Outstanding Private Universities in Malaysia for Actuarial Science Best for Preparing You for the Society of Actuaries (SOA) Exams
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The pathway to become a professional actuary in Malaysia can be challenging and takes a few years to complete the professional papers after your degree. One must pass the actuarial professional examinations and various on-the-job assessments, in addition to obtaining a degree. 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.
There are not many universities in Malaysia that offer the degree in Actuarial Science. Outstanding private universities in Malaysia for Actuarial Science or Actuarial Maths degree with VEE Paper exemptions from SOA are Heriot-Watt University Malaysia, Asia Pacific University (APU) , UCSI University and Taylor’s University.
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Best 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
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 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.
Heriot-Watt University Malaysia is a top ranked UK Foreign Branch campus in Malaysia offering the Actuarial Science BSc (Hons). Heriot-Watt University is ranked top in the UK for their actuarial science degree.
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.
Society of Actuaries (SOA)
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).
UK Top Ranked Actuarial Science Course at Heriot-Watt University Malaysia
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.
Heriot-Watt University Malaysia Bachelor’s degree mirrors the highly successful BSc (Hons) Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession.
Students who obtain a first class or good upper second class (2:1) Honours degree automatically obtain exemptions from the CT1-8 subjects for which they have studied relevant material in their degree. In addition, exemptions are still available on an individual subject basis
It is expected that the Actuarial Science programme in Malaysia will also offer exemptions from all Core Technical subjects, CT1 to CT8, for students performing sufficiently well. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.
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.
Accreditation of Actuarial Science Degree at Heriot-Watt University Malaysia
In accordance with the normal practice of Heriot-Watt University’s professionally orientated programmes are designed to meet the educational requirements for membership of relevant professional institutions.
In addition to recognition within Malaysia, they seek accreditation by the relevant UK or international professional bodies in accordance with their standard procedures.
Actuarial Science Degree Course 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.
After Foundation, students will enter the BSc. (Hons) in Actuarial Studies at APU. The actuarial science degree programme at Asia Pacific University (APU) is specifically designed to
- 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)
Asia Pacific University’s BSc (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.
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.
Outstanding 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. In addition, the Faculty of Business at UCSI University has won numerous awards attesting to their commitment to high standards of teaching.
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.
Actuarial Studies UK Dual Award degree programme at Taylor’s University Lakeside Campus
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.
Taylor’s University is a top ranked private university in Malaysia and their Taylor’s Business School has won numerous awards throughout the years.
Taylor’s University 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.
3-Year and 4-Year Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia
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.