The Actuarial Science programme offered by Sunway University has recently been accredited by the Education Committee of the Institute and Faculty of Actuaries (IFoA), United Kingdom. The accreditation will provide Sunway students from the BSc (Hons) in Actuarial Studies maximum professional papers exemptions based on the new IFoA curriculum which are mapped from the old CT1, CT2, CT3, CT4, CT5, CT6, CT7 and CT8 papers into the new codes, namely, CS1 and CS2 (Actuarial Statistics), CM1 and CM2 (Actuarial Mathematics), CB1 (Business Finance) and CB2 (Business Economics).
Currently, less than 50 institutions in the world offer exemptions approved by IFoA, out of which, approximately 20 offer the above maximum exemptions. Of these, five are in Asia and they are Nanyang Technological University in Singapore, The University of Hong Kong, The Chinese University of Hong Kong, Central University of Finance and Economics in China and the University of International Business and Economics also in China. Sunway University, Malaysia now joins this list of well-established institutions who are leaders in actuarial education.
"The IFoA accreditation provides students another pathway to become an actuary, one of the world's top professions. Sunway University's BSc (Hons) in Actuarial Studies programme is now recognised by professional actuarial bodies from both the United States of America and the United Kingdom. With professional practicing actuaries teaching in the programme, we have a proud history of consistently nurturing and producing employment-ready graduates who have achieved professional exam success during their time at Sunway," said Professor Ho Chee Kit, Dean of the School of Mathematical Sciences at Sunway University.
Professor Graeme Wilkinson, Sunway University's Vice-Chancellor, said "I am delighted to learn of this outstanding new international recognition of our Actuarial Studies degree, which confirms yet again that Sunway is leading the way in finance education".
"Our Department of Actuarial Science and Risk provides support in areas of curriculum, additional study materials and reimbursement of professional exam fees. We also advise and assist our students with the application for exemptions from the IFoA," Professor Ho explained.
The BSc (Hons) in Actuarial Studies is also recognised by the Society of Actuaries (SOA), United States of America, a world leading professional actuarial body. Through the Validation by Educational Experience (VEE), whereby students are eligible for 3 VEE exemptions.
Students in the programme can gain entry into the Malaysian Insurance Institute (MII) professional course - the Associateship of the Malaysian Insurance Institute (AMII) - through an accelerated pathway where students are eligible for exemptions of up to 11 AMII modules (out of 14 AMII modules), with the possibility of completing the remaining modules within the degree. The Malaysian Insurance Institute (MII) is the leading centre of learning and training in Actuarial Science, Risk Management, and Insurance.
BSc (Hons) in Actuarial Studies is fully accredited by the Finance Accreditation Agency (FAA), an international and independent quality assurance and accreditation body for the financial services industry.