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Course Overview

The Bachelor of Science (Hons) Actuarial Sciences programme is designed to equip students with a strong foundation in mathematics, statistics, and financial theory. It prepares them to become qualified actuaries who possess the ability to analyse risk and manage uncertainty, particularly in the insurance and banking industries.

Actuaries are well compensated professionals and are in demand worldwide, working in sectors such as life and general insurance, pensions and retirement planning, financial planning, investment companies, and risk management consulting firms.

QIU’s Actuarial Science programme curriculum is designed to support students who intend to pursue professional qualifications with bodies such as the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS), and the Malaysia Financial Planning Council (MFPC). Professional bodies set their own eligibility and credit requirements, which may change over time.

The programme includes four major specialisations to ensure that the students gain in-depth knowledge and practical skills in key areas of finance and risk management:

• Financial Planning
• Data Science
• Banking
• Islamic Finance

Society of Actuaries (SOA)

The Society of Actuaries (SOA) is a global professional body for actuaries. SOA members specialize in life and health insurance, pensions, retirement systems, investments, and financial risk management. For more information: https://www.soa.org/

Students may fulfill SOA Validation by Educational Experience (VEE) requirements through approved coursework. The VEE topics include Economics, Accounting & Finance, and Mathematical Statistics (subject to meeting the minimum required grade).

Casualty Actuarial Society (CAS)

The Casualty Actuarial Society (CAS) is a leading international professional society of actuaries, specializing in property and casualty insurance. CAS members are experts in general (non-life) insurance, including areas such as reinsurance, finance, and risk management. For more information: https://www.casact.org/

QIU’s Actuarial Sciences programme is recognized at the Bronze Level of the CAS University Recognition Program. This is also evident in their website: https://www.casact.org/university-programs/cas-university-recognition-list

Students may fulfill CAS Validation by Educational Experience (VEE) requirements through approved coursework. The VEE topics include Economics, and Accounting & Finance (subject to meeting the minimum required grade).

Malaysia Financial Planning Council (MFPC)

QIU’s Actuarial Sciences programme is also recognised by the MFPC. The route to becoming a Registered Financial Planner (RFP) is as follows:

Curriculum

General Studies Courses

• Penghayatan Etika dan Peradaban
• Bahasa Melayu Komunikasi 2
• Bahasa Kebangsaan A
• English for Academic Purposes
• Philosophy and Current Issues
• Integrity and Anti-Corruption
• Community Service

University Courses

• Digital Skills & Services
• Creativity & Innovation
• Entrepreneurship
• General Interest Course

Core Courses

Year 1

• Calculus and Linear Algebra
• Principles of Programming
• Financial Mathematics
• Statistics and Probability
• Microeconomics
• Macroeconomics
• Discrete Mathematics with Applications
• Risk Management and Insurance Planning
• Foundation of Financial Planning
• Introduction to Financial Accounting
• Financial Accounting and Reporting
• Corporate Finance

Year 2

• Theory of Probability
• Time Series Analysis
• Life Contingencies I
• Advanced Calculus and Differential Equation
• Risk Modelling
• Actuarial Modelling I
• Risk Analysis
• Portfolio Management and Applications
• Survival Models
• Stochastic Methods for Actuarial Science

Year 3

• Operations Research
• Life Contingencies II
• Actuarial Modelling II
• Project I
• Project II
• Industrial Training

Elective Courses – Choose any four (4)

• Tax Planning and Analysis
• Retirement Planning
• Islamic Investment
• Islamic Financial Planning
• Business Intelligent
• Database System
• Data Mining & Data Warehousing
• Credit Analysis and Lending
• Banking Operations and Treasury Management
• Money and Banking Management
• Investment Planning and Analysis

Entry Requirements

Minimum Entry Requirements

• Sijil Tinggi Persekolahan Malaysia (STPM): Pass STPM* with Grade C in two (2) subjects and a credit in Mathematics at SPM or its equivalent.
• Sijil Tinggi Agama Malaysia (STAM): Pass STAM* with minimum Jayyid in two (2) subjects and a credit in Mathematics at SPM or its equivalent.
• Unified Examination Certificate (UEC): Pass Unified Examination Certificate (UEC) with a minimum Grade B in five (5) subjects including Mathematics.
• General Certificate of Education Advanced (A-Level): Pass A Levels* in two(2) subjects and a credit in Mathematics at O Levels or its equivalent.
• Matriculation/ Foundation: Pass Matriculation/ Foundation* with a minimum CGPA of 2.00 and a credit in Mathematics at SPM or its equivalent.
• QIU Foundation in Business/ Sciences programmes: Pass QIU Foundation in Business/ Science programmes with minimum CGPA of 2.00.
• Diploma: Pass Diploma in related field with a minimum CGPA of 2.50. Candidates with CGPA lower than 2.50 but above 2.00 can be accepted subject to rigorous internal assessment. OR Pass Diploma* in any other field with a minimum CGPA of 2.50 and a credit in Mathematics at SPM or its equivalent.
• Diploma Kemahiran Malaysia (DKM)/ Diploma Vokasional Malaysia (DVM)/ Diploma Lanjutan Kemahiran Malaysia (DLKM): Pass with a minimum CGPA of 2.50 OR Pass with a minimum CGPA of 2.00 and with a minimum of 2 years working experience in the related field.
• International Students: IELTS 5.0 / MUET Band 3.5 or its equivalent.
• Other Qualifications: Other Equivalent qualification recognised by the Government of Malaysia.

Note: The credit requirement in Mathematics at SPM level or equivalent can be waived should any other higher qualifications contain Mathematics with an equivalent/ higher achievement.

Career Prospects

• Actuary
• Chief Financial Officer
• Professor
• Data Analyst
• Data Scientist
• Business Analyst
• Financial Analyst
• Statistician
• Mathematician
• Financial Planner