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MSc in Actuarial Science

Offered by the Department of Statistics

“Statistics" is an extremely diverse discipline and can be applied to almost every type of science. It is well known that no applied science is complete without statistical reasoning and support. Actuarial Science is one such area that has a strong bond to Statistics. Being in the heart of the Insurance, Finance and Banking sectors, Actuaries are in high demand in Sri Lanka and even internationally.

Having recognized this growing need in the country, the Department of Statistics, of the Faculty of Science of the University of Colombo inaugurated a two year part time course leading to an MSc Degree in Actuarial Science in 2014. The programme was successfully completed in 2017, based on the guidance from the Institute and Faculty of Actuaries (IFoA) of the United Kingdom.

The Department of Statistics have revised the syllabus to match the 2019 IFoA revision of the syllabus, and will be re-starting the conduct of the programme once the accreditation procedure is completed.


A bachelor's degree in Science or in a Mathematics related field of a recognized University

Any other equivalent qualification acceptable to the University of Colombo

Any other requirement stipulated in the program.

Note: A good knowledge of G.C.E. Advanced Level mathematics or equivalent will be required to follow this program.

Course Aims

Professionals in the field of Actuarial Science are lacking in Sri Lanka to meet the demand of the fast growing Actuarial Profession in the country. Adequate numbers of professionals are not generated within the education systems in Sri Lanka. The only mechanism, currently available, to become professionals in this field is to follow the UK or US examinations and acquire the knowledge, professionalism and the qualifications. These examinations are mainly done through self-study mode and only a few would qualify effectively, usually taking over 6-7 years. The examinations are also quite costly with only a few students having the economic background to afford them. This course is aimed at providing facilities for a majority to have access to gain knowledge in this area in an effectively supervised and an affordable manner.

Programme Structure

The course consists of four semesters including course work and case studies. The course work will consist of modules covering all core technical units of the UK Actuaries examinations, 2019 syllabus. These will include rigorous course work and practicals with examinations held at the end of each of the four semesters. The lectures, will be conducted on weekday evenings and weekends. The medium of Instruction is English.  Students will also have access to Faculty of Science library facilities.

It is recommended to attend all lectures and practicals and submit all assignments on time. A good training on R will be provided to enable students to analyse data in relation to the course modules.

Panel of Lecturers

Dr.(Mrs) C H Magalla, PhD (KSU, USA) [Course Coordinator]
Prof. W N Wickremasinghe, PhD (KSU, USA)
Dr.(Mrs) M D T Attygalle, PhD (Lancaster, UK)
Dr.(Ms) C D Tilakaratne, PhD (Ballarat, AUS)
Dr.(Mrs) J H D S P Tissera, PhD (La Trobe, AUS)
Dr. (Ms). R V Jayatillake, PhD (Old Dominion, USA)
Dr. G P Lakraj, PhD (Texas Tech, USA)
Dr. S D Viswakula, PhD (Old Dominion, USA), MS (UTEP, USA)
Dr. S G Dharmarathne (MSc, La Trobe, AUS, PhD, Melbourne AUS)
Mr. Rajith Munasinghe, MSc (UK), MAFE, BSc, ACMA, ACI
Prof. H N P Jayasinghe, PhD (NUS, Singapore)
Dr. J K Wijerathna, PhD (Colombo-Kaiserslautern, Germany)
Dr. S S N Perera, PhD (TU Kaiserslautern, Germany)
Dr. A R Weerasinghe, PhD (Cardiff, UK)
Dr. A A Azeez, PhD (YNU, Japan)
Dr. (Mrs) Milanthi Sarukkali, PhD (Connecticut, USA), FSA
Mr. Frank Munro, BSc, FIA
Mr. Sujeeva Fernando, BSc, Assc. Member of the Society of Actuaries, USA
Mrs. Thanuja Krishnaratna, MSc (UK), PG Dip (UK), BSc
Mr. P Polwatte, MBus (Monash, AUS)

External Examiner

Prof. Angus Macdonald, FFA, FRSE
Head/ Department of Mathematics and Statistics, Heriot-Watt University

[In addition there may be visiting lecturers from other institutions depending on the necessity]

Further Information

Further information regarding the MSc Programme can be obtained by contacting the programme coordinator.

Contact details of the programme coordinator are as follows.

Intake Coordinator Email
2020 Dr. C H Magalla