ASIA Pacific University of Technology and Innovation (APU) is set to become one of the first Malaysian universities to offer an actuarial science programmes with two of the “hottest” specialisms in tech — data analytics and financial technology (FinTech).
Fully accreditated by the Institute and Faculty of Actuaries (IFoA), UK, the programmes 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.
APU is recognised by the Society of Actuaries (SOA), US, where the 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 and fintech
The 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 FinTech were 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.
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.
“The outcome of the recent IFoA Accreditation visit is a testimony of APU Actuarial graduates who are ready to take on the challenge of the Actuarial world,” said SoMAQS head Assoc Prof Dr Rajasegeran Ramasamy.
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
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.
“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 said.
APU has officially attained a QS 5 Stars Plus university rating in the latest QS Stars University Ratings on Nov 1, 2021 — becoming the first higher education institution 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 Higher Education Ministry 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), UK. 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, visit www.apu.edu.my.
