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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 with the 2019 IFoA revision of the syllabus and received the Accreditation by Subject Agreement from the IFoA. Therefore, students who are awarded the MSc in Actuarial Science may be granted exemptions from the IFoA subjects covered by this programme for which their module marks reach the standard set by the Independent Examiners.


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 Fees

Local Students: LKR 800,000/-

International students: USD 8000

Application Fee: LKR 2,500/- (USD 12.5)

Application Procedure

  • Download the application form here.
  • A non-refundable application fee of Rs. 2500/-should be credited to “University of Colombo, account at the People’s Bank, Thimbirigasyaya Branch, using the Application Fee code  314052600003”. Payments should only be made at People’s Bank branches island wide.

Duly completed application form and other documents together with the paying-in-voucher of the application fee should be submitted online using the Google Form given below on or before 30th November 2022
20th December 2022

Scanned copies of the following in pdf format need to be uploaded via the google form:

  1. Completed application form
  2. Bank slip for paying the application fee Rs. 2500/-
  3. Degree certificate and any other relevant educational certificates
  4. National ID card
  5. Passport size photograph

Click here to Apply.

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.

The Programme

The MSc in Actuarial science programme consists of two parts (Part I and Part II) with course modules including theory, practical sessions and a guided independent study (industrial project). Theory modules will be conducted in a blended learning mode with online and face-to-face lectures. For a theory module, fifteen direct teaching hours (50 notional hours) of instruction is equivalent to one academic credit and in a practical module thirty hours of work (50 notional hours) is equivalent to one academic credit. The course structure is designed to map with the IFoA core principle modules considering the Master of Science By-Laws No. 8 of 2021 of Faculty of Science, and the guidelines issued by the Sri Lanka Qualifications Framework (SLQF 2015) to fulfill the criteria of Postgraduate Diploma / Master’s Degree programme at SLQF levels 8/ 9.

Programme Structure and Duration

  • The duration of Parts I and II of the MSc program is 24 months.
  • Students registered for part II should complete it within 6 months.
  • The maximum period allowed to complete the degree is five (05) years from the date of first registration.

Part I: Coursework (26 credits)

  • Part I consists of theory modules, and practical modules comprising a total of 26 credits and is equivalent to Level 8 of the SLQF.
  • A student who obtains a GPA of 2.70 or above for Part I may be eligible for the award of the Postgraduate Diploma in Actuarial Science, upon request, provided the student fulfils other requirements as prescribed by the By-Laws and Rules and Regulations of the University of Colombo.
  • Successful completion of Part I with a minimum GPA of 3.00 is required to proceed to Part II.

Part II: Industrial Project (5 credits)

  • Part II consists of a guided industrial project of 5 credits. Students undertaking the industrial project are required to carry out the research work under a supervisor/s assigned by the Department.
  • Prior to the commencement of the industrial project, the student should submit and present the proposal to a panel of academics in the Department and acquire the approval.
  • Students should complete Part II within 6 months.
  • Parts I and II contain a minimum of 30 academic credits equivalent to Level 9 of the SLQF.
  • A student who obtains a GPA of 3.00 or above for Part II may be eligible for the award of the Degree of Master of Science in Actuarial Science, upon request, provided the student fulfils other requirements as prescribed by the By-Laws and Rules and Regulations of the University of Colombo.
  • A student who fails to achieve a GPA of 3.00 or above for Part II may be eligible to be awarded the Postgraduate Diploma in Actuarial Science, upon request, provided the student fulfils other requirements as prescribed by these By-Laws and Rules and Regulations of the University of Colombo.

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)
Prof.(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)
Prof. 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]

Course Modules

CS1A MACS5111 Actuarial Statistics 1 45L I 3C
CS1B MACS5112 Case Studies in Statistics I 10L 40P I 2C
CS2A MACS 5113 Actuarial Statistics 2 45L II 3C
CS2B MACS 5114 Case Studies in Statistics II 10L 40P II 2C
CM1A MACS 5115 Actuarial Mathematics 1 45L I 3C
CM1B MACS 5117 Case Studies in Mathematics I 10L 40P I 2C
CM2A MACS 5116 Actuarial Mathematics 2 45L II 3C
CM2B MACS 5118 Case Studies in Mathematics II 10L 40P II 2C
CB1 MACS 5119 Business Finance 45L III 3C
CB2 MACS 5120 Business Economics 45L III 3C
MACS 5122 Industrial Project 150P IV 5C

Non-GPA course units/workshops

Introduction to R programming 15 L I 1
Mathematics for Actuarial Science 15 L I 1
Advanced programming in R 15 L II 1
Tutorials (related to each taught course unit) 5 HRS x 7 COURSE UNITS I, II, III

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 Contact
2023 Dr. Champa Magalla (+94) 777620194