Wednesday, February 10, 2010, 02.53 AM
2009/11/21
MICHAEL SUN
The INTI Education Group provides an alternative pathway to an Actuarial Science degree, writes MICHAEL SUN| Students at the Centre for American Education of INTI College. |
The course for Actuarial Science has been available only in UKM Universiti Kebangsaan Malaysia under the Mathematics department.
“So, there isn’t enough pathway locally.”
There are of course many other routes, such as to Australia and to the UKUnited Kingdom.
Macquarie University is the top school for Actuarial Science in Australia and in the UK it is at the University of London’s London School of Economics.
“What we provide is the United States route but we do have students on this programme transferring to the ANU, The University of Melbourne and to Macquarie University,” she says.
The INTI Education Group is offering, in Malaysia, its first 3+1 Bachelor of Science in Actuarial Science in collaboration with the University of Central Oklahoma (UCO) in the US.
Under the INTI’s American Degree Transfer Programme, Malaysian students may can now have access to a cost-effective US Actuarial Science programmecourse.
“It allows the student to do more credit hours here instead of a 2+2 arrangement.
Students on a tight budget constraint for a one year one-year course study in the US or 30 credit hours, can still be entitled to the Option Practical Training (OPT) visa to work for a year in the US.
“That is the extra edge, — to be able to stay back in the US to work in big corporations and draw higher salaries.”
At the same time, students may can complete their internship in Malaysia and sit for the professional paper examinations.
| Actuarial Science is more than Maths, says Khor Kheng Leik |
that professional Actuarial Science professors help students, clear.
“So it is a double-edged advantage.
We have JPA (public service scholarship) students at INTI specifically in Actuarial Science.”
There are students tranferring transferring to top American universities such as to the University of Pensylvannia and to the University of Michigan for Actuarial Science, she adds.
But going to US for further studies does not come cheap, for while the Australian exchange rate has gone up to RM3.10, in the US it is still at RM3.50 at press time.
Nevertheless, students overseas report, there is still tremendous opportunity in Actuarial Science because risk management has become an essential unit in any corporate entity in the US, she Khor says.
Actuarists are also employed to minimise the risk of investments made by companies.
“ “After 9/11, the whole landscape of investment has changed.
People have started to look at possible risks after the recent economic crisis which is financial, endemic and has caused most economic models to fail.”
The Society of Actuaries (SOA) in the US, has a few career tracks for Actuarial Science graduates.
The up and coming track route is the Chartered Enterprise Risk Analyst (CERA) professional qualification that entitles the holder to work in insurance companies, banks, consulting firms or other companies as an analyst in enterprise risk management.
(ERM).
“Young people with a background in Science and who do not want to just do Science and Engineering may want to opt for something dynamic — in the field of business but yet, not just business.
Those that want something professional besides Accountancy may can instead opt for Actuarial Science.”
INTI has transferred to the US close to 300 Actuarial Science students to the US over the years.
“Each year, including the JPA students, there are about 100 students transferred to the US.
We started the Actuarial Science programme a few years ago when the numbers were smaller because students and parents didn’t know about Actuarial Science.”
But the UCO is INTI’s very old partner of 20 years and Actuarial Science under their its School of Mathematics is something new.
“We would like to work closer with the university.”
And as for student’s prerequisites to enrol at INTI for the UCO Actuarial Science programme - “Students interested in the UCO Actuarial Science course may can start their first year here right after their SPM examinations but, of course, they need to have strong Mathematics foundation.
“Some students think that if they are good in Maths, they should go for Actuarial Science but it is more than that.
I have students switching back to Mathematics within a year but without loss of credit hours.”
Undergraduates in Actuarial Science, while they enrol at study many levels of Mathematics and Statistics, are at the same time studying courses which they may not like - Finance, Economics and Management at the same time.
“It is not just crunching numbers but being a very an enterprising person with an understanding of economical trends and the risks involved.” They need to be sufficiently critical to come up with financial models.
It is a holistic programme because within the US education system students have to be well versed in all areas including Mathematics, the social sciences and public speaking.
“Here, we prepare students for the foundation — the first professional paper on Probability— before they go to the US.
If they clear at least one paper, students stand higher chances in the US to obtain an internship in the US.” Students would have to compete with fellow Americans for the internship in the US.
Internship is available in the US during the summer and it is also available in Malaysia.
Some students come back during the summer for their internship.
“We have a very strong career development centre — CDC — where we place students who want to work.
Recently, one second year second-year student obtained an internship here with CIMB before going to the US.”
Khor says, the UCO Actuarial Science programme is the “best buy” amongst US universities on account of its generous scholarships and lower fees.
“At the University of Central Oklahoma UCO, the fees are at US$12,000 (RM42,000) per year.
But without a scholarship, it is at US$16,000 per year, and which still works out cheaper than at most universities.”
This includes cost of living and students need to prove that they have the financial means in order to obtain a US visa.
“Those students who are on a shoe-string budget and who know how to save through accommodation sharing may can expend a lot lower than that.”
Big names like the University of Michigan “costs a bomb” — close to US$50,000 per year.
But UCO gives special scholarships to INTI students.
“They may can get up to US$4,000 in scholarships — the INTI-UCO scholarship and the UCO Global scholarship — provided they achieve good academic results.”
Students need to attain a CGPA requirement of 3.0 for the UCO-Global Scholarship.
“That is easily achievable and they give it gives 10 scholarships to INTI students alone.
It is at US$1,500 per semester, renewable every semester until they graduate.”
Another scholarship — the UCO-INTI Scholarship Awards provides US$3,000 per successful applicant on a one-time basis and US$1,500 per semester until the student graduates.
“They just have to maintain their CGPA every semester at 2.75.”
In Oklahoma, the US, there are a few big schools but the University of Central Oklahoma UCO is a smaller school which is a state university located at Edmund.
It is a small town with a sizeable population of international students — Japanese, Sri Lankans, Vietnamese, Ghanians and Malaysians.
The philosophy of American education is to bring the world to the country.
“They are open to have more international students from all parts of the world.”
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