Top 3 Private Universities in Malaysia Best for Actuarial Science Studies Courses

Which are the Best Private Universities in Malaysia Offering  Actuarial Science Degree Programmes

The path to becoming an actuary in Malaysia for students after high school involves going through a structured education plan. First, students will obtain university-level education and then post-university examinations, as well as other requirements. One must pass the actuarial professional examinations and various on-the-job assessments. 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). Students should choose the best university in Malaysia for actuarial science to prepare them well to face the professional exams.

Outstanding private universities in Malaysia for Actuarial Science or Actuarial Maths degree are Asia Pacific University (APU), Heriot-Watt University Malaysia, and  Taylor’s University.

You might also be interested to read:

• 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

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The Best Private Universities in Malaysia to Study Actuarial Science

The Actuarial Science degree programme has a heavy mathematical and statistical component. The first step after SPM or O-Levels, students will need to consider a private university in Malaysia that has a solid Actuarial Science degree programme that will help you prepare well for the professional papers.

Students should have excellent overall results including Maths in order to tackle the academic rigours of the actuarial science programme.

After completing your degree, you can continue on to two of the more popular professional papers in Malaysia which are the Society of Actuaries (SoA) USA and the Institute and Faculty of Actuaries (IFoA) (UK).

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.

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).

Heriot-Watt University Malaysia’s team of leading academics is internationally recognised for research, scholarship and teaching in mathematical and actuarial sciences. The Actuarial Science degree at Heriot-Watt University Malaysia receives the same exemptions from the VEE papers from SOA.

HWUM 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.

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.

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.

Who Should Study Actuaries 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 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.

What you Will Study in Actuarial Science 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, Pre-U, STPM, A-Levels or UEC with excellent results 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.

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.

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.

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.

What is the Education Pathway into the Actuarial Science Degree in Malaysia?

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.

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Best Actuarial Science Degree Course in Malaysia at Award Winning Asia Pacific University (APU)

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).

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.

After completing the Foundation in Business & Management, 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)

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.

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.

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.

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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.

Accreditation

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.

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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.

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.