As part of its ongoing commitment to providing high-quality industry-relevant programmes and developing ‘smarter’ talent for the future workforce, Asia Pacific University of Technology and Innovation (APU) has become the first Malaysian university to offer Actuarial Studies programmes with two hottest specialisms in tech areas — Data Analytics and Financial Technology (FinTech).
The programmes are fully accreditated by the Institute and Faculty of Actuaries (IFoA), United Kingdom (UK) and are run under APU’s School of Mathematics, Actuarial & Quantitative Studies (SoMAQS).
With full IFoA accreditation, APU actuarial graduates who attain an average of 65 marks or above are eligible for maximum exemptions from CS1, CS2, CM1, CM2, CB1 and CB2 in the current IFoA curriculum.
Furthermore, APU is also recognised by the Society of Actuaries (SOA), United States of America (USA), whereby the Actuarial Studies Programme prepares students for all six preliminary exams (P, FM, IFM, LTAM, STAM, and SRM).
This is in addition to the approved coursework for all the three VEE topics (Accounting & Finance, Economics, and Mathematical Statistics).
The emergence of Data Analytics & FinTech
The services industry is being transformed by new technologies, financial innovations, and big data. The trend is clear: finance’s future is digital. As a result, future Actuaries will need to develop skills in Data Analytics and FinTech.
Actuaries assess and evaluate the impact and effects of risks on organisations, and companies require workers who are skilled at quantifying and managing risk.
The Bachelor of Science (Hons) in Actuarial Studies, Bachelor of Science (Hons) in Actuarial Studies with a specialism in Data Analytics and Bachelor of Science (Hons) in Actuarial Studies with a specialism in Financial Technology (FinTech) were recently updated to keep up with evolving international standards and best practices.
According to APU’s vice chancellor Prof Dr Ho Chin Kuan, introducing specialisms in Data Analytics and FinTech will give students an edge on the latest technologies that align with the Fourth Industrial Revolution. The recent IAP advisory panelists concurred that the two new specialisms are essential to the actuaries in the Digital world.
“This accreditation demonstrates SoMAQS team’s commitment, dedication, and contribution to APU’s vision of empowering future Actuaries to embrace technology and shape a more inclusive, impactful, and sustainable future.”
First class graduates
In May 2022, the IFoA independent examiners confirmed that using the block exemption method, almost 85% of students from the recent cohort would graduate with maximum exemptions in the current IFoA curriculum. Other students would still receive exemptions using the method of subject-by-subject exemptions.Although the other remaining 15% of the students are not eligible for maximum exemptions, they would still receive two to four paper exemptions using the method of subject-by-subject exemptions.
“As long as the average of the 17 exemption modules is at least 65, the student will receive exemptions from all the six IFoA subjects using the method of block exemption.
“Currently our Actuarial Studies Programme is host to 400 students from more than 10 countries. We hope the results of the first cohort are encouraging to their juniors,” said Head of SoMAQS Assoc. Prof. Dr. Rajasegeran Ramasamy.
Apart from actuarial modules that cater to professional actuarial bodies; APU’s Data Analytics specialism will enhance actuarial students’ analytical skills by including four technology-embedded advanced-level analytical modules, while APU’s FinTech specialism will broaden career opportunities for actuarial graduates with five financial-related modules and four FinTech-focused modules.
“The specialisms are appealing to students who want to pursue actuarial studies and inclined to the new world of Data Analytics and FinTech,” added Prof. Dr. Rajasegeran.
APU Senior Lecturer and Actuarial Studies Programme Leader Ong Li Kee stated that the proposed specialisms will bode well with APU’s well-known reputation in Data Analytics and FinTech.
“This programme will showcase combined strengths in both disciplines and will expand their career opportunities. In fact, APU Students will have an advantage compared to actuarial graduates from other universities as they will be equipped with the knowledge and skills in Data Analytics and FinTech,” he said.
Ready for the future
Actuaries are known to be highly analytical as they have deep knowledge of financial products such as life and general insurance, wealth management, and risk management.
At only 22 years old, Lim Ming Jun, APU alumnus class of 2019 is currently working as an Actuarial Executive at Hong Leong MSIG Takaful — the number one family Takaful operator in Malaysia.
Ming Jun’s interest in Actuarial Science dates back to his childhood when his parents noticed his passion for mathematics and encouraged him to pursue the Foundation Programme in 2018, followed by the Bachelor of Science (Hons) in Actuarial Studies, which he completed in 2022.
“APU’s Actuarial Studies Programme is designed to produce well-rounded actuarial graduates. I received not only exemption from six IFoA subjects but also acquired some important skills required in the insurance and finance industry through student activities and interschool competitions.
“And with a wonderful internship experience with Great Eastern Takaful Berhad, I secured an offer before I graduated. I chose the right path,” he concluded.
APU has officially attained a QS 5 Stars Plus university rating in the latest QS Stars University Ratings on 1st Nov 2021 — becoming the first higher education institution (HEI) in Malaysia to obtain such recognition.
Moreover, APU has been awarded 5-Star Rating for Online Learning in the latest QS Stars Rating System, 5-Star (Excellent Rating) under SETARA Ratings by the Ministry of Higher Education (MOHE) and was among the first universities in Malaysia to be awarded Premier Digital Tech University status by the Malaysia Digital Economy Corporation (MDEC) for its commitment to offer top-notch digital technology courses.
The Actuarial Studies qualifications are dual awards by APU and De Montfort University (DMU), United Kingdom. Under this scheme, students will receive two-degree certificates and transcripts upon graduation – one from APU (Malaysia) and one from DMU (UK).
For more information on the programme, please visit www.apu.edu.my.
