Do you like using math to predict the future? Or perhaps you’d like the power to save mankind from disaster? Would you’d like to work your way to the Financial District of Wall Street? Want to use math to save the world?

If you’re intrigued by the possibilities and beauty of mathematics, you should consider a career in ACTUARIAL SCIENCE. 

What is Actuarial Science?

Actuarial Science is the science of managing and predicting risks. Actuarial scientists use mathematics, economics, psychology and business studies to help companies (insurance, banking) predict patterns in human health, environmental disaster, and events than can impact the economy. It is a great career for people who love and excel in mathematics and is highly in demand. Entry level executives can expect salaries of RM 3,500 to RM 4,200.

Is Actuarial Science hard?

Short answer? Yes

Long answer?  According to the Actuarial Society of Malaysia, as of 2015, there are only 148 registered Fellows in the country. This is because in addition to good mathematics knowledge (which eliminates a lot of students), there is also a need for good written English, passing in all professional exams and an understanding of how insurance works. This deters most except the bright and hardworking. However, the low amount of actuaries means there is a demand and plenty of opportunity for rising new stars.

How long does it take to be a professional actuary? 

The journey to actuarial science begins in high school with taking Additional Mathematics as a requisite. You can then take a pre-university program like Foundation in Science/Business, or South Australian Matriculation or A Level. A Bachelor’s degree in Actuarial Science takes 3 years. Once you graduate, you are not a qualified actuary yet, as you will need to gain working experience while taking professional exams to qualify you with one of the following professional bodies: 

  • Society of Actuaries (SOA), USA
    • 108 years old, 25,000 members
  • Casualty Actuarial Society (CAS), USA
    • 100 years old, 7,587 members
  • Institute and Faculty of Actuaries (IFoA), UK
    • 17 years old, 28,000 members
  • Institute of Actuaries of Australia (IAA), Australia
    • 120 years old, 20,000 members

In case you’re wondering, there is no society that is ‘better’ than the other. The differences lie in how they test and the structure of certifications. However, being a commonwealth country, Malaysian students usually defer to the IFoA and IAA standards.

In short, your pathway would be:      

IMPORTANT: Study your degree at an institution that gives you exemptions to professional team papers. In Malaysia, the university that gives you the most exemptions is Heriot-Watt University, with a total of 8 papers

 

What course should you study to be an actuarial scientist?

 

Institute

Heriot-Watt University

APU University

UCSI

Course

BSc (Hons) Actuarial Science

Duration

3 years

Fees (2017)

RM 127,296

RM 72,300

RM 59,000

PTPTN

No

Yes

Yes

Location

Putrajaya

Bukit Jalil

Cheras

Recognition

Accredited by Institute and Faculty of Actuaries (IFoA), UK

Society of Actuaries (SOA), USA

Society of Actuaries (SOA), USA

Professional Exemption

IFoA: 8 Papers / 4 Modules

SOA: 3 VEE Papers

IFoA: 1 Paper 

SOA: 3 VEE Papers

For you if you:

  • want to study in the Top 10 UK Institutions for Actuarial Science (Times, 2017) 
  • want the opportunity to articulate to the UK or Dubai campus
  • want the highest amount of exemptions 
  • want an institution recognized by SOA as an exemplary provider
  • want a dual award from APU and Staffordshire University, UK
  • want an internship as part of your degree modules
  • looking for the most affordable option
  • want 100% scholarship options
  • want both SOA and IFoA preparation options
  • has a placement program to major insurance companies

 

The 3 key points in choosing a university for actuarial science should be the university’s reputation in producing top quality actuaries, the professional paper exemptions, and accreditation. Based on these criteria, Heriot-Watt is currently the leading provider in Malaysia. They give up to 35% scholarships to students, which significantly brings down the cost, and leaves the option for students to articulate to their UK campus. 

If you have plans to work abroad, know that as a professional certification, actuarial science will make you a highly valuable talent. If you’re ready to apply, or would like to find out more, contact us today, and let UniDigest help you on your way to greatness. 

Get Your Free Actuarial Science Consultation Now!