Studying Actuarial Science in Malaysia & the Best Pathway to Become a Professional Actuary


Best Education Pathway to become a Professional Actuaries in Malaysia

Written by EduSpiral Consultant Services For more information contact 01111408838

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are experts who design products like these to look after people’s financial needs and to protect their financial interests: part of their work is to try to predict what money will do when it is invested.

The pathway to become a professional actuary in Malaysia can be long. A normal bachelor degree in actuarial science takes 3 years to complete. 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.

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.

Students in Malaysia who are not sure of about the education pathway to become an actuaries can contact EduSpiral Consultant Services to help guide you to choose the best university in Malaysia for the actuarial science degree programme.

For more information contact 01111408838

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. 

Studying Actuarial Science in Malaysia & the Pathway to Become a Professional Actuary

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

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

The path to becoming an actuary in Malaysia involves going through a well-structured education plan. This involves university-level education and post-university examinations, as well as other requirements. 

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 professional bodies such as Society of Actuaries (SOA) or Institute and Faculty of Actuaries (IFoA).

How long does it normally take to become an Actuary in Malaysia?

A normal bachelor degree takes 3 years (+1 year if you consider an Honours degree in Australia). Thereafter, writing the professional exams through the Institute and Faculty of Actuaries (UK) or Society of Actuaries (USA) takes an average of 3-7 years (working and studying) after the degree.

Actuarial Science/Math Degree (3-4 years) + Professional Papers (3-7 years taken part time as you work)

What you Will Study in Actuarial Science 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

Obtaining an Actuarial Science degree at a top private university in Malaysia provides the first step towards qualifying as an actuary. Actuarial Science is an extremely demanding field of study and only very dedicated and capable students are likely to succeed.

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.

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 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.

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

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.

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:

  1. Define the problem
  2. Design the solution
  3. 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.

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.
  • Students should have achieved high marks in English and possess good oral & written communication skills.
  • You are capable of working independently: you know how to use a library. Initiative and inquisitiveness are also of great value.

Qualifying to become a professional Actuary in Malaysia

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.

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.

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.

The Best Universities in Malaysia to Study Actuarial Science

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 consider studying the BSc (Hons) Actuarial Science at UCSI University or obtain a Staffordshire University, UK degree locally in Malaysia at Asia Pacific University graduating with the BSc (Hons) Actuarial Studies.

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.

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.

As well as developing a core understanding of mathematical and financial concepts and statistical methods, you can gain exemption from eight of the Core Technical subjects (CT1 to CT8) of the professional examinations of the Institute and Faculty of Actuaries.

The Actuarial Science degree programme at Heriot-Watt University Malaysia also provides a good foundation for the later Core Technical subjects. By obtaining the full set of exemptions available during your degree, you could considerably reduce the time it takes you to qualify as an actuary.

What are the Passing Rates like for the Actuarial Science Professional Exams?

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?

Students at Asia Pacific University are awarded a degree from Staffordshire University, UK and APU

Students at Asia Pacific University are awarded a degree from Staffordshire University, UK and APU

  • The ASM does not conduct its own exams but actuarial students in Malaysia have a choice of taking any of the USA, U.K. or Australian exams from the above professional bodies.
  • 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
    • Institute of Actuaries (U.K.)
      • CT series exams – 9 papers

        Associate Professor Dr. Ngerng Miang Hong Ph.D, Head of Department, Actuarial Science & Applied Statistics at UCSI University

        Associate Professor Dr. Ngerng Miang Hong
        Ph.D, Head of Department, Actuarial Science & Applied Statistics at UCSI University

      • CA series exam – 3 papers
      • ST series exams – choose 2 papers from 6 areas of specialization
      • SA series exam – choose 1 paper from 6 areas of specialization
      • Professionalism course
      • Experience requirement
    • Institute of Actuaries of Australia
      • Part 1 (equivalent to UK 100 series exams)
      • Part 2 – 2 half-year subjects
      • Part 3
        • 2 compulsory papers
        • Another 2 papers from a specific practice area (choose 1 from 4 areas of specialization)
      • Practical Experience Requirement & Mentor program
      • Professionalism course

The Most Common Route in Malaysia is Taking the Professional Papers from the Society of Actuaries (SOA) – USA

Route to Becoming an Actuary through the Society of Actuaries professional exams – SOA

1. Preliminary Education Component

Consists of five papers:

  • Exam P Probability (same as CAS Exam 1)
  • Exam FM Financial Mathematics (same as CAS Exam 2)
  • Exam MLC Actuarial Models – Life Contingencies Segment
  • Exam MFE Actuarial Models – Financial Economics Segment
(Completion of MLC and MFE will entitle candidate credit for CAS Exam 3)
  • Exam C Construction and Evaluation of Actuarial Models (same as CAS Exam 4)

2. Validation by Educational Experience (VEE)

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

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

Validation of these topics is required in addition to the four Preliminary Education examinations (P/1, FM/2, MCL, MFE and C/4). The SOA, CIA, and CAS have implemented VEE requirements for the following topics:

  • VEE – Applied Statistical Methods
  • VEE – Corporate Finance
  • VEE – Economics

The VEE topics are no longer tested on in the preliminary exams. Candidates with credit for Course 2 earned prior to 2005 have been given credit for VEE – Economics and VEE – Corporate Finance topics. Candidates with credit for Course 4 earned prior to 2005 have been given credit for VEE – Applied Statistical Methods.

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.

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.

3. Fundamentals of Actuarial practice (FAP)

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 (Effective 1 July 2013)

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).

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

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.

Graduates from Heriot-Watt University Malaysia are able to gain exemptions from 8 of the 15 professional papers from the Institute and Faculty of Actuaries, UK.

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

Heriot-Watt University Malaysia is strategically located in Putrajaya next to the lake

Heriot-Watt University Malaysia is strategically located in Putrajaya next to the lake

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 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,

Heriot-Watt University Graduates

Heriot-Watt University Graduates

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

Members of the profession who wish to continue their studies to an advanced level, or who specialise in a particular actuarial

Heriot-Watt University is one of the top 20 universities in the UK

Heriot-Watt University is one of the top 20 universities in the UK

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

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

Heriot-Watt University Malaysia campus

Heriot-Watt University Malaysia campus

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

    Library at Heriot-Watt University Malaysia

    Library at Heriot-Watt University Malaysia

  • *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

Heriot-Watt University Malaysia students studying on top of the building’s green roof – the first of its kind in Malaysia

Heriot-Watt University Malaysia students studying on top of the building’s green roof – the first of its kind in Malaysia

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

    Heriot-Watt University is rated top in the UK for student experience

    Heriot-Watt University is rated top in the UK for student experience

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

Work-Based Skills (WBS)

Practical experience requirement monitoring the development of the candidate in several key areas, supervised by an approved mentor. A minimum of three years’ actuarial work experience is required before being admitted to Fellowship.

Upon completion of the above, the candidate may be admitted as Fellow.

UK Practice Modules

A multiple choice examination testing the candidate’s knowledge in the general principles of UK Financial Services, business practices, regulation, legislation and professional guidance notes. Not required to qualify as a Fellow, but required if practising in the UK in a reserved role.

 

 

How many Professional Actuaries are there in Malaysia? Actuarial Society of Malaysia (ASM) Society Statistics As at 31 December 2016

Membership in the Actuarial Society of Malaysia (ASM) Breakdown by Class

Class Total
Fellow 156
Associate 59
Ordinary 637
Student 5
Total 857

 

Membership in the Actuarial Society of Malaysia (ASM) by Professional Body

Professional Body Total
Society of Actuaries 468
Institute & Faculty of Actuaries 251
Institute of Actuaries of Australia 50
Casualty Actuarial Society 69
Others 19
Total 857

 

Membership Breakdown of the Actuarial Society of Malaysia by Employment Category As at 31 December 2014

Employment Category Total
Life Insurance 217
Takaful 122
Composite Insurance 105
Consulting 94
Regulator 39
General Insurance 38
Reinsurance / Retakaful 26
Others 14
Total 655

Actuaries Salary and Career Opportunities in Malaysia

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.

According to the 2015 Robert Walters Salary Report, the salary for an actuary in Malaysia is:

4 – 7 Years Experience 8 – 12 Years Experience 12+ Years Experience
Actuaries salary 72 – 120k a year 96 – 204k a year 204k+ a year

Membership Classes (To become a member of Actuarial Society of Malaysia)

There are four membership classes under the ASM:

  1. Fellow
  2. Associate
  3. Ordinary
  4. 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

EduSpiral Consultant Services- Your Personal Online Education Advisor

Established since 2009, EduSpiral Consultant Services helps provide information and counselling on courses and private universities in Malaysia.

EduSpiral Consultant Services represents the best colleges and universities in Malaysia offering a wide range of choices

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

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

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.

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. 

About EduSpiral Consultant Services

EduSpiral seeks to offer information and advise on courses & careers and placement services to top private colleges & universities in Malaysia & Singapore. Our experienced consultants will share from years of counselling students to guide students personally on to the best possible career choice. The decision that you make now, can change your life forever....so make it wisely.

Posted on March 12, 2017, in Actuarial Science, Career Choices, Choosing the right course, Job Outlook, Jobs with high salary, Study in Malaysia and tagged , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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