UCSI University Nurtures Actuarial Professionals

The wake of the financial crisis has brought to light the significance of risk migration and management, which has been intensely scrutinised, of late. To meet increasing demand for Actuarial Science professionals in the industry, UCSI University has designed and successfully launched a three-year Actuarial Science degree programme in 2010 under its Faculty of Business & Information Science. As such, the University has become one of the only two private universities in Malaysia to offer such a course in this niche field. Founded by Faculty Dean Associate Professor Dr Toh Kian Kok, the programme has enrolled a total of 195 students, and May 2013 is set to witness its first cohort of graduates. Lim Fang Ching, Head of the Actuarial Science and Applied Statistics Department under the Faculty, describes the programme as "very comprehensive" and "hands-on", solidly grounded in actuarial science as opposed to other programmes offering a blend of hybrid subjects. Unlike conventional courses, where lectures are only conducted by statisticians or mathematicians, the University's Actuarial Science programme is infused with the industry experience of two actuaries and dedicated lecturers well-versed in economics, mathematics and statistics. The Department has exerted much effort to tie-in its curriculum with the University's praxis concept – an academic approach of applying theory to practice. The University has made collaborative arrangements with several insurance companies, agents and consultancy firms, among others, through co-operative placements that allow students to experience the real actuarial work environment. Industry partners have also reciprocated the students' commitment with positive feedback on their performance. Elaborating further on the implementation of the praxis concept, Lim said: "Our aim is to not only generate academically-trained graduates but to also enable them to be savvy in industrial practices and to be capable of conducting independent research." As part of their graduation project, he elaborated, final year students are required to conduct independent research on financial or actual modelling and apply the model to financial and insurance-related issues. He added: "To be qualified as an actuary, students are required to undergo a series of actuarial examinations before they become credentialled, and the programme is designed to prepare students for this purpose, as its core modules comply with examination syllabus by actuarial professional bodies such as the Society of Actuaries (SOA)." Students preparing for exams are also supported through activities like additional one-to-one tuition classes, industrial visits and talks by industry practitioners such as actuaries and adjunct senior lecturers. Notably, the University's Actuarial Science Student Association (ASSA) – just newly formed in May 2011 – plays an important role in nurturing a passion for Actuarial Science. Encompassing more than 100 student members, ASSA is committed to furnishing its members with exposure to real-world practices in the actuarial profession and fostering the growth of soft skills and knowledge in the field – by organising relevant campaigns and sharing sessions with industry practitioners, among others. Recently, ASSA organised the Actuarial Science Student Colloquium on 21st July this year. Many Actuarial Science undergraduates gathered at this unique event, where Mr Raymond Lai, the International Ambassador and Past President of the Actuarial Society of Malaysia (ASM), among other prominent speakers, spoke on future demand in the industry and other relevant issues. Apart from that, the association has also joined efforts with various parties – such as the University's Accounting and Finance Student Association (AFSA) and the Student Affairs division – on numerous projects. In joint collaboration with AFSA, the SIDC Capital Market Modules – a campaign sponsored by Securities Commission Malaysia that enlisted several finance professionals as speakers – was created. ASSA also teamed up with the Student Affairs division to establish a ‘buddy system' for programme takers. ASSA's President Ho Phui Phui agreed that she had learned much from the campaigns, and said: "As (ASSA's) current president, I learned to multi-task and juggle time between supervising tasks for committee members; maintaining good relationships between members, non-members and the public; and maintaining good grades." The association also provided me with numerous opportunities to hone my public speaking skills, she added, which is a plus as my language background is Chinese. Aside from ASSA, the Department is taking other steps to fully enhance industry learning for its students. There have been discussions for students to collaborate with insurance companies on several projects, Lim said, which will be supervised by the Department's course lecturers. The projects will provide them with much-needed practical experience, he elucidated, giving them an infallible head start in their careers. Deliberations to develop programmes with leading universities in the United Kingdom are also taking place – for example, credit transfer programmes. Once it is launched, doors will open to more study options for students, especially those who excel academically or have been recognised as leaders among their peers. Rather than sitting for professional papers upon completion of their degree, students may opt to further their Master's degree in the United Kingdom. The fact that actuaries are essential to the insurance sector has always been indisputable. Explaining recent trends in actuarial science, Lim said: "The common public misconception is that actuaries are able to find employment only with insurance companies. However, due to the recent financial crisis, many companies have recognised the importance of risk management." He added that unlike earlier days, the actuarial field has now expanded to embrace risk management for investment banks, financial derivatives and financial engineering, among others. As demand continues to escalate for more actuarial professionals in the country, it is anticipated that Malaysia will witness the bloom of the actuarial industry in the near future, as there are still many areas with growth potential.