hours as we will email you the information.
As the financial market is getting more volatile these days, enterprise risk management becomes an essential component of big corporations.
EduSpiral helped me to find the right college for A-Levels, & now they have helped me to choose what to study after my A-Levels. Chee Kin, Actuarial & Finance degree at UCSI University
To furnish the demand for personnel of this profession, UCSI University developed the BSc (Hons) Actuarial Science & Finance.
The objective of the Actuarial & Finance degree programme at UCSI is to produce graduate competent in knowledge and skills for financial investment management, assets valuation and risk management for various financial assets such as equities, bond, FOREX, commodities and derivatives.
The Bachelor of Science (Hons) Actuarial Science and Finance degree programme at UCSI University exposes students to both theoretical and practical approaches to investment analysis, security analysis, and portfolio and risk management.
In addition, the programme also provides comprehensive study of money markets, financial instruments, financial planning, banking and corporate financial management, the essential working knowledge for executives in the financial industry in Malaysia.
Assessments for the Bachelor of Science (Hons) Actuarial Science and Finance at UCSI University
The assessment includes a combination of examinations, projects and assignments, and finally a requirement to complete a Financial Research Project in the final year. Students will acquire up-to-date vocational skills that are relevant and competitive. This reflects the complex and challenging nature of the accounting, finance and business realms.
Why Choose the Bachelor of Science (Hons) Actuarial Science and Finance Programme at UCSI University?
UCSI University is ranked Tier 5 or Excellent in the SETARA 2013 offers state-of-the-art facilities at their strategically located campus in Cheras, KL
UCSI is the first University in Malaysia to offer the Actuarial Science and Finance degree programme
Students have the option to choose the major (Pure Actuarial Science or Actuarial Science and Finance after year 1 as Year 1 course for both programmes are identical)
The student can choose either the Actuary Professional Qualification or Finance Professional Qualification (i.e. SOA / CFA)
More career options for the student when they enter into the job market
Higher demand by employers as the students are equipped with Actuary Skills and Financial Knowledge.
Career Opportunities in Malaysia for the Graduates of the Bachelor of Science (Hons) Actuarial Science and Finance
Associate Professor Dr. Ngerng Miang Hong Ph.D, Head of Department, Actuarial Science & Applied Statistics at UCSI University
The actuarial science & finance degree programme prepares students for exciting careers in the corporate sector, insurance sectors, risk management, financial industry, government agencies, and for graduate studies in finance and investment. Examples of career options include:
Actuary
Risk manager
Investment Analyst
Credit Manager
Financial Analyst
Treasurer
Fund Manager
Credit Analyst
Financial Planner
Investment Broker
Investment Banker
Financial Trader
Subjects for the Bachelor of Science (Hons) Actuarial Science and Finance at UCSI University
Year 1
Mathematics 1
Statistics
Managerial Accounting
Financial Management 1
Mathematics 2
Applied Probability
Applied Statistical Models
Mathematics of Interest Rates
Microeconomics
Business Accounting
Financial Markets & Inst.
Business Communications
University Life (MPU-U2)
Extracurricular Learning Experience 1 (MPU-U4)
Co-operative Placement 1
Year 2
Introduction to Stochastic Process
Equity Analysis
Mathematics of Financial Derivatives
Loss Models
Treasury Management
Stat. Simulation for Fin. Modelling
Financial Management 2
Macroeconomics
Business Modeling with Spreadsheet
Financial Statement & Analysis
Elective 1
Elective 2
Business Law- Malaysian Perspective (MPU-U3)
Extracurricular Learning Experience 2 (MPU-U4)
Co-operative Placement 2
Year 3
Stochastic Calculus for Ins. & Fin.
Credibility Theory
Actuarial Practices
Independent Project 1
Independent Project 2
Investment Analysis
Extracurricular Learning Experience 3 (MPU-U4)
Co-operative Placement 3
Elective 1**
Life Contingencies I
Introduction to Islamic Banking and Fin.
Corporate Finance
Elective 2**
Life Contingencies 2
Multinational Finance
Islamic Fin. Market & Inst.
Study at the Top Ranked UCSI University in Malaysia
UCSI University is a vibrant community of learning and scholarship. With more than 10,000 students from 80 different
UCSI University is ranked Tier 5 or Excellent in the SETARA 2013 offers state-of-the-art facilities at their strategically located campus in Cheras, KL
countries, the University stands out as a melting pot of diversity and learners will supplement their pursuit of knowledge with a keen sense of cultural appreciation – a vital trait in today’s borderless world.
As one of Malaysia’s first private universities,UCSI University has long impacted the national higher education landscape and the University continues to do so with its wide range of undergraduate and postgraduate programmes.
UCSI University is ranked in the Top 300 Universities in Asia in 2015 by the renown QS University Rankings.
The University’s academic staff are at the forefront of their disciplines and their views are highly sought after on major issues; from business to political science.
Many of their academics have extensive experience working overseas and some play advisory roles in public bodies and various committees. By bringing their experiences into the classroom, UCSI’s academics cater to an exhilarating learning environment and learners will thrive as they balance academic mastery with industrial application.
Since its inception in 1986, UCSI University has been committed to further the discovery and celebration of knowledge.
Award-Winning Business Students at UCSI University
2015 – Wong Hao Yi & Kok Yat Sing, Bachelor of Science (Hons) Actuarial Science students at UCSI University, became National Champions for CIMB ASEAN Stock Challenge 2015, organised by CIMB Group Holdings Bhd, Malaysia’s second-largest bank by assets.
2015 – Kong Kah Weng, Eric, Bachelor of Arts (Hons) Marketing student at UCSI University, is the First Prize Winner for the “Think New” Essay Writing Competition, Eric Kong won himself a one month internship at Novo Education New Zealand. The competition was organized by South and South East Asia (SSEA), Education New Zealand.
2015 – Yeah Nyoke Kim, Bachelor of Arts (Hons) Logistics Management student at UCSI University, won the Best Student Award at the Chartered Institute of Logistic and Transport (CILT) Convocation 2015, Malaysia
2015 – Lim Czi Xian, Bachelor of Science (Hons) Finance and Investment at UCSI University, was chosen as the Seminar Leader for Obuse, Negano Prefecture to teach 8 seminars on philosophy in Japan, a project fully sponsored by Reischauer Institute of Japanese studies at H-LAB, Harvard College Japan Initiative.
UCSI University students Chew Pei Xin (second from left), Jasmine Lum (third from let), Lim Wai Hing (fifth from left), and Faculty of Business & Information Science lecturer Ms. Eva Lim (sixth from left) posing for a group photo after bagging the first runner-up prize at the MSC Malaysia- IHL Business Plan Competition (MIBPC).
2015 – Fatin Aveena Binti Azlan, Bachelor of Business Administration (Hons) Oil and Gas Management student at UCSI University, participated in the 2015 Yong Southeast Asian Leaders Initiative* (Yseali) Institute on Environmental issues in the United States, fully funded by the Department of United States and will be hosted by the University of Montana, Montana from 25 August -30 September 2015. * Initiative by U.S. President Barack Obama, international Council of Malaysian Scholars and Associates, Hosted by Mckensey & Co.
2014/2015 – Yong Kok Seong (Diploma in Management), Loh Peng An (Bachelor of Arts (Hons) Logistics Management) & Lo Shai Man (Bachelor of Arts (Hons) Accounting) won Merit Prize in the Malaysia Startup Challenge (MSC) Malaysia – Institution of Higher Learning (IHL)
2014 – Eric Kong Kah Weng (Bachelor of Arts (Hons) in Marketing), Kelvin Choo Chiang Tung (Bachelor of Science (Hons) in Finance and Investment), and Vivian Ng Mun Yee (Bachelor of Arts (Hons) in Accounting) emerged Champion for the event “World Islamic Economic Forum (WIEF) Business Plan Challenge 2014” for Social Entrepreneurial Project — “Bangi Soap”, Kampung Kalangkaman, Sabah, Malaysia
2013 – Lim Wai Hing & Chew Pei Xin (Bachelor of Arts (Hons)Business Administration students at UCSI University) won First runner-up placing at the Malaysia Startup Challenge (MSC) – Institution of Higher Learning (IHL) Business Plan Competition (MIBPC), 2012/2013, an annual competition that seeks to nurture a new generation of technology entrepreneurs.
2013 – Vanessa Meghann @ Ang Man Xuan, Liew Wye Yaw, Jason Yao Ching Huat & Vijayalecchumy who are Diploma In Management students at UCSI University emerged Champion for the Entrepreneurial Building Project 2014 competition, Malaysia
2011 – Foo Dun Fei & Ng Shing Leng (Bachelor of Arts (Hons)Business Administration students at UCSI University)won the first runner up during the national Malaysia Startup Challenge (MSC)–Institution for higher Learning (IHL) Business Plan Competition
Co-Operative Education Training Programme for Every Year of Degree Studies at UCSI University
I am glad that EduSpiral recommended me to UCSI University as I gained so much real work experiences during all my Co-Op (Internship). Paul Kong, graduated in Business Administration from UCSI University
With its innovative academic curriculum, UCSI University students also enjoy the unique benefits of its Co-Operative Education Training Programme (Co-Op) that enhances their employability by integrating classroom learning with workplace training in Co-Op employer organisations.
Completing two months’ work experience for every study year, a UCSI University student would have six to eight months’ work experience to stand ready for full-time employment upon their graduation.
The Co-Operative Placement Programme at UCSI University formally integrates classroom learning with workplace training in co-operative employer organisations.
As part of their degree requirements, students enrolled in UCSI University programmes are required to complete a co-operative module comprising two months’ work experience for each year of their degree programme. Today, the University have over 3500 industry partners supporting the Co-Op Placement Programme.
With the number rising annually, these partnerships create job opportunities for students to be job-ready upon their graduation.
State-of-the-Art Facilities at UCSI University
Situated on a 19-acre piece of land, the Campus is located in Cheras, Kuala Lumpur with convenient access
Students get value for money at UCSI University with access to excellent sports facilities
to numerous facilities including banks, restaurants, transportation services, entertainment, and accommodation. Fully wireless, it is equipped with the latest cutting-edge technology to access the world of e-learning and e-resources.
Housing 7 different blocks, the Campus includes the Student Centre (Menara Gading), the Resource Centre, the Academic Blocks and Residential Halls to comfortably accommodate a student population of more than 15000.
Sporting facilities in this Campus include: basketball, badminton and squash courts, as well as a gymnasium, a football field, and a swimming pool.
Other facilities include the four-level library, an auditorium, a recital hall, a multi-purpose hall, computer laboratories, residential halls, bookstores and cafeterias. Also available on Campus is an Apple Experience Centre.
The Campus faculty-centric facilities include: the Anatomy & Pathology Museum, Clinical Skills Laboratories, Petrochemical
Students at UCSI University have access to excellent sports facilities for healthy lifestyle
Laboratory, Physiology & Pharmacology Laboratory, Molecular Biology Laboratory, and Microbiology Laboratory, fashion design workshops, Psychology Laboratory, as well as drafting and design studios.
The University is also constantly working with the industry to set up specialised labs which ensure students are updated with the latest industrial practices. Currently, the University has established laboratories jointly with National Instruments and RICOH under the School of Engineering and the School of Information Technology, respectively.
Due to its rapid expansion, an additional 48-storey building will be built on the existing Campus that will include a 5-Star hotel, twelve floors of parking bays and hostel accommodations for UCSI University students, administrative offices, restaurants, a ballroom and also a clubhouse.
Professional Recording Studio at UCSI University
The recording studio located in the Recital Hall is a professional 24-track digital recording and editing studio with an attached
UCSI University’s Professional Recording Studio is a professional 24-track digital recording and editing studio with an attached control room.
control room that is connected to the Recital Hall for live recording purposes. Equipped to handle small to integrated productions, advanced editing and CD-R burning, it is available for stereo recording, multi-track recording, fully automated mix-down, CD writing or audio/CD-R production and audio postproduction for vision.
Recording applications available include instrument, choir, ensemble, jazz and pop bands, drums, voice-overs, musicals, vocals, backing tapes, background music, minus ones for lip-syncing, minus ones for vocal performances and video soundtracks. A valuable teaching facility, the studio is also used for many of our audio engineering courses to enable students to work in a setting that closely parallels the professional music world.
The recording studio is also used by the Mass Communication and Branding & Advertising students at UCSI University.
Dewan Tan Sri Ahmad Razali (DETSAR)
Fully equipped with air-conditioning and a sound system, the Hall can accommodate up to 660 pax for examinations and 1,000 pax for dinner functions.
Multipurpose Hall (MPH)
The library & computer labs are located inside the Learning Resource Centre at UCSI University
The Multipurpose Hall can accommodate up to 420 pax for examinations.
Recital Hall
The Recital Hall and the Auditorium are two identical theatres, which are well-designed for professional performances and functions and furnished with theatre-style seating for 450 people. Both are also well-equipped with their own sound systems, audio/visuals, and recording facilities.
Library & Resource Centre
The five-storey UCSI University Library offers a comprehensive collection of all the latest texts and references, both in hardcopy and online. The e-Library provides access to a wide array of references, from academic peer-reviewed international journals to music scores and audio-visual items. Also available are discussion rooms and workstations, as well as supplementary audio references.
EduSpiral Consultant Services- Your Personal Online Education Advisor
EduSpiral took us around to tour the campus and talk to the Head of Actuarial Science Department to help us make a better decision. Edward Loh (L) Partial Scholarship and Chee Wei (R) Full Scholarship for Actuarial Science at UCSI University
These colleges and universities offer value for money in the quality of education and excellent facilities that you get.These universities and colleges are chosen by EduSpiral because they represent the best in their fields in Malaysia and affordable.
EduSpiral provides in-depth information and counseling on their courses so that students are able to make the right choice.If you are still not sure what to study, please contact us and we will send you a free EduSpiral Career Assessment Form.Please contact us for more details.
Please fill up the form for more information. If you do not give your mobile number or full name as in IC, your query will not be answered. Please make sure you give a correct email address and check your email including the SPAM or JUNK email folder within 48 hours as we will email you the information.
Top Private Universities & Colleges in Malaysia 