Fastest Way to Become an Actuaries through the Best University for Actuarial Science at Top Ranked Heriot-Watt University Malaysia
Best Pathway to Become a Qualified Professional Actuary in Malaysia via the UK Actuarial Profession at Top Ranked Heriot-Watt University Malaysia
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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.
Programme Structure 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:
1. 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.
2. 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.
3. Specialist technical – you need to pass or be exempted from two of the nine ST subjects available.
4. 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.
Students interested in registering at Heriot-Watt University Malaysia, please go to this link. For information on hostel accommodation at Heriot-Watt University Malaysia, go to this link. Scholarships are available to deserving Malaysian students who have achieved high results in their SPM, STPM, A-Levels or UEC examinations.
About Heriot-Watt University Malaysia, One of the Best Universities in Malaysia
Heriot-Watt University Malaysia’s first premises in Putrajaya opened to students in early 2013. Heriot-Watt University Malaysia’s purpose-built campus in the city of Putrajaya is based only 25 kilometres from Kuala Lumpur.
Students at the Putrajaya campus join a vibrant, diverse community. The multi-cultural character of the campus provides opportunities to meet and mix with a broad range of international students and enjoy a supportive environment to help you make the best of your time as a student.
The university offers a range of activities to help students settle into university life, make friends and feel part of the university community. Heriot-Watt University Malaysia provides opportunities for students to develop important skills and gain valuable experience, in addition to those offered by their academic programmes.
The university’s strengths and experience in business, finance, manufacturing, engineering, energy and the built environment research match well with local industry interests seeking opportunities to build links. Heriot-Watt University Malaysia already has relationships with some of the international companies with headquarters in Malaysia, particularly in areas such as electronics, photonics, marine and oil and gas.
An iconic curved green roof at Heriot-Watt University Malaysia
Heriot-Watt University is Malaysia’s first purpose-built green campus. The campus is remarkable for having the first green roof of its kind in Malaysia which will act as an observation deck,
accessible by glass lift. The 300 metre long, 30 metre wide green roof requires a combination of particular soil, waterproofing, an irrigation system and grasses to avoid erosion.
The development is marked by its environmentally friendly, passive design features including campus lighting ‘powered’ by the maximum use of natural daylight, a rainwater harvesting system and optimised air-conditioning and thermal control systems.
Green Prospects Asia has featured the new campus with its unique, arching green roof that curves from the ground to the fourth floor. According to the publication, “It is expected to be a landmark feature in Putrajaya.”
A state-of-the-art learning environment at Heriot Watt University Malaysia
Heriot-Watt University’s campus is located close to the Putrajaya marina and to other purpose-built, modern leisure and sports
Situated in a stunning lakeside locationin Putrajaya, the building boasts a variety of informal study spaces, an extensive library and easy access to IT facilities with wifi available throughout. Heriot-Watt University’s teaching spaces will be flexibly designed to allow for traditional lectures and studio-based learning, complemented by high-quality electronic teaching and learning resources.
There are common rooms throughout the campus, giving students space to socialise and relax. On the promenade, facing the lake, is the cafeteria with other stores and retail outlets planned.
The campus will provide a state-of-the-art teaching and learning environment, reflecting the university’s status as a leading provider of high-quality, professionally orientated education, knowledge transfer and research. When the campus is fully developed the university aims to support up to 4,000 students.
Heriot-Watt University’s students
- 7,880 students on UK campuses, including 5,800 undergraduates and 2,080 postgraduates.
- 3,181 students at our Dubai Campus, including 2,181 undergraduates and 1,000 postgraduates.
- The Watt Club, our alumni association, was founded in 1854 making it the oldest graduate club in the UK. The Club connects over 88,000 of our alumni.
Career-relevant education at Heriot-Watt University
Responding to the needs of business and industry defines their approach. Heriot-Watt University work in partnership with the professions to develop their degrees, ensuring a career-relevant education and an environment that helps to foster the leaders of tomorrow.
Their practical, leading edge research is focused on providing solutions and is helping to tackle some of the key challenges facing contemporary society.
Heriot-Watt University’s Graduates
Heriot-Watt University’s global alumni network
Heriot-Watt University has 96,000 alumni spread across the globe and this network of graduates is very important to us.
The Watt Club is the university’s alumni association which you automatically become part of when you graduate. It has been in existence since 1854 and is one of the oldest alumni associations in the UK.
The strong alumni base gives students opportunities to interact with industry representatives as well as their staff. This is proven statistically, with 94.3 per cent of Heriot-Watt University’s graduates employed within 6 months of graduation globally, ranking the university 10th in the UK for graduate employment.
Its success rate in the job market comes from a focus on courses which are geared to industry and which have a professional outcome. Strong links with the industry are a key factor, from alliances with oil and gas companies to research collaborations with more than 25 countries globally
Heriot-Watt University’s alumni in Malaysia
With 3,500 alumni, Malaysia has the biggest group of Heriot-Watt graduates outside of the UK and the university looks forward
to the growth of this group as their new campus at Putrajaya becomes established. Current students can also benefit from the existing network with access to alumni mentoring, guest lectures, internships and other available services.
Many of the university’s Malaysian alumni have gone on to key roles with some of the country’s major companies, such as Petronas, YTL Corporation Berhad, Exxon Mobil, Motorola and PwC.
Students interested in registering at Heriot-Watt University Malaysia, please go to this link.Affordable hostel accommodation is provided at safe and conducive condominiums in Cyberjaya with free bus shuttle to and from Heriot-Watt University Malaysia.
Scholarships are available at Heriot-Watt University Malaysia to deserving Malaysian students who have achieved high results in their SPM, STPM, A-Levels or UEC examinations.
Heriot-Watt University is a Top Ranked University in the UK and in the World
Heriot-Watt University is ranked 352nd in the world, 40th in UK and 7th in Scotland for the QS World’s Top Universities. This places the university in the top 4%, based on approximation of at least 10,000 universities in the world
- Heriot-Watt has been ranked 47th in world, 3rd in UK, and 1st in Scotland, in the QS world ranking of universities under 50 years of age.
- THE’s ‘Table of Tables’ is the combined results of the three main UK university league tables – the Good University Guide (published by The Times and The Sunday Times), The Guardian and The Complete University Guide.In the Table of Tables 2015: Heriot-Watt is placed 25th in the UK – rising from 28th the previous year
- 63rd in the world, 10th in the UK and 2nd in Scotland in The Times Higher Education ‘100 Under 50’ 2013 (University Royal Charter awarded in 1966).
- 22nd in the world, based on the ‘international outlook’ indicator in the World University Rankings in the Times Higher Education – World’s Most International Universities.
- Scottish University of the Year 2012-13 (and 2011-12) and UK University of the Year for Student Experience 2012-13 by the Sunday Times.
QS World’s University Rankings 2016/17
- Heriot-Watt University is ranked 327th in the world, 41st in UK and 7th in Scotland
- This places Heriot-Watt University in the top 4% of universities globally, based on approximately 10,000 universities in the world
- The University was also ranked in the UK top ten for our proportion of international students and international faculty.
QS World University Rankings by Subject 2016
- Top 50 worldwide for Mineral & Mining Engineering (34th in the world)
- Top 150 worldwide for Civil & Structural Engineering
- Ranked in the top universities worldwide for eight subjects: Chemistry, Chemical Engineering, Civil & Structural Engineering, Electrical Engineering, Mineral & Mining Engineering, Computer Science & Information Systems, Mathematics and Physics & Astronomy.
Heriot-Watt University consistently achieves high ranking across a number of key university league tables:
- Guardian University Guide 2016 – 18th place Overall
- National Student Survey 2013 – 11th in the UK and second in Scotland
- The Complete University Guide 2016 – 37th Overall
- Times Higher Education World University Ranking – 22nd in the world for ‘International outlook’
- Times/Sunday Times Good University Guide 2015 – 41st in the UK and sixth in Scotland
Times Higher Education ‘Table of Tables’
THE’s ‘Table of Tables’ is the combined results of the three main UK university league tables – the Good University Guide (published by The Times and The Sunday Times), The Guardian and The Complete University Guide.
- In the Table of Tables 2015: Heriot-Watt is placed 27th in the UK and 3rd in Scotland
Heriot-Watt University’s Ranking in the Guardian University Guide 2017
- Ranked 27th in the UK and 4th in Scotland
- 2nd in UK for Building and Town & Country Planning
- 3rd in UK for Accounting and Finance
- Top 10 in the UK for Economics, Physics and Fashion & Textiles.
- 1st in Scotland for Accounting & Finance, Building and Town & Country Planning, Economics, and
- Mechanical Engineering
- 2nd in Scotland for six subjects: Business Management & Marketing, Chemistry, Chemical Engineering, Fashion & Textiles, Modern Languages & Linguistics, and Physics.
Heriot-Watt University’s Ranking in the Times/Sunday Times Good University Guide 2017
- Overall, 37th out of 128 institutions in the UK and 4th in Scotland
- Top ten in the UK for Building, Town & Country Planning and Landscape and General Engineering
- Top in Scotland for Building, Chemical Engineering, Town & Country Planning and Landscape, and top 3 in Scotland for: Art & Design, Chemistry, Economics, General Engineering, Mathematics and German.
Heriot-Watt University’s Ranking in the Complete University Guide 2017 (UK)
- 34th in the UK and 4th in Scotland
- Top ten in the UK for Building, Chemical Engineering, Art & Design and Town & Country Planning
- We are ranked in the top 25 for : Accounting & Finance, Computer Science and Mechanical Engineering
- Within Scotland Heriot-Watt University is 1st for Building and Town & Country Planning and 2nd for Art & Design
Research Standards at Heriot-Watt University
The university offers the advantages of a research-led teaching environment where advances in relevant fields are reflected in the syllabus.
In the 2008 RAE, 50% of the University’s research was rated as internationally excellent. Heriot-Watt had one of the highest RAE staff submission rates among Scottish universities.
The University plays a leading role in a number of Scottish research pooling initiatives including in the areas of Engineering (Scottish Research Partnership in Engineering), Mathematics, Physics, Chemistry, Computer Science, Economics and Marine Science.
The University has an extensive portfolio of research collaborations and is expanding this through the development of strategic alliances with key industry partners.
Heriot-Watt University delivers globally relevant and pioneering research with real impact. Our research informs policy, changes the world we live in and solves real problems for business and industry. In the REF 2014 survey of all UK universities:
- 82% of our research was found to be world-class
- we were 1st in the UK for General Engineering (joint submission with Edinburgh University)
- we were 2nd in the UK for Architecture, Built Environment and Planning (joint submission with Edinburgh University)
- we were 5th in the UK for Mathematical Sciences (joint submission with Edinburgh University).
Internationally Recognised Research at Heriot-Watt University Malaysia
Heriot-Watt University is recognised internationally as a centre for high calibre research in science, engineering and business, and we are one of the UK’s leading universities for cutting edge, applied research.
The university continues to attract significant research funding year on year and nearly 90% ofHeriot-Watt University academic staff are involved in research activity.
World-Leading Expertise at Heriot-Watt University Malaysia
Heriot-Watt University’s expertise in science and engineering is considered world leading and we are renowned for our applied and technological research and for our industry-oriented collaborative work.
Heriot-Watt University also works hard to share this expertise and participate extensively in Knowledge Transfer which helps businesses to improve their competitiveness and productivity.
Recent research in marine conservation for example has focused on marine habitat mapping for conservation purposes in the UK, Galapagos, Ecuador, Colombia and Panama alongside work to understand the impact of climate change (e.g. ocean warming and acidification) on marine species and habitats. Similar projects are being set up in Malaysia.
A Platform for Research Partnerships
The new Heriot-Watt University Malaysia Putrajaya campus will provide a dynamic platform from the creation of partnerships with other local universities through which the university can deliver research studentships and other funded research activities.
The university also hopes to work with Universities and other Higher Education Institutions in the surrounding region, particularly with those from ASEAN countries.
Key Areas of Research that Heriot-Watt University Malaysia will engage in
Examples of the areas Heriot-Watt University Malaysia expects to engage in include, sustainable development, biotechnologies, energy, water resource management, smart textiles and interior environments. It is likely that our research and knowledge transfer activities in Malaysia will reflect the six themes of the University’s core strategy which are:
- Environment and Climate Change
- Transport and Infrastructure
- Physical and Life Sciences Interface
- Modeling and Risk
- Creativity, Design and Innovation
Students interested in registering at Heriot-Watt University Malaysia, please go to this link. Affordable hostel accommodation is provided at safe and conducive condominiums in Cyberjaya with free bus shuttle to and from Heriot-Watt University Malaysia. Scholarships are available at Heriot-Watt University Malaysia to deserving students.
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