Actuarial Science

Actuarial Science Degree Course at Top Ranked Heriot-Watt University Malaysia with Exemptions from Faculty and Institute of Actuaries (UK)

Best Pathway to Become a Qualified Professional Actuary in Malaysia via the UK Actuarial Profession at Top Ranked Heriot-Watt University Malaysia

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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. HWUM’s team of leading academics is internationally recognised for research, scholarship and teaching in mathematical and actuarial sciences.

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.

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.

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Study the Actuarial Science Degree at the Top Ranked Heriot-Watt University Malaysia

Actuarial Science, 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.

Programme Structure for Actuarial Science Degree at Heriot-Watt University Malaysia

First Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

  • Probability and Statistics A
  • Probability and Statistics B
  • Linear Algebra
  • Actuarial and Financial Mathematics A
  • Actuarial and Financial Mathematics B
  • Multivariable Calculus and Real Analysis A
  • Multivariable Calculus and Real Analysis B

Optional and elective courses available for Year 1 include:

  • Finance and Financial Reporting
  • Operations Management

Second Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

  • Life Insurance Mathematics A
  • Life Insurance Mathematics B
  • Stochastic Processes
  • Survival Models
  • Derivative Markets and Discrete-time Finance
  • Statistical Models A
  • Statistical Models B
  • Portfolio Theory & Asset Models

Third Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

Students typically take Introductory Economics, Continuous-time Finance, Risk Theory, and Time Series Analysis and can choose from a range of options such as Statistics for Social Science, Bayesian Inference and Computational Methods, Statistical Machine Learning and Optimisation.

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.

The Pathway to Become a Qualified Professional Actuary through the Institute and Faculty of Actuaries UK

Actuarial Science at Heriot-Watt University Malaysia

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Bryan Yap, Foundation in Business (Actuarial Science) at Heriot-Watt University Malaysia

The Institute and Faculty of Actuaries sets examinations, continuing professional development, professional codes and disciplinary standards.

An actuarial qualification from the Institute and Faculty of Actuaries consists of a combination of the completion of various

examinations and courses. To become an Associate or Fellow of the Institute and Faculty of Actuaries you must pass the Institute and Faculty of Actuaries examinations, or be granted exemption from them, and also attain a satisfactory level of work-based skills. This usually takes between three and six years.

Fully qualified actuaries are Fellows and may bear the designations FIA or FFA while Associates bear the designations AIA or AFA.

You study by distance learning, and many employers in Malaysia offer support for study, some offering paid study leave during your training.

Most of the Institute and Faculty of Actuaries exams are traditional three hour papers (known as session based exams), though some practical subjects involve attending two-day or online exams (known as practical exams). You can also gain recognition for an alternative professional qualification, or undertake a research project.

The Institute and Faculty of Actuaries exams come in four stages:

1. Core technical – nine subjects, all of which you need to pass or be exempted from. Most of these are traditional exams, but subject CT9 is either a two-day residential practical exam, or an online exam. Heriot-Watt University Malaysia Actuarial Science

Graduates are exempted from CT1 to CT8.

2. Core applications – three subjects you need to pass or be exempted from. Two of these, subjects CA2 and CA3, involve either attendance at a practical exam, or an online exam.

3. Specialist technical – you need to pass or be exempted from two of the nine ST subjects available.

4. Specialist applications – you need to pass one of the seven SA subjects available. No exemptions are available.

Once you have completed the CT and CA exams, and a year’s work-based skills, you will be able to take a Professional Skills Course and qualify as an Associate.

How to Qualify as an Associate of the Institute & Faculty of Actuaries (FIA) UK

Students in Malaysia can get a top ranked UK degree in Malaysia at Heriot-Watt University Malaysia

Students in Malaysia can get a top ranked UK degree in Malaysia at Heriot-Watt University Malaysia

Students can become Associate members of the Institute and Faculty of Actuaries and gain the right to describe themselves as an actuary and to use the letters AIA or AFA. As an actuary and an Associate of the Institute and Faculty of Actuaries, members have a breadth of expertise that brings wide and varied opportunities.

To become an Associate you must complete the following:

  • Core technical subjects (CT1-9) either by examination or exemption (Heriot-Watt University Graduates are exempted from CT1 to CT8)
  • Core applications subjects (CA1-3) either by examination or exemption
  • Complete one year’s worth of work-based skills in the four key dimensions of practical application of actuarial skills, professional and ethical, communication and commercial.
  • Attend a Professional Skills Course

If you wish to continue and qualify as a Fellow, you will need to take the ST and SA exams, have three years of work-based skills and take a Professional Skills Course within 12 months of transferring to Fellow.

How to Qualify as a Fellow of the Institute & Faculty of Actuaries (FIA) UK

Heriot-Watt University Malaysia is home to top students

Heriot-Watt University Malaysia is home to top students

Members of the profession who wish to continue their studies to an advanced level, or who specialise in a particular actuarial field, may take further specialist exams to qualify as a Fellow. Fellows use the letters FIA or FFA and are highly sought after as experts in their chosen field.

  • Members will be admitted to the class of Fellow on successful completion of the Associate exams (Core technical and Core applications subjects), two of the Specialist technical subjects, one of the Specialist applications subjects, and having met the work-based skills requirement.
  • 3 years of work-based skills as an Actuary
  • Attend a Professional Skills Course within 12 months of being admitted as a “Fellow of the Institute and Faculty of Actuaries” (FIA)

The UK Actuarial Professional Examinations For the Institute & Faculty of Actuaries (FIA) 

Core Technical Examinations Stage Subjects for Institute and Faculty of Actuaries

Lecture hall at Heriot-Watt University Malaysia

Lecture Hall at Heriot-Watt University Malaysia

The Core Technical section consists of 8 written exams and a “Business Awareness Module,” CT9.

These are usually sat first by a candidate and include the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues. These are also the most common exams for which candidates may get exemptions.

Heriot-Watt University Graduates are exempted from CT1 to CT8. Therefore, Heriot-Watt University Malaysia Actuarial Science graduates need only to take the “Business Awareness Module” which is CT9.

The Core Applications section consists of a 6 hour written exam and two practical exams which focus on the application of concepts learned and a candidate’s ability to communicate actuarial concepts to others.

  • *CT1 – Financial Mathematics
  • *CT2 – Finance and Financial Reporting
  • *CT3 – Probability and Mathematical Statistics
  • *CT4 – Models
  • *CT5 – Contingencies
  • *CT6 – Statistical Methods
  • *CT7 – Business Economics
  • *CT8 – Financial Economics
  • CT9 – Business Awareness Module

*Heriot-Watt University Malaysia Actuarial Science graduates are exempted from CT1 to CT8

Core Applications Examinations Stage Subjects for Institute and Faculty of Actuaries, UK

You need to Pass all of the following Core Applications subjects:

  • CA1 – Core Applications Concepts
  • CA2 – Modelling
  • CA3 – Communications

Specialist Technical Examinations Stage Subjects for Institute and Faculty of Actuaries, UK

The Specialist Technical section is the first stage the candidate has a choice of which exams to take. The candidate chooses

two from the various actuarial specialist subjects i.e. Health and Care, Life Insurance, General Insurance, Pensions, Finance or Investments and further technical knowledge on said subjects is attained.

The Specialist Applications section allows the candidate to choose one area for which they take the SA paper and attain full Fellowship; leading to many referring to this as the “Fellowship paper.” However, as the rules on the ordering of examinations were relaxed, this examination may be taken before taking some earlier examinations resulting in candidates qualifying on other papers.

Choose 2 of the following Specialist Technical Subjects:

  • ST1 – Health and Care Specialist Technical
  • ST2 – Life Insurance Specialist Technical
  • ST4 – Pensions and other Benefits Specialist Technical
  • ST5 – Finance and Investment Specialist Technical A
  • ST6 – Finance and Investment Specialist Technical B
  • ST7 – General Insurance – Reserving and Capital Modelling Specialist Technical
  • ST8 – General Insurance – Pricing Specialist Technical
  • ST9 – Enterprise Risk Management Specialist Technical

Specialist Applications Stage Subjects for Institute and Faculty of Actuaries, UK

Students can choose 1 of the following Specialist Applications Stage subjects and pass:

  • SA1 – Health and Care
  • SA2 – Life Insurance
  • SA3 – General Insurance
  • SA4 – Pensions and other Benefits
  • SA5 – Finance
  • SA6 – Investment

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