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

Ye Lun, Actuarial Science at Asia Pacific University
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:
Education Pathway
Students after SPM or 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, SAM, CPU, AUSMAT and others may enter directly into the Actuarial Science or Actuarial Studies degree providing they meet the minimum entry requirements.
UK Top Ranked Actuarial Science Course at Heriot-Watt University Malaysia

Min En, Actuarial Science, Heriot-Watt University Malaysia
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.
Heriot-Watt University Malaysia Bachelor’s degree mirrors the highly successful BSc (Hons) Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession.
Students who obtain a first class or good upper second class (2:1) Honours degree automatically obtain exemptions from the CT1-8 subjects for which they have studied relevant material in their degree. In addition, exemptions are still available on an individual subject basis
It is expected that the Actuarial Science programme in Malaysia will also offer exemptions from all Core Technical subjects, CT1 to CT8, for students performing sufficiently well. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.
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.
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.
Actuarial Science Degree Course at Asia Pacific University (APU)

Wei Zhe, Actuarial Science at Asia Pacific University (APU)
At 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.
After Foundation, students will enter the BSc. (Hons) in Actuarial Studies at APU. The actuarial science degree programme at Asia Pacific University (APU) is specifically designed to provide:
- The necessary knowledge and skills to provide advice to institutions like insurance or reinsurance companies, pensions funds and financial and investment institutions. The skills acquired by actuaries are not confined to the financial sector but are also transferable to any organisation that has to deal with risk and make financial sense of the future.
- Opportunities to adapt to Insurance-related industries by providing them with assignments to mimic the actual decision making process and broad-based information pertaining to the industries.
- Opportunities to develop their skills to solve a problem and model a solution using specialized statistical and actuarial methods.
What you will study in the Bachelor of Science (Hons) in Actuarial Studies at Asia Pacific University (APU)

Zijun, Actuarial Science 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, 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.
Actuarial Studies UK Dual Award degree programme at Taylor’s University Lakeside Campus

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.
Taylor’s University is a top ranked private university in Malaysia and their Taylor’s Business School has won numerous awards throughout the years.
Taylor’s University 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.
3-Year and 4-Year Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia

Chun Tim, Foundation in Business into Finance at Taylor’s University
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. - Short Internship
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. - Long Internship
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. - Flexible Learning
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.
Society of Actuaries (SOA) – USA

Zijun, Actuarial Science at Asia Pacific University (APU)
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:
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).

Membership Classes (To become a member of Actuarial Society of Malaysia)
There are four membership classes under the ASM:
- Fellow
- Associate
- Ordinary
- 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