Thursday, November 26, 2015

The Best University in Malaysia for Actuarial Science will prepare you well for the Society of Actuaries (SOA) Exams

The education pathway to become a professional Actuaries in Malaysia through the best universities

To obtain the best people for the job, the actuary profession is one of the most
Chan Min Zhuo, Actuarial Science degree student at UCSI University
Chan Min Zhuo, Actuarial Science degree student at UCSI University, is one of the few local students who passed three of the five preliminary exams required in 2 years
Chan Min Zhuo, Actuarial Science degree student at UCSI University, is one of the few local students who passed three of the five preliminary exams required in 2 years
regulated.
One must pass professional examinations and various on-the-job assessments, in addition to obtaining a degree. There are not many universities in Malaysia that offer the degree in Actuarial Science.
To study Actuarial Science in Malaysia, students should choose a university that best equips them with the knowledge and skills to succeed in actuaries.
Understanding the profession's stringent requirements, UCSI University sought the knowledge and experiences of Dr Ngerng Miang Hong and Dr Toh Kian Kok to manage and design its BSc (Hons) Actuarial Science.
Assoc Prof Dr Toh Kian Kok is also the Deputy Vice-Chancellor, Quality Assurance and Enhancement at UCSI University with a B.Sc. (Actuarial Science), M.Sc. (Applied Mathematical Science), and Ph.D (Statistics)
The result: A course that provides students with a world-class degree in line with the requirements of the Society of Actuaries
While some agents were pushing me to go for universities, EduSpiral took time to share information and take me and my friends for campus tours to help us make a better decision. Paul Kit, Finance at UCSI University
While some agents were pushing me to go for universities, EduSpiral took time to share information and take me and my friends for campus tours to help us make a better decision.
Paul Kit, Finance at UCSI University
(SOA) - the largest professional organisation for actuaries in the world. On top of that, the course also grooms students to have the rigorous capacity to ace the professional examinations they are required to sit for.
"Students require only three years of full-time study to prepare them for the professional examinations and on-the-job assessments during the span of their careers," says Dr Toh, who is the Dean of UCSI University's Faculty of Business and Information Science.
"It is a heavy responsibility for us as we want to ensure that within their three years with us, we prepare them for the next 30-years or more of their career."
 




Pathway to become a professional actuary in Malaysia through the Society of Actuaries (SOA) USA

The journey to become a qualified actuary as outlined by the Society of Actuaries (SOA) - one of the most prominent
Dr Toh Kian Kok, Actuarial Science professor at UCSI University
Dr Toh Kian Kok, Actuarial Science professor at UCSI University
professional organisation for actuaries in the world - is divided into four stages.
The first is the Validated by Educational Experience (VEE) stage where students who
receive grades of 70% and above for subjects in economics, corporate finance and applied statistics - will receive credit for these professional papers.
The second stage involves five preliminary exams that candidates must pass before proceeding to the penultimate stage, namely, the Fundamentals of Actuarial Practices course and the Associateship Professionalism Course (APC). This will qualify them as an Associate of the Society of Actuaries (ASA).
The final hurdle would be to qualify as a Fellow of the Society of Actuaries (FSA).
While UCSI University's Actuarial Science related programmes follow SOA guidelines, Dr Toh points out that the University has a trump card that separates it from the competition.
"Our focus on preparing the students for the professional examinations has helped them to familiarise themselves with the examinations and enabled them to perform well."
"As testament to our efforts, we have students who passed three out of five preliminary exams when they were still in their second year. This is a remarkable feat which we are proud of.
Chong Kim Sin, a UCSI Actuarial Science student has completed 5 Society of Actuaries (SOA) Professional Papers before entering into the 3rd Year of his degree studies.
Chong Kim Sin, a UCSI Actuarial Science student has completed 5 Society of Actuaries (SOA) Professional Papers before entering into the 3rd Year of his degree studies.
Chong Kim Sin, a UCSI Actuarial Science student has completed 5 Society of Actuaries (SOA) Professional Papers before
entering into the 3rd Year of his degree studies.
There are very few students in the whole of Asia who have passed five SoA examinations before the third year. This makes Chong Kim Sin among Asia’s crème de la crème for actuarial science.
Currently, Chong Kim Sin has passed the Probability (P), Financial Mathematics (FM), Actuarial Models: Financial Economics (MFE), Actuarial Models: Life Contingencies (MLC), as well as the Construction and Evaluation of Actuarial Models (C) examinations.
He now has only two components left before qualifying as an Associate of the Society of Actuaries (ASA); the Fundamentals of Actuarial Practice (FAP) and Associateship Professionalism Course (APC).
"The good response we have received has given us the confidence to launch the new BSc (Hons) Actuarial Science and Finance programme and we are confident our programmes will play an important role in meeting the human capital needs of the country."
The 3-year BSc (Hons) Actuarial Science programme at UCSI University provides a solid grounding in mathematics, accounting, finance and statistic to integrate theories with actual experience and build a foundation for students to pursuit professional career in the financial risk management industry.
Students will be furnished with the essential leadership qualities, communication skills, problem-solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging yet exciting world, where risks can be turned into opportunities.

Actuarial Science Degree Programme at UCSI University

Associate Professor Dr. Ngerng Miang Hong, Head of the Actuarial Science and Applied Statistics Department under the
Associate Professor Dr. Ngerng Miang Hong Ph.D, Head of Department, Actuarial Science & Applied Statistics at UCSI University
Associate Professor Dr. Ngerng Miang Hong
Ph.D, Head of Department, Actuarial Science & Applied Statistics at UCSI University
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 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.
"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
EduSpiral helped Alvin Chai, Jen Hui, Paul Kit, and Wen Hao from Poi Lam High School Ipoh providing course counseling and campus tour. They are now studying in various programmes at UCSI University
EduSpiral helped Alvin Chai, Jen Hui, Paul Kit, and Wen Hao from Poi Lam High School Ipoh providing course counseling and campus tour. They are now studying in various programmes at UCSI University
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.
While technical knowledge is undoubtedly important for an actuary, knowledge alone does not make a good actuary.
In Dr Ngerng's view, a sterling reputation and an upright character sets actuaries apart from other brilliant minds.
"For example, while other members of the management board could be inclined to extract more immediate profit in order to boost their apparent contributions to the company, an actuary has to safeguard the policyholders' interest," he explains.
"Are the reserves enough to honour all future claims? This is what an actuary asks and finds out before approving the figures for the company's annual profit.
During my Co-Op at Ogilvy and Mathers, I gained great work experience and insight into what working is like. UCSI University has about 1000 companies partnered with them where I can choose to do my Co-Op. Paul Kong, UCSI Graduate
During my Co-Op, I gained great work experience and insight into what working is like. UCSI University has about 1000 companies partnered with them where I can choose to do my Co-Op.
Paul Kong, UCSI Graduate
Additionally, UCSI University's BSc (Hons) Actuarial Science programme also places a great emphasis on leadership skills which are crucial to climb up the ranks of an organisation.
Students can choose to study in Malaysia at UCSI University for Actuarial Science without having to go overseas, thus saving money.
Unlike technical knowledge, leadership is not something that can be taught - it has to be learnt from experience.
Thus, UCSI University's Praxis approach - a unique pedagogy that blends university education with workplace experience - is one that will give its students a competitive edge.
Under this approach, students are required to obtain a minimum of two months of internship experience at the end of each academic year.
For students of UCSI University's Actuarial Science programmes, the University has arranged for them to intern at prominent multinational corporations in order to increase their international exposure.
These include Tokio Marine - the largest property/casualty insurance group in Japan, Uni.Asia General Insurance - a premier insurer in Malaysia, and Citibank. Students are also exposed to industry expectations via part-time lecturers who are qualified practicing actuaries.
Going one step further, UCSI University's Actuarial Science programmes groom students to become some of the brightest actuaries and most trustworthy leaders, capable of steering companies through uncertainties and risks.

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EduSpiral arranged for us to meet the Head of School to explain the course to us to help us compare which university would be the best. Chee Wey (middle) full scholarship for Actuarial Science at UCSI University
EduSpiral arranged for us to meet the Head of School to explain the course to us to help us compare which university would be the best.
Chee Wey (middle) full scholarship for Actuarial Science at UCSI University
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