Enhance Your Actuarial Skills by Mastering Excel VBA for Professional Success

APU’s Actuarial Science Club (ASC) organised the “Widen Your Excel Knowledge with VBA Workshop (2024)” which was conducted by Ms Caryn Chuah (seated at the centre), a Lecturer at the School of Mathematics, Actuarial and Quantitative Studies (SoMAQ).

When aspiring to become an actuary, mastering computer languages like Visual Basic for Applications (VBA) within Excel is essential. VBA not only saves time and reduces workload throughout an actuary's career but also enables the creation of macros—automated instructions for repetitive tasks—making it a valuable skill, particularly in data analysis and reporting roles. Employers highly value candidates who can automate processes and enhance productivity using VBA.

To empower students pursuing Actuarial studies at the Asia Pacific University of Technology & Innovation (APU) and to boost their effectiveness in the workplace, the university’s Actuarial Science Club (ASC) organised the Widen Your Excel Knowledge with VBA Workshop (2024) on March 26, 2024.

Participants of the “Widen Your Excel Knowledge with VBA Workshop (2024)” focused on applying VBA skills acquired from their study modules, while also exploring macros that automate data generation with a single button click.

The workshop, conducted by Ms Caryn Chuah, a Lecturer at the School of Mathematics, Actuarial and Quantitative Studies (SoMAQ), focused on applying VBA skills Actuarial students acquired from Year-2 Semester-1 studies in Mathematics of Financial Derivative (MFD) and Financial Mathematics (FMTS) modules.

Participants learned to calculate call and put prices using a binomial tree and witnessed the power of Excel VBA through macros that automated data generation with a single button click. They were also exposed to functions like GoalSeek and engaged in hands-on practice to reinforce their newfound skills.

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Ms Caryn Chuah (on the right), a proficient instructor of Visual Basic for Applications (VBA) within Excel, was appreciated with a token of appreciation by Peyton Ong, the President of the APU Actuarial Science Club.

Each participant received personalised assistance from the facilitator to ensure a comprehensive understanding of the tools. The workshop proved invaluable, enabling participants to enhance their proficiency in a skill crucial for workplace effectiveness. By imparting technical expertise and instilling confidence, the session equipped participants to confidently tackle complex challenges in their professional journeys.

Reflecting on the impact of the workshop, Lin Hom, a second-year Bachelor of Science (Honours) student in Actuarial Studies with a Specialism in Data Analytics, shared, “The introduction of VBA has taken my skills to new heights. Ms Caryn's expertise and engaging teaching style made even the most complex concepts seem approachable. The hands-on practice sessions were invaluable, allowing me to increase my understanding and gain confidence in applying these techniques. I'm grateful to the APU Actuarial Science Club for organising such an enlightening workshop, and I can't wait to implement my newly acquired VBA skills in future projects.”

Lin’s coursemate, Ong Wei Kiat, echoed his sentiments, stating, “Witnessing the power of VBA in action, especially during sensitivity analysis and annuity calculations, has inspired me to explore this tool further. The workshop not only equipped me with valuable technical skills but also instilled a sense of confidence in my ability to leverage automation for increased productivity. I'm grateful to the APU Actuarial Science Club for providing this incredible learning opportunity.”

Overall, the workshop underscores APU's commitment to fostering practical skills and industry-relevant expertise among its students by enriching participants' abilities in applying VBA for actuarial tasks. This practical experience, combined with expert guidance, has equipped students with enhanced skills and confidence, empowering them to excel in their future careers as actuaries.