Leading in actuarial education
> Sunway University’s actuarial science programme receives UK recognition
THE actuarial science programme offered by Sunway University recently attained recognition and acceptance by the Education Committee of the Institute and Faculty of Actuaries (IFoA), UK.
The credence will provide BSc (Hons) in Actuarial Studies students maximum exemption from professional papers (based on the new IFoA curriculum), mapped from the old CT1, CT2, CT3, CT4, CT5, CT6, CT7 and CT8 papers to 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 global institutions offer IFoAapproved exemptions; out of which, approximately 20 offer the above mentioned maximum exemptions. Of the 20, five are in Asia, Sunway University included. The university now joins the list of well-established institutions who are leaders in actuarial education.
“The IFoA accreditation provides students another pathway to become an actuary, one of the world’s top professions. With professional practising actuaries teaching 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 vicechancellor Prof Graeme Wilkinson added, “I am delighted to learn of this outstanding new international recognition for 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.
“Our Department of Actuarial Science and Risk provides support in areas of curriculum, additional study materials and reimbursement of professional exam fees. We also advise and assist our students with the application for exemptions from the IFoA,” Ho added.
The BSc (Hons) in Actuarial Studies is recognised by the Society of Actuaries (SOA), US, through the Validation by Educational Experience (VEE), whereby students are allowed 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 known to many, including practising actuaries, as out of the ordinary. Sunway University is proud to have consistent “Grand Slam” winners among its students in actuarial studies.
Moreover, students have the opportunity to attend Actuarial Practice Courses, Preparatory Workshops for SOA Exams, Industrial Workshops for Excel, R and SAS, conducted by inhouse actuaries and practitioners, aimed at boosting the 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 and the Associateship of the Malaysian Insurance Institute (AMII) through an accelerated pathway.
The AMII qualification provides in-depth knowledge of principles and practices of insurance, and the AMII credentials are reputable and gives the holder a professional status, which opens up doors of unlimited career possibilities and opportunities in the field of insurance.
Last year, Sunway University became the first private higher educational institution to tie-up with MII. Under the agreement, actuarial studies students were given exemptions for up to 11 AMII modules (out of 14 AMII modules), 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.
This year, the School of Mathematical Sciences will be offering the Masters in Actuarial Science (by Research) programme in June.
Find out more at Sunway University’s campus this March 17 and 18 during the Sunway Education Open Day, from 10am to 4pm.
For further information, call 037491 8622 or email info@ sunway.edu.my or visit https:// university.sunway.edu.my