Bachelor of Science (Hons) Actuarial Studies Degree Course Details, Entry Requirements, Fees & Intakes at Asia Pacific University (APU) Malaysia
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Actuarial Science is gaining popularity in Malaysia for students who are good in Maths to pursue. This pathway leads to an excellent career with high salary should one complete all the professional papers to become a professional actuaries in Malaysia.
The Actuarial Science degree at Asia Pacific University (APU) has been awarded full accreditation from the Institute and Faculty of Actuaries (IFoA) (UK). APU is among the 7 universities in Asia to receive such worldwide recognition. In addition, 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.
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Actuarial Science Degree Programme at Asia Pacific University (APU) in Malaysia
There are only a few universities in Malaysia offering the degree in Actuarial Science. It is important for students not only to obtain the best actuarial science education but to get the necessary communication skills in English to succeed.
As you will work in multinational companies, banks, financial institutions, insurance, etc., you will need to have a strong command of the English language to succeed in your job.
One university that students can consider is Asia Pacific University, famous for IT courses and excellent for accounting and business as well. With an international environment and exposure to students from over 90 countries, students can improve their communication skills and build a global network.
Students need to choose the best university or college in Malaysia to study Actuarial Science so that they can gain the necessary knowledge and skills to succeed in the competitive world of actuaries.
Accreditation & Recognition of the Actuarial Science Degree at 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.
The Best Actuarial Science degree course at Asia Pacific University (APU)
After the Foundation in Business & Finance, 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.
Students after SPM or O-Levels may go for the Foundation in Business at Asia Pacific University for 1 year before continuing on to the 3-year BSc. (Hons) Actuarial Studies degree. With 3 credits in SPM or O-Levels including Maths, students may go for the 2-year Diploma in Accounting and then enter into Year 2 of the Actuarial Studies degree at top rank Asia Pacific University (APU). Pre-University students with the relevant results in STPM, A-Levels, SAM, CPU, AUSMAT, etc. can enter directly into Year 1 of the BSc. (Hons) Actuarial Studies degree.
What you will study in the Bachelor of Science (Hons) in Actuarial Studies at Asia Pacific University (APU)
APU BSc (Hons) in Actuarial Studies is a 3 years degree programme of full-time study. This programme 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 APU, 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.
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.
Our 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