The Complete Guide To Study Actuarial Studies in Malaysia

This program provides students with an extensive study of actuarial science: a discipline that applies mathematics, statistics, and business concepts to determine risks’ costs. In more than three years, students receive preparation for working in the offices of insurance and financial companies, managing risks and drawing on the experience of such universities as Taylor’s and Sunway. The employment opportunities include being an actuary, risk analyst, or financial consultant among graduates.

Country

Malaysia

Duration

3 Years

Fees

$7,500+ Yearly

Field

Bussiness

Program Overview

Actuarial science is a sub-field of mathematics that utilizes statistical methodologies to assess and analyze the risks involved in finance, insurance, and related industries. It is an advanced field of study that requires many analytical skills and a thorough understanding of mathematics, business principles, and statistics for a student to complete any degree or diploma program. Actuarial graduates use these skills to analyze financial risks and uncertainties, predict the economic future, and use identified insights to create and execute the best mitigation strategies for combating potential risks. Their core responsibility is to help stabilize the financial health of organizations and businesses in the long term.

It is a versatile field offering multiple career opportunities for students pursuing a degree or diploma in actuarial sciences. These graduates are highly demanded by organizations such as investment firms, insurance companies, pension funds, consultancies, government agencies, etc. The profession is often well accredited and well regarded for its industry standards and the apparent career path it provides the students with. Actuaries can quickly progress to high-end positions as senior executives or managers with the help of their expertise in strategic planning and risk management. The financial rewards and pay scales are also significant in the field, making it a beautiful and demanding career choice.

A degree or diploma course in actuarial sciences covers financial math, matrices, probability and statistics, actuarial mathematics, economics, risk theory, investment and asset management, insurance and pensions, statistical modeling, business, and finance. The two Universities of Malaysia offering a degree or diploma course in actuarial sciences can be listed as follows:

1. Taylor’s
2. UKM
3. ⁠Nottingham
4. Malaysia
⁠5. Sunway University
6. ⁠MMU

Why Study Actuarial?

There are several reasons why studying actuarial sciences could be a beneficial move for you as a student. A few prominent among them can be described as follows:

High Job Security and Demand: Actuarial Sciences is a much-in-demand field of education whose experts are required by almost every industry, including finance, insurance, and consulting, on top of the list. The core job of an actuarial graduate is to assess financial risk for any organization and contribute to the economic health of organizations with the help of their assessments. Therefore, almost every business requires that to achieve its goals, so you’ll always be in demand and have consistent job security as a graduate in this field

Intellectual Challenge and Problem-Solving: Actuarial sciences is an intellectually challenging field that offers sheer interest for individuals interested in mathematics and statistics who enjoy using analytics for problem-solving. The professional usually involves resolving typical problems that require thorough data assessment and analysis, risk assessment, strategic planning, and financial modeling. The challenging nature of the field always keeps the professionals’ brains at work and engaged. As an actuarial graduate and professional, you are least likely to be exhausted from your job because it always offers a new adventure to work with and feel passionate about.

Professional Recognition & Respect : Actuarial sciences is a specialized field of study that requires great passion and skill set, so not everyone can become an expert. Therefore, people who pursue academic degrees or diplomas in actuarial sciences are widely respected and recognized worldwide and are offered great jobs in the professional industry. It requires going through rigorous examinations conducted by the Actuarial Institutes to get the positions of an Associate Actuary or a Fellow Actuary, etc. You’re widely respected and accredited globally once you’ve attained such a designation.

Contribution to Society: Actuaries certainly play a crucial role in maintaining the financial stability of organizations and the financial well-being of individuals. They can plan sustainable retirement plans, craft great insurance products, and develop effective mitigation strategies based on the financial risks and patterns they have assessed over time. They are skillful individuals who know how to contribute to a society’s economic well-being. Their profession not only helps them grow but is much more rewarding for society as well

Why Study Actuarial in Malaysia?

There are several reasons you should study actuarial sciences in Malaysia; the best among them include the following:

Quality Education: Malaysia is known for being home to all the highly accredited and globally renowned universities that offer the best actuarial courses. Each of these courses and programs is accredited by professional global bodies such as the Malaysian Qualifications Agency (MQA), which ensures that quality education is offered to students who meet international standards. The curriculum has been rigorously developed with the latest developments in the world’s economy and upcoming trends in mind.

Affordable Tuition Fee : In comparison to most educational institutions, those in Malaysia offer affordable fee options. While ensuring that the best quality education is provided and that global standards are not compromised, Malaysian universities offer low-cost study options, making themselves an attractive destination for students with high-end academic dreams.

Strategic Location & International Exposure: Located in the very central heart of Southeast Asia, Malaysia offers strategic access to almost every economically growing state. It is an easy-to-access study destination for students aiming to get a quality education abroad and simultaneously experience an international perspective of actuaries.

Vibrant Student Life: Universities of Malaysia are known for offering vibrant campus lives for both local and international students. These all-inclusive educational centers welcome students from varying cultures, allowing them to engage with each other, enjoy multicultural festivities, and experience a fun-loving study environment where their academics are always complemented with the best extracurricular activities to ensure a balanced life.

Career Prospects

There are versatile career choices and options available for actuarial sciences graduates in the industry; a few high-in-demand and top-paying among them can be listed as follows:

Actuary: The core job responsibilities of an actuary are to thoroughly analyze the statistical data and use that to construct models that can predict the potential events of illnesses, mortality, financial losses, or accidents in the longer term. The most common skills required by these professionals include:

1. Analytical thinking.
2. Proficiency with actuarial software and programs.
3. Strong mathematics and statistical skills

Risk Manager: The core job role of a risk manager is to thoroughly assess, identify, and prioritize risk factors and develop and execute mitigation strategies for them. They can help organizations stabilize their financial health and condition by developing risk management strategies and implementing them effectively so that the operations can be carried out without any obstacles or interruptions and the long-term business goals can be achieved. The skills required by a risk manager usually include strategic planning, effective communication, risk assessment, and a prompt problem-solving attitude.

Pension Consultant: A pension consultant is usually responsible for designing, analyzing, and managing the retirement and pension plans for the human resources of their organizations. Their core duty is to make sure that the pension plans for each individual are financially sound and fully aligned with the laws and regulations of the financial industry. The common skills required by any pension consultant include a thorough knowledge of actuarial modeling and economic analysis and a command over pension laws and policies

Investment Analyst: The core role of an investment analyst is to conduct a thorough analysis of the financial data and economic trends in the market, utilize those insights in evaluating the available investment opportunities, and offer investment-related recommendations to the organizations and businesses they work for.

Financial Planner: A financial planner’s core job responsibilities involve offering clients financial advice about insurance, investment, financial or retirement planning, etc. Their central role is to help clients attain their financial objectives while managing within the available resources. The standard skill sets required by any financial planner usually include client management, effective communication, financial planning, and a sound knowledge of financial products.

Program Duration

Undergraduate Programs

1. Bachelors in Actuarial Sciences (3-4 years typically)

Postgraduate Programs

1. Master’s Degree in Actuarial Sciences (1-2 years typically)
2. Doctorate (PhD) in Actuarial Sciences (3-5 years typically)

Entry Requirements

The general entry requirements set by the Malaysian Qualifications Agency (MQA) are implied and followed by every professional university in Malaysia. They can be described as follows

Undergraduate Programs

Academic Qualifications:

1. A-Levels (at least two passes)
2. Matriculation/Foundation (at least 2.00 CGPA)
3. Diploma (a course-relevant diploma with at least a 2.00 CGPA)
4. Unified Examination Certificate (at least five Bs)
5. STPM (Sijil Tinggi Persekolahan Malaysia) ( at least 2.00 CGPA)

English Language Proficiency:

1. At least one credit in SPM English or equivalent for Malaysian Nationals.
2. A minimum IELTS score of 5.5 or TOEFL score of 550 (paper-based) and 80 (internet-based) for international students.

Post Graduate Programs (Masters' Degree)

Academic Qualifications :

1. A relevant bachelor’s degree with at least a 2.00 CGPA.

English Language Proficiency:

1. At least one credit in SPM English or equivalent for Malaysian Nationals.
2. A minimum IELTS score of 6.0 or TOEFL score of 550 (paper-based) and 80 (internet-based) for international students.

Postgraduate Programs (Doctorate – PhD)

Academic Qualifications :

1. A relevant master’s degree with at least a 3.00 CGPA.
2. A well-crafted and subject-relevant research proposal is to be submitted.

English Language Proficiency :

1. At least one credit in SPM English or equivalent for Malaysian Nationals.
2. A minimum IELTS score of 6.0 or TOEFL score of 550 (paper-based) and 80 (internet-based) for international students.

Fee and Costing

The fee structures for both undergraduate and postgraduate degree and diploma programs in Malaysia vary based on the program you’ve chosen, the institution you might be looking for, the duration of the study, etc. However, the generic cost of a bachelor’s degree in Malaysia may be between 20,000 MYR and 70,000 MYR (an estimated 5,000 USD to 17,500 USD) a year.

Postgraduate programs, however, may cost more, ranging from 25,000 MYR to 80,000 MYR (an estimated 6,250 USD to 20,000 USD) annually. The range is often similar for both master’s and doctorate programs. However, the total expense of doctorate programs might vary based on the nature and duration of the research involved.

But the good news is that most Malaysian Universities offer scholarships and financial aid to students in need. Many flexible payment plans are also offered to help accommodate students without strong financial backgrounds but a desire for bright academic careers.

Accommodation

Malaysian universities offer excellent, versatile accommodations that suit each student’s diverse needs and requirements. As a foreign student landing in an entirely new destination for studies, accommodation could be a significant issue for you. But you need not worry because most Malaysian Universities offer a wide range of options, including hostels, dormitories, and even spacious apartment residences. You can pick what suits your needs and comes under your budget, and boom – enjoy all the excellent facilities they offer along with the comfortable and budget-friendly accommodation.

The shared facilities and amenities usually include :

1. Study desks
2. Beds
3. Attached bathrooms
4. Fully functional kitchens or pantries include a microwave, electric kettle, stove, fridge, etc.
5. Laundry rooms
6. Socializing areas
7. Recreational activities
8. 24/7 security surveillance

Admission Procedure

The admission process for getting into Malaysian Universities typically comprises multiple steps, including submission of an application, verification of the documents, eligibility assessment, and, in some cases, entrance exams or interviews etc. While it can be overwhelming and tedious to handle all that pressure while preparing for your entrance exams and interviews, TJS Study Steps can be your savior and simplify the admission process like never before. Here’s how the experts from TJS Study Steps can help during each stage of the admission procedure and ease you from the hassle!

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