Best Actuarial Science & Finance Degree in Malaysia at UCSI University

What You Need to Know about the Actuarial Science & Finance Degree Programme at UCSI University

The BSc (Hons) Actuarial Science and Finance programme at UCSI University is the first degree in Malaysia to combine both fields of study. It is designed to hone competencies in financial investment management, asset valuation and risk management for various financial assets as well as provide the essential working knowledge required in the financial industry. Students will also have the flexibility to focus on either the Society of Actuaries (SoA) or other finance-related professional qualifications UCSI is the first private education provider in Malaysia to be endorsed by the Society of Actuaries (SoA) and the Institute and Faculty of Actuaries (IFoA). Furthermore, UCSI University’s degree in Actuarial Science is exempted from the VEE papers.

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Outstanding Actuarial Science & Finance Degree Programme in Malaysia 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 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.

This programme is the first degree in Malaysia to combine both fields of study in Actuarial and Finance. It is designed to hone competencies in financial investment management, asset valuation and risk management for various financial assets as well as provide the essential working knowledge required in the financial industry. Students will also have the flexibility to focus on either the Society of Actuaries (SoA) or other finance-related professional qualifications

UCSI University’s Actuarial Science related programmes follow SOA guidelines. UCSI University’s focus on preparing the students for the professional examinations has helped them to familiarise themselves with the examinations and enabled them to perform well. UCSI has students who passed three out of five preliminary exams when they were still in their second year.

• UCSI’s actuarial lecturers have vast experience in the corporate world as consultants and advisors, enabling them to deliver a curriculum that is relevant and that matches the industry’s requirements.
• UCSI partners with over 4,000 leading companies in various industries – Malaysia’s widest industry-academia network – to provide students with internship programmes, industry exposure and job opportunities for Actuarial Science students.
• Actuarial Science graduates from UCSI University are consistently employed by some of the world’s largest insurance companies after completing internships at AIA, Alliance, Great Eastern, Tokio Marine, Zurich and more.

Assessments

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 this Programme?

• First University in Malaysia offering this programme (Combining Actuarial Science and Finance)
• 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.

Accreditation & Recognition of UCSI University Actuarial Science Degree Programme by SOA & IFoA

UCSI is the first private education provider in Malaysia to be endorsed by the Society of Actuaries (SoA) and the Institute and Faculty of Actuaries (IFoA). These international professional bodies are acknowledged globally for their prestigious actuarial designations and provide the latest educational programmes and rigorous examination process.

UCSI is a SoA UCAP (Universities and Colleges with Actuarial Programmes) school. Students may obtain all three VEE (Validation by Educational Experience) credits – core subjects needed to attain a Society of Actuaries (SoA) membership – which may also go towards other qualifications from the Casualty Actuarial Society and Canadian Institute of Actuaries.

UCSI was also the first private university in Malaysia to be approved by SoA, a leading global professional organisation for actuaries. Students have been known to pass all five professional papers even before their third year of undergraduate study – remarkable achievements that have cemented a sterling track record for the faculty.

UCSI University has become the first and only private university in Malaysia to be recognised by the Institute and Faculty of Actuaries (IFoA), joining the ranks of an elite group of universities like Oxford, Imperial College London, LSE and Warwick. UCSI is the first and only private institution in Malaysia to be granted CT1 module exemption for IFoA’s Fellowship and Certified Actuarial Analyst exams.

Students who are pursuing UCSI’s Actuarial Science programmes will now be granted module exemption for IFoA’s Fellowship and Certified Actuarial Analyst exams.

IFoA is UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally. They represent over 28,000 members worldwide in driving innovation and research in the field.

With this recognition, students who have completed their Mathematics in Interest Rates course – taken in year one of their BSc (Hons) Actuarial Science or BSc (Hons) Actuarial Science and Finance programme at UCSI – with a B minimum will be exempted from IFoA’s first Core Technical module on Financial Mathematics, also known as CT1.

In total, there are nine Core Technical modules. Aspiring students seeking the Associate status from IFoA will need to complete them all with an additional three Core Application modules to qualify.

IFoA’s CT1 also leads to an exemption for the Society of Actuaries (SoA)’s Exam FM in Financial Mathematics due to an agreement between the two professional bodies.

Education Pathway to an Actuarial Science Degree

Students after SPM or O-Levels with at least 5 credits including the relevant subjects may enter the Foundation in Arts (Actuarial Science & Architecture) at top ranked UCSI University for 1 year before continuing on to the 3-year Actuarial Science 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 degree providing they meet the minimum entry requirements.

Subjects for the Bachelor of Science (Hons) Actuarial Science & Finance Degree at UCSI University

Year 1

• Calculus and Analytical Geometry
• Statistics and its Applications
• Microeconomics
• Business Accounting
• Risk Management and Insurance
• Probability Theory
• Macroeconomics
• Introduction to Programming
• Financial Market and Institutions
• Managerial Accounting
• Cooperative Placement

Year 2 

• Mathematics I
• Mathematics of Interest Rates
• Mathematical Statistics
• Introduction to Stochastic Processes
• Financial Management 1
• Mathematics II
• Applied Statistical Models
• Elective 2
• Investment Analysis
• Cooperative Placement

Year 3 

• Independent Project I
• Mathematics of Financial Derivatives
• Elective 3
• Loss Models
• Financial Statement and Analysis
• Independent Project II
• Elective 1
• Elective 4
• Credibility Theory
• Stochastic Calculus for Insurance and Finance
• Treasury Management
• Bahasa Kebangsaan A (optional)
• Cooperative Placement

List of Electives (choose up to 6)

Elective 1 (choose one)

• Introduction to Islamic Banking and Finance
• Corporate Finance
• Financial Management 2
• Investment Portfolio Management

Elective 2 (choose one)

• Islamic Financial Markets and Institutions
• Multinational Finance
• Equity Analysis
• Life Contingencies 1

Elective 3 and 4 (four choose two)

• Actuarial Practice
• Statistical Simulation for Financial Modelling
• Life Contingencies 2
• Time Series Models and Survival Analysis

ACADEMIC REQUIREMENTS

• UCSI Foundation year
  Minimum CGPA 2.0 including Mathematics
• STPM
  A pass in STPM, with a minimum Grade C (CGPA 2.0) in any 2 subjects, and a pass in Mathematics and English at SPM level
• A-Level
  Minimum 2 principals (D) including Mathematics
• ​UEC
  Minimum 5 credits (B6) including Mathematics
• ​National Matriculation
  Minimum CGPA of 2.0 including Mathematics
• ​International Baccalaureate (IB)
  Minimum score of 26 points in 6 subjects including Mathematics
• Canadian Pre-U
  Minimum average of 60% in 6 subjects inclusive of Mathematics
• AUSMAT/ HSC/SACE/TEE/WACE
  ATAR score 60% OR minimum 60% average in 5 subjects inclusive of Mathematics
• Other qualifications deemed equivalent to STPM/A-Level by Malaysian Qualifications Agency
  Minimum overall average of 60% including Mathematics
• Diploma (Business-related)
  Minimum CGPA of 2.0 Including Mathematics
• Other equivalent qualifications
  To be reviewed by the faculty on a case-to-case basis

ENTRY REQUIREMENTS FOR FOUNDATION YEAR

ACADEMIC REQUIREMENTS

• SPM
  Pass SPM with minimum 5 credits
• O-Level
  Minimum 5 credits (C)
• UEC
  Pass UEC with minimum 3 credits (B6)
• Other qualifications deemed equivalent to STPM/A-Level by Malaysian Qualifications Agency
  Minimum overall average of 50%
• Other qualifications deemed equivalent to SPM/O-Level by Malaysian Qualifications Agency
  Minimum overall average of 60%

Career Opportunities

This 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

Professional Recognition

 

Society of Actuaries (SOA), USA

• Obtain all three VEE (Validation by Educational Experience) credits before graduation – the equivalent of core subjects needed to attain a membership.
• VEE credits may go towards other actuarial qualifications such as from the Casualty Actuarial Society and Canadian Institute of Actuaries.
• UCSI is one of a few Malaysian private universities recognised as one of SoA’s UCAP (Universities and COLLEGES WITH Actuarial Programmes) schools.
• UCSI provides the most comprehensive SoA exam coverage in Malaysia.

Institute and Faculty of Actuaries (IFoA), UKd

• The Institute and Faculty of Actuaries (IFoA), UK has granted an Accreditation by Subject Agreement covering their CM1, CB1 and CB2 modules to UCSI University’s BSc. (Hons) Actuarial Science and BSc. (Hons) Actuarial Science and Finance programmes.
• Students who have passed the necessary courses with the required marks/grade that are set by IFoA , are eligible to receive these exemptions. These exemptions are effective from the Jan-Apr 2019 semester onwards.
• UCSI University is the first private institution in Malaysia recognised by IFoA, UK.

Remark: The CT1 exemption obtained previously no longer exists due to the revamping of the examination system of IFoA that took effect from July 2018.