20% Increase in Demand for Actuaries Globally in the Coming DecadeJuly 14, 2021 | Campus News
EVERY risk comes with an opportunity. This is key in actuarial science as a field that is helpful in the evaluation of risk.
Risk analysis and management are no stranger to professional actuaries, as they deal with different types of risks daily. They calculate, assess and analyse potential risks that may impact businesses, to help clients mitigate the cost of potential risks.
According to experts, there will be a 20% increase in demand for actuaries globally in the coming decade.
This indicator surpasses other occupations, as industries now see a need to develop new insurance products and assess new, emerging risks.
While employment opportunities are on the rise, it is an opportunistic era for school leavers. If you are considering a career as a professional actuary, the time is now.
As you kickstart your journey as a professional actuary, selecting the right pathway helps you to realise your goals smoothly, and the process would be more rewarding and effective.
Robert Walters Malaysia, a consultancy for professional talents, indicated that a full actuarial qualification coupled with excellent soft skills and technical operational capabilities play a vital role in ensuring candidates stand out from the crowd to secure great opportunities with their dream employers.
Your road to success – qualification matters
Asia Pacific University of Technology and Innovation (APU) offers a three-year BSc (Hons) Actuarial Studies programme recognised by the world's largest actuarial professional organisations – the Institute and Faculty of Actuaries (IFoA, UK) and the Society of Actuaries (SOA, US).
In 2018, APU joined the top universities worldwide to receive full IFoA accreditation for its BSc (Hons) Actuarial Studies.
With the accreditation, APU students who achieve the required standard can be eligible for maximum exemptions from CS1, CS2, CM1, CM2, CB1 and CB2. The exemptions significantly reduce the time and effort required for the graduates to attain their associateship and fellowship.
IFoA foundation scholarship
APU is one of the few IFoA’s partner universities in Asia to secure major IFoA scholarships for its students pursuing actuarial studies.
Every year, the top five graduates will receive the foundation’s scholarship (worth £4,490) awarded by the IFoA.
Additionally, the best among the five will also receive the Sir Edward Johnston Prize (worth £250).
Wendy Wong Wei Wei, class of 2020 graduate of the BSc (Hons) Actuarial Studies programme, is the first recipient from APU to attain the Sir Edward Johnston Prize.
Currently an IFRS17 technical consultant at multinational analytics company SAS Institute Inc, Wong expressed her gratitude towards her lecturers.
“APU lecturers are patient and supportive in the students’ pursuit in both club activities as well as the actuarial exams,” Wong revealed.
“Other than providing knowledge and guidance in the coursework, lecturers shared their experience and encouraged us to spend independent learning time to develop skills needed.
“I’m grateful for the facilities provided and opportunities are given to learn as much as possible,” she added.
Choo Jah Veen, class of 2020 graduate of the BSc (Hons) Actuarial Studies programme, received a full-time offer following her exceptional internship at Sun Life Malaysia Assurance Bhd. She is currently working on product development and pricing and is looking forward to becoming a qualified actuary in the near future.
"Employers are looking for well-rounded actuarial graduates – professional exams, internship experience, and strong analytical skills,” said Choo.
“Gladly, these were all covered by the actuarial studies programme at APU," Choo added.
APU is also recognised by the SOA. Its BSc (Hons) Actuarial Studies is designed to prepare students for all the six preliminary exams (P, FM, IFM, LTAM, STAM, and SRM) in the new SOA curriculum.
This is in addition to the approved coursework for all three Validation by Educational Experience (VEE) topics.
To date, APU is the only Malaysian university that has all the six preliminary exams and three VEE topics listed in its SOA Universities and Colleges with Actuarial Programmes (UCAP) profile.
On top of this impressive track record, APU teams also bagged all the top three winning positions at a recently concluded hackathon organised by the Malaysian Actuarial Students Association (MASA).
This is also a strong testament to the quality of APU programmes as well as the capabilities of APU students, to compete among the best actuarial and data science talents in Malaysia.
Besides that, the latest Annual Graduate Tracer Study by the Higher Education Ministry indicated that 100% of APU graduates were employed upon graduation. This is a significant testament to APU’s success and pride in nurturing professionals for global careers.