M.Sc. in Actuarial Science

2 Years


Department of Statistics, Faculty of Science, University of Colombo, Colombo 3   View map


“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 recognised 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 M.Sc Degree in Actuarial Science in 2014. The programme will be conducted with the guidance from the Institute and Faculty of Actuaries of the United Kingdom.

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.

Course Structure

The course consists of four semesters including course work and case studies. The course work will consist of nodules covering all core technical units,CT1..CT2,) of the UK Actuaries examination. 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.

 The modules that will be covered are financial mathematics, finance and financial reporting, probability and mathematical statistics, models, contingencies, statistical methods, business economics, financial economics and research methods.

 It is recommended to attend all lectures and practicals. A basic training on the use of computers and statistical packages can be provided on request and students will have access to packages such as  R, and SPSS, installed in the DST computer systems

Eligibility and Admission Criteria:

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 Lecturers

Dr. M.D.T. Attygalle, PhD (Lancaster, UK) [Course Coordinator]

Dr. C.D. Tilakaratne, PhD (Ballarat, AUS)

Dr. J.H.D.S.P. Tissera, PhD (La Trobe, AUS)

Dr. C.H. Magalla, PhD (KSU, USA)

Dr. 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) 

Mr. Rajith Munasinghe, M.Sc.(UK), MAFE, B.Sc, 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. Milanthi Sarukkali, PhD (Connecticut, USA), FSA

Mr. Frank Munro, B.Sc., FIA

Mr. Sujeeva Fernando, B.Sc., Assc. Member of the Society of Actuaries, USA

Mrs. Thanuja Krishnaratna, MSc (UK), PG Dip (UK), B.Sc.

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]

For more information:

Dr. M.D.T. Attygalle

Coordinator/ MSc in Actuarial Science