Top Actuarial Science Degree Programme in Malaysia at UCSI University
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UCSI is the first private education provider in Malaysia to be endorsed by the Society of Actuaries (SoA) and the Institute and Faculty of Actuaries (IFoA). Furthermore, UCSI University’s degree in Actuarial Science is exempted from the VEE papers. In addition, UCSI University’s actuarial science students have completed the partially or all of the 5 preliminary exams during their degree studies at UCSI. UCSI University is one of the best private universities in Malaysia for students to pursue their undergraduate studies in Actuarial Science.
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Outstanding Actuarial Science Degree Programme in Malaysia at Top Ranked UCSI University
Actuaries in Malaysia are professionals dealing with the financial impact of risk and uncertainty. Actuaries use their skills in mathematics, economic, computer science, finance, probability and statistics, and business to assess the likelihood of occurrence of certain risky events formulate policies that minimize the cost of these risks.
As such, actuaries are essential to the insurance and reinsurance industry in Malaysia. In addition, they can be consultants to other businesses, including sponsors of pension plans; and to government agencies such as Bank Negara Malaysia.
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.
The 3-year BSc (Hons) Actuarial Science programme at UCSI University 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.
Students at UCSI University will be furnished with the essential leadership qualities, communication skills, problem-solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging yet exciting world, where risks can be turned into opportunities.
Top Ranked UCSI University Offers the Best Actuarial Science Degree Programme in Malaysia
UCSI University’s Actuarial Science related programmes follow SOA guidelines. UCSI University’s focus on preparing the students for the professional examinations has helped them to familiarise themselves with the examinations and enabled them to perform well. UCSI has students who passed three out of five preliminary exams when they were still in their second year.
UCSI’s actuarial lecturers have vast experience in the corporate world as consultants and advisors, enabling them to deliver a curriculum that is relevant and that matches the industry’s requirements.
UCSI partners with over 4,000 leading companies in various industries – Malaysia’s widest industry-academia network – to provide students with internship programmes, industry exposure and job opportunities for Actuarial Science students.
Actuarial Science graduates from UCSI University are consistently employed by some of the world’s largest insurance companies after completing internships at AIA, Alliance, Great Eastern, Tokio Marine, Zurich and more.
Accreditation & Recognition of UCSI University Actuarial Science Degree Programme by SOA & IFoA
UCSI is the first private education provider in Malaysia to be endorsed by the Society of Actuaries (SoA) and the Institute and Faculty of Actuaries (IFoA). These international professional bodies are acknowledged globally for their prestigious actuarial designations and provide the latest educational programmes and rigorous examination process.
UCSI is a SoA UCAP (Universities and Colleges with Actuarial Programmes) school. Students may obtain all three VEE (Validation by Educational Experience) credits – core subjects needed to attain a Society of Actuaries (SoA) membership – which may also go towards other qualifications from the Casualty Actuarial Society and Canadian Institute of Actuaries.
UCSI was also the first private university in Malaysia to be approved by SoA, a leading global professional organisation for actuaries. Students have been known to pass all five professional papers even before their third year of undergraduate study – remarkable achievements that have cemented a sterling track record for the faculty.
UCSI University has become the first and only private university in Malaysia to be recognised by the Institute and Faculty of Actuaries (IFoA), joining the ranks of an elite group of universities like Oxford, Imperial College London, LSE and Warwick. UCSI is the first and only private institution in Malaysia to be granted CT1 module exemption for IFoA’s Fellowship and Certified Actuarial Analyst exams.
Students who are pursuing UCSI’s Actuarial Science programmes will now be granted module exemption for IFoA’s Fellowship and Certified Actuarial Analyst exams.
IFoA is UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally. They represent over 28,000 members worldwide in driving innovation and research in the field.
With this recognition, students who have completed their Mathematics in Interest Rates course – taken in year one of their BSc (Hons) Actuarial Science or BSc (Hons) Actuarial Science and Finance programme at UCSI – with a B minimum will be exempted from IFoA’s first Core Technical module on Financial Mathematics, also known as CT1.
In total, there are nine Core Technical modules. Aspiring students seeking the Associate status from IFoA will need to complete them all with an additional three Core Application modules to qualify.
IFoA’s CT1 also leads to an exemption for the Society of Actuaries (SoA)’s Exam FM in Financial Mathematics due to an agreement between the two professional bodies.
Education Pathway to an Actuarial Science Degree
Students after SPM or O-Levels with at least 5 credits including the relevant subjects may enter the Foundation in Arts (Actuarial Science & Architecture) at top ranked UCSI University for 1 year before continuing on to the 3-year Actuarial Science 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 degree providing they meet the minimum entry requirements.
Assessments of the Bachelor of Science (Hons) Actuarial Science at UCSI University
The assessment includes a combination of examinations, projects and assignments, and finally a requirement to complete a dissertation in Independent Project in the final year. Students will acquire up-to-date vocational skills that are relevant and competitive. This reflects the complex and challenging nature of the accounting, finance and business realms.
Year 1 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University
- Mathematics 1
- Elective 1
- Managerial Accounting
- Mathematics 2
- Applied Probability
- Mathematics of Interest Rates
- Mathematics of Financial Derivatives
- Business Accounting
- Elective 2
- Elective 3
- University Life (MPU-U2)
- Extracurricular Learning Experience 1 (MPU-U4)
- Co-operative Placement 1
Year 2 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University
- Applied Statistical Models
- Life Contingencies 1
- Financial Management 1
- Intro to Stochastic Process
- Life Contingencies 2
- Loss Models
- Stat. Simulation for Fin. Modelling
- Elective 4
- Elective 5
- Business Law- Malaysian Perspective (MPU-U3)
- Extracurricular Learning Experience 2 (MPU-U4)
- Co-operative Placement 2
Year 3 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University
- Independent Project 1
- Stochastic Calculus for Ins. & Fin.
- Stat. Methods for Insurance
- Credibility Theory
- Actuarial Practices
- Elective 6
- Independent Project 2
- Extracurricular Learning Experience 3 (MPU-U4)
- Co-operative Placement 3
List of Electives (choose up to 6)
- Fundamental of Marketing
- Fundamentals of Management
- Introduction to Internet Technologies
- Accounting Information System
- Business Modelling with Spreadsheet
- Business Information System
- Java Programming 1
- Business Law
- Business Communications
- Corporate Finance
- Visual Basic .Net
- Numerical & Computing Method
Top Actuarial Science Degree Programme at UCSI University
As testament to UCSI University’s efforts, they have students who passed three to five preliminary exams when they were still in their second year. This is a remarkable feat.
Chan Min Zhuo, Actuarial Science degree student at UCSI University, is one of the few local students who passed three of the five preliminary exams required in 2 years regulated. Chan has now passed all 5 preliminary papers.
One must pass professional examinations and various on-the-job assessments, in addition to obtaining a degree. There are not many universities in Malaysia that offer the degree in Actuarial Science.
Teoh Wei Jing, a UCSI Actuarial Science student from SMJK Jit Sin has completed 5 Society of Actuaries (SOA) Professional Papers before entering into the 3rd Year of his degree studies.
Another student, Chong Kim Sin, a UCSI Actuarial Science student has completed 5 Society of Actuaries (SOA) Professional Papers before entering into the 3rd Year of his degree studies.
There are very few students in the whole of Asia who have passed five SoA examinations before the third year. This makes Chong Kim Sin among Asia’s crème de la crème for actuarial science.
Currently, Chong Kim Sin has passed the Probability (P), Financial Mathematics (FM), Actuarial Models: Financial Economics (MFE), Actuarial Models: Life Contingencies (MLC), as well as the Construction and Evaluation of Actuarial Models (C) examinations.
He now has only two components left before qualifying as an Associate of the Society of Actuaries (ASA); the Fundamentals of Actuarial Practice (FAP) and Associateship Professionalism Course (APC).
Other top UCSI students Xie Chun Xiao, Angie Ng Mei Sean, Christopher Low Jia Iuan, Callie Loh, Hon Li Yen, Ham Khai Chung, Ngew Chee Hong Anthony, Tan Khe Han and Wong Mei Chin have completed 4 preliminary SoA examinations before the third year.
Understanding the profession’s stringent requirements, UCSI University sought the knowledge and experiences of Dr Ngerng Miang Hong and Dr Toh Kian Kok to manage and design its BSc (Hons) Actuarial Science.To study Actuarial Science in Malaysia, students should choose a university that best equips them with the knowledge and skills to succeed in actuaries.
Assoc Prof Dr Toh Kian Kok is also the Deputy Vice-Chancellor, Quality Assurance and Enhancement at UCSI University with a B.Sc. (Actuarial Science), M.Sc. (Applied Mathematical Science), and Ph.D (Statistics)
The result: A course that provides students with a world-class degree in line with the requirements of the Society of Actuaries (SOA) – the largest professional organisation for actuaries in the world. On top of that, the course also grooms students to have the rigorous capacity to ace the professional examinations they are required to sit for.
“Students require only three years of full-time study to prepare them for the professional examinations and on-the-job assessments during the span of their careers,” says Dr Toh, who is the Dean of UCSI University’s Faculty of Business and Information Science.
“It is a heavy responsibility for us as we want to ensure that within their three years with us, we prepare them for the next 30-years or more of their career.”
Award-Winning Business Students at UCSI University
2015 – Wong Hao Yi & Kok Yat Sing, Bachelor of Science (Hons) Actuarial Science students at UCSI University, became National Champions for CIMB ASEAN Stock Challenge 2015, organised by CIMB Group Holdings Bhd, Malaysia’s second-largest bank by assets.
2015 – Kong Kah Weng, Eric, Bachelor of Arts (Hons) Marketing student at UCSI University, is the First Prize Winner for the “Think New” Essay Writing Competition, Eric Kong won himself a one month internship at Novo Education New Zealand. The competition was organized by South and South East Asia (SSEA), Education New Zealand.
2015 – Yeah Nyoke Kim, Bachelor of Arts (Hons) Logistics Management student at UCSI University, won the Best Student Award at the Chartered Institute of Logistic and Transport (CILT) Convocation 2015, Malaysia
2015 – Lim Czi Xian, Bachelor of Science (Hons) Finance and Investment at UCSI University, was chosen as the Seminar Leader for Obuse, Negano Prefecture to teach 8 seminars on philosophy in Japan, a project fully sponsored by Reischauer Institute of Japanese studies at H-LAB, Harvard College Japan Initiative.
2015 – Fatin Aveena Binti Azlan, Bachelor of Business Administration (Hons) Oil and Gas Management student at UCSI University, participated in the 2015 Yong Southeast Asian Leaders Initiative* (Yseali) Institute on Environmental issues in the United States, fully funded by the Department of United States and will be hosted by the University of Montana, Montana from 25 August -30 September 2015. * Initiative by U.S. President Barack Obama, international Council of Malaysian Scholars and Associates, Hosted by Mckensey & Co.
2014/2015 – Yong Kok Seong (Diploma in Management), Loh Peng An (Bachelor of Arts (Hons) Logistics Management) & Lo Shai Man (Bachelor of Arts (Hons) Accounting) won Merit Prize in the Malaysia Startup Challenge (MSC) Malaysia – Institution of Higher Learning (IHL)
2014 – Eric Kong Kah Weng (Bachelor of Arts (Hons) in Marketing), Kelvin Choo Chiang Tung (Bachelor of Science (Hons) in Finance and Investment), and Vivian Ng Mun Yee (Bachelor of Arts (Hons) in Accounting) emerged Champion for the event “World Islamic Economic Forum (WIEF) Business Plan Challenge 2014” for Social Entrepreneurial Project — “Bangi Soap”, Kampung Kalangkaman, Sabah, Malaysia
2013 – Lim Wai Hing & Chew Pei Xin (Bachelor of Arts (Hons)Business Administration students at UCSI University) won First runner-up placing at the Malaysia Startup Challenge (MSC) – Institution of Higher Learning (IHL) Business Plan Competition (MIBPC), 2012/2013, an annual competition that seeks to nurture a new generation of technology entrepreneurs.
2013 – Vanessa Meghann @ Ang Man Xuan, Liew Wye Yaw, Jason Yao Ching Huat & Vijayalecchumy who are Diploma In Management students at UCSI University emerged Champion for the Entrepreneurial Building Project 2014 competition, Malaysia
2011 – Foo Dun Fei & Ng Shing Leng (Bachelor of Arts (Hons)Business Administration students at UCSI University)won the first runner up during the national Malaysia Startup Challenge (MSC)–Institution for higher Learning (IHL) Business Plan Competition
Co-Operative Education Training Programme for Every Year of Degree Studies at UCSI University
With its innovative academic curriculum, UCSI University students also enjoy the unique benefits of its Co-Operative Education Training Programme (Co-Op) that enhances their employability by integrating classroom learning with workplace training in Co-Op employer organisations.
Completing two months’ work experience for every study year, a UCSI University student would have six to eight months’ work experience to stand ready for full-time employment upon their graduation.
The Co-Operative Placement Programme at UCSI University formally integrates classroom learning with workplace training in co-operative employer organisations.
As part of their degree requirements, students enrolled in UCSI University programmes are required to complete a co-operative module comprising two months’ work experience for each year of their degree programme. Today, the University have over 3500 industry partners supporting the Co-Op Placement Programme.
With the number rising annually, these partnerships create job opportunities for students to be job-ready upon their graduation.