Top Private Universities in Malaysia for Actuarial Science Best for Preparing You for the Society of Actuaries (SOA) Exams

Top Private Universities in Malaysia Offering the Best Actuarial Science Degree with Exemptions from Validated by Educational Experience (VEE) papers from SOA

The pathway to become a professional actuary in Malaysia can be long. One must pass the actuarial professional examinations and various on-the-job assessments, in addition to obtaining a degree. A normal actuarial studies degree spans 3 years. Thereafter, completing the professional exams may take another 3-7 years (considering working full-time while studying).

The most common route to become an Actuary in Malaysia is taking the Professional Papers from the Society of Actuaries (SOA) – USA. Malaysian insurance regulator, Bank Negara Malaysia and the Actuarial Society of Malaysia (ASM) recognize Fellows from the Society of Actuaries (U.S.) as qualified actuaries in Malaysia.

After SPM or IGCSE/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 the Society of Actuaries (SOA). Students should choose the best university in Malaysia for actuarial science to prepare them well to face the professional exams.

Best Private Universities in Malaysia to Study Actuarial Science with Exemptions from Validated by Educational Experience (VEE) Papers from Society of Actuaries (SOA) and Prepare You for the Professional Exams

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

The 3-year actuarial science degree programme at a top university in Malaysia 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.

Heriot-Watt University Malaysia is a top ranked UK Foreign Branch campus in Malaysia offering the Actuarial Science BSc (Hons). Heriot-Watt University is ranked top in the UK for their actuarial science degree.

Students can consider studying the UK Dual Award  BSc (Hons) Actuarial Studies at Asia Pacific University (APU). Graduates will obtain a degree from APU as well as De Montfort University, UK.

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.

Top Universities in Malaysia for the Actuarial Science Degree Programme are:

1. Heriot-Watt University Malaysia
2. Asia Pacific University (APU)
3. UTAR
4. Taylor’s University.
5. Sunway University

Education Pathway

Students after SPM or IGCSE/O-Levels with at least 5 credits including the 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, CPU, AUSMAT and others may enter directly into the Actuarial Science or Actuarial Studies degree providing they meet the minimum entry requirements.

The entry requirements will vary from university to university so do contact us for the latest entry requirements for the university that you are interested in.

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Society of Actuaries (SOA) – USA

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 (VEE) 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).

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

To attain the Associate of the Society of Actuaries (ASA) designation a candidate must successfully complete the requirements shown below, and have the Application for Admission as an Associate approved by the SOA Board of Directors. Requirements include examinations, an e-Learning course, a proctored project assessment, validation of educational experiences outside the SOA Education system (VEE), and a professionalism seminar.

 

 

 

 

 

 

 

1. Preliminary Education Component

Consists of five papers:

• Exam P Probability
• Exam FM Financial Mathematics
• Exam LTAM (Long-Term Actuarial Mathematics)
• Exam IFM (Investments & Financial Markets)
• Exam STAM (Short-Term Actuarial Mathematics)

2. Validation by Educational Experience (VEE)

There are three required VEE topics as of July 1, 2018:

• Economics
• Accounting and Finance
• Mathematical Statistics

NOTE: Some candidates may be eligible to obtain VEE transition credit for the previously required topics of Corporate Finance and Applied Statistics.

The VEE topics are not formal prerequisites for the preliminary exams and may be fulfilled independently of the exam process. However, you must pass two SOA, CAS or CIA actuarial exams before applying to have your VEE credit added to your record.

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. Within Malaysia, candidates can gain credit via the following Private Universities:

• Heriot-Watt University Malaysia
• Asia Pacific University (APU)
• University of Southampton Malaysia (UoSM)
• Taylor’s University
• UCSI University 

3. Fundamentals of Actuarial practice (FAP)

A series of online learning modules, called the Fundamentals of Actuarial Practice (FAP), are intended to be taken after the preliminary exams. They cover real-world topics such as insurance and professionalism with readings, case studies and projects. The preliminary exams and FAP modules comprise the majority of the education requirement for the ASA designation.

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 

Upper-level exam topics for the FSA designation include plan design, risk classification, enterprise risk management, ratemaking and valuation. Three fellowship exams are taken in one of six specialization tracks chosen by the candidate – Finance & Enterprise Risk Management, Investments, Individual Life Insurance & Annuities, Retirement Benefits, Group & Health Insurance, or General Insurance.

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).

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