Sunway University's foremost professional and academic society for financial services industry.

Monday, October 6, 2014

Fresh Juniorssssss.......

Hi everyone! It is October already!
A lot of juniors from the 2014 intakes have been in Sunway University for a few months now. Let's see how is their progress and their reviews on Sunway University.


Ng Kai Chong  BSc(Hons) Actuarial Studies August 2014 intake

  I did quite well in Mathematics during my Pre-U and this actually developed my interest to pursue a higher degree course mainly in mathematics which is Bachelor Science of Actuarial Studies. This course also will guarantee me a higher income if I successfully graduated from this course. 

  The people that I’ve met in Sunway University varies and are really different from the people I’ve met in the past. Most of my lecturers and friends are friendly and are always willing to lend me a helping hand whenever I face any problems.
 Time management is the most important lesson I have learnt since I started my degree education. I have to manage my time in order to balance my curricular and co-curricular activities which i have been taken part.The most vital problem I’m facing currently is the interaction with people. I realized that I am lacking of some social skills to cooperate and communicate with others and I hope this problem can be improved in the future. Sunway University have provided a quality education for the students and this actually meet my requirement of studying here. This is because the curriculum was arranged in an appropriate method to deliver knowledge to the students. There are also experienced lecturers who are always ready to solve the problems of the students.



   
Cuthbert  BSc(Hons) Actuarial Studies August 2014 intake


  It is a challenging course, and I like to solve problems. Besides, I have a great interest in the subject probability. This course involved calculating risk using probability, which I like very much. Therefore, Actuarial Studies is my choice for my degree program. The environment in Sunway University is remarkable. The food in cafeteria is affordable (the onigiri in cafeteria is very nice!). However, there is always not enough seats for students in the library. Overall, everything is good. Everyone is nice to talk to, both students and lecturers. Nevertheless, the seniors are very helpful and lovely. Feels very happy to meet them.
   I learned that peer pressure from other course mates actually very helpful in motivating me to study. However, it is very nice to relax together with course mates as well. Enjoy while playing, serious while studying, and helping each other when needed. Time management has always been a problem to me. Therefore, consistent study is very important. As someone without accounting and economies background, it might be a little tough at the beginning. But as I follow the lesson, the subjects get easier. Studying in Sunway University is as good as what I expected. The environment is good. The clubs and societies are well organized and useful to me. 




       Ashten Avinash  BSc(Hons) Actuarial Studies March 2014 intake

  I like Mathematics and the career prospect of Actuarial Studies is excellent. Being an actuary would allow me to earn sufficiently in my future. However, the library is too crowded and facilities are too limited but this would definitely improve after the opening of the new building. 
  People in Sunway University are good and friendly. I’ve learned that marks are not everything. Time and effort should also be spent on self improvement. As a fresh degree student, problems I’m facing currently is sometimes the lectures are too fast. Studying in Sunway University is the same as what I expected  because it’s fun and filled with many friends. So far, so good.






Yumiko Lee   BSc(Hons) Actuarial Studies August 2014 intake

  The reason why I choose BSc(Hons) Actuarial Studies is because the job opportunity for an actuary is wide and I like Mathematics as well as statistics. An actuary interprets statistics to determine probabilities of accidents, sickness, death and loss of property from theft and natural disasters. It is quite challenging. 

  The facilities provided in Sunway University is awesome! All the places to eat are only in a walking-distance. However, they are always occupied. The students are friendly while the workers and lecturers are helpful. 
  Since I started this degree program, I’ve learned to have a better time management. Students always complained that there is too much things to do but too little time for that. Well, I faced the same problem too. However, I learnt that as long as I know how to divide my time well (personal time, time to study, time with friends, time for school activities) time is always adequate. As a fresh degree student, the problem that I’m facing currently is culture shock. The dress code here in Sunway is different from how the students in the university where I did my pre-university. Studying in Sunway University is not the same as what I expected. I was told by my friends that the people here aren’t friendly but it is totally different. The seniors are ever-ready to help juniors who are weak in their studies.





Tuesday, August 12, 2014

Path to Become an Actuary – CAS

In general, CAS has a similar preliminary exam structures as SOA. Candidates are required to complete the following three VEE subjects:


  • VEE – Applied Statistical Methods
  • VEE – Corporate Finance
  • VEE – Economics

Credit for VEE can be obtained through various courses completed from colleges or other education programs. 
There are 2 online courses to be taken.
  • Online Course 1 – Risk Management and Insurance Operations (same as I&FA CA1)
  • Online Course 2 – Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation (same as I&FA CA2)

There are 9 exams to be taken with the first four (Exams 1, 2, 3 and 4) being equivalent to the first part of the SOA exam structure.

  • Exam 1 Probability (same as SOA Exam P)
  • Exam 2 Financial Mathematics (same as SOA Exam FM)
  • Exam 3F Models for Financial Economics (same as SOA Exam MFE)
  • Exam 3L Models for Life Contingencies and Statistics (same as SOA Exam MLC)
  • Exam 4 Construction and Evaluation of Actuarial Models (same as SOA Exam C)
At this point, students interested in Life Insurance can opt to continue with the SOA path.
  • Exam 5 Basic Techniques for Ratemaking and Estimating Claim Liabilities
  • Exam 6 Regulation and Financial Reporting (Nation-Specific)
    • Actuarial Institute of Chinese Taipei
    • Canada
    • United States

Course on Professionalism – A two-day course to present candidates with real situations that contain ethical and professionalism issues for an actuary. Candidate must have finished either
  • 4 actuarial exams AND any 4 out of the 2 online courses and 3 VEE subjects; or
  • any 5 actuarial exams

Upon completion of all the above requirements, candidate will be admitted as an Associate of the Casualty Actuarial Society (ACAS).

  • Exam 7 Estimation of Policy Liabilities, Insurance Company Valuation and ERM
  • Exam 8 Advanced Ratemaking
  • Exam 9 Financial Risk and Rate of Return

Upon completion of the Associateship requirements and the above three exams, the candidate will be admitted as a Fellow of the Casualty Actuarial Society (FCAS).
Sources from Actuarial Society of Malaysia

Events in 2013 and early 2014

In the year 2013, SUAS had organized a lot of events that is beneficial to our members.

1) On 4th October 2013, a Mathematics Quiz was organized by SUAS.




Beginning of the math's quiz.

Some participants are able to score full marks for the quiz.

Distribution of gift to winners by the president, Emelyn Lee(2013).

Distribution of gift to winners by the president, Emelyn Lee(2013).


2) SUAS had organized a trip to Bank Negara Malaysia on 12th November 2013 for all the members.


    
    Besides, SUAS members are invited to talks and seminars that are related to actuarial studies. All the speakers were from various department and background, sharing their various experiences working in the actuarial field.

Below are the pictures of the talks and seminars in year 2013.
On 19th June 2013,"Actuary – A Dream Come True?"
by 
Mr Liew Pek Hin, FSA, Deputy General Manager, Actuarial & Financial, 
Malaysian Life Reinsurance Group Berhad.


On 26th June 2013, "Let Your Horse Come"
by Ms Wong Lei Lei, Director of Marketing, Sunway University.

On 29th August 2013, "The Challengers of Becoming An Actuary in Asia "
by Mr Seow Fan Cheong.

On 18th September 2013, "Takaful Insurance- Opportunities & Challenges "
by  Mr Tan Chue Chau, FSA, FASM.

On 21st February 2014,"Actuarial Science in Treasury and Risk Management"
by Mr Hor Kwok Wai, COO, Global Markets, Hong Leong Bank.

Committee Member 2013


SUAS COMMITTEE MEMBER LIST 2013

PRESIDENT
Emelyn Lee Pey Wei

VICE PRESIDENT
Hazel Hiew Rue Yi
Tan Kok Sheng

SECRETARY
Eng Fwu Huey

TREASURER
Tan Chong Yew