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Study Guide: Actuarial Science

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.

WHAT IS 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.

WHAT ARE THE 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.

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ENTRY REQUIREMENTS TO STUDY ACTUARIAL SCIENCE

PRE-REQUISITE

SPM/O-Level: A pass with minimum 2Cs including Mathematics

GENERAL REQUIREMENTS

  • A-Level: Minimum of 2Es

  • Australian Matriculation SAM/SACE International: Minimum ATAR 60

  • Canadian Pre-University programmes: Pass with a minimum average of 60%

  • Foundation in Arts/Science or Matriculation programme: Pass with minimum CGPA 2.00

  • International Baccalaureate (IB): Minimum 24 points

  • UEC: Pass with minimum 5Bs 

  • STPM: Minimum 2Cs with CGPA 2.00

  • Diploma: Pass with minimum CGPA of 2.00

ENGLISH REQUIREMENTS

  • IELTS: Band 5.0​

  • MUET: Band 3

  • Completed Pre-University/Diploma that was conducted in English

WHAT WILL YOU STUDY IN ACTUARIAL SCIENCE?

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

WHAT CAN YOU DO WITH AN ACTUARIAL SCIENCE 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:

  • Risk Analyst

  • Insurance Actuarial Analyst

  • Actuarial Consultant

  • Business Analyst

  • Investment Analyst

  • Underwriter

  • Data Scientist