Make no mistake about it, you only take up Actuarial Science if you are a lover of the numbers. In fact, you need to be a lover of advanced and additional mathematics.
Actuarial Science – Your Ultimate Guide
A career in Actuarial Science is a highly technical one. You must love (and be good at!) mathematics and is totally comfortable with statistics, probabilities and anything along those lines. Here is everything you need to know about this course.
- What is it? – Your job will involve calculated risks that are money-related. You use mathematical models like statistics and economics to do this.
- What industry uses it? – the most popular industry would be insurance while fund managers also use Actuarial Science
Studying Actuarial Science – Do you qualify?
Anyone with a basic secondary (high) school qualification will qualify to study Actuarial Science. However, you must be fully aware of what you are getting into before making this decision is that not everyone can handle this course because it can get very technical. As such, the minimum requirements to study Actuarial Science is higher than most other degree courses. Basically, you need to have:
- A minimum of 5 credits in SPM/ ‘O’ Levels or its equivalent
- You MUST be good at Mathematics and Additional Mathematics
- A minimum of 2Cs (with good results in Maths) in ‘A’ Level/STPM or equivalent or
- Minimum ATAR 60.0 in Australian Matriculation or
- A minimum of 60% average in Canadian Pre-University (CPU)
- Foundation (Science or Arts) – an average of 60% or CGPA of 2.5 depending on which institution you graduated
Duration to Graduation and Career
Your basic Actuarial Science degree will take 3 years to complete after Pre-U. Because an Actuary is a very professional job, your basic degree is NOT ENOUGH for you to practice. Think of this as being similar to lawyers and accountants. The entire process will take another 3 to 7 years before you become a certified actuary. You will need to take the professional examinations which are offered by:
- CAS – Casualty Actuarial Society, USA
- Institute of Actuaries of Australia
- SOA – Society of Actuaries, USA
- Institute and Faculty of Actuaries, UK
It must be noted that there are some universities that offer Actuarial Science courses with certain exemptions which will shorten the duration of the time for the professional courses. You must really find out which university provides these offerings.
The future is very bright for Actuarial Science
As you might have known by now, Actuarial Science is among the most demanded jobs (and courses) around the world today. As such, the future pathway for your career will be very good. But what are the jobs that you can expect to find being a graduate in this field? Below are some examples:
- Financial Risk Analyst
- Risk Management Specialist
- Actuarial Pricing & Risk Analyst
- Insurance Actuarial Analyst
- Underwriting Auditor
Below are some of the universities in Malaysia offering Actuarial Science degrees and courses.
University Tunku Abdul Rahman (UTAR) – Affordable Pathway
UTAR’s BSc (Hons) Actuarial Science is among the most affordable degrees in the market. At around RM18,000 per year, UTAR has constantly been producing some of the top graduates in the course they offer and this is one area of specialization that puts UTAR in the world map
UCSI – Full range of Actuarial Science courses
What makes UCSI so unique is that you can enjoy a full pathway from Pre-U to Masters in Actuarial Science. This includes:
- Foundation in Arts – Specializing Management, Actuarial Science and IT, the course fee is around RM17,000 which gives you direct entry to degree
- BSc (Hons) Actuarial Science – Course fee is about RM20,000 per year
- BSc (Hons) Actuarial Science and Finance – this course gives you more options besides being an Actuary with additional options in finance. The course fee is about RM20,000 annually
- BA (Hons) Financial Economics – 3 years degree course with average fees about RM17,000 per year