A globally recognised programme
THE Actuarial Science programme offered by Sunway University has recently been accredited by the Education Committee of the Institute and Faculty of Actuaries (IFoA), UK.
The accreditation will provide Sunway students from the BSc (Hons) in Actuarial Studies maximum professional papers exemptions based on the new IFoA curriculum, which are mapped from the old CT1, CT2, CT3, CT4, CT5, CT6, CT7 and CT8 papers into the new codes, namely CS1 and CS2 (Actuarial Statistics), CM1 and CM2 (Actuarial Mathematics), CB1 (Business Finance) and CB2 (Business Economics).
Currently, less than 50 institutions in the world offer exemptions approved by IFoA, out of which approximately 20 offer the above maximum exemptions. Of these, five are in Asia – Nanyang Technological University in Singapore, The University of Hong Kong, The Chinese University of Hong Kong, Central University of Finance and Economics in China and the University of International Business and Economics also in China.
Sunway University now joins this list of well-established institutions, which are leaders in actuarial education. This further cements the high standard and quality of Sunway University’s BSc (Hons) in Actuarial Studies programme curriculum, delivery and teaching staff.
“The IFoA accreditation provides students with another pathway to become an actuary, one of the world’s top professions. Sunway University’s BSc (Hons) in Actuarial Studies programme is now recognised by professional actuarial bodies from both the US and the UK. With professional practising actuaries teaching in the programme, we have a proud history of consistently nurturing and producing employment-ready graduates who have achieved the ‘Grand Slam’ of professional exam success during their time at Sunway,” said Sunway University School of Mathematical Sciences dean, Prof Ho Chee Kit.
Sunway University vice-chancellor, Prof Graeme Wilkinson said, “I am delighted to learn of this outstanding new international recognition of our Actuarial Studies degree, which confirms yet again that Sunway is leading the way in finance education”.
The only way to become an actuary is to pass all (or get exemptions from) the required professional exams offered by professional actuarial bodies. The BSc (Hons) in Actuarial Studies at Sunway University is also recognised by the Society of Actuaries (SOA), US through the Validation by Educational Experience (VEE), whereby students are eligible for three VEE exemptions.
The SOA is a world-leading professional actuarial body and qualifications are globally recognised.
Passing the SOA Exams and completing the ‘Grand Slam’ for all five Preliminary SOA Exams, which include Exam P (Probability), Exam FM (Financial Mathematics), Exam MFE (Models for Financial Economics), Exam MLC (Models for Life Contingencies) and Exam C (Construction and Evaluation of Actuarial Models) is a mark of world-class achievement considered by many, including practicing actuaries as out of the ordinary.
Sunway University is proud to have consistent ‘Grand Slam’ winners among its BSc (Hons) in Actuarial Studies students.
Another hallmark of the programme is students have the opportunity to attend Actuarial Practice Courses, Preparatory Workshops for SOA Exams, Industrial Workshops for Excel, R and SAS conducted by in-house actuaries and practitioners where the aim is to help boost students’ career prospects.
For those looking into a wider career in insurance such as underwriting, claims or operations the BSc (Hons) in Actuarial Studies allows students to gain entry into the Malaysian Insurance Institute (MII) professional course – the Associateship of the Malaysian Insurance Institute (AMII) through an accelerated pathway.
Last year, Sunway University became the first private higher educational institution to tie-up with MII. Under the agreement signed, Sunway University’s BSc (Hons) Actuarial Studies students are eligible for exemptions of up to 11 AMII modules (out of 14), with the possibility of completing the remaining modules within the degree.
This is an exclusive opportunity for students to obtain a bachelor’s degree plus a professional qualification upon graduation.
The Malaysian Insurance Institute (MII) is the leading centre of learning and training in Actuarial Science, Risk Management, and Insurance.
The MII qualifications are internationally recognised. In particular, the AMII qualification provides an in-depth knowledge of the principles and practices of insurance.
The AMII designation gives the holder a professional status, which is the key to unlimited career possibilities and opportunities in the field of insurance.
The BSc (Hons) in Actuarial Studies under the School of Mathematical Sciences at Sunway University, which was first offered in March 2013 is fully accredited by the Finance Accreditation Agency (FAA), an international and independent quality assurance and accreditation body for the financial services industry.
This year, the School of Mathematical Sciences will be expanding its offering with the introduction of the Masters in Actuarial Science (by Research) in June.