Hi everyone,

Interesting thread; I'd like to share some info here.

I'm taking Business (Specializing in Actuarial Science) in Nanyang Technological University (NTU), Singapore.

I've just completed my 1st year (taking Business subjects); going into my 2nd year to study actuarial science proper in August.

Before I elaborate on exemptions (professional papers), reading the following link would be useful:
IOA Exams

Currently, NTU offers exemptions for the CT Series of the IOA (8 Papers) provided you do well for each of them. So far, after 1st year, I've cleared CT7 and CT2 (CT2 I think).

The advantages of studying in NTU is of course, you don't need to worry about:
1. Finding a tutor/lecturer for the exemptions
2. Finding course materials
3. Paying additional examination fees
4. Registration, admin procedures associated with the exemptions.

The bad thing is of course, Singapore is expensive compared to Malaysia. Less expensive compared to other developed countries though.

As for NUS, they do offer a joint honours degree with ANU shown here:
NUS/ANU
As you can see, only 8 people get to go ANU per year.

I think Singapore Management University (SMU) offers some sort of actuarial major also. I don't know about the details though.

That's how actuarial studies work in Singapore in general nowadays. This means that for CA, ST and SA Series of the IOA, you need to somehow take them while you work, or go to graduate school outside Singapore.

As for job prospects for an actuary, exemptions matter most. The degree is only complementary at best. And if you want to know about salary, I'd say it's definitely worth it for people with all 8 CT exemptions, especially for a 22 or 23-year-old fresh graduate.

That's all I have to share for now. If you have any inquiries, feel free to ask me.

Cya!

Hi shimy,

NTU's website here has all the information you'll need:
NTU Admission Information

As you can see, total fees (tuition fee, miscellaneous fees) add up to nearly $10,000/year (AY 08/09) if you take the Tuition Grant. By taking the Tuition Grant, you will be bonded; you need to work in any Singapore-registered companies for 3 years.

As for accommodation, I have to pay $155/month (cheapest).

Living expenses varies a lot among individuals. For a start, the estimated monthly cost of living shown in the website above is a good guide.

So doing the math, you would need to spend about: $10,000 + $155x12 + $200x10* = $13,860 ~ $14,000/year**
*Living expenses estimated at $200/month (which I can achieve ) for 10 months cuz I assume you'll go back home during summer break.
**Rounded up to include cost of books, etc.

No doubt $14,000/year is a huge amount but as you can see from the site, NTU offers a lot of financial assistance and/or scholarships. If you apply for loan (which you will most certainly get), the loan will help you finance the tuition fee and maybe even accommodation. So practically, you only need to worry about monthly living expenses.

In my opinion, I think going to NTU is worth it because you are receiving a world class education at a cheaper price than other developed countries.

Admission requirements are stated in the website as well. But from my observation, the lowest CGPA I know to get into Business is 3.92 for STPM science stream students. Yea, Business is hot in Singapore; not engineering. They even have SMU, dedicated to business-related courses only. In Malaysia, everyone got the hots for engineering.

That's all I have to share for now. Sorry for long post; I guess I'm too enthu in promoting my school.

Hi,

I don't know about SOA at all so I shall not speculate. Perhaps the following thread answers your question (refer to haukeat's SOA vs IOA and exam support post):
SOA vs IOA and exam support

Could anyone who are more familiar with SOA's exams clarify? What qualifies as entry level and "competent enough to get a job" in particular?

As for job prospects in Singapore, I'm ashamed to admit that I've never thought of it myself. But then again, I may take things for granted because most NTU actuarial graduates have no problem finding jobs especially if they already have all CT (IOA) exemptions in hand.

The point is, exemptions matter most when it comes to the actuarial profession, no matter SOA or IOA. The more exemptions you have, the more attractive you are to employers. In other words, "you" create your own prospects. Singapore especially, is very hungry for talent. As long as you can satisfy that hunger, they'll treat you as a king, so to speak.

Unfortunately, the reverse is very true too. If you have no talent, then you're worthless to them. <Sigh>

Thank you for the clarification.

According to IOA, as can be found in Actuarial Society of Malaysia's site (tremendously helpful site ), there are 4 series of papers: CT, CA, ST and SA.

To summarize:
CT series consists of 8 papers
CA, 3 (one of them is subdivided into 2 though = 4 total)
ST, 2 (6 choose 2)
SA, 1 (6 choose 1)

NTU's actuarial programme, which is an undergraduate programme, offers exemptions for the CT series only. Exemptions are offered based on a candidate's performance in the respective module's final exam which means, exemptions are not guaranteed.

Therefore, a fresh actuarial graduate from Singapore (NTU) can have anywhere between 0 and 8 exemptions, depending on his/her results for each paper.

If you want to clear the remaining series (CA, ST and SA) to be a full-fledged actuary (by IOA's standards), then you must go to graduate school outside Singapore, as my senior is doing now.

From your description, I think it is reasonable to conclude that the CT Series (8 Papers) from IOA is roughly equivalent to SOA's 5 preliminary papers. And the remaining series in IOA should correspond to the remaining 4 papers from SOA.

But the above comparison is only meaningful when we are looking strictly at the level.

As for actuarial knowledge and skills, I don't know by how much IOA and SOA differ. Perhaps you can take a look at the link above and compare?

Even if the syllabus differ, does it matter? Do Malaysian and Singaporean employers prefer one to another? If not, I think we only need to worry about getting exemptions.

clngu, perhaps you could enlighten us on the actuarial scene in Malaysia?
Specifically, I'd love to learn more about:
1. The prospects
2. The more common path taken (IOA or SOA or some other institute)
3. What constitutes "competent enough to get a job" referring to exemptions in particular?
4. What should someone with all 8 CT exemptions expect if he/she decides to work in Malaysia?

Thank you very much in advance for your input. I'm sure fellow readers will benefit from your help too.

Till then, cya guys.

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Added on June 25, 2008, 7:40 amOops sorry, the link can be found here: Actuarial Society of Malaysia's Route to Become an Actuary. Have fun browsing!

This post has been edited by Tangiers: Jun 25 2008, 07:40 AM

Thanks for sharing info on UM AS programme there.

Of course you can take AS papers. Anytime in fact; not necessarily must be after your graduation. Timing depends on your ability and confidence. In fact, taking earlier (and passing) will make you more attractive to employers.

For your final question (in AS context), I think if you can pass more AS papers than actuarial students, then you will be more in demand than them. Which means, as far as actuarial career is concerned, your degree is almost independent of your career progression.

This post has been edited by Tangiers: Dec 26 2008, 12:55 AM

Search this thread or other actuarial thread in LYN. I believe I read before that SOA doesn't offer exemptions for any degrees, even in the States.

But don't just take my word for it (I'm under IOA, not SOA), and my memory may fail me.