Which are the Best Actuarial Science Courses in Malaysia that Suits You?
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Most practicing actuaries in Malaysia have a degree in actuarial science or related course. Similar to accountants, graduates must also pass professional exams, before they become recognised as an actuary. The path to becoming an actuary involves going through a well-structured education plan. One must pass professional examinations and various on-the-job assessments, in addition to obtaining a degree in actuarial science.
Students who have a passion for Maths and excel in it can consider Actuarial Science as a career in Malaysia. A top actuarial science programme from a private university in Malaysia can enhance your ability to perform well on the rigorous demands of the actuarial professional exams and requirements. In addition, exemptions from the professional papers will allow you to complete faster. The most common route to become an Actuary in Malaysia is taking the Professional Papers from the Society of Actuaries (SOA) – USA and the Institute and Faculty of Actuaries (IFoA) – UK.
You might also be interested to read:
- 4 Top Private Universities in Malaysia Best for Actuarial Science Studies Courses
- Pathway to Become an Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA) Curriculum 2019
- Actuarial Science in Malaysia – Job, Salary, Education Pathway & Professional Papers
- Which are the Top Private Universities Best for Actuarial Science Malaysia
- Top Universities in Malaysia for Actuarial Science Best for Preparing You for the Society of Actuaries (SOA) Exams
- How to Become a Professional Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA)
- Studying Actuarial Science in Malaysia & the Best Pathway to Become a Professional Actuary
- Studying Actuarial Science in Malaysia can get you a High Salary Career
- Best Pathway to Becoming an Actuary in Malaysia through the Society of Actuaries (SOA) Professional Exams
- Top Private Universities in Malaysia with Full Exemptions from IFoA (UK)
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What you Will Study in Actuarial Science Degree Programme in Malaysia
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.
Furthermore, actuarial Science degree students at top universities in Malaysia includes a number of interrelated subjects such as Calculus, Statistics, Probability, Probability Theory, Economics, Finance and Financial Mathematics. With this fundamental Mathematical knowledge graduates will be able to solve complex actuarial problems. 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. Being an actuary also requires you to master several computer programming languages such as Microsoft Excel, Microsoft Visual Basic, Microsoft Visual FoxPro, R 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.
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.
Who Should Study Actuarial Science in 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 in Malaysia must also have good verbal and written communication skills especially in English, 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.
- An excellent business sense with knowledge of finance, accounting, and economics; keen analytical, project management, and problem solving skills
- 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.
- You are interested in a variety of historical, social, legislative, and political issues, and are self-motivated achievers.
- 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.
Moreover, being an actuary also requires you to master several computer programming languages such as Microsoft Excel, Microsoft Visual Basic, Microsoft Visual FoxPro, R 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.
To summarise, actuaries bring a special set of skills to their work such as:
- Specialised math knowledge
- Calculus, statistics, probability
- Keen analytical, project management, and problem solving skills
- Good business sense
- Finance, accounting, economics
- Solid communication skills (oral and written)
- Strong computer skills
- Formulating spreadsheets, statistical analysis programs, database manipulation, programming languages
Actuaries are talented professionals, with personal characteristics such as:
- Ability to work with others
Students after SPM or O-Levels with at least 5 credits including Maths and 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.
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, 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. APU is the first and the only Malaysian university that has all the six preliminary exams (P, FM, IFM, LTAM, STAM & SRM) and all the three VEE topics listed in its SOA UCAP profile.
While working, they continue to sit and pass the remaining professional exams, eventually becoming qualified actuaries in their chosen specialisation in various areas such as Corporate Finance and Enterprise Risk management, Individual Life and Annuities, Group and health Insurance, Retirement Benefits, Quantitative Finance and Investment, and General Insurance.
In addition, the Actuarial Science degree at Asia Pacific University (APU) has been awarded full accreditation from the IFoA (UK). APU is among the 7 universities in Asia to receive such worldwide recognition.
APU graduates who perform to the required standard can be eligible for exemption from CS1, CS2, CM1, CM2, CB1 and CB2. This is a 6-paper exemption out of 7 papers of the Core Principles Professional Papers for the new IFoA Curriculum 2019, which is the maximum paper exemptions.
In addition, the university has competent teaching staff with professional or specialized academic qualification, possessing working experience from actuarial industries/academia.
APU’s Actuarial Science course syllabus is comprehensively structured in tandem and compliance with the 2 biggest actuarial bodies, the IFoA (UK) and the SOA (US).
APU graduates will also acquire the essential leadership qualities, work in teams, communication skills, problem solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging and exciting world today.
Actuaries usually work primarily for the insurance industry. They are also highly sought after by other sectors such as private corporations, banks, financial institutions and investment firms, brokerages and even government department such as Bank Negara also requires actuaries in risk management and financial consulting services.
Year 1 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University
The first year programme comprises modules from the areas of finance, economics and mathematics. The objective of the first year is to equip students with the basic tools of mathematical, financial, accounting and economic analysis which will be required for the modules to follow at Level 2
Statistical Investigation module forms the basis for later statistics options. Linear Algebra, Calculus, Discrete Mathematics, Probability Models and Statistical Inference are introductory level courses designed to prepare students for using mathematics & statistics in other contexts.
Economics will provide students with a better understanding of the Business Environment. Financial Accounting skills and the core principles underlying financial theory will be introduced in this level which will be enhanced in the higher level.
Business & Communication Skills will further equip students with the communication skills required to cope with academic demands of degree level study in all disciplines.
- Business and Communication Skills
- Business Economics
- Discrete Mathematics
- Financial Accounting
- Introduction to Visual Programming
- Linear Algebra
- Probability Models
- Statistical Inference
- Statistical Investigation
- Three (3) MQA modules applicable only to Malaysian students
- Bahasa Melayu (Malay Language)
- Pengajian Malaysia (Malaysian Studies)
- Pendidikan Moral (Moral Studies); or Pendidikan Islam (Islamic Studies)
Year 2 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University
This level looks at applications of mathematics and statistics in the Financial & insurance sectors. The modules offered will cover techniques for the analysis of results from experiments and surveys where students will be doing modules like Regression Analysis, Time Series & Forecasting, Life Contingencies as well as Linear Programming.
Modules such as Financial Mathematics, Financial Planning & Control, Financial Statement Analysis and Financial management will allow students to explore finance in greater depths, both at the planning and management aspect.
The Financial Economics module will introduce students to the necessary skills to
construct asset liability models and to value financial derivatives whereas Life Contingencies module will provide students with a grounding in the mathematical techniques which can be used to model and value cashflows dependent on death, survival, or other uncertain risks.
Ethics & Corporate Governance will also be taught in this level to provide students with relevant knowledge, skills and professional judgment in which companies are directed and controlled.
Students may opt to undergo an optional period of practical training of about 3 months after the second level of study, which would enable students to experience the culture and ethos of a working environment and formal employment.
Students will benefit from seeing how the skills and knowledge acquired are applied in a practical setting.
- Calculus II
- Ethics and Corporate Governance
- Financial Economics
- Financial Management
- Financial Mathematics
- Financial Planning and Control
- Financial Statement Analysis
- Life Contingencies
- Linear Programming
- Regression Analysis
- Research Methods
- Time Series and Forecasting
Year 3 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University
Corporate Finance, Risk Theory, Financial Derivatives, Macroeconomics Policy & Financial Markets, and Portfolio Management modules will further enhance the knowledge of an individual to plan, manage, and analyze the financial and monetary aspects and performance of business enterprises, banking institutions or other organisations.
Insurance Practice and Survival Analysis modules introduce students to a wide range of concepts and terminologies in insurance providing students with basic skills of calculating various insurance related items. Introduction to Stochastic Process will introduce students to a range of stochastic process which are used as modeling tools in diverse fields of applications.
Students will also carry out an individually researched project and their own investigations into areas related to investment, finance, commerce or insurance.
- Corporate Finance
- Financial Derivatives
- Insurance Practice
- Introduction to Stochastic Process
- Investigation in Actuarial Studies
- Macroeconomics Policy and Financial Markets
- Pension Planning
- Portfolio Management
- Project in Actuarial Studies
- Risk Theory
- Survival Analysis
Study the Actuarial Science Degree at the Top Ranked 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.
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
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.
Top Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University Lakeside Campus
Students wanting a top rated business degree can go for the Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree at Taylor’s University. Students will receive a degree from Taylor’s University as well as the top ranked University of the West of England, UK. These are just some of the reasons that Taylor’s University is one of the best universities in Malaysia for you to study the degree in Actuarial Studies.
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.
Beyond providing a comprehensive programme, Taylor’s University further enrich the educational experience through various learning opportunities to help students get the most out of their studies.
3-Year and 4-Year Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia
Designed to Suit Different Needs
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.
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.
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.
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.
Year 1 Subjects for the Actuarial Studies degree programme at Taylor’s University
- Mathematics of Finance
- Mathematics Statistics
- Insurance Practices and Takaful
- Fundamentals of Linear Algebra
- Introduction to Accounting
- Introduction to Finance
- MPU 1(a)
- MPU 1(b)
Year 2 Subjects for the Actuarial Studies degree programme at Taylor’s University
- Globalisation and Economics Sustainability
- Enterprise Risk Management
- Advanced Calculus
- Actuarial Mathematics
- Corporate Finance
- Life Contingencies I
- MPU 2
- MPU 3
- MPU 4
- 1 Elective
|Year 3 Actuarial Studies Subjects||Year 3 Actuarial Studies Subjects|
|Business Ethics and Values
Insurance Regulations and Corporate Law
Life Contingencies II
Personal Financial Planning
Life Insurance and Pension Funds
Internship Placement (Short Internship)
|Internship Placement (Long Internship)|
|Year 4 Actuarial Studies Subjects|
|Business Ethics and Values
Insurance Regulations and Corporate Law
Life Contingencies II
Life Insurance and Pension Funds
UK Dual Award from the University of the West of England (UWE), Bristol, U.K.
Taylor’s Business School (TBS) 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.
Tracing its roots back to 1595, UWE represents a long and well-established tradition of first-class professional education and training. With over 30,000 students, UWE is a modern, growing university situated in Bristol, which is ranked UK no.1 most liveable city.
UWE has been ranked no.6 for employability in the UK. 95% of graduates are employed or in further study six months after graduation. Bristol is the eighth largest city in the UK, the largest city in the south west and is home to many large businesses and employers including Airbus, AXA, BBC, Environment Agency, Hewlett Parkard, Lloyds TSB, Ministry of Defence and Rolls-Royce.
Internship and Industry Immersion Programme at Taylor’s University
A distinctive feature of our Bachelor of Business (Hons) curriculum is the internship and industry immersion programme at established organisations. The internship programme aims to provide you with a deeper cross-cultural appreciation of both business practices and research, whereas industry immersion programme is specially designed to provide you with a wealth of exposure with some of the prestigious companies in the corporate world, and receive exclusive training, insights and mentorship form industry veterans.
The Best Actuarial Science Degree Programme 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 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
- 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
- Elective 4
- 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