Study Actuarial Science in Malaysia

actuarial science
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    You consider yourself a maths wizard who wants to put your skills to good use by benefiting others.

    Do you always wonder how insurance companies decide on their coverage policies considering the fact that insurance is a risk-related business and nothing in this world is risk-free?

    If you have this in mind, then actuarial science is absolutely for you. 

    Discover the best courses and universities to study Actuarial Science and its career paths in Malaysia.

    What is Actuarial Science? 

    Actuarial Science is the discipline that assesses risk in insurance, finance and other industries and professions by applying mathematics and statistics. 

    It is a science of using mathematics and statistical methods to assess risks in many fields of importance. 

    Actuarial Science deals with evaluating risks and maintaining the economic stability of insurance or financial organisations. 

    The impact of this field of study is seen in its many daily applications specifically in finance, insurance, securities, trading, risk assessment and future projections based on mathematical and logical models. 

    Why Should You Study Actuarial Science?

    why study actuarial science

    Passionate about mathematics

    For those who are passionate about maths and are extremely good at numbers, Actuarial Science is perfect for you. 

    As Actuarial Science is a numbers-oriented field, this programme not only allows you to develop your mathematical skills but also your statistical and analytical skills. 

    Up for challenge

    Actuarial Science is more often than not voted as one of the hardest fields to study.

    It is challenging because it requires one to acquire a diverse set of skills. 

    Apart from mathematics and statistics, an Actuarial Science student ought to be well-versed in economics, finance, risk management, computer science and extensive research in order to be able to solve problems. 

    Job security

    The Actuarial Society of Malaysia observed that the demand for actuaries in Malaysia will continue to grow in the next few decades alongside the expected growth in the insurance market. 

    Since it is a job that is high in demand, actuaries enjoy certainty in uncertain times as the world constantly confronts risk, hence, ensuring job security. 

    More than a fulfilling career, actuary is an all-rounded profession that offers good employment prospects, job security, growth opportunity, and work-life balance.

    What Are the Actuarial Science Subjects?

    Actuarial Science is not purely mathematical but rather a quantification of risk using mathematics, probability and statistics. 

    These are one of several interrelated Actuarial Science subjects that are necessary to prepare you with highly specialised skills and knowledge:

    Corporate Finance

    A knowledge of the instruments used by companies to raise finance and manage financial risk. 

    Indicative topics covered by this subject include corporate governance and organisation, taxation, dividend policy, how corporates are financed and evaluating projects.

    Calculus

    Provides the functions to describe systems and the means to evaluate limits of those systems.

    To further your actuarial studies, you should complete calculus I, calculus II, calculus III as well as linear algebra.

    This covers the four main concepts of calculus which are limits, differential calculus (Differentiation), integral calculus (Integration) and multivariable calculus (Function Theory). 

    Probability and Statistics

    This subject introduces the basic concepts of probability and statistics with applications to a variety of topics illustrated with real data. 

    It also covers key ideas in probability theory, descriptive statistics, statistical inference and statistical computing.

    Risk Theory and Management

    Risk theory is the real fundamental bridge between life contingency theory and the business of insurance.

    This covers basic concepts like loss distribution, risk measurement, and risk measures based on the loss distribution.

    What Are the Popular Actuarial Science Pathways?

    actuarial science

    You can choose to study Foundation in Arts or Science for 1 year or a Pre-University (A-Level, SAM, STPM, etc.) course for 1 – 2 years after completing SPM or equivalent qualification.

    You can follow that up by pursuing a Degree in Actuarial Science, which takes 3 years.

    After completion of degree, you may opt to head straight into employment.

    However, having this degree does not mean you are a certified actuary just yet.

    In order to be a certified actuary, you need to take Professional Actuarial Exams from bodies such as SOA and IFoA before you can be a  Certified Actuary.

    So what does your pathway look like?

    Bachelor’s Degree in Actuarial Science

    For degree courses, you will need to have 5 credits in SPM/O-Level qualification, including Mathematics, and the following pre-university course:

    • STPM: min. 2Cs
    • A-Level: min. 2Es
    • AUSMAT/SACE: min. ATAR 55 
    • CIMP: min. average of 55% to 60% 
    • Relevant Foundation: min. CGPA of 2.00
    • Relevant Diploma: min. CGPA of 2.00

    A pre-university course can take up to 2 years to complete and cost from RM 10,000.

    Once you’ve completed your pre-university course, you can then move on to the degree course.

    Degree courses take 3 years to complete and cost from RM 73,000.

    Diploma students who want to continue their studies can do so with a degree course and they begin in Year 2.

    Different universities offer different Actuarial Sciences courses with varying tuition fees and entry requirements.

    Moreover, some Actuarial Science degrees will offer subjects that can give you exemptions for your professional papers. 

    To learn more, you can contact an advisor by using the Live Chat function.

    What Are the Skills Required in Actuarial Science?

    Mathematical skills

    Actuarial Science applies the mathematics of probability and statistics to define, analyse, and solve the financial implications of uncertain future events.

    To study actuarial science, students should possess a strong foundation in mathematics, especially statistics, probability and calculus.

    Calculus for instance, is used quite a bit in the actuarial exams but good news is that actuaries don’t actually use calculus at work.

    It is also a degree entry requirement for students to pass Mathematics in their Pre-U.

    Analytical Problem-Solving Skills

    Actuaries need to be analytical problem solvers as their tasks include examining complex data and identifying patterns and trends to determine which factors are responsible for specific outcomes. 

    After evaluating and weighing the significance of these factors, actuaries look for ways to minimise the likelihood of undesirable outcomes or the cost of the realisation of an undesirable outcome.

    Communication and Interpersonal Skills

    As an actuary, you will crunch numbers, analyse data, evaluate financial risks and communicate the data to stakeholders, the board of directors and investors who might be non-specialists. 

    Thus, actuaries must be able to convey complex information in a clear and concise manner. 

    Actuaries often collaborate with programmers, accountants, and senior management, which makes it imperative that they can communicate and work effectively with others as well.

    Strong oral communication skills will enable actuaries to explain complex technical and statistical details to a diverse audience.

    Solid writing skills ensure that findings and solutions are easily understood in memos and written reports.

    Top Actuarial Science Universities in Malaysia

    Heriot-Watt University Malaysia 

    The university was ranked No 281 in QS World University Rankings 2023.

    The Research Excellence Framework (REF) 2014 ranked Heriot-Watt 22nd in the UK, with 82% of their research as world-leading or internationally excellent.

    Courses offered:

    • Foundation In Business (Actuarial Science) – RM 24,260
    • BSc (Hons) Actuarial Science – RM 132,260

    Asia Pacific University of Technology & Information (APU)

    APU has been given a 5-star SETARA rating by the Ministry of Higher Education and is recognised by the Society of Actuaries (SOA), USA. 

    Courses offered:

    • Foundation Programme (Business and Finance Pathway) – RM 25,600
    • BSc (Hons) in Actuarial Studies – RM 78,800

    Quest International University (QIU)

    QIU’s actuarial science programme is recognised by international professional examination bodies and is definitely a go-to private university for those planning to do Actuarial Science. 

    The programme includes four significant specialisations:financial planning, data science, banking and Islamic finance. 

    Courses offered:

    • Foundation in Business (Accounting, Finance, Actuarial)  – RM 10,000
    • Bachelor of Science (Hons) Actuarial Sciences – RM 47,200

    Things You Need to Know About Actuarial Science Career

    Professional Certification is Required

    The field of Actuarial Science is a field which requires a strong grasp of mathematical theories, logical deductions and analytical skills in solving insurance and risk-related issues.

    It is only natural for those who are interested in this field to be associated with careers in insurance, risk management, business planning, corporate strategy and other branch of business units which deal with risks and planning which one can pursue after completing an Actuarial Science Degree.

    An actuary is a person who works based on actuarial science skillset and will mainly be working in any insurance companies.

    As mentioned earlier, to secure a job as a certified actuary and to work as a qualified actuary in more senior roles, you need to undertake a Professional Actuarial Exams from bodies such as SOA and IFoA.

    You will then be eligible to be a Certified Actuary.

    However, if you plan to enter the workforce immediately upon finishing your degree, you may opt for other actuarial science-related jobs as a prospect career.

    Popular Actuarial Science-related Jobs

    Becoming an actuary guarantees you to be an invaluable asset to your organisation. 

    The well-paid salary associated with the job makes it an appealing career option as this profession truly rewards you for your hard work and effort.

    According to Payscale, an actuary’s monthly salary starts from RM 3,000.

    For example, a quick browse on JobStreet shows these jobs for fresh graduates:

    • Report / Analysis Executive 
    • Actuarial Executive (Protégé) 

    If you have any enquiries about Actuarial Science courses, feel free to reach out to us on WhatsApp or message us on our social media. We’ll be happy to assist you.