Course information for the B. Sc. (Hons) Actuarial Science at Heriot-Watt University Malaysia

Course Details, Education Pathway, Intake Dates, Fees, Duration, Entry Requirements, Exemptions, & Rankings for Actuarial Science at Heriot-Watt University – Malaysia campus

• Course code – KPT/JPS (R/462/6/008) (FA4167) 06/24
• Delivery type – Full-time
• Duration – 3 years
• Intake date – September
• Location – Putrajaya, Malaysia
• Ranking for Actuarial Science – Top 10 in the UK
• Actuarial Science Tuition Fee 2023 – RM43,920 a year

Heriot-Watt University Malaysia’s team of leading academics is internationally recognised for research, scholarship and teaching in mathematical and actuarial sciences.

This B.Sc. (Hons) Actuarial Science degree offers broad-based training in modern, pure and applied mathematics, together with a sound knowledge of key areas in contemporary statistics. It allows students to study both mathematics and statistics courses in each year of the degree. The degree develops valuable transferable skills in numeracy, analytical and logical reasoning and problem solving which lead to a wide variety of possible careers.

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.

This Bachelor’s degree mirrors the highly successful BSc Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries. Furthermore, Malaysian students will be studying a UK Top 10 ranked Actuarial Science programme at Heriot-Watt University with the option to complete all in Malaysia or partly in the UK. Should students choose to transfer to the UK campus for the final part of their degree studies, you will get a 20% discount off the UK fees.

You might be interested to read:

• Pathway to Become an Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA) Curriculum 2019
• How to Become a Professional Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA)
• Actuarial Science in Malaysia – Job, Salary, Education Pathway & Professional Papers

Please fill up the Form below and I will WhatsApp you and provide you with sound advise on how to choose the best private university or college in Malaysia to study at. If you do not give your mobile number or full name as in IC, your query will not be answered. Our knowledgeable & experienced counsellor will send you a message on WhatsApp & provide assistance from there.

What You will Study in the Actuarial Science Degree at 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 Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.

What is the Education Pathway into Actuarial Science at Heriot-Watt for Students after SPM or IGCSE/O-Levels?

Students after SPM or IGCSE/O-Levels interested in pursuing the B.Sc. (Hons) Actuarial Science at Heriot-Watt University Malaysia may go for the Foundation in Business (Actuarial Science) pathway.

You will need at least 5 Cs in SPM or IGCSE/O-Levels including English, Mathematics and Additional Mathematics to enter the Foundation.

Upon completion of the Foundation in Business, you will need to achieve ABBC – A in Mathematics, B in any other 2 subjects, C in Academic English/Study Skills, to enter the B.Sc. (Hons) Actuarial Science programme.

Duration for the Foundation is 1 year while the degree will take 3 years to complete.

What will you Study in the Foundation in Business (Actuarial Science route)?

The programme content is taught over three semesters (14 weeks) through lectures, seminars and group work. All the courses taught are designed to directly relate to the progression degrees offered on your choice of programme; the Foundation in Science, the Foundation in Business or its Actuarial Science/ Statistical Data Science route.

You will learn to use English effectively to perform a variety of academic tasks, such as delivering oral presentations, managing group discussions, conducting research, and writing essays. You will also be exposed to a range of study skills essential to succeed at university.

What are the Subjects for the Foundation in Business (Actuarial Science route)?

• Object Oriented Programming or Fundamentals of Accounting
• Essential Mathematics
• Academic Skills
• Principles of Economics
• Data Structures and Software Design or Financial Accounting
• Mathematics for Science
• Foundation English
• Microeconomics and Policy
• Web Development and Databases or Management Accounting
• Advanced Mathematics for Science
• Foundation English for Business
• Macroeconomics and Global Economics Issues

What is the Ranking for Actuarial Science at Heriot-Watt University?

• The Times and The Sunday Times Good University Guide 2023 ranks Heriot-Watt University Second in Scotland for Mathematics, and 7th in the UK.
• Heriot-Watt University is Ranked 12th in UK by The Complete University Guide 2023 Subject League Table Ranking for Mathematics
• Heriot-Watt University is ranked Top 200 in the World for Mathematics by the QS World University Rankings by Subject 2022

Exemptions from IFoA for the Actuarial Science Degree at Heriot-Watt University Malaysia

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. Which means that this will be the fastest pathway to become an Actuary in Malaysia through Heriot-Watt University Malaysia’s Actuarial Science Degree.

How is the Teaching and Assessment for the Actuarial Science Degree?

Teaching is delivered through a combination of lectures, tutorials and project work. Course assessment is generally based on either coursework or an exam at the end of the semester, or a mixture of the two at the end of the semester or academic year.

What is the Accreditation for the Actuarial Science Programme?

This programme is one of the few in Malaysia which is fully accredited by the UK Institute and Faculty of Actuaries (IFoA). Good performance means exemptions from the Core Principles subjects (CS1, CS2, CM1, CM2, CB1, CB2), giving prospective actuaries an advantage over those in other mathematics based programmes.

The degree is also accredited by the Royal Statistical Society and by the Malaysian Qualifications Agency (MQA). Additionally, we are also recognised by the Society of Actuaries (SOA) under Universities & Colleges with Actuarial Programs – Advanced Curriculum (UCAP-AC) which is the highest level of recognition in Malaysia.

What are the Entry requirements for the Actuarial Science Degree at Heriot-Watt University Malaysia

• Heriot-Watt University Malaysia Foundation in Science: ABBC – A in Mathematics, B in Physics, B in Chemistry, C in Academic English/Study Skills
• Heriot-Watt University Malaysia Foundation in Business: ABBC – A in Mathematics, B in Accountancy and Finance, B in Business Management, C in Academic English/Study Skills
• A-Level/STPM: ABB including A in Mathematics
  UEC: 6A including A1 in Mathematics and Advanced Mathematics
• WACE/SACE: ATAR 90
• SMA 3 (Indonesia): 8
• IB Diploma: 28 points
• Diploma with high level of attainment in mathematics recognised by the Malaysian Government
• Any other relevant qualification with high level of attainment in mathematics recognised by the Malaysian Government

English language requirements

• If English is not your first language, then evidence of proficiency equivalent to IELTS 6.5 is required.
• If you do not have IELTS 6.5, we offer a Pre-Sessional English Programme (PSEP) prior to commencing your studies.

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 A
• Probability and Statistics B
• Linear Algebra
• Actuarial and Financial Mathematics A
• Actuarial and Financial Mathematics B
• Multivariable Calculus and Real Analysis A
• Multivariable Calculus and Real Analysis B

Optional and elective courses available for Year 1 include:

• Finance and Financial Reporting
• Operations Management

Second Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

• Life Insurance Mathematics A
• Life Insurance Mathematics B
• Stochastic Processes
• Survival Models
• Derivative Markets and Discrete-time Finance
• Statistical Models A
• Statistical Models B
• Portfolio Theory & Asset Models

Third Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

Students typically take Introductory Economics, Continuous-time Finance, Risk Theory, and Time Series Analysis and can choose from a range of options such as Statistics for Social Science, Bayesian Inference and Computational Methods, Statistical Machine Learning and Optimisation.

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.

Career Opportunities for Actuarial Science Graduates

Employment prospects are good, with excellent financial rewards. Our students readily find work as trainee actuaries and graduates are also well-equipped for more general careers like accountancy, banking, stockbroking or teaching. What’s more, actuarial skills are appreciated anywhere in the world.

What is Go Global at Heriot-Watt University?

Go Global is our inter-campus transfer programme, available only for Heriot-Watt students. Go Global enables you to carry your studies abroad if your heart so desires. Choose to study abroad for a semester, a year, or even longer. Whatever works best for you.

Experience new cultures, expand your horizons, and discover what it means to be a true global citizen. Our campuses are in the UK, Dubai and Malaysia.

At Heriot-Watt, we already have campuses in Malaysia, the UK, and Dubai. So, you can get all the benefits of studying internationally, while still attending Heriot-Watt University. You’ll be part of our global family which means it is far more seamless and less disruptive for you and your studies.

You will still be attending Heriot-Watt University, just in a different country. We offer you end to end support, from reminding you about application dates and deadlines, to a visa checking and processing service. We look after you all the way and offer cultural awareness sessions and pre-departure briefings to ensure you know exactly what to expect.

Unlike most study abroad and exchange options you will be part of a cohort who get to know each other before you leave your home country. And once you reach your destination, you are looked after and will attend a welcome session with the rest of the cohort. We have the same standard of teaching across our campuses and you’ll be continuing your programme so there will be no work to catch up on once you are back. We actively encourage all our students to take part in Go Global, if they can.

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?

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.