Best University for Actuarial Science in Malaysia with the most Exemptions from the Institute & Faculty of Actuaries, UK making it the Fastest Way to become an Actuaries in Malaysia

Fastest Pathway to Become a Qualified Professional Actuary in Malaysia

The UK Actuarial Profession has a structure of 26 professional examinations. To become a qualified Actuary (Fellow), you must

: Actuaries normally work in insurance

pass 15 of these professional exams offer by the Institute & Faculty of Actuaries (FIA) plus relevant work experience.

The Actuarial Science degree program at Heriot-Watt University Malaysia will give you 8 paper exemptions from the Core Technical Subjects which are CT1 to CT8.

This means that Heriot-Watt University Malaysia Actuarial Science graduates need to take 7 more of the professional examinations plus relevant work experience to become a qualified Actuary (Fellow) in Malaysia. This will be the fastest pathway to become an Actuary in Malaysia.

High demand for qualified actuaries in Malaysia

According to Actuarial Society of Malaysia (ASM), there are only about 30-40 qualified actuaries in Malaysia at present. ASM predicts that given the continuous growth of the insurance industry, demand for qualified actuaries will continue to grow over the next few decades.

The president of ASM estimated that a minimum of 100 actuaries are needed to serve the Malaysian population of 24 million people. Overseas, actuaries are employed in various work areas ranging from strategic planning to weather forecasting.

Actuarial Society of Malaysia (ASM) Society Statistics As at 31 December 2014

Membership in the Actuarial Society of Malaysia (ASM) Breakdown by Class

Class	Total
Fellow	121
Associate	45
Ordinary	504
Student	38
Total	708

Membership in the Actuarial Society of Malaysia (ASM) by Professional Body

Professional Body	Total
Society of Actuaries	391
Institute & Faculty of Actuaries	195
Institute of Actuaries of Australia	45
Casualty Actuarial Society	39
Others	38
Total	708

Membership Breakdown of the Actuarial Society of Malaysia by Employment Category As at 31 December 2014

Employment Category	Total
Life Insurance	217
Takaful	122
Composite Insurance	105
Consulting	94
Regulator	39
General Insurance	38
Reinsurance / Retakaful	26
Others	14
Total	655

Actuaries Salary and Career Opportunities in Malaysia

Actuaries are well compensated. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that.

According to the 2015 Robert Walters Salary Report, the salary for an actuary in Malaysia is:

			4 - 7 Years Experience	8 - 12 Years Experience	12+ Years Experience
Actuaries salary			72 - 120k a year	96 - 204k a year	204k+ a year

What is Actuarial Science?

Actuarial science is the application of statistical and mathematical methods to forecast and manage risk mainly associated with

: Heriot-Watt University Malaysia is a branch campus of the top ranking Heriot-Watt University, UK

the demographics of society such as the analysis of population mortality and life expectancy. Basically, it is the science of making calculated predictions about trends and probabilities in the future, based on patterns of events that happened in the past.

Malaysia spends billions of Ringgit each year on financial products such as insurance, pensions and mortgages.

Actuaries build and use mathematical models based on statistical data to calculate the appropriate amount of premiums to charge policyholders. This will require projections of how events will unfold in the future.

In calculating the right amount of premiums, the actuary will need to project how large potential claims will be and when they will occur.

Such projections are incorporated into the models to calculate the premium required. At the same time, judgement, business acumen and experience are required to understand and logically interpret the results of the model before finally coming up with a solution to the problem.

Actuaries are experts who design products like these to look after people's financial needs and to protect their financial interests: part of their work is to try to predict what money will do when it is invested.

  The work of an actuary in Malaysia

Actuaries are problem-solvers, business analysts and consultants – financial risk assessors who look at past and present

: Students at Heriot-Watt University Malaysia are taught by top professors and receive personal attention

business information to develop and communicate a picture of the future.

As a high-profile career – where a wrong decision can cost millions and sometimes even billions of ringgit – actuaries are highly sought-after specialists.

With their skills in mathematics, statistics, economics and finance, actuaries are able to gauge and make expert financial predictions, which enable organisations and individuals to plan for the future.

Most actuaries work with the insurance industry dealing with life, general and health. Actuaries will use their expertise in calculating and predicting risk in these areas.

Actuaries in Malaysia have also branched out to work in areas such as:

healthcare
banking
business and risk management
assessment

Combining their skills in mathematics, statistics, economics and finance, actuaries are able to gauge and make expert financial predictions about the future.

Actuaries can specialise in the following fields:

Traditional life insurance
- They focus on the analysis of mortality, the production of life tables and the application of interest to produce life insurance, annuities and endowment policies. It also includes credit and mortgage insurance, long term care insurance and health savings account.

Health insurance
- They focus on the analyses of rates of disability, morbidity, mortality, fertility and other contingencies. Also of great importance are the effects of consumer choice and the geographical distribution of medical services as well as the procedures and use of drugs and therapies.

Pension industry
- They measure costs of alternative strategies with regards to the design, maintenance or redesigning of pension plans. The strategies are greatly influenced by collective bargaining, the changing demographics of the workforce,
  
  Lecture Hall at Heriot-Watt University Malaysia
  
  changes in internal revenue code and financial and economic trends among others.

Property and casualty
- They focus on data collection, measurement, estimation, forecasting and valuation tools to provide financial and underwriting data for management to assess marketing opportunities and the required degree of risk taking.

Reinsurance
- Focus on designing and pricing reinsurance and retro-reinsurance schemes. Their responsibility also includes establishing reserve funds for known claims and future claims as well as catastrophes such as the MH17 crash.

The pathway to become a qualified actuary  in Malaysia

A degree in actuarial science is only the first step; learning doesn’t stop after graduation. Qualifying as a professional actuary is

: Heriot-Watt University Malaysia provides the best teaching experience for students

a rigorous and demanding process which requires aspiring actuaries to pass eight to nine professional exams. Apart from passing the examinations, there are also practical experience requirements and residential courses to be attended.

These ensure that actuaries are not only technically capable, but are also aware of other professional requirement such as Code of Conduct and ethical workplace behaviour.

Actuarial trainees take exams at their own pace while working for an employer, as full-time professional experience is a requirement for qualification.   The actuarial qualification process takes at least three to seven years after graduation to qualify.

Recognised actuarial qualifications in Malaysia

Currently, there are no local actuary qualification examinations conducted in Malaysia. However, Malaysian insurance regulators, Bank Negara Malaysia and the Actuarial Society of Malaysia (ASM) recognise members of the following organisations as qualified actuaries:

Institute of Actuaries (England)
Faculty of Actuaries (Scotland)

Heriot-Watt University Malaysia provides an excellent learning environment
Institute of Actuaries of Australia
Canadian Institute of Actuaries
Society of Actuaries (US)
Casualty Actuarial Society (US)

In Malaysia, most actuaries are from one of the following actuarial bodies:

Society of Actuaries (SOA) – United States
Casualty Actuarial Society (CAS) – United States
Institute and Faculty of Actuaries (I&FA) – United Kingdom
Actuaries Institute – Australia

Source: Actuarial Society of Malaysia

Exemptions from some exams may be awarded to students who have a relevant degree of an appropriate standard, or studied actuarial science at postgraduate level.

Study the Actuarial Science Degree at the Top Ranked Heriot-Watt University Malaysia

Actuaries manage risk and uncertainty and evaluate the likely impact of future events. Heriot-Watt’s Actuarial Science

: Heriot-Watt University UK will lend its expertise to its Malaysian campus

programme is world-famous for its excellence. 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 problem solving and are looking for a degree that will prepare you for a rewarding career – both intellectually and financially – Actuarial Science could be the programme for you.

Heriot-Watt University Malaysia Bachelor’s degree mirrors the highly successful BSc Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession, something only a handful of programmes in the UK have achieved.

Students who obtain a first class or good upper second class (2:1) Honours degree automatically obtain exemptions from the CT1-8 subjects for which they have studied relevant material in their degree. In addition, exemptions are still available on an individual subject basis

It is expected that the Actuarial Science programme in Malaysia will also offer exemptions from all Core Technical subjects, CT1 to CT8, for students performing sufficiently well. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.

Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

First Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

Probability and Statistics
Actuarial and Financial Mathematics
Linear Algebra
Multivariate Calculus and Real Analysis
Finance and Financial Reporting
Practical work

Second Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

: A conducive learning environment at Heriot-Watt University Malaysia

Life Insurance Mathematics
Statistical Models
Stochastic Processes
Portfolio Theory and Asset Models
Survival Models
Derivative Markets
Discrete-time Finance
Project work

Third Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

Risk Theory
Financial Risk Management
Pension Funds
Life Office Practice
Time Series
Bayesian Inference
Electives in mathematics and economics

Accreditation of the Actuarial Science Programme at Heriot-Watt University Malaysia

: Heriot-Watt University Malaysia provides the best teaching experience for students

In accordance with Heriot-Watt University's normal practice, their professionally orientated programmes are designed to meet the educational requirements for membership of relevant professional institutions.

In addition to recognition within Malaysia, the university seeks accreditation by the relevant UK or international professional bodies in accordance with their standard procedures.

This Bachelor’s degree mirrors the highly successful BSc Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession. It is expected that the programme in Malaysia will also offer exemptions from all Core Technical subjects, CT1 to CT8, for students performing sufficiently well.

This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.

Teaching and assessment for the Actuarial Science Degree Programme at Heriot-Watt University Malaysia

Teaching is delivered through a combination of lectures, tutorials and project work. Course assessment is generally based on either coursework or an exam at the end of the semester, or a mixture of the two at the end of the semester or academic year.

The Pathway to Become a Qualified Professional Actuary through the Institute and Faculty of Actuaries UK

The Institute and Faculty of Actuaries sets examinations, continuing professional development, professional codes and

: Heriot-Watt University Malaysia's New State-of-the-Art Campus at Putrajaya

disciplinary standards.

An actuarial qualification from the Institute and Faculty of Actuaries consists of a combination of the completion of various examinations and courses.

To become an Associate or Fellow of the Institute and Faculty of Actuaries you must pass the Institute and Faculty of Actuaries examinations, or be granted exemption from them, and also attain a satisfactory level of work-based skills. This usually takes between three and six years.

Fully qualified actuaries are Fellows and may bear the designations FIA or FFA while Associates bear the designations AIA or AFA.

You study by distance learning, and many employers in Malaysia offer support for study, some offering paid study leave during your training.

Most of the Institute and Faculty of Actuaries exams are traditional three hour papers (known as session based exams), though some practical subjects involve attending two-day or online exams (known as practical exams). You can also gain recognition for an alternative professional qualification, or undertake a research project.

The Institute and Faculty of Actuaries exams come in four stages:

1. Core technical - nine subjects, all of which you need to pass or be exempted from. Most of these are traditional exams, but

: Heriot-Watt University Malaysia is strategically located in Putrajaya next to the lake

subject CT9 is either a two-day residential practical exam, or an online exam. Heriot-Watt University Malaysia Actuarial Science Graduates are exempted from CT1 to CT8.

2. Core applications - three subjects you need to pass or be exempted from. Two of these, subjects CA2 and CA3, involve either attendance at a practical exam, or an online exam.

3. Specialist technical - you need to pass or be exempted from two of the nine ST subjects available.

4. Specialist applications - you need to pass one of the seven SA subjects available. No exemptions are available.

Once you have completed the CT and CA exams, and a year's work-based skills, you will be able to take a Professional Skills Course and qualify as an Associate.

How to Qualify as an Associate of the Institute & Faculty of Actuaries (FIA) UK

Students can become Associate members of the Institute and Faculty of Actuaries and gain the right to describe themselves as an actuary and to use the letters AIA or AFA. As an actuary and an Associate of the Institute and Faculty of Actuaries,

: Heriot-Watt University Graduates

members have a breadth of expertise that brings wide and varied opportunities.

To become an Associate you must complete the following:

Core technical subjects (CT1-9) either by examination or exemption (Heriot-Watt University Graduates are exempted from CT1 to CT8)
Core applications subjects (CA1-3) either by examination or exemption
Complete one year's worth of work-based skills in the four key dimensions of practical application of actuarial skills, professional and ethical, communication and commercial.
Attend a Professional Skills Course

If you wish to continue and qualify as a Fellow, you will need to take the ST and SA exams, have three years of work-based skills and take a Professional Skills Course within 12 months of transferring to Fellow.

How to Qualify as a Fellow of the Institute & Faculty of Actuaries (FIA) UK

Members of the profession who wish to continue their studies to an advanced level, or who specialise in a particular actuarial

: Heriot-Watt University is one of the top 20 universities in the UK

field, may take further specialist exams to qualify as a Fellow. Fellows use the letters FIA or FFA and are highly sought after as experts in their chosen field.

Members will be admitted to the class of Fellow on successful completion of the Associate exams (Core technical and Core applications subjects), two of the Specialist technical subjects, one of the Specialist applications subjects, and having met the work-based skills requirement.
3 years of work-based skills as an Actuary
Attend a Professional Skills Course within 12 months of being admitted as a “Fellow of the Institute and Faculty of Actuaries” (FIA)

The UK Actuarial Professional Examinations For the Institute & Faculty of Actuaries (FIA)

Core Technical Examinations Stage Subjects for Institute and Faculty of Actuaries

The Core Technical section consists of 8 written exams and a “Business Awareness Module,” CT9.

These are usually sat first by a candidate and include the underlying mathematics involved in actuarial work as well as an

: Heriot-Watt University Malaysia campus

introduction to financial and economic issues. These are also the most common exams for which candidates may get exemptions.

Heriot-Watt University Graduates are exempted from CT1 to CT8. Therefore, Heriot-Watt University Malaysia Actuarial Science graduates need only to take the "Business Awareness Module" which is CT9.

The Core Applications section consists of a 6 hour written exam and two practical exams which focus on the application of concepts learned and a candidate's ability to communicate actuarial concepts to others.

*CT1 - Financial Mathematics
*CT2 - Finance and Financial Reporting
*CT3 - Probability and Mathematical Statistics
*CT4 - Models
*CT5 - Contingencies
*CT6 - Statistical Methods

Library at Heriot-Watt University Malaysia
*CT7 - Business Economics
*CT8 - Financial Economics
CT9 - Business Awareness Module

*Heriot-Watt University Malaysia Actuarial Science graduates are exempted from CT1 to CT8

Core Applications Examinations Stage Subjects for Institute and Faculty of Actuaries, UK

You need to Pass all of the following Core Applications subjects:

CA1 - Core Applications Concepts
CA2 - Modelling
CA3 - Communications

Specialist Technical Examinations Stage Subjects for Institute and Faculty of Actuaries, UK

The Specialist Technical section is the first stage the candidate has a choice of which exams to take. The candidate chooses

: Heriot-Watt University Malaysia students studying on top of the building’s green roof – the first of its kind in Malaysia

two from the various actuarial specialist subjects i.e. Health and Care, Life Insurance, General Insurance, Pensions, Finance or Investments and further technical knowledge on said subjects is attained.

The Specialist Applications section allows the candidate to choose one area for which they take the SA paper and attain full Fellowship; leading to many referring to this as the “Fellowship paper.”

However, as the rules on the ordering of examinations were relaxed, this examination may be taken before taking some earlier examinations resulting in candidates qualifying on other papers.

Choose 2 of the following Specialist Technical Subjects:

ST1 - Health and Care Specialist Technical
ST2 - Life Insurance Specialist Technical
ST4 - Pensions and other Benefits Specialist Technical
ST5 - Finance and Investment Specialist Technical A
ST6 - Finance and Investment Specialist Technical B
ST7 - General Insurance - Reserving and Capital Modelling Specialist Technical
ST8 - General Insurance - Pricing Specialist Technical
ST9 - Enterprise Risk Management Specialist Technical

Heriot-Watt University is rated top in the UK for student experience

Specialist Applications Stage Subjects for Institute and Faculty of Actuaries, UK

Students can choose 1 of the following Specialist Applications Stage subjects and pass:

SA1 - Health and Care
SA2 - Life Insurance
SA3 - General Insurance
SA4 - Pensions and other Benefits
SA5 - Finance
SA6 - Investment

Where do Actuaries work in Malaysia?

Actuaries are problem solvers, in tune with what's happening in business through their interpretation of statistical data and knowledge of social and economic systems. The unique skills of actuaries are behind many high-level strategic decisions made by large companies and governments, and can have a positive impact on legislation, businesses and individuals.

The actuary profession is one of the highest paid in Malaysia and around the world with excellent benefits and package.

: Bank Negara Malaysia

Actuaries work in many areas in Malaysia such as:

Life and non-life insurance
Pension funds
Benefits
Healthcare
Savings
Capital projects
Risk management
Investments & Banking

Malaysian employers of actuarial science graduates include:

 Life insurance companies
 Investment and financial services, including takaful
Actuarial consultancies specialising in employee benefits
Life insurance and general insurance
Government sector such as Bank Negara Malaysia (BNM) and EPF are major actuarial employers
Universities as lecturers
Any large organisation where risk management plays an important role
Consultant advising on all sorts of different projects

Students interested in registering at Heriot-Watt University Malaysia, please go to this link. For information on hostel accommodation at Heriot-Watt University Malaysia, go to this link. Scholarships are available to deserving Malaysian students who have achieved high results in their SPM, STPM, A-Levels or UEC examinations.

Heriot-Watt University is a Top Ranked University in the UK and in the World

In the top 400 worldwide by QS World's Top Universities

Heriot-Watt University
THE's 'Table of Tables' is the combined results of the three main UK university league tables - the Good University Guide (published by The Times and The Sunday Times), The Guardian and The Complete University Guide.In the Table of Tables 2015: Heriot-Watt is placed 25th in the UK - rising from 28th the previous year
63rd in the world, 10th in the UK and 2nd in Scotland in The Times Higher Education '100 Under 50' 2013 (University Royal Charter awarded in 1966).
22nd in the world, based on the 'international outlook' indicator in the World University Rankings in the Times Higher Education - World’s Most International Universities.
Scottish University of the Year 2012-13 (and 2011-12) and UK University of the Year for Student Experience 2012-13 by the Sunday Times.

Heriot-Watt University consistently achieves high ranking across a number of key university league tables:

Guardian University Guide 2015 - 13th place overall
National Student Survey 2013 - 11th in the UK and second in Scotland
Times Higher Education World University Ranking - 22nd in the world for 'International outlook'
Times/Sunday Times Good University Guide - 38th in the UK and sixth in Scotland

Heriot-Watt University's Ranking in the Guardian University Guide 2015

Heriot-Watt University Malaysia provides an excellent learning environment

Ranked 13th in the UK and 2nd in Scotland
Top in the UK for Chemistry and Civil Engineering
Top ten in the UK for: Accounting & Finance, Building and Town & Country Planning, Business, Management & Marketing, Physics, Chemical Engineering and Mathematics
Heriot-Watt University is ranked 8th by the Guardian's University guide 2015: league table for Chemical Engineering
Heriot-Watt University is ranked 18th by the Guardian's University guide 2015: league table for Mechanical Engineering
Heriot-Watt University is ranked 4th by the Guardian's University guide 2015: league table for business, management and marketing
Heriot-Watt University is ranked 2nd by the Guardian's University guide 2015: league table for accounting & finance

Heriot-Watt University's Ranking in the Times Higher Education - '100 Under 50' World University Ranking 2014

Heriot-Watt University is ranked 52nd in the world, 7th in the UK and 1st in Scotland

Heriot-Watt University Malaysia is a branch campus of the top ranking Heriot-Watt University, UK
Heriot-Watt University is 22nd in the world, based on the 'international outlook' indicator from THE World University Rankings. This indicator examines a university’s international student numbers, its percentage of international staff and the proportion of its research papers published with a co-author from at least one other country.

Heriot-Watt University's Ranking in the Times/Sunday Times Good University Guide 2014

Top 10 in the UK for Chemical Engineering, Building Town & Country Planning & Landscape, Food Science and Mathematics.
Top in Scotland for Chemical Engineering, Building and Civil Engineering and top 3 in Scotland for Town & Country Planning & Landscape, Food Science, Mathematics, Iberian Languages, Mechanical Engineering, Chemistry, French, and Art & Design.

Heriot-Watt University's Ranking in the Complete University Guide 2015

33rd in the UK and 4th in Scotland
Top ten in the UK for Building, Town & Country Planning, and Art & Design.

Mechanical Engineering lab at Heriot-Watt University Malaysia
25th for Business & Management Studies
15th for Chemical Engineering
20th for Accounting & Finance

Heriot-Watt was ranked fourth in Scotland in the 2016 Complete University Guide, after St Andrews, Edinburgh and Glasgow.

The University ranked in the top ten in the UK in five subject areas:

Building (6th and 1st in Scotland)
Chemical Engineering (5th)
Civil Engineering (9th)
Electrical & Electronic Engineering (9th)
Town & Country Planning (5th and 1st in Scotland)

Overall Heriot-Watt were ranked in the top 25% of UK universities in 11 subjects including Accounting & Finance, Art and Design, Business and Management Studies, Economics, Mathematics and Mechanical Engineering.

Other highlights included recognition for our world-class research rated 30th in the UK for quality and for our spending on facilities which placed us 19th in the UK.

Heriot-Watt University's Ranking in the QS World's Top Universities

: Lecture theatre at Heriot-Watt University Malaysia

Heriot-Watt University is ranked 369th in the world, 42nd in UK and 7th in Scotland
This places the university in the top 4%, based on approximation of at least 10,000 universities in the world

QS Top 50 universities in the world under 50

A ranking of the world's top 50 universities established within the last 50 years.

47th in the world, 3rd in the UK and 1st in Scotland.

Top Rated Teaching Standards at Heriot-Watt University

The Enhancement-Led Institutional Review held in 2011 awarded Heriot-Watt the highest possible assessment.
A well developed Learning and Teaching Strategy focuses on employability and professional career readiness, and the student learning experience.

Student representation is included on key strategy/policy making committees which set the standards for learning and teaching and student support.

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: EduSpiral explained the pathway to become an actuaries & gave facts on why Heriot-Watt is the best for actuarial science. We also toured the campus and hostel.
Weng Hang, Heriot-Watt University Malaysia

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Monday, December 7, 2015