Sunway University’s IFoA Award Ceremony, Class of 2021.
Sunway University’s actuarial studies students shine in one of the world’s toughest qualifications
QUALIFYING as an actuary is no walk in the park. The discipline, which involves mathematical and statistical techniques to accurately assess financial risks across a broad range of industries, is often touted as one of the most challenging academic courses.
In 2013, Sunway University introduced its BSc (Hons) in Actuarial Studies programme, led by the university’s Department of Actuarial Science and Risk, School of Mathematical Sciences.
The programme has been fully-accredited by the Institute and Faculty of Actuaries (IFoA) UK for more than five years – a certification that allows students to obtain exemptions for up to six preliminary professional papers, reducing the number of exams to qualify as an actuary by nearly half.
The six papers – CS1, CS2, CM1, CM2, CB1, CB2 – cover essentials including actuarial mathematics, business economics, risk modelling and survival analysis as well as financial engineering and loss reserving among the few.
The QS five-star certified programme has since produced more than 600 graduates with more than 80% obtaining IFoA exemptions – most of whom have gone on to pursue successful careers in insurance, consulting, risk management, investment, finance, banking, and data analytics.
In recent years, Sunway University’s actuarial science students also have achieved remarkable feats by graduating with not six, but up to eight IFoA papers.
Setting a high standard
Nicholas Cheong Yeow Hoe’s phenomenal achievements have earned him several accolades, including qualifying as a Fellow of the IFoA soon.
One of the programme’s outstanding students is Nicholas Cheong Yeow Hoe who graduated with a First-Class Honors and seven IFoA papers. His exceptional achievements will also soon qualify him as a Fellow of the IFoA – the highest achievement attainable from the institute.
His accomplishment – one that gives him the edge over other actuarial graduates – is one Cheong attributes to his time at Sunway University, where students of the programme are also required to undergo compulsory actuarial internships and an additional, one-of-a-kind Actuarial Practice Course (APC).
This three-month intensive hands-on course, designed to prepare students for the work force, incorporates feedback from experienced, practising actuaries and industrial practitioners.
“Having experienced the difficult work-and-study norm of the actuarial industry, I am grateful for the fast track that Sunway University provides as it allows me to complete the papers required for associateship within one year of my convocation,” says Cheong, the recipient of the Sir Edward Johnston (SEJ) Prize award and the China & South-East Asia (CSEA) Scholarship from the IFoA Foundation.
Chew Jian Xun acknowledges that Sunway University’s additional APC has given him an added advantage.
Sharing the spotlight is Chew Jian Xun – a final-year student and top scorer in the Actuarial Modelling (CP2) module. In addition to the six preliminary exemptions he is eligible for, Chew also completed two internships at Sun Life Malaysia and Ernst & Young Malaysia.
“The programme is very comprehensive and covers a wide range of topics across different business functions. I like the fact that I got to learn about accounting, economics, finance, statistics, and actuarial-related topics all in one course,” he says, adding that lecturers in the programme, armed with real-world experience, are well-versed, knowledgeable and passionate.
Like Cheong, Chew acknowledges that the university’s APC, led by in-house actuary Sophia Ch’ng, makes a huge difference in giving him an advantage of industrial knowledge.
Completing additional exams, he points out, allowed him to gain a deeper understanding of the actuarial field and the scope of work.
Matthew Philippe Liu Man Hin graduated with a record-breaking eight IFoA papers.
Chew’s classmate Matthew Philippe Liu Man Hin, an all-rounder who was also the president of the Sunway Actuarial & Financial Excellence (SAFE) and Malaysia Actuarial Student Association (MASA), is another exemplary student who decided to take on additional exams – an element which has prepared him for upcoming IFoA papers.
For Liu, an added advantage of Sunway University’s BSc (Hons) Actuarial Studies programme, is its vast resources.
“The accessibility of different resources was also easy with the well-equipped library and knowledgeable lecturers who I could approach when faced with a problem,” says Liu, noting that the APC is vital in preparation for practical actuarial work.
A foundation for future career success
Aimi Syairah, the Programme Leader for BSc (Hons) in Actuarial Studies, says that preparing Sunway University’s graduates for the field of actuarial science, goes beyond just academic excellence.
“We prioritise on the development of lifelong skills, including soft skills such as communication and problem-solving, which are highly sought after in today's job market,” says Aimi, adding that Sunway University is officially recognised as the nation’s number one university for graduate employability.
For Chan Lay Guat who heads the university’s Department of Actuarial Science and Risk, School of Mathematical Sciences, maintaining the quality of the programme is the top priority.
Celebrating the exceptional achievements of students like Cheong, Chew and Liu, she says, is equally as important.
“While the annual Sunway-IFoA Award Ceremony recognises the best-performing students, the awards also mark the progress and success of our programme as well as our school,” she adds.
Be a part of Sunway University’s success and join its outstanding alumni. Intake is now in progress. To find out more, go to https://my.sunwayuniversity.edu.my/mathsc/
