Study Actuarial Science in Malaysia: A Guide for International Students (2025)

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).

Malaysia has become a top destination in Asia for international students looking to pursue actuarial science.

With affordable tuition fees, globally recognised universities, and exemptions from top professional bodies like IFoA (UK) and SOA (US), many students are choosing to study actuarial science in Malaysia instead of going to countries like the UK or Australia.

But here’s the real question: Is studying actuarial science in Malaysia worth it for international students in 2025? Let’s explore the top universities, course structure, fees, scholarships, and career prospects.

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.

While it shares some topics with accounting or finance, actuarial science is more focused on predictive analytics. For example, actuaries estimate how long a person might live (for life insurance), how much a company should charge for health insurance, or the financial risks of a business project.

With the global demand for actuarial professionals on the rise, especially in emerging economies across Asia, Africa, and the Middle East, an actuarial degree from Malaysia offers international recognition at a lower cost.

5 Best Universities for Actuarial Science in Malaysia

Top private universities in Malaysia offer strong, internationally recognised programmes with exam exemptions and industry links. International students can get globally recognised actuarial qualifications with professional exam exemptions and strong industry connections, all while studying in a multicultural, affordable destination.

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. APU also offers dual degree options with De Montfort University (UK), making it an excellent pathway for students wanting British qualifications.

It’s widely known for its international student support, career services, and modern campus in Kuala Lumpur.

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 for International Students

To study actuarial science in Malaysia as an international student, you’ll need to meet both academic and language requirements. These may vary slightly by university, but here’s a general overview of what most private universities expect:

Bachelor’s Degree

Minimum Requirements

• A-Level: Minimum of 2 passes, with a strong grade in Mathematics.
• International Baccalaureate (IB): Minimum score of 24, with Mathematics as one of the subjects.
• Australian Matriculation (AUSMAT/SACE): ATAR of 60 or above, including Mathematics.
• Canadian Pre-University (CPU): Minimum of 6 subjects with an average score of 60%, including Mathematics.
• Indian School Certificate (CBSE/ISC): Minimum of 60% overall with at least 60% in Mathematics.
• Other equivalent qualifications (e.g. OSSD, WAEC, IGCSE + Foundation) may be accepted, subject to university approval.

English Language Requirements

As all actuarial science programmes in Malaysia are taught in English, you’ll need to meet one of the following:

• IELTS: Minimum 5.5 or 6.0 (depends on the university)
• TOEFL: 500 (PBT) / 60 (iBT)
• Pearson PTE: Minimum score of 42
• Cambridge English (O-Level or equivalent): Grade C or higher

If your previous education was not in English, you may be required to take an English placement test or attend an English preparatory course.

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.

Why Study Actuarial Science in Malaysia as an International Student?

Malaysia is becoming a top choice for international students who want to study actuarial science and for good reasons:

Globally recognised qualifications

Many Malaysian universities offer exemptions from professional bodies like the IFoA (UK), SOA (US), and CAS, so you can fast-track your actuarial career while studying in Asia.

Lower tuition fees

Studying actuarial science in Malaysia is significantly more affordable than in countries like the UK, US, or Australia, while still offering top-quality education and internationally recognised degrees.

Rising demand for actuaries in Asia

From insurance and pensions to fintech and data analytics, the demand for actuaries across Malaysia and Southeast Asia is growing fast, opening up job opportunities after graduation.

Taught fully in English

All major actuarial science courses in Malaysia are taught in English, so there’s no language barrier in lectures, assignments, or exams.

Plus, Malaysia offers a multicultural environment, student visa support, and one of the most affordable lifestyles in Asia.

Careers After Actuarial Science in Malaysia

Graduating with a degree in actuarial science from Malaysia opens up strong career opportunities for both local and international students. However, the job market is competitive, especially for actuarial roles that require progress in professional qualifications.

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.

Should You Study Actuarial Science in Malaysia as an International Student?

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.

Employers often prefer candidates who have passed at least 2–3 exam papers.

Some students later transition into related careers like data science or finance, which offer more flexibility. But if you're committed, actuarial science offers excellent job stability, international career options, and strong earning potential.

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 for international students. 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.