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Table of Contents
1. What Is Actuarial Science?
Actuarial science is a discipline that employs mathematical and statistical methods to evaluate risk in the insurance, finance, and various other industries. It applies probability analysis and statistics to gauge the impact of uncertain future events such as death, natural disasters or theft.
Why it matters?
- Did you know that insurance costs, relatively speaking, is becoming cheaper because human life expectancy is increasing? Actuaries use models to come up with the right pricing.
- You are responsible for assessing what justifiable compensation is based on the risk-adjusted models designed so that the insurance claimants are taken care of and the insurance company does not get overexposed.
- The prediction models become more accurate with larger datasets that help understand the behaviour trends among communities over time. This helps formulate potential solutions.
- With the knowledge you possess and resources backed by insurance companies, you work with many other organisations, such as healthcare, non-profit, and government agencies to design preventative measures and policies.
Why not hear from a professional Actuary why this field is super interesting!
2. Where To Study Actuarial Science In Malaysia?
Here are 8 best universities to study Actuarial Science courses in Malaysia.
- #1 Heriot-Watt University Malaysia
- #2 Asia Pacific University (APU)
- #3 Taylor’s University
- #4 Sunway University
- #5 University Of Southampton Malaysia (UOSM)
- #6 UCSI University
- #7 Quest International University (QIU)
- #8 University Tunku Abdul Rahman (UTAR)
- BONUS — Universiti Malaya (UM)
3. Actuarial Science Course Pathways & Entry Requirements
There is only one pathway towards an Actuarial Science qualification.
Pathway: SPM/O-Levels ➔ Pre-University/Foundation ➔ Actuarial Science Degree
As an SPM / O-Level leaver, the entry requirement is 5 credits including English and Mathematics to enter Pre-U or Foundation.
A Pre-University course or Foundation (Foundation for Actuarial Science or Foundation in Science) typically takes 1 to 2 years to complete and will qualify you to enter into a Degree in Actuarial Science.
An Actuarial Science Degree will take 3 years to complete. Here are the general requirements to enter with qualifications from popular pre-university courses or a foundation course:
| Qualifications | General Requirements |
| A-Level | 2D |
| AUSMAT/SACE | ATAR 60 |
| CIMP | 60% |
| STPM | 2C |
| UEC | 5B |
| Foundation | CGPA 2.00 |
Note: Actual minimum requirements will differ between different universities. Generally, these qualifications also require you to have taken Mathematics and achieved the minimum results.
In total, this pathway generally takes 4 years to complete, excluding the professional accreditation exams that a graduate has to take.
4. Accreditation For Actuarial Science In Malaysia
To be a certified Actuary, you will need to pass professional actuarial exams from bodies such as the Society of Actuaries (SOA) or Institute and Faculty of Actuaries (IFoA) which is more common among Malaysian Actuarial Science graduates.
Typically, completing an Actuarial Science Degree will accord you exemptions on your professional papers. For example, graduating from Heriot-Watt’s BSc in Actuarial Science will give you exemptions to 5 papers out of 13 under IFoA.
On top of this, you will need the relevant 3 years of working experience (or referred to as Personal & Professional Development (PPD)) to be finally recognised as a ‘’Fellow’’ by IFoA.
Below are details of the exam stages of IFoA:
- Core Principles – 7 exams with up to 5 paper exemption
- Core Practice – 3 exams
- Specialist Principle (choose 2 of 9 modules) – 2 exams
- Specialist Advanced (choose 1 of 6 modules) – 1 exam
- PPD – Minimum 3 years actuarial work
Here’s a visual guide from http://www.actuaries.org.uk.
You may also register yourself as a member of the Actuarial Society of Malaysia.
5. What You Learn In An Actuarial Science Course
These are the subjects you will be exposed to when taking an undergraduate Actuarial Science Course. Note, they may vary slightly from one university to another.
- Actuarial and Financial Mathematics
- Algorithmic and Scientific Programming
- Asset and Liability Valuations
- Bayesian Inference & Computational Methods
- Investigation in Actuarial Studies
- Life Contingencies
- Life Insurance Mathematics
- Life Office Practice
- Linear Algebra
- Multivariable Calculus
- Optimisation
- Pension and Retirement Plans
- Portfolio Theory and Asset Models
- Predictive Analytics
- Probability and Statistics
- Risk Management: Techniques and Tools
- Risk Theory
- Statistical Machine Learning
- Statistical Models
- Stochastic Processes
- Survival Models
How Can Uni Enrol Help?
Uni Enrol’s experienced counsellors help you compare the pros and cons of studying an Actuarial Science Course at different universities and different locations.
6. Why Should I Study Actuarial Science?
If you love maths, you love probabilities, you love risk-prediction, and you want to make an impact in the assurance industry, consider these reasons to study an Actuarial Science Course:
- Shortage of Qualified Actuaries – In the next decade, a shortage of professionally certified Actuaries is expected globally, according to labour reports.
- Expanding Takaful (Islamic Insurance) Industry – Malaysia is a hub for Takaful insurance, requiring actuaries to develop risk models that comply with Islamic financial principles.
- Opportunities Beyond Insurance – With an Actuary skillset, you can apply your knowledge in other industries such as finance, consulting, security, economics and policy-making.
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7. RIASEC Compatibility To An Actuarial Science Course
The John Holland Theory of Career Choice states that in choosing a career, people will choose one similar to their personality to ensure job satisfaction, job performance, and career success. The test generates 6 different personality types:
- Realistic (R)
- Investigative (I)
- Artistic (A)
- Social (S)
- Enterprising (E)
- Conventional (C)
With the RIASEC Test, the 6 personalities can generate up to 720 combination possibilities to provide career compatibility. You can try the test yourself here.
Out of this, the following 3 are complementary personality traits for someone considering an Actuarial Science Course:
INVESTIGATIVE
- Individuals with an Investigative trait are analytical, curious, and enjoy solving complex problems. This trait is essential for actuaries as you frequently engage in data analysis, statistical modelling, risk assessment and often interpreting quantitative and qualitative data.
CONVENTIONAL
- The Conventional trait is characterised by a preference for structured environments and attention to detail. Actuaries often work with numerical data and require precision in their calculations and reports.
SOCIAL
- While this does not seem obvious, Actuaries must explain complex technical information to stakeholders who may not have a background in mathematics or statistics. Having a high sense of awareness and empathy is an advantage to your career.
8. Career Opportunities For Actuarial Science
Actuarial Science has many opportunities outside of the conventional insurance industry it is typically associated with, especially in areas where mathematical skills are essential:
| Areas of Opportunity | Types of Roles |
| Traditional Actuarial Roles | Insurance Actuary, Pension Actuary, Reinsurance Analyst |
| Financial & Investment Sector | Investment Analyst, Risk Manager, Quantitative Analyst (Quant) |
| Data Science & Analytics | Data Scientist, Business Intelligence Analyst |
| Consulting & Advisory Roles | Actuarial Consultant, Mergers & Acquisitions (M&A) Analyst, Forensic Actuary |
| Government & Regulatory Bodies | Regulatory Actuary, Health Policy Analyst |
| Emerging Fields | InsurTech Specialist, Climate Risk Analyst, Cyber Risk Analyst |
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We also took the liberty to compile all our University Guides and Course Fees Guides so you don’t have to go anywhere else!
About the Author:
Ken Hoong is the co-founder of Uni Enrol and a contributing writer. Drawing on his close work with Uni Enrol’s counsellors, he brings keen insight into Malaysia’s evolving private higher education landscape and the shifting preferences of students in learning and career choices.
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