Excelling in actuarial science
THE Society of Actuaries ( SoA) is a leading global professional organisation for actuaries. It provides continuing education for students and practising actuaries, maintains the standards of the profession and conducts research on actuarial trends and public policy issues.
Thus, it is noteworthy that UCSI University is the first private university in Malaysia approved by the SoA to be listed among its Universities and Colleges with Actuarial Programmes ( UCAP) list.
Other UCAP institutions include the University of California, Los Angeles ( US) and the University of Toronto ( Canada).
The former was ranked 12th on the Times Higher Education University Rankings 2013- 2014 while the latter was ranked at a respectable 109th place.
As part of the requirements to be listed as a UCAP, the educational institution must maintain course coverage for at least two actuarial examinations and have approved course( s) for at least one Validated by Educational Experience ( VEE) topic.
UCSI has exceeded the minimum requirements as it provides course coverage for five examinations – probability, financial mathematics, models for financial economics, models for life contingencies as well as construction and evaluation.
It also has approved courses for three VEE topics – economics, corporate finance and applied statistics.
Being endorsed by SoA as an institution providing adequate preparation for students to sit for actuarial professional papers was a deliberate move by UCSI’s Faculty of Business and Information Science ( FoBIS) as a measure of standard and quality assurance.
FoBIS also ensures that the students are ready for the industry through annual field attachments while in the programme.
A track record of success
FoBIS’ focus on preparing students for professional SoA examinations has paid off for the faculty and students.
FoBIS students are known for passing many SoA examinations while still in their undergraduate years and many attribute their success to the culture of excellence and standards set by their seniors.
Among these students are Chan Min Zhou, Chong Kim Sin and Teoh Wei Jing, who pursued the BSc ( Hons) Actuarial Science degree.
Each passed at least four of the five SoA papers available to undergraduate students.
As a senior, Chan set a high standard when he passed the professional papers in under three years of undergraduate study.
Today, he is a junior actuarial executive at the Malaysian arm of a London Stock Exchange- listed global insurance company.
He attributes much of his success to UCSI’s FoBIS in helping him prepare for his career.
“What I appreciate the most is the experienced and professional senior actuary who was our lecturer.
“And although engaging senior actuaries was not easy due to their busy schedules, I learnt a lot from the knowledge and experience that they shared,” says Chan.
His success inspired his junior Chong who is graduating this year, having passed five SoA examinations before entering his third year of study.
“I asked Chan many questions about my studies and he helped me a lot,” says Chong.
This kind of camaraderie and mutual support is facilitated by the UCSI’s Actuarial Science Student Association, which works to ensure that juniors and seniors get to know and help each other.
Another bright student is Teoh, who is currently in his final year and has passed five SoA professional examinations within three years of study.
He also spoke highly of the lecturers, particularly Assoc Prof Dr Ngerng Miang Hong, the deputy dean who was the previous head of actuarial studies.
Dr Ngerng was his final year project supervisor who had guided him well.
“He was very knowledgable about my project, which focused on the WiKi model of insurance business,” he says.
Teoh learnt to develop his confidence in communicating to an audience while gaining the educational knowledge that he needed to pursue a fulfilling career as an actuary.
These three students are representative of the supportive university community found at UCSI.
While they had different motivations to pursue a career in actuarial science, they shared a common fondness for their university life at UCSI, leaving behind a legacy of excellence for future students.
UCSI will be hosting its Professional Career Day on Aug 8, where you can find out more about the career pathways and professional requirements of actuaries.
For more information, call 03- 9101 8882 or visit www. ucsiuniversity. edu. my