Study Guide: Actuarial Science in Malaysia

If you excel in mathematics and enjoy crunching numbers to determine probability and statistics, actuarial science is an ideal degree for you. But, what exactly is actuarial science? Although the title "science" suggests otherwise, it is in fact very different from the domains of applied and pure sciences. Edu Experts will go over each of them briefly below.

Actuarial Science

According to the Actuarial Society of Malaysia, actuarial science is the study and application of financial ideas primarily connected with demography to real-world situations, primarily in the insurance arena. Using mathematical and statistical techniques, actuarial science evaluates financial risks in the insurance and finance industries. The field of actuarial science uses probability and statistics mathematics to describe, examine, and resolve the economic implications of unpredictable future events. Actuarial science is, therefore, related to business and finance.

Entry Requirements to Study Actuarial Science

These are the general entry requirements to pursue a degree in actuarial science. Entry requirements for some universities may be higher, so do make sure you check the details carefully.

SPM/O-Level

A pass with minimum of 5 credits including Mathematics (applicable to STPM, Government Matriculation, and Pre-U programmes)
A pass with minimum of 3 credits including Mathematics (applicable to diploma qualification)

A-Level: Minimum EE
Australian Matriculation SAM/SACE International: Minimum ATAR 60
Canadian Pre-University programmes: Minimum average of 60%
Foundation in Arts/Science or Matriculation programme: Pass with minimum CGPA of 2.00
International Baccalaureate (IB): Minimum 24 points
UEC: Pass with minimum 5Bs
STPM: Minimum 2Cs with minimum CGPA of 2.00
Diploma in Engineering: Minimum CGPA of 2.00

Pathway to Study Actuarial Science

This is the general pathway to study actuarial science after completing your SPM or IGCSE.

Step 1: Complete STPM/UEC/Pre-university programme for 1-2 years. You can also opt to be enrolled in Diploma in Actuarial Science for 2.5 years.

Step 2: Once you graduate with an actuarial science diploma, you can choose to go straight to the workforce.

Step 3: If you want to pursue an actuarial science degree, enrol in a 3-year actuarial science degree programme.

Step 4: Once you've completed your degree, you can choose to go straight to the workforce.

Subjects in Actuarial Science Degree

In Malaysia, an actuarial science degree takes 3 years to complete. Many subjects that include using statistical and mathematical methods are covered in an actuarial science degree programme. Among the topics you might study in actuarial studies are the following:

Probability & Statistics
Calculus
Introductory Economics
Life Contingencies
Risk Theory
Survival Analysis
Loss Models
Risk Management and Insurance

Job Prospects with An Actuarial Degree

You can pursue a career in organisations that specialise in insurance, banking, finance, and business consulting once you have earned a degree in actuarial science.

Here’s a preview of the careers you can expect to pursue upon graduating with an actuarial science degree: