What is Actuarial Science about?
Actuarial Science heavily revolves around Mathematics, Statistics, and Probability, graduates will learn how to use these principles to anticipate future events and take preventive measures. It deals with evaluating risks and maintaining the economic stability of insurance or financial organisations. Actuaries analyse past data and use that information to determine how much money should be set aside to cover the financial losses which could occur in the future.
Career Options for Actuarial Science Graduates
- Business Analysts
- Budget Analysts
- Analysts Intelligence Agencies
- Research Analysts
- Financial Analysts
- Insurance Underwriters
- Insurance Claims Adjusters
If you want to work as an actuary, you must sit for the certification exams, as you continue passing your certification exams, you will see a considerable increase in pay. Continuing to move forward with a professional certificate is important to advance in the actuary career. With the combination of work experience, expanding job duties and good passing scores in the exams allow you to move on to a higher salary in your career, as many employers offer raises based on how many exams actuaries have completed.
Actuarial Science Accreditations
Professional designations in the society are earned by completing a rigorous system of examinations. It is common for students to work full-time in the profession while studying for the exams.
Institute and Faculty of Actuaries (IFoA)
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom. An actuarial qualification from the Institute and Faculty of Actuaries consists of a combination of the completion of various examinations and courses. The examinations are split into four sections: Core Principles, Core Applications, Specialist Principles and Specialist Advanced. In addition to examinations and courses, it is required that the candidate complete at least three years work as an actuary to qualify as a “Fellow of the Institute and Faculty of Actuaries” (FIA).
Society of Actuaries (SOA)
Requirements for membership for the SOA include the actuarial exams, a comprehensive series of competitive exams. Topics covered in the exams include mathematics, finance, insurance, economics, interest theory, life models, and actuarial science. Members of the SOA who meet a professional experience requirement are eligible for membership in the American Academy of Actuaries, which represents United States actuaries from all practice areas.
The Core Subjects Taught in Actuarial Science
- Probability and Statistics
- Calculus
- Introductory Economics
- Life Contingencies
- Risk Theory
- Survival Analysis
- Loss Models
- Risk Management and Insurance
General Entry Requirement for Actuarial Science
A-Level | Minimum 2Es |
Diploma | Minimum CGPA 2.0 |
Foundation | Minimum CGPA 2.0 |
STPM | Minimum CGPA 2.0 |
UEC | Minimum 5Bs |
Note: Entry requirements vary according to universities, to find out more please contact us!
Top private universities in Malaysia to study Actuarial Science
Taylor’s University
The degree programme transforms students into skilled analytical problem solvers who are trained to calculate and manage financial risk for businesses. Beyond providing a comprehensive programme, the university further enriches the educational experience through various learning opportunities to help students get the most out of their studies.
Programme | Bachelor of Science (Hons) Actuarial Studies |
Duration | 3 or 4 years |
Intakes | January, March, August |
Indicative Total Fees (2023) | 3 years: RM86,550 4 years: RM93,690 |
Sunway University
The programme draws together a variety of subjects that involve applying mathematical and statistical techniques in the financial services industry. It is designed to pave the way for students wishing to embark on a career as an actuary. Students will be prepared for professional exams leading to the qualification of an actuary from a globally recognised professional actuarial body.
Programme | Bachelor of Science (Hons) Actuarial Studies |
Duration | 3 years |
Intakes | January, April, September |
Indicative Total Fees (2023) | RM 97,625 |
UCSI University
This programme provides a solid grounding in mathematics, accounting, finance and statistics to integrate theories with actual experience and build foundation for students to pursue professional careers in the financial risk management industry. Students will be furnished with the essential skills that will enable them to face the world.
Programme | Bachelor of Science (Hons) Actuarial Science |
Duration | 3 years |
Intakes | January, May, September |
Indicative Total Fees (2023) | RM 72,420 |
Asia Pacific University (APU)
This programme is to develop student’s mathematical, statistical and analytical skills in addition to actuarial practices as preparation to become a qualified actuary. Competent teaching staff with professional or specialized academic qualification, possessing working experience from actuarial industries.
Programme | Bachelor of Science (Hons) in Actuarial Studies |
Duration | 3 years |
Intakes | March, July, September |
Indicative Total Fees (2023) | RM78,000 |
Heriot Watt University, Malaysia
In this programme 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 your problem solving and are looking for a degree that will prepare you for a rewarding career, this could be the one for you.
Programme | Bachelor of Science (Hons) Actuarial Science |
Duration | 3 years |
Intakes | September |
Indicative Annual Tuition Fees (2023) | RM43,920 |
Still deciding which university suits you the best? Have no idea how to start applying and what are the documents needed? Excel Education is here for you! Contact us now to get a free consultation.
About Post Author
Jme S
I thank life for happening, thank every twist and turn, I believe that there is a reason for every single thing, a reason for every worry and concern.
