Study Actuarial Science in Malaysia

If you’re good at math and want a “stable, high-paying job,” someone’s probably told you to study actuarial science. 

And hey, they’re not wrong! It’s a respected path.

According to the Actuarial Society of Malaysia, this field combines maths, statistics, finance, and data modelling to predict risk (yes, like insurance companies figuring out how not to lose money).

In Malaysia, actuarial science courses are gaining traction. With top universities offering specialised programs, more students are choosing to study actuarial science in Malaysia instead of going abroad.

But before you dive in: is actuarial science in Malaysia worth it in 2025, especially with all those exams and a competitive job market?

In this guide, we’ll break down where to study, what the course looks like, how much you can earn, and whether demand for actuaries still makes it a smart choice.

Let’s get into it.

What is Actuarial Science?

Actuarial science is the study of risk, uncertainty, and financial forecasting using mathematics, statistics, and programming. Actuaries use these skills to help businesses, especially insurance companies, pension funds, and financial institutions, make smarter, data-driven decisions.

But, wait! If actuarial science involves calculation and financial matters, what makes it different from accounting or finance courses? 

In short, it’s about predicting future financial risks like insurance claims, retirement payouts, or market shifts.

If you're considering an actuarial science in Malaysia, you're entering a globally relevant field. The demand for actuaries is strong, not just in Malaysia, but across Asia and worldwide.
 

5 Best Universities to Study Actuarial Science in Malaysia

Top private universities in Malaysia offer strong, internationally recognised programmes with exam exemptions and industry links. 

If you’re looking to pursue an actuarial science degree, here are some of the best universities for actuarial science in Malaysia, 

1. Sunway University 

Sunway University offers one of Malaysia’s most established and industry‑recognised actuarial science programmes. It is accredited by the Institute and Faculty of Actuaries (IFoA) in the UK, granting up to 6 paper exemptions.

The programme is also listed under the Society of Actuaries (SOA) UCAP‑AC curriculum, offering three VEE exemptions, and enjoys Silver-level recognition from the Casualty Actuarial Society (CAS). Additionally, Sunway is renowned for its strong internship placement support and extensive industry partnerships.

Sunway Actuarial Science Courses

2. Asia Pacific University of Technology and Innovation (APU)

Asia Pacific University (APU) offers one of Malaysia’s most globally recognised actuarial science programmes. It is fully accredited by the IFoA (UK) with exemptions for 6 papers. APU is also the first and only Malaysian university recognised under the SOA’s UCAP-AC list, covering all 6 preliminary exams and 3 VEE topics.

It holds Silver-Level recognition from the Casualty Actuarial Society (CAS) and prepares students for general insurance roles. Students can also opt for a dual degree with De Montfort University (DMU), UK.

APU Actuarial Science Courses 

3. UCSI University

UCSI University is one of the few private universities in Malaysia recognised under the Society of Actuaries (SOA) UCAP list, offering the most comprehensive SOA exam coverage in the country. 

Students can earn all three VEE (Validation by Educational Experience) credits before graduation, which are also recognised by CAS and the Canadian Institute of Actuaries. The programme is accredited by the Faculty of Actuaries (IFoA) for three core modules: CM1, CB1, and CB2. 

UCSI Actuarial Science Courses

4. Universiti Tunku Abdul Rahman (UTAR)

Universiti Tunku Abdul Rahman (UTAR) offers an affordable and academically solid Actuarial Science degree in Malaysia. The programme is aligned with international actuarial exam standards and provides IFoA exemptions for CS1, CM1, CB1, and CB2, based on student performance.

It also prepares students for SOA exams like P, FM, FAM, and SRM, and includes VEE-approved subjects such as Economics, Finance, and Mathematical Statistics. UTAR’s curriculum makes it a strong choice for students pursuing a professional actuarial pathway.

UTAR Actuarial Science Course

5. Heriot-Watt University Malaysia

Heriot-Watt University Malaysia offers a globally recognised actuarial science degree that mirrors its UK programme, providing students with an international qualification without leaving Malaysia. The programme is accredited by the Institute and Faculty of Actuaries (IFoA), with potential exemptions for all 6 core technical subjects based on exam performance.

It also holds UCAP-AC status from the Society of Actuaries (SOA) and is accredited by the Royal Statistical Society and Malaysian Qualifications Agency (MQA).

Heriot-Watt Actuarial Science Course

Entry Requirements for Actuarial Science in Malaysia

Here’s what you need to know to qualify for actuarial science courses in Malaysia.

Bachelor’s Degree

Minimum Requirements

• STPM: CGPA ≥ 2.33 with 2 Principals, including Mathematics
• A-Level: Minimum 12 points (2 subjects), including Mathematics
• UEC: Max 26 points (5 subjects, all B6)
• Foundation / Matriculation / Diploma: CGPA ≥ 2.50, must include Mathematics
• IB Diploma: Min 25 points
• CPU / AUSMAT / MUFY / SACE: Min 60% average with Mathematics
• English: MUET Band 3–4 / IELTS 6.0 / TOEFL iBT 60 / PTE 50+

Master’s Degree (Actuarial Science / Management)

Minimum Requirements

• Bachelor’s degree (in actuarial science, maths, finance, or related fields) with CGPA ≥ 2.50
• CGPA < 2.50 accepted with 5+ years of relevant work experience
• English (for international students):

→ IELTS 6.0 / MUET Band 4
→ TOEFL iBT 60 / TOEFL Essentials 8.5
→ PTE 59 / Cambridge English 169

Actuarial Science Course Structure in Malaysia

A typical actuarial science degree in Malaysia takes 3 years to complete (full-time) and is designed to prepare you for both the workforce and professional exams (like IFoA, SOA, or CAS).

Here’s what you can expect throughout your studies:

Core Subjects

• Mathematics & Statistics
• Probability Theory
• Financial Mathematics
• Actuarial Modelling
• Risk Management
• Economics & Accounting
• Life Contingencies
• Pension & Insurance Systems

Electives & Specialisations

Depending on your university, you may get to specialise in areas like:

• Financial Technology (FinTech)
• Data Analytics
• Enterprise Risk Management
• Health or General Insurance

Universities Offering Exemptions in Malaysia

What if I don’t get exemptions?

If your university doesn’t offer exemptions or you don’t qualify for them, you can still register and sit for the actuarial exams independently. Many employers in Malaysia support staff by covering exam fees. However, this varies by company.

Internship Opportunities While Studying

In Malaysia, most actuarial science students start applying for internships in Year 2 or 3 of their degree. Many universities even include a mandatory internship as part of the programme.

You’ll typically intern at:

• Insurance companies
• Reinsurance firms
• Banks & financial institutions
• Actuarial consulting firms

Internships don’t just give you practical skills—they’re often the first step to landing a full-time job after graduation. Some employers even fast-track interns into graduate roles, especially if you’ve passed a few professional papers.

Careers After Actuarial Science in Malaysia

Graduating with an actuarial science degree opens doors to high-demand careers, but the job market in Malaysia is competitive.

Common Job Roles After Actuarial Science in Malaysia

• Actuarial Analyst
• Risk Management Consultant
• Pricing Analyst
• Underwriter
• Pension or Investment Analyst
• Data or Financial Modeller

Industries Hiring Actuaries

• Insurance & Reinsurance
• Banks & Investment Firms
• Takaful Companies
• Pension Funds & Government Agencies
• Actuarial Consulting Firms

Are Actuaries in Demand in Malaysia?

There is consistent demand, especially in insurance, but many roles require passing at least 2–3 professional exams. Students who progress faster with IFoA or SOA exams and complete internships tend to secure jobs more easily.

Those with fewer exams may still land analyst roles but will need to advance their career by completing more papers on the job.

How Much Do Actuaries Earn in Malaysia?

Actuarial science offers one of the highest-paying career paths in Malaysia’s finance and insurance sectors—if you're willing to put in the work.

Salary Range

• Fresh Graduates: RM3,000–RM5,000/month
• Mid-Level (3–6 years): RM7,000–RM12,000/month
• Senior/Qualified Actuaries: RM15,000+/month

Factors That Boost Your Salary

• ✅ Number of professional exams passed (IFoA / SOA)
• ✅ Internship or work experience
• ✅ Technical skills (Excel, R, Python)

Those who complete more exams have better chances of employment and higher starting salaries. Based on PayScale data, entry-level actuaries earn around RM3,600/month on average.

How to Pursue Studies in This Field?

Finishing your SPM or O-Level exams is the first step. Here’s a simple 5-step guide to becoming an actuary in Malaysia:

• Step 1: Pass SPM with strong grades in Mathematics and Additional Mathematics
• Step 2: Complete a pre-university programme such as STPM, A-Levels, or a relevant Foundation/Diploma
• Step 3: Pursue a Bachelor's degree in Actuarial Science or Actuarial Studies
• Step 4: Begin sitting for professional exams with bodies like:
  • SOA (Society of Actuaries)
  • CAS (Casualty Actuarial Society)
  • IFoA (Institute and Faculty of Actuaries)
  • Actuaries Institute (Australia)
• Step 5: Work or pursue postgraduate studies (Master’s or PhD) to specialise or enter academia/research

These steps may look straightforward, but becoming an actuary requires dedication, consistency, and a lot of studying.

Is Actuarial Science Worth It in Malaysia?

If you love maths, problem-solving, and want long-term job security, actuarial science can absolutely be worth it. But it’s not for everyone.

Becoming an actuary takes years of study and passing difficult exams. While demand is steady in Malaysia—especially in insurance—the field is also highly competitive.

As of July 2025, according to a Cilisos report, there are over 340 graduate actuarial job openings and nearly 420 total roles across Malaysia, reflecting strong industry demand.

However, employers often expect candidates to have passed multiple papers before hiring.

Some students later pivot to data science or finance—fields with fewer exams and more flexible entry points. Still, actuarial science offers excellent job security, international mobility, and long-term salary growth.

Frequently Asked Questions

1. What is the best university for actuarial science in Malaysia?

Sunway University and Asia Pacific University (APU) are among the top universities for actuarial science in Malaysia. Both offer exemptions from IFoA papers and maintain strong industry connections—making them ideal choices for aspiring actuaries.

2. What CGPA do I need to study actuarial science?

You typically need a minimum CGPA of 2.00–2.33 (or equivalent) in STPM, A-Levels, or Foundation programmes, with Mathematics as a required subject.

3. Can I become an actuary without passing all the exams?

Yes. Many students start their actuarial careers after passing just 2–3 professional exams. However, to become a fully qualified actuary, you must complete all required exams from organisations like IFoA or SOA.

4. What are some alternatives to actuarial science careers?

If you decide to shift from actuarial science, here are some popular career alternatives:

• Data Science
• Financial Analysis
• Risk Management
• Economics
• Business Analytics

5. Do I need to pass all professional exams to get a job?

No. Most employers in Malaysia hire actuarial science graduates who have passed 1–3 papers. However, the more exams you complete, the higher your salary and promotion prospects.

6. Can I switch from SOA to IFoA later?

Yes. You can switch between SOA and IFoA, but not all exemptions or credits may transfer. Always check the latest exemption guidelines from their official websites.