Pathway to Become a Qualified Professional Actuary in Malaysia via the UK Actuarial Profession at Heriot-Watt University Malaysia
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Top Ranked Heriot-Watt University Malaysia provides students with the most exemptions from the Institute & Faculty of Actuaries (FIA), UK with their Actuarial Science degree programme. 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. This will be the fastest pathway to become an Actuary in Malaysia.
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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 (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.
Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia
First Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia
- Probability and Statistics
- Actuarial and Financial Mathematics
- Linear Algebra
- Multivariate Calculus and Real Analysis
- Finance and Financial Reporting
- Practical work
Second Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia
- Life Insurance Mathematics
- Statistical Models
- Stochastic Processes
- Portfolio Theory and Asset Models
- Survival Models
- Derivative Markets
- Discrete-time Finance
- Project work
Third Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia
- Risk Theory
- Financial Risk Management
- Pension Funds
- Life Office Practice
- Time Series
- Bayesian Inference
- Electives in mathematics and economics
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.
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.
The Institute and Faculty of Actuaries exams come in four stages:
- Core technical – nine subjects, all of which you need to pass or be exempted from. Most of these are traditional exams, but 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.
- 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.
- Specialist technical – you need to pass or be exempted from two of the nine ST subjects available.
- 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, 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 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 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
- *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 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
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
How much can an actuary earn in the UK?
Wherever you go in the world, you’ll find the actuarial profession is one of the highest paid.
Mark Crail from XpertHR explains how the survey is made up and what he has seen over the last year.
‘Actuaries have seen basic pay increase by an average of 6.7% over the past year. Actuaries have enjoyed significantly better pay increases than most other professional groups in recent years, with the economic downturn having little if any discernable impact on salaries.
The most substantial increases in basic pay have been in entry-level positions – reflecting the rapid progress that entrants to the profession enjoy as they build up their qualifications and experience.
Actuary Salaries According to Institute and Faculty of Actuaries, UK
|Responsibility level||Average basic salary (£)||Average bonus|
|Chief actuary, senior partner||£209,292||£79,830|
|Senior function head, practice director||£133,813||£38,899|
|Function head, practice head||£122,472||£25,084|
|Department manager, managing consultant||£96,331||£17,587|
|Section manager, senior consultant||£86,422||£16,590|
|Section leader, consultant||£70,945||£12,844|
|Senior actuary, junior consultant||£63,238||£8,618|
Key findings from the survey show that:
- Basic pay increases sharply for those at entry level and for those at the top of the profession;
- More than eight out of ten actuaries receive a bonus on top of their basic pay;
- Bonus as both an absolute figure and as a proportion of salary increases with seniority;
The 2014 survey is based on anonymised payroll data supplied by 15 actuarial employers on 1,681 employees.
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