{"id":1621,"date":"2019-07-18T02:35:03","date_gmt":"2019-07-18T02:35:03","guid":{"rendered":"http:\/\/ambassadors.ucsiuniversity.edu.my\/?p=1621"},"modified":"2019-07-18T02:35:03","modified_gmt":"2019-07-18T02:35:03","slug":"becoming-an-actuary","status":"publish","type":"post","link":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/2019\/07\/18\/becoming-an-actuary\/","title":{"rendered":"Becoming an Actuary"},"content":{"rendered":"\n<p>Hi guys, if you\u2019re interested in working in the actuarial\nfield, it would be in your best interests to click on this post!<\/p>\n\n\n\n<p>In recent years, the interest in the actuarial field has\nbeen growing exponentially among youngsters. They are mostly attracted to its\nmany perks such as job security, high income, or even the belief that they\nwould be working with mathematical concepts in their job. <\/p>\n\n\n\n<p>However, most do not know that the pathway to becoming an actuary\nis not an easy one. It involves going through a university-level education, a\nseries of professional examinations, practical experience and residential\ncourses.<\/p>\n\n\n\n<p>In Malaysia, most actuaries are from the following actuarial\nbodies:<\/p>\n\n\n\n<ul><li>Society of Actuaries (SOA) \u2013 United States<\/li><li>Casualty Actuarial Society (CAS) \u2013 United States<\/li><li>Institute and Faculty of Actuaries (IFoA) \u2013\nUnited Kingdom<\/li><li>Actuaries Institute \u2013 Australia<\/li><\/ul>\n\n\n\n<p>This post will be about the <strong>SOA pathway<\/strong>, or more specifically, becoming an <strong>Associate of SOA<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1024\" height=\"498\" src=\"http:\/\/ambassadors.ucsiuniversity.edu.my\/wp-content\/uploads\/2019\/07\/asa-pathway-1024x498.png\" alt=\"\" class=\"wp-image-1622\" srcset=\"https:\/\/ambassadors.ucsiuniversity.edu.my\/wp-content\/uploads\/2019\/07\/asa-pathway-1024x498.png 1024w, https:\/\/ambassadors.ucsiuniversity.edu.my\/wp-content\/uploads\/2019\/07\/asa-pathway-300x146.png 300w, https:\/\/ambassadors.ucsiuniversity.edu.my\/wp-content\/uploads\/2019\/07\/asa-pathway-768x374.png 768w, https:\/\/ambassadors.ucsiuniversity.edu.my\/wp-content\/uploads\/2019\/07\/asa-pathway.png 1478w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The <strong>VEE (Validation\nby Educational Experience)<\/strong> <strong>credits<\/strong>\nare needed to attain a SOA membership. As a student of UCSI University, you\nwill receive all three VEE credits provided that you obtain a grade of B and\nabove in relevant courses in your study and pass 2 preliminary exams.<\/p>\n\n\n\n<p>Next are the preliminary exams. Students will spend the most\ntime studying to pass 6 preliminary papers which include:<\/p>\n\n\n\n<ol><li><strong>Exam P\n(Probability)<\/strong>: This course requires a thorough command on probability and\ncalculus, and also a basic knowledge of insurance and risk management. The exam\nis 3 hours, consisting of 35 multiple-choice questions.<\/li><li><strong>Exam FM\n(Financial Mathematics)<\/strong>: This course covers topics such as interest theory\nand derivative securities, and also a basic knowledge of probability and\ncalculus. The exam is 3 hours, consisting of 35 multiple-choice questions.<\/li><li><strong>Exam IFM\n(Investment and Financial Markets)<\/strong>: This course tests on your knowledge of\nthe theoretical basis of corporate finance and financial models and their\napplications in insurance. A thorough understanding of calculus, probability\n(as covered in Exam P), basic corporate finance (as covered in VEE Accounting\nand Finance) and interest theory (as covered in Exam FM) is required. The exam\nis 3 hours, consisting of 35 multiple-choice questions.<\/li><li><strong>Exam LTAM\n(Long-Term Actuarial Mathematics)<\/strong>: This course is about the theoretical\nbasis of contingent payment models and the application of those models to\ninsurance and other financial risks. A thorough knowledge of calculus,\nprobability (as covered in Exam P), mathematical statistics (as covered in VEE\nMathematical Statistics) and interest theory (as covered in Exam FM) is required.\nThe exam is 4 hours, consisting of 20 multiple-choice questions and 7 written\nanswer questions.<\/li><li><strong>Exam STAM\n(Short-Term Actuarial Mathematics)<\/strong>: This course provides an introduction to\nmodelling and covers important actuarial methods useful in modelling such as frequency\nmodels, severity models, aggregate models, and credibility models. A thorough\nknowledge of calculus, probability (as covered in Exam P) and mathematical\nstatistics (as covered in VEE Mathematical Statistics) and a basic\nunderstanding of pricing and reserving for short-term insurance coverages are\nrequired. The exam is 3.5 hours, consisting of 35 multiple-choice questions.<\/li><li><strong>Exam SRM\n(Statistics for Risk Modelling)<\/strong>: This course is about the methods and\nmodels for analysing data through methods such as regression models, time\nseries models, principal components analysis, decision trees, and cluster\nanalysis. A thorough knowledge of calculus, probability (as covered in Exam P)\nand mathematical statistics (as covered in VEE Mathematical Statistics) is required.\nThe exam is 3.5 hours, consisting of 35 multiple-choice questions.<\/li><\/ol>\n\n\n\n<p>The <strong>Fundamentals of\nActuarial Practice (FAP) modules<\/strong> is an e\u2013Learning course composed of eight\nmodules that is distributed and facilitated by electronic means.<\/p>\n\n\n\n<p>Next is <strong>Exam PA (Predictive Analytics)<\/strong>, which is a five-hour and 15-minute project that requires you to employ selected analytic techniques to solve business problems and effectively communicate the solution.<\/p>\n\n\n\n<p>Lastly, you have to attend the <strong>Associateship Professionalism Course (APC)<\/strong>, which is a half-day\nseminar that covers professionalism, ethics and legal liability as an actuary.<\/p>\n\n\n\n<p>And that are basically the steps you\u2019ll have to take in\norder to achieve associateship. <\/p>\n\n\n\n<p>Sounds complicated, right? But you don\u2019t have to worry because you don\u2019t have to do them in order. For more detailed information, you can refer to the SOA website <a href=\"https:\/\/www.soa.org\/education\/exam-req\/edu-asa-req\/\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hi guys, if you\u2019re interested in working in the actuarial field, it would be in your best interests to click on this post! In recent&hellip;<\/p>\n","protected":false},"author":96,"featured_media":1622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[136],"tags":[167,166],"_links":{"self":[{"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/posts\/1621"}],"collection":[{"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/users\/96"}],"replies":[{"embeddable":true,"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/comments?post=1621"}],"version-history":[{"count":4,"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/posts\/1621\/revisions"}],"predecessor-version":[{"id":1805,"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/posts\/1621\/revisions\/1805"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/media\/1622"}],"wp:attachment":[{"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/media?parent=1621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/categories?post=1621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ambassadors.ucsiuniversity.edu.my\/index.php\/wp-json\/wp\/v2\/tags?post=1621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}