Education Pathway to Become a Professional Actuary in Malaysia through the Society of Actuaries (SOA) USA after the Actuarial Science Degree at Top Ranked UCSI University
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UCSI University’s degree in Actuarial Science is exempted from the VEE papers. In addition, UCSI University’s actuarial science students have completed the partially or all of the 5 preliminary exams during their degree studies at UCSI. In light of this, UCSI University is one of the best private universities in Malaysia offering the actuarial science degree that is able to prepare students well to handle the professional papers from the Society of Actuaries (SOA).
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Top Ranked UCSI University Offers the Best Actuarial Science Degree Programme in Malaysia that Prepares Students to Succeed in the Society of Actuaries (SOA) Professional Exams
Vivian Chua, Actuarial Science at UCSI University
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.
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 the first and only private institution in Malaysia to be granted CT1 module exemption for IFoA’s Fellowship and Certified Actuarial Analyst exams.
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.
The Best Actuarial Science Degree Programme at UCSI University, 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
- 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
- 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
- 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 Performing Students in the Actuarial Science Degree Programme at UCSI University, Malaysia
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 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.
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 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
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.
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
Education Pathway to Become a Professional Actuaries in Malaysia at Top Private Universities
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.
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 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.”
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 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).
While UCSI University’s Actuarial Science related programmes follow SOA guidelines, Dr Toh points out that the University has a trump card that separates it from the competition.
“Our focus on preparing the students for the professional examinations has helped them to familiarise themselves with the examinations and enabled them to perform well.”
“As testament to our efforts, we have students who passed three out of five preliminary exams when they were still in their second year. This is a remarkable feat which we are proud of.
“The good response we have received has given us the confidence to launch the new BSc (Hons) Actuarial Science and Finance programme and we are confident our programmes will play an important role in meeting the human capital needs of the country.”
Best University in Malaysia for Actuarial Science Degree Programme at Top Ranked UCSI University
Ph.D, Head of Department, Actuarial Science & Applied Statistics at UCSI University
Lim Fang Ching, Head of the Actuarial Science and Applied Statistics Department under the Faculty, describes the programme as “very comprehensive” and “hands-on”, solidly grounded in actuarial science as opposed to other programmes offering a blend of hybrid subjects.
Unlike conventional courses, where lectures are only conducted by statisticians or mathematicians, the University’s Actuarial Science programme is infused with the industry experience of two actuaries and dedicated lecturers well-versed in economics, mathematics and statistics.
The University has made collaborative arrangements with several insurance companies, agents and consultancy firms, among others, through co-operative placements that allow students to experience the real actuarial work environment. Industry partners have also reciprocated the students’ commitment with positive feedback on their performance.
“Our aim is to not only generate academically-trained graduates but to also enable them to be savvy in industrial practices and to be capable of conducting independent research.”
As part of their graduation project, he elaborated, final year students are required to conduct independent research on financial or actual modelling and apply the model to financial and insurance-related issues. He added: “To be qualified as an actuary, students are required to undergo a series of actuarial examinations before they become credentialled, and the programme is designed to prepare students for this purpose, as its core modules comply with examination syllabus by actuarial professional bodies such as the Society of Actuaries (SOA).”
Students preparing for exams are also supported through activities like additional one-to-one tuition classes, industrial visits and talks by industry practitioners such as actuaries and adjunct senior lecturers. While technical knowledge is undoubtedly important for an actuary, knowledge alone does not make a good actuary.
In Dr Ngerng’s view, a sterling reputation and an upright character sets actuaries apart from other brilliant minds.
“For example, while other members of the management board could be inclined to extract more immediate profit in order to boost their apparent contributions to the company, an actuary has to safeguard the policyholders’ interest,” he explains.
“Are the reserves enough to honour all future claims? This is what an actuary asks and finds out before approving the figures for the company’s annual profit.
Additionally, UCSI University’s BSc (Hons) Actuarial Science programme also places a great emphasis on leadership skills which are crucial to climb up the ranks of an organisation. Unlike technical knowledge, leadership is not something that can be taught – it has to be learnt from experience.
Thus, UCSI University’s Praxis approach – a unique pedagogy that blends university education with workplace experience – is one that will give its students a competitive edge. Under this approach, students are required to obtain a minimum of two months of internship experience at the end of each academic year.
For students of UCSI University’s Actuarial Science programmes, the University has arranged for them to intern at prominent multinational corporations in order to increase their international exposure. These include Tokio Marine – the largest property/casualty insurance group in Japan, Uni.Asia General Insurance – a premier insurer in Malaysia, and Citibank. Students are also exposed to industry expectations via part-time lecturers who are qualified practicing actuaries.
Going one step further, UCSI University’s Actuarial Science programmes groom students to become some of the brightest actuaries and most trustworthy leaders, capable of steering companies through uncertainties and risks.
