Best Actuarial Science Degree Programmes in Malaysia
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There are not many universities in Malaysia that offer the degree in Actuarial Science. Outstanding private universities in Malaysia for Actuarial Science or Actuarial Maths degree are Heriot-Watt University Malaysia, Asia Pacific University (APU), UCSI University and Taylor’s University.
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Best Private Universities in Malaysia to Study Actuarial Science
Choosing a university to study at is not easy. There are many private universities in Malaysia to pick from for actuarial science and all of them offer different experiences, different subjects and different courses. Choosing a university to study in Malaysia is one of the most important decisions you will make in your life. Your decision will be influenced by many criteria.
Every university and course in Malaysia is different and each student wants different things to fit their education and career goals. Students after SPM, O-Levels, STPM, UEC, A-Levels or other Pre-University programme will almost certainly need to decide what is most important to you. The best university is one that fits your career goals, your personality and can push you to a higher level of success.
Studying at the top ranking university or college in Malaysia gives you a lot of opportunities in your future professional life. Top universities provide a high standard of education that equips you well for your future career. Furthermore, a degree earned at a reputable university in Malaysia makes seeking employment much easier whether locally or globally.
Heriot-Watt’s Statistics & Operational Research course (Actuarial Mathematics and Statistics) was placed the world’s top 200. The best university in Malaysia for Actuarial Science would be Heriot-Watt University Malaysia where students can get 8-paper exemptions out of 15 needed to qualify as a Fellow at the Institute and Faculty of Actuaries (FIA), UK. This degree is one of only a few to be accredited by the UK actuarial profession. Good performance means exemptions from professional examinations (CT1-CT8), giving prospective actuaries an advantage over those on other mathematics programmes.
Graduates who go on to qualify as actuaries with the Society of Actuaries in North America can get credit from some of the SOA examinations on the basis of exemptions from the IfoA examinations.
Heriot-Watt University is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. Heriot-Watt University is the only Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide with this designation. With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 28,000 actuaries as members.
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.
Best Education Pathway to an 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.
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). Students should choose the best university in Malaysia for actuarial science to prepare them well to face the professional exams.
Study the Actuarial Science Degree at the Top Ranked Heriot-Watt University Malaysia
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.
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, something only a handful of programmes in the UK have achieved.
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.
Accreditation of the Actuarial Science Programme at Heriot-Watt University Malaysia
In accordance with Heriot-Watt University’s normal practice, their professionally orientated programmes are designed to meet the educational requirements for membership of relevant professional institutions.
In addition to recognition within Malaysia, the university seeks accreditation by the relevant UK or international professional bodies in accordance with their standard procedures.
This Bachelor’s degree mirrors the highly successful BSc Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession. It is expected that the 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 Best Actuarial Science degree course 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.
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.
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.
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.
The Best Actuarial Science Degree Programme at UCSI University
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.
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.
To obtain the best people for the job, the actuary profession is one of the most 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.
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 theBachelor 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.
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.
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.
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.