What is Actuarial Studies? Read this to find out! [Guest Post]

Have you ever heard about actuarial science? I’m pretty sure when I mentioned about Actuarial Science, some of you will think that only science stream students are eligible for pursuing this course. You can pursue this course even you didn’t take biology in secondary school, but you must have taken additional mathematics subject.

Today, I’m going to share some information or fact you must know about actuarial studies if you would like to pursue this course. What I’m going to share based on my friend’s experience who is currently studying BSc (Hons) Actuarial Studies at Sunway University.

Yes, Sunway is offering this course. In this article, I will list down what are the other universities which offer this course.

So, keep reading.

If you want to pursue Actuarial Science, you must complete STPM or Matriculation or A-level or any equivalent with this qualification. I completed my A-level in Sunway University and then I applied for BSc (Hons) Actuarial Studies in Sunway too. It is actually 3 years course. Maybe some of you wonder, why I have chosen this course, why not other courses – I chose this course because I have a huge interest in the calculation and I love additional Mathematics more. I got research about this course before I applied for it. If you really want to pursue this course, you must have a good understanding of additional mathematics. Yes, additional mathematics and maths relate to this course but very minor. Mostly will be new but without understanding the basic principles, it will take time for you to understand new chapters.

Here I have attached what you guys expect to study if you pursue this course later in the university.

“Is actuarial science more to calculation or more to theory?”

According to my friend, there are both calculations and theory in this course. One need to ensure that he/she really understands the concept well before applying it or else they will have a hard time coping with the rest of their peers.

After reading this reply, you can make a conclusion that difficulty of this course definitely would be higher than Additional Mathematics you have learnt in secondary school.¬†Whatever it is, bear in mind that perseverance and hard work will yield you a positive outcome.¬†Doesn’t matter what course you are pursuing later, if you are lazy and not keen in what you are supposed to do, don’t expect good result. So, your effort matters!

“What are the struggles you have faced so far in this course?”

“The only struggle is to catch up with the syllabus and never ever procrastinate your work till the last minute. In university, lecturers will not spoon feed you from A to Z. They will teach you the basic things and it’s your job to master yourself by doing the given tutorials or assignments. Thus, one should learn to stand on their own feet and be independent.”

Student tip: It’s okay if you copy your friends’ tutorials in order to submit on time but make sure you master all those tutorials before the exam. Maybe some of you wonder, he is always copying my tutorials, how he can score a good result in final examination. The answer is he or she will do back all those tutorials to master him or her.

Other than Sunway University, Actuarial Science course offers in these following public and private universities :

Public: Universiti Malaya(UM) & Universiti Kebangsaan Malaysia(UKM)

Private: Taylor’s University, Universiti Tunku Abdul Rahman (UTAR), Manipal International University (MIU), UCSI University, Kuala Lumpur Campus, INTI International University and Colleges, Heriot-Watt University Malaysia, Asia Pacific University of Technology and Innovation and HELP University

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“What are the job prospects for actuarial studies graduates?”

I know most of you will wonder or some of you might receive this question from someone. So, here goes the huge list of job prospects :

1. Life Insurance
2. Property & Casualty Insurance
3. Takaful
4. Retirement Systems/ Pensions
5. Health
6. Finance
7. Reinsurance Companies
8. Consulting Firms
9. Government such as Bank Negara
10. Risk Management
11. Underwriting
12. Claims
13. Commercial Banking
14. Investment Banking
15. Brokerages
16. Mutual Funds
17. Financial Services Consulting
18. Colleges and Universities
19. Public Accounting Firms
20. Marketing and Sales Organizations
21. Other emerging areas of practice where risk is present

If you’re looking for scholarships to pursue this course, keep an eye on Afterschool websites to check recent updates. Usually, MNRB, BNM, Khazanah and CIMB will offer sponsorship for this. Try to apply.

For more details, one can browse SOA or IFoA websites.But most universities in Malaysia follow SOA except Heriot-Watt. SOA and IFoA are the United States an United Kingdom boards respectively.

If you find the information in this post useful, please share it with your friends and colleagues on Facebook, Twitter, Pinterest and Google Plus.

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