A person who loves Mathematics as well as Statistics and loves difficult courses related to numbers. Well, we have listed information you require to gain knowledge on studying Actuarial Science in Malaysia.
What is Actuarial Science
Through probability, statistics and business knowledge the money related risk calculation is done by Actuarial Science. This is always used in the field of Insurance and Finance to Calculate and manage risk and make budgetary Decisions.
Like the Insurance plan , once always thinks how does the Insurance company make money if you receive the premium more than you have invested in the Insurance plan. Well this is where the work of Actuary falls into. They evaluate the financial impact and learn how likely an event may occur to calculate, they make calculations to be sure the exact total amount of premiums
collected exceeds and the claims for the amount has been made. In the event of something bad happening, that is when the Insurance company is able to make a payment of the claimed Insurance
A Degree Course in Actuarial Science from University in Malaysia is of 3 Years
However, you cannot be called a Qualified Actuary until you study by taking up Professional exams with Professional bodies like the Society of Actuaries or Institute and Faculty of Actuaries (IFoA) which might take 3-7 long years for you to become a qualified Actuary. To accomplish the professional status as an Actuary you will need to clear the Professional studies.
To study Actuarial Science in Malaysia you will need the required subject for SPM or equivalent is Mathematics.
For A-Level , STPM or Equivalent the needed subject is of course Mathematics, however, if you have covered advanced Mathematics , Economics and or Physics will help you in the long run.
In addition to the above requirement, you will also need a minimum of 5c’s in SPM including Mathematics to study Actuarial Science Degree from Malaysian University. Few Universities may also require you to score well in English Proficiency tests such as IELTS.
The Entry requirement for Actuarial Science in Malaysia differs from University to University hence, it is recommended to do your research before you apply in Malaysian Universities.
The tuition fee to study Actuarial Science from Malaysia are as follows:
BSc (HONS) Actuarial Science - RM43,920 to RM49,920 Annual Approximate cost
Job opportunity once you complete the Professional Exam in Actuarial Science in Malaysia
Once you are a Graduate in Actuarial Studies from University in Malaysia and also have cleared the Professional Exams as given above you can work as an Actuary with different careers:
This will help you to develop your mathematical, statistical and analytical knowledge. You will study about Risk Management which will teach you how to assess the probability of the events happening in the future and will decrease the risk of undesirable events. These skills are important for you to become a qualified Actuary in Malaysia or anywhere worldwide.
Whilst Studying Actuarial Science Degree from University in Malaysia , you will come across many subjects that will include mathematical and statistical techniques.
Below are some subjects you will learn in Actuarial Science from Malaysia:
A lot of calculations and Problem solving skills are taught when you take up the Degree course in Actuarial Science in Malaysia. Hence, it is recommended that you are proficient in Mathematics and specially in statistics. By the time you complete your Degree Programme in Actuarial Science from Malaysian University, you will have a deep knowledge of assessing risks and how you can minimize the cost associated with these risks.
Actuaries are engaged in life insurance, retirement benefit consultancies, asset management, post retirement medical benefit, and general insurance. It is therefore no surprise that over the years, demand for actuaries has risen significantly in Malaysia and is likely to continue.
With only 164 qualified actuaries in Malaysia, the market for actuaries can perhaps still be considered unsaturated.
Employment of actuaries is projected to grow 18 percent from 2019 to 2029, much faster than the average for all occupations. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new, emerging risks.
The real challenge begins with the actuarial exams. These exams are difficult because it requires an in-depth understanding of the various concepts and materials at hand. They are definitely more difficult than your typical math exams in school