QF involve heavy math, programming, and finance. You will need it for hedge fund, trading for big investment bank, etc., which btw, is not "happening" in Msia right now. If you are looking at Asia region, you have better chance to get QF jobs in HK, Singapore, Tokyo, Sydney. Who knows by the time you graduate, the "Tun Razak" financial centre will attract someone to set up shop in Msia. In Msia, the most QF that I know is some simple warrant / call warrnat in investment bank, and some jobs to check and validate others' models. Not very exciting huh ?
To be a fund manager in Msia, get a good business degree (major in acccounting, finance, etc) and then CFA. Heck, even ACCA + CFA will do.

Risk management is big thing even for Malaysia corporates such as all the banks. A good QF degree from a great school will attract plenty of job offersin KL.

That's what I keep saying to young friends who want to get into financial sectors. It's a wide wide world 
From your basic Consumer / Commercial banking, Investment banking (corp fin, treasury, equity / debt ... ), transaction banking, fund management (plain vanilla, hedge, private equity, venture cap ... ), commodities, real estate ...
For a person who just getting a 1st degree, it's too early to decide what is your cup of tea    Do something that let you able to taste any chances that come your way later.
To specialise, get a professional qualifiaction or a Master to pad up your CV.

An old friend of mine from a chinese independent school used to represent the school in all those math competition. Did a business degree. Years later, did a MSc FE to become a quant. Math, even after so many years, is piece of cake 

On a practical note, I generally found those with more "empirical" background make a much better quant .. engineering, applied physics ... come to mind.
My pet peeves with lots of undergrad business / finance program is that they are feeding the crappy MPT to those virgin minds as though it was the gospel
Err ... is there a "pure finance" degree nowadays? Sorry, I may be out of touch
I thought most undergrad degree are something like B. of Art/Sc/Bus/Comm with a major?
Don't get me wrong, there are plenty of jobs out there for good quant Problem is a basic degree in QF/FM/FE will NOT get you those GOOD jobs 
Yes, get a GOOD 'flexible' (in your words) 1st degree. Make sure you get good grade, and read financial newspaper / periodicals.
Simple example. Say a job in Corp Fin:
Rule and regulation, terms and conditions in the deal (business law)
Analyse company, balance sheet, p/l, cash flow (accounting)
Instrument / solutions available, pricing, modeling (finance)
Marketing, road show (marketing)
Team / time management (organisation)
In short, there are reasons why all those "stupid" subjects are in a basic degree 

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Added on October 7, 2012, 1:17 am
Already give you my opinion on the very 1st post
Planning is good, but don't plan too far ahead. One of the 1st thing you should learn in finance is the longer your projection time period, the more sceptical you should be of the result of the projection : Don't put too much weight into those 5 years plan 
Get your 1st degree. Then CFA. If you want to be quicker, you can start CFA in your final year, but make sure you can handle the work load. Get job experience before going into Master.

Glad I could be of help. 15 years in finance, with 10 of those in fund management, last job C-level. Currently stay at home to spend more time with 3 very young kids. That's why I can waste time in forums 

Actually I got into fund management by "accident". Was in re-insurance and financial accounting before that.
So you want to be a "fund manager"? You do know that means managing and investing "other people's money" in most cases, until you can start up to manage your own money, like Warren Buffet huh
Tough? No, but there are lots of things to learn. But as in any profession, there are good fund manager and there are bad fund manager
The most important lessons that I learn in the first few years:
Make sure you know how to "protect" capital. 10% loss can be recovered by 11% gain. 50% loss, you are looking at 100% gain to get even.
If you make mistake, admit / adjust. Don't let your ego get in the way.
Make sure you have mental capacity to continue functioning after loss. A 10% loss of a 100mio fund is 10mio. At the beginning I could not sleep after the funds I manage suffered loss, thinking about all those aunties / uncles / kids with their education funds ....  
You notice that none of the above is "technical" in nature 

I am not a subject expert on degree. Anyone else here can help?
From the perspective of an (ex) employer, both the uni above has quite good reputation, and I will get graduate with good grade to come in for interview.

Steps:
Internship during your degree studies in investment / asset / fund management firms. CFA. Your first job could be research analyst (buy or sell side), audit in big4 (but don't stay too long).

You does not seems to know much about fund management, may I ask why you are so keen on being a "fund manager"? Sound glamorous?
In a fund management firm, there are quite a few different roles:
Front office - here we have the "fund manager" who make investment decision, the "investment / research analyst" who do research and contribute investment ideas, "trader" who execute the trade with counterparties ...
Middle office - here we have "risk manager" who control and monitor the level of risk that fund manager get into, "compliance manager" who make sure the firm and investment comply with all the rule and regulations, investment mandates, service level agreement ...
Back office - or what is known as operations. Here we have "settlement" who settle the trades, "fund accountant" who value the investment, "registrar" who manage clients' details and reporting ...
Marketing / Sales - here we have "business development", "channel support", "client service", "event management" ...

If you want to work in Malaysia, check out the securities commission website, www.sc.com.my.  It has lists of all the licensed investment management firms in Malaysia.

Errr ... sorry, how did you get the 5 years? 
1st degree on 95, spent 1 year in re-insurance, 3 years in financial accounting.
Started in FM back office on 99 for 1 year (started my CFA), then get transferred to research analyst for 2 years. Became fund manager on 02.
IQ test show I am top 1%, but that's nothing to shout about if you think about it  And I have meet plenty of people I consider that is "more genius" than me 
My view: "supreme intelligence", as we commonly understand it, is NOT the an important criteria of a good fund manager. As I said, the technical part of the job could be learned by "normal intelligent" people with application.
I would say the following is important (in no particular order):
Discipline, Confidence but have (lots of) Humility, ability to detect Falsehood (read body language, the mythical six sense by one of FM I know  , intuition by another FM  . And I know a FM who actually participated in one of those world poker championship    ), Open-minded, Willingness and Ability to Learn (you are investing in all type of industries, and you need to know how those business work and make profit. Or you could become a specialist, eg in IT, biotech, alternative energy ... ), Read broadly, Not afraid to ask seemingly "stupid" questions, Sceptical, Nerve of steel (I trained very hard to get this  )  .....